The popularity of cryptocurrencies has seen a major growth over the years. Due to this, many countries have taken initiative to make themselves crypto friendly. Cryptocurrencies are being accepted as payment in many parts of the world, while there are still some places that are not amiable to digitized currency. Some places are more eager than the others and have made it to the list of top 10 cryptocurrency friendly cities in the world.
A writer from Forbes explained, how she used CoinMap, an application designed to find the local markets which accept bitcoin. Prague, which is situated in Czech Republic, is known to house the highest number of bitcoin accepting businesses. It is also called a crypto hub. The crypto enthusiast spent a summer investigating the extent to which it was crypto friendly. She mentioned all the kinds of services that were being provided in exchange for bitcoins. There were even ATMs for bitcoins specifically. Prague has coffee houses and hangout spots as well as a number of websites that accept bitcoins.
Cities in South America have more than 30 BTC-accepting businesses. Situated in Argentina, Buenos Aires is known to house second most bitcoin businesses in the world. Among these are names that are worthy of a mention are Bogotá, Colombia, Caracas, Venezuela and São Paulo.
Felix Weiss, who is a crypto enthusiast, mentioned another city that has a significant amount of bitcoin accepting vendors, San Francisco. It is the third city in the world that is listed among the places that are bitcoin friendly. For Weiss, it was fairly easy to spend his time in San Francisco.
The Spot number five is claimed by an amalgam of cities containing Madrid, Spain, New York City and Amsterdam, while Netherlands holds the sixth position followed by Bogota Colombia. Canada listed as the eighth one and was followed by London, United Kingdom and then Paris, France. The continents of Middle East, Africa and Asia have had lesser number of crypto friendly vendors reported. However, the crypto nomads have mentioned spending their coins at places like Thailand, Indonesia, Cape Town, South Africa, Melbourne and Sydney.
The good side about living off BTC in these countries is that the urban as well as rural areas have similar ratio of BTC accepting vendors in them. Therefore, it can ensure that you can spend quality time in both the kinds of environment using cryptocurrencies. For example, Brazil, Thailand or the United Kingdom have crypto friendly places scattered all over the country.
The governments of several countries have multiple reactions to the advent of the cryptocurrencies. This has had a fundamentally large role to play. In some places where it was welcomed with great anticipation, later on, it was discarded.
Among these countries is China. Although China embraced the technology with open arms in the beginning, later on it ended up putting a ban on the sale and purchase of cryptocurrencies. The market which made up to 90% from China was reduced to a lonesome 1%. China put a ban on all kinds of trade of cryptocurrencies. They do not support the idea of a decentralized currency. They refused to give up the control bestowed by the centralized currencies. There was talk of designing their own digitized currency with the help of the underlying technology, which is blockchain in their country but with a slight modification. The currency will still be centralized. Clearly, Chinese are not ready to give up control that it offers.
The Great Gulf has also been hesitant to adopt cryptocurrencies, this includes Saudi Arabia. However, Dubai has been extremely active in facilitating the operations regarding cryptocurrencies.
Cryptocurrencies are also being adopted because of the kind of advantages they offers. The local currency may suffer from instability due to the effect of the economy growth or demise but in some cases, currencies like bitcoin offer stability. They can potentially shield them from inflation as well. In general, people do not understand the kind of advantages cryptocurrencies offer. Being decentralized, it offers its holders a lot of plus points. Laura Shin, former Forbes staffer and host of 2 crypto podcasts said:
Americans say I don’t see the point [in crypto].
To summarize it all, there are mixed feelings among the countries about cryptocurrencies. Some have shown more enthusiasm and are welcoming the crypto nomads from all over the world, while some still remain on the back foot.