In Which Countries Can You Pay with Bitcoin?

Bitcoin has been growing in popularity and attention recently — and for a good reason. It’s gaining traction as a tradable asset; popular online exchanges like Coinbase and Binance allow users to trade digital currencies and are seeing lots of interest from large financial institutions. But one thing that still raises concerns in many people is how much the cryptocurrency has become an actual alternative to fiat currencies and whether it finds application in real life.

Can a digital currency pay the bills

When El Salvador became the first country to accept Bitcoin as a legal tender, many people asked themselves – what about our countries? Bitcoin, the digital currency created to solve the problems associated with fiat money like inflation, can be used for online shopping. However, its prospects for widespread adoption are limited. Many states are wary of Bitcoin because it isn’t linked to any fiat currency, and the problems it may cause might outweigh the benefits that it brings.

Countries that have a negative stance towards Bitcoin trading and crypto wallets

Status: BANNED

Bitcoin is used in many countries throughout the world. Despite this, some countries have outlawed these technologies or their use:

• Algeria
• Bolivia
• Bangladesh
• Dominican Republic
• Ghana
• Nepal
• Republic of North Macedonia
• Qatar
• China

The reasons are variable, but the primary ones are that Bitcoin is not an officially recognized currency. Also, because of its decentralized nature, it creates opportunities for money laundering and other crimes. Recently, China banned Bitcoin, too.

Amidst a global crackdown on cryptocurrency, the People’s Bank of China decided to ban all exchanges from trading in digital currency and warned its citizens to exercise caution when investing in digital currency. Crypto-mining was also hurt, as China is making an approach to cut its carbon emissions.

Status: Restricted

There are also countries, such as Bolivia and Ecuador, where Bitcoin cannot be used as a payment. Banks and other financial service providers in these countries cannot work with cryptocurrency exchanges and companies. Countries like Russia, Turkey, Iran, Kazakhstan, and others have restricted access to financial institutions to trade with crypto.

Because of the nature of a decentralized, peer-to-peer testing algorithm, cryptocurrency trades will never be eradicated. Since it’s a decentralized algorithm, any attempts to restrict it have proved ineffective.

The places where Bitcoin thrive

While many countries are still getting to grips with the cryptocurrency market, Europe is moving at a rapid pace to support digital assets. The European Union, the US, Canada, and Australia are opening their arms to digital assets. While they haven’t officially recognized Bitcoin as a currency, most of these countries have made significant progress towards bringing blockchain technology into the mainstream.

Switzerland

Switzerland is a central hub for the digital currency industry because it has a strong tradition of financial privacy around its banking system and because it is known for embracing technology. It’s home to the Crypto Valley Association, which brings together blockchain startups and investors from all over the world. Switzerland is a country that even allows its citizens to use Bitcoin to pay taxes. Also, the Swiss Federal Railways (SBB) — the country’s main train transportation service — accepts Bitcoin for ticket purchases.

The European Union

Beginning on October 22, 2015, the European Court of Justice ruled that buying and selling digital currency is considered a provision of services. The ruling said that this process is exempt from value-added tax (VAT) in all member states of the EU. While many countries have yet to create Bitcoin stances of their own, some countries have already taken steps toward recognizing bitcoin as legal tender. This is especially good if you want to buy Bitcoin on Paybis.

The US

Here, the situation is a bit more delicate. While President Joe Biden’s administration is becoming harsher on crypto, Bitcoin and the other cryptocurrencies are getting more and more adopted in society. According to ZDNet, The US is the most prepared country for integrating cryptocurrencies.

Canada

Canada has taken a libertarian approach to Bitcoin, treating it as a commodity, not a currency. Since the country considers Bitcoin a commodity, its transactions are considered barter transactions, and the income generated is treated as business income.

Summary

While many traders are interested in the Bitcoin price, the rise of Bitcoin has shaken the world of digital business. With its secure, encrypted network that doesn’t rely on banks or central authorities, it’s changed how many people do business online. But Bitcoin is much more than a digital currency; it can be used to purchase anything you want. Whether you’re buying flights to France or dinner for two, Bitcoin is sure to make your life much easier.