Bitcoin is an incredibly attractive coin, so it is no wonder it is luring people worldwide to use it and forcing central banks to welcome it. Much of Bitcoin’s power comes from the fact it is a peer-to-peer system where people can directly transfer money without delay.
Bitcoin also has international agility. People have come to recognize that it is far more affordable to transfer money between countries with the digital coin than through a central bank. Accessing physical banks is an inconvenience for many, especially in a pandemic where all people want to stay isolated.
It is no surprise that the growing fanbase of the online coin has been forcing countries to act quickly. China has continued to pioneer the crypto path while Lebanon, India, Mongolia, Switzerland, France, the US, and Latin America, to mention a few, follow.
Bitcoins growth summarised
Bitcoin stands tall as one of the most significant digital currencies out there. Celebrities like Charlie Sheen and David Hasselhoff celebrated the coins 12th birthday. Most astonishingly, the coins price rallied at $16,000 on November the 6th, and the coin saw an all-time high.
In an impressive four weeks, Bitcoin managed to climb up by 50%. Bitcoin has consolidated a reputation for hitting big as it last hit an incredible price in 2017.
China a success story
It is no wonder China launched a digital Yuan earlier this year, expecting to see successful results. China’s crypto move attained the results it needed to as it has already seen 4,000,000 transactions worth $299 million in total this month. Many countries are looking to tap into the popularity that digital currencies have.
Lebanon signed up for the crypto kingdom today. In a report, Lebanon declared that it would be going crypto next year. Of course, Lebanon wants to inject some of the success Bitcoin has experienced in its crippled economy.
India has seen an exponential increase in the crypto industry, especially recently, with a new bank’s launch. A British online bank, Cashaa, seized the opportunity of Bitcoin’s success to announce today that they will open a crypto bank called Cashaa.
Mongolia announced crypto banking would be a reality too within the month that Bitcoin began to climb. The Bank of Mongolia plans to come together with Hexland and Dello to provide services in cryptocurrency.
In late October, Switzerland also hopped onto the bandwagon. Russia’s bank Gazprombank jumped on the crypto train when it declared to open a crypto service in its Swiss branch.
Just before Switzerland, a significant french bank, Societe Generale, decided to collaborate with ConsenSys to launch a cryptocurrency of its own in France.
Acting Comptroller Brian Brooks recently confirmed that US banks were looking into multiple different ways to go crypto.
In October, a report published by Chainalysis suggested that cryptocurrency could engulf and resurrect Latin Americas economy in the next ten years.
Bitcoins’ recent climb along with economical factors has hurried countries to transition to the digital currency world now rather than later.