Back in 2009 the purpose of creating bitcoin was, that it would act as a peer to peer cash system, but as the time passed by it has taken a entirely different form. Now if a person does not want to spend money and earn bitcoin he has to act as a Miner.
Who is a Miner?
Miners are those who collect the transactions on the network into large bundles called blocks. These blocks are strung together into one continuous, authoritative record called the block chain, which doesn't permit any conflicting transactions. This is necessary because without it people would be able to sign the same bitcoins over to two different recipients, like writing cheques for more money than you have in your account.The block chain lets you know for sure exactly which transactions count and can be trusted. In other words Miner is a person whose computer’s energy is used to maintain the blockchain.
Now as more and more people started to take interest in mining bitcoin, they started to trade it like a stock. Now this was the time when Bitcoin got its Boom and nowadays it is in the top searches list of google.
Countries that Welcome Bitcoin
Now few countries have accepted the bitcoin as it is and few countries have made law for the Bitcoin so that it can be governed in a specific boundary. The first country of fully accept the transaction of bitcoin as a legal mode of payment was japan from 1st April.
Now as per the latest new India is working towards legalizing the Bitcoin as the Government is ready to regulate the bitcoin. Not only this but with the Blockchain technology the Reserve Bank of India (RBI), the sole authority of liquidity in India is considering using the block chain technology in the banking system.
The Commodity Futures Trading Commission of United states says Bitcoin is a Commodity but as per the United States Treasury department calls it a Money Service Business
If we see in the Europe, Russia and many other east Asian countries all the country have bitcoin regulation but it is only to minimize the financial crimes
Denmark is not only one of the most developed countries in the world in terms of living standards and technology, but it’s also at the forefront of the push towards eliminating cash in favour of 100% digital currency. Therefore, wide-scale adoption of digital currency is not a question of if, but when. But whether Bitcoin will be used as a means of exchange or an alternative to the central banking monopoly or both, remains to be seen.
Bitcoin ATM’s
A bitcoin ATM is an internet machine that allows a person to exchange bitcoins and cash. Some Bitcoin ATMs offer bi-directional functionality; these machines enable both the purchase of Bitcoin as well as the redemption of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account in order to transact on the machine.
Now form july 2015 till now there has been a 200% hike in the number of ATM’s world wide
Slovenia
One bitcoin ATM for every 687,000 people
Home to popular exchange Bitstamp, Slovenia has welcomed bitcoin businesses – including ATMs – with open arms. Despite a population of only two million people, the country has three bitcoin ATMs on file in our records.
The Netherlands
Population: 16,868,300
Merchants: 132
ATMs: 9
1 BTC merchant / 127,790 people
The Netherlands has always been at the forefront of technological innovation with some calling it a pillar of Bitcoin in Europe. Indeed, having hosted a successful Bitcoin City Day event on May 28, many people had the chance to experience what it would be like if every local business accepted Bitcoin. Amsterdam also serves as the European headquarters for one of the leading BTC payment processors, BitPay.
Likewise, many other countries are there some of the other country includes Canada, Singapore, Australia, United Kingdom and others
Countries where Bitcoin is Banned
There are not many countries that have banned the Bitcoin but few are in the Asian countries like Bangladesh and others like Bolivia. One notable example is Iceland, which has the largest bitcoin mines where residents are not allowed to buy bitcoin but they can mine it. They banned Bitcoin, claiming it is very close to being a currency.
Future changes in regulation
As I see the benefits of cryptocurrency that :
Makes Identity Theft Obsolete
Record Important Files within the Blockchain Forever
Natural Appreciation
Endless Security Options
Power to the People
Encrypted security worldwide
doesn’t know how to discriminate
Massive information transfer capabilities
Capped Limit
I think Bitcoin is a very special and disruptive invention, similar to the invention of the steam or combustion engines. It does not have a centralized location, president, or a publicist to look after its best interest, and tell the world how great it is every day. Bitcoin is here to exist, like the Internet, while making current services like debit cards and PayPal obsolete. Sooner or later it will be all around the world
Please let me know in the comment if you have other views regarding Bitcoin or other Alt coins. Stay fit and Cheers :)