The current scenario of bitcoin will not satisfy you if you are unaware of its all-time high price in 2021. Bitcoin was over $65,000 in 2021 and now it is over $21,000. Yes, that is quite low. But it is natural for bitcoin now because the world has seen so many ups and downs in its journey. That’s why bitcoin is known as the most volatile cryptocurrency.
The scenario in the beginning:
The currency bitcoin has gained massive popularity throughout the world in just a decade. It was started in the year 2008 when the whole world was suffering from critical financial inflation. In 2008, US lending institutions started doing unethical activities behind the back of their customers. Day after day, some other financial institutions also started doing the same.
The activities had a bad impact on the economic system and the whole system crashed on 15the September 2008 when one of the most famous financial institutes the Lehman brothers declared it bankrupt. As a result of it, the whole world came under a big financial crisis that is known as global financial inflation.
This incident results in a loss of people’s hope and trust in the traditional banking system and it was a proper 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 feature of decentralization and successfully grabbed people’s attention towards it because decentralization offered them not to rely on banks and governments anymore for fund transfer.
Bitcoin Mania: How The US And UK Are Reacting To The Cryptocurrency
The current scenario in the US:
Bitcoin is a global currency. It is the same in any corner of the world and doesn’t create any other rules for countries’ barriers. The price only differs as per the ratio of the fiat currency that is legal in the particular country. In the US, bitcoin also provides the same general facility like decentralization, open-sourced networks, fast transactions, low-cost fund transfer, data security, and all. Below are some points that tell about the current position that these amazing features of bitcoin gained in the US.
- According to some studies, the US is one of the greatest hubs of bitcoin because it holds a quarter of the total bitcoins in the world that are being traded. And, it has not stopped here. The number of bitcoin investors in this country is increasing day by day.
- Another study tells that, every nine people out of ten know about bitcoin. You can make an idea with this information about the spread of bitcoin in the US.
- Bitcoin is legal in the US and you have so many facilities with it. You can buy it, trade it, and utilize it for buying stuff and services. These are easy in the US because so many trading applications provide the facilities to do so. One such is crypto engine which you can also try out.
- In the US you can find so many bitcoin ATMs that facilitate you buying and selling bitcoins as well as other cryptocurrencies and withdrawing cash.
The current scenario in the UK:
As we have said, bitcoin is the same in any corner of the world this is the same in the UK too. Let’s see what the mind-blowing features of bitcoin are achieved in this country.
- In the UK, bitcoin is also legal and nearly 2 million people in the year 2022 have bitcoins in their holdings. Among the total amount of bitcoin holding in the UK, a large portion is captured by bitcoin which is 60%.
- There are almost 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 sight of the citizens of the US and UK. And as per experts, more people will show interest in it in the future as cryptocurrency really brought the world a convenient, safe, and fast payment network that goes with the modern fast forward world.