Question

Which are the first few countries to promote bitcoin in their economy?

Answer 1

Bitcoin is a form of currency. It’s a cryptocurrency used as a medium of exchange, just like paper money.

Following are the few countries which have proven their fondness towards the usage of bitcoin.

1- Estonia hosts a number of Bitcoin ATM's and startups. Examples include ‘Paxful’, an international buying and selling service for bitcoins.

2- USA hosts the highest number of crypto-currency users and Bitcoin trading volumes in the world. Its examples include, Silicon Valley, which is a residence to numerous crypto-currencies.

3- Denmark provides assistance to many Bitcoin startups and exchanges such as CCEDK.

4- Sweden is home to numerous Bitcoin startups including the ‘Safello’ bitcoin exchange and ‘Stockholm-based KnCMiner’.

Other countries include:

- Southkorea

- Netherlands

- Finland

- Canada

- UK

- Australia

Answer 2

The first few countries to promote bitcoin were Japan and China.

Explanation:

• China has excess to cheap electricity and hardware in the country and it is one of the main countries to promote bitcoin through the mining cryptocurrencies.  

• The increase in bitcoin trading is mainly due to the Chinese inability to liquidate. This has resulted in the growth of digital currency in the global markets.  

• Bitcoin has gained momentum in the Japanese markets because of the monetary policies of Japan.  

• The growth of cryptocurrencies has increased after the acceptance of virtual currencies by both the Chinese and Japanese governments.