It’s been nearly a decade since Bitcoin began, and while it has transformed the way we all live, there’s still a long way to go before it gets truly mass adoption.
For every step forward, there are two steps back, with governments and regulators all over the world trying to shut down the digital currency that’s threatening their old ways of doing business.
From China to South Korea, here are the 10 most dangerous nations that threaten Bitcoin today:
3. The United States of America
4. South Korea
6. United Kingdom
The 10 most dangerous nations that threaten Bitcoin today:
1) The People’s Republic of China, has more than 80% of Bitcoin mining capacity. If China were to decide to ban mining for a period of time, it’s possible that up to 80% of the total network hashrate could be taken offline. As a result the blockchain would slow down and transaction times and fees would go up dramatically.
2) North Korea, has been rumored to be behind multiple hacks against cryptocurrency exchanges, including the 2016 Bitfinex hack which resulted in $72 million worth of Bitcoin being stolen from one of the largest exchanges at the time.
3) The United States, is home to many cryptocurrency businesses and is often seen as a bastion of freedom and innovation in the space, but with an unpredictable president calling all shots there is always the possibility that the country could turn hostile at any moment.
4) South Korea, was reported to have considered banning all cryptocurrency trading just last week before later stating they would only ban anonymous trading. This created confusion amongst investors and resulted in a huge price crash on January 11th 2018.5) Japan, is home to Mt Gox which was one of the largest exchanges in the world before it was hacked and shut down. While Japan is
Bitcoin is like a horse race. Sometimes you have to pick the winning horse. Sometimes you just have to pick the one that’s not going to fall off the track and die.
Bitcoin is here today, it will be around tomorrow, and there are many other cryptocurrencies that are starting to see positive adoption. Bitcoin might be losing its dominance in the cryptocurrency world but if you have been following along with us for a while you know that we don’t really care about that. We’re bullish on crypto!
It’s all about picking the right one at first and then holding, or as we say in this space: Hodling (I know it’s not a word!)
Bitcoin, Ethereum and other digital currencies have seen huge growth since their inception. This has led many governments around the world to take notice of cryptocurrencies and start to respond in different ways. Some countries are racing towards creating their own central bank digital currency (CBDC), others are banning them completely and some still do not have clear cut laws regarding how they should be treated by their citizens.
The 10 most dangerous nations for Bitcoin today:
1) Venezuela – Hyperinflation = Bitcoin as a store of value?
2) Iran – Trying to create an alternative currency?
3) China – Ban
Digital currency is a new and exciting technology that has the potential to disrupt our financial system. Bitcoin, in particular, has become one of the most popular forms of digital currency, with a market cap of nearly $4 billion.
But the road to mainstream acceptance for Bitcoin has been anything but smooth. The cryptocurrency’s legal status varies from country to country, and there are many questions surrounding its legitimacy and security. It’s also not without its detractors: In August 2013, China banned its banks from handling Bitcoin transactions, while Russia has called it “dubious” and “dangerous.” More recently, in March 2014, Thailand decided to impose restrictions on Bitcoin transactions due to concerns about tax evasion.
With this in mind, I set out to find which countries pose the biggest threat to Bitcoin today. My research found 10 nations that have either directly threatened Bitcoin or have made moves that could negatively impact its future. These countries are listed below in no particular order.
By Jonathan Chester
I’m not going to debate the merits of Bitcoin as a currency. I will say that I’m fascinated by this digital currency and am rooting for it to succeed.
But what if those in power, namely nations, don’t want it to succeed? What if there were a list of the 10 most dangerous nations to Bitcoin?
The following is my list:
1. China – The Chinese government is much more open to banning things than other countries and they have an affinity for central control. They are also the largest manufacturer of Bitcoin mining equipment. If they chose to, they could shut down the entire network within weeks.
2. Russia – With Russia’s recent ban on Bitcoins and arrest of users, they are clearly threatened by this new decentralized currency. Due to their autocratic government structure, they are able to shut down the use of Bitcoins quickly and without many questions being asked within the country. That said, it will be hard for them to stop Bitcoins from coming back in some form.
3. Brazil – It’s great that Brazil has one of the strongest economies in world and I’m sure there are many tech savvy entrepreneurs building cool new businesses like our friends at Gupy (one of our portfolio companies).
With the recent price surge, Bitcoin and cryptocurrency has been in the news constantly. And with this exposure comes a sense of fear for governments and regulators as they feel their citizens are getting involved in what could be described as an alternative economy.
Some of these countries have already banned bitcoin, others are fearful of certain aspects of the currency while others are actively using it to help their nation.
Here is a list of 10 nations that might shut down cryptocurrency or even ban it altogether:
Bitcoin Dominance is a metric that reflects the bitcoin’s market cap as a percentage of the total cryptocurrency market. It reveals the relative size of bitcoin in comparison to other cryptocurrencies, which is important because it shows how much money people are willing to invest into it.
Bitcoin Dominance is an indicator of this digital currency’s value over other financial assets. It includes all cryptocurrencies, tokens, and stablecoins.
The Bitcoin Dominance Index was created as an alternative to the market cap-weighted cryptocurrency index funds like Bitwise 10 Large Cap Crypto Index Fund and Grayscale Digital Large Cap Fund, which are both heavily skewed towards Bitcoin.