Bitcoin Boom or Bust? Bitcoin Regulations in the US and the UK
The current scenario of bitcoin will not satisfy you if you are not aware of its high price in 2021. Bitcoin was above $65,000 in 2021 and now it is above $21,000. Yes, it is quite low. But it is natural for bitcoin now because the world has seen so many ups and downs in its journey. That is why bitcoin is known as the most volatile cryptocurrency.
The scenario at the beginning:
The currency bitcoin has gained massive popularity worldwide in just a decade. It was started in 2008 when the whole world was suffering from critical financial inflation. In 2008, American lending institutions began doing unethical activities behind the backs of their customers. Day after day some other financial institutions also started doing the same.
The activities had a bad impact on the financial system and the whole system crashed on September 15, 2008 when one of the most famous financial institutions the Lehman brothers declared it bankrupt. As a result of that, the entire world came under a major financial crisis which is known as global financial inflation.
This incident results in the loss of people’s hope and trust in the traditional banking system and it was a right time when bitcoin was introduced to the world. On 3rd January 2009, a pseudonymous person Satoshi Nakamoto launched the historical digital currency bitcoin with a function of decentralization and successfully caught people’s attention towards it because decentralization offered them to no longer rely on banks and governments for money transfers.
Bitcoin Mania: How the US and UK are reacting to the cryptocurrency
Current scenario in the US:
Bitcoin is a global currency. It is the same in all corners of the world and creates no other rules for country barriers. The price only differs in relation to the ratio of the fiat currency that is legal in the country in question. In the US, bitcoin also provides the same general function of decentralization, open networks, fast transactions, affordable money transfers, data security and all. Below are some points that tell about the current position that these wonderful properties of bitcoin achieved in the United States.
- According to some studies, the United States is one of the biggest hubs for bitcoin because it has a quarter of the total number of bitcoins in the world traded. And, it hasn’t stopped here. The number of bitcoin investors in this country is increasing day by day.
- Another study says that every ninth person out of ten knows about bitcoin. You can form an idea with this information about the spread of bitcoin in the United States.
- Bitcoin is legal in USA and you have so many facilities with it. You can buy it, exchange it and use it to buy things and services. These are easy in the US because so many trading applications provide facilities to do so. One such is crypto engine which you can also try.
- In the US, you can find so many bitcoin ATMs that make it easier for you to buy and sell bitcoins as well as other cryptocurrencies and withdraw cash.
The current scenario in the UK:
As we have said, bitcoin is the same in every corner of the world, this is the same in the UK too. Let’s see what the wonderful properties of bitcoin are achieved in this country.
- In the UK, bitcoin is also legal and almost 2 million people in the year 2022 have bitcoins in their holdings. Among the total amount of bitcoin holdings in the UK, a large part is captured by bitcoin, which is 60%.
- There are nearly 81 crypto ATMs that facilitate bitcoin transactions and bitcoin trading.
- Over 500 companies in the UK accept crypto payments including bitcoin. So buying goods and services with bitcoin is also easy in the UK, just like in the US.
Conclusion
So, bitcoin is a good view for the citizens of USA and UK. And according to experts, more people will show interest in it in the future, as cryptocurrency really gave the world a convenient, safe and fast payment network that fits with the modern fast-forward world.
