Crypto

Has bitcoin laid its impact on import and export between the countries?

The answer is “Yes.” Bitcoin has influenced the import and export with some countries still some countries are not accepting or ignoring bitcoin. Here are a few countries whose exports and imports have a significant bitcoin contribution, followed by other countries.

1) Venezuela: 

The majority of Venezuelans mine bitcoins to survive as their country’s economy continues to collapse. However, President Nicolas Maduro’s socialist regime seized many mines, arrested their owners, and declared illegal cryptocurrency profits.

According to the Venezuelan government, bitcoin mining can lead to 5-10 years of imprisonment. Nevertheless, many Venezuelans keep their money in cryptocurrency apps instead of bolivars as inflation rises past 4000%. Almost everyone is asking for Bitcoin in Venezuela when it’s time for their salary, when companies pay them for goods or services, or if they win money in gambling.

2) Kenya: 

Kenyan Taxi drivers have happily adopted Bitcoin as a payment method. The number of bitcoin transactions recorded daily in the country has sharply risen in recent months, with many Kenyans buying bitcoin as a store of value with their local currency. 

Kenyans are investing in bitcoin and other cryptocurrencies because they have lost trust in their government and financial institutions due to the continuous devaluation of the shilling. As a result, many companies and individuals who want to escape these conditions buy bitcoin and keep it as a store of value. 

In some cases, the Kenyan shilling has been less stable than Bitcoin. Kenya exchange startup Bitkoin Africa allows users to buy bitcoin using their mobile phone wallets and receive daily interest on any bitcoin they hold.

3) India: 

Indian importers and e-commerce businesses have started accepting Bitcoin payments to solve the country’s push towards digitization. In addition, many large companies like Zebpay, Coinsecure, Unocoin, etc., offer their customers to buy bitcoin through their platforms or mobile app quickly.

According to Zebpay co-founder Sandeep Goenka, bitcoins can be used for various purposes, including paying bills, buying gift vouchers, and booking railway and flight tickets.

There is a lot of growing demand for bitcoin in India, which has caused a significant premium on the price of bitcoin in India over global rates. People are also buying bitcoins as an investment class, expecting it to rise further since supply is limited to 21 million coins and 16.5 million coins are already circulating, compared to the current world’s population of 7.6 Billion people.

4) Japan: 

Japan has legalized bitcoins as a form of payment, and cryptocurrency adoption is rising. Higher demand for bitcoins in the country has led to an increase in its value by more than ten times since 2014 when it was worth around $450 per coin.

The Japanese government has deemed the cryptocurrency legal tender, allowing people to buy goods and services with bitcoin.

As of July 1, 2017, no Japanese national banks have dealt with bitcoins, yet one regional bank is planning. Furthermore, on April 1, it was announced that 260,000 Yen (approx USD 2,530) could be spent on bitcoin in all stores accepting the virtual currency.

5) Costa Rica: 

B2C companies like BitInka, a secure and fast platform for buying and selling bitcoins in Latin American countries with cash or online bank transfers.

As there is no significant bitcoin mining activity in Costa Rica, most of the bitcoin trade is concentrated in Panama. Companies like BitInka allow people to buy or sell bitcoins online conveniently and quickly.

6) Germany: 

While the German finance ministry has said it will not recognize bitcoin as “private money” nor tax it, several German cities accept city fees in bitcoins. The mayor of Berlin, Michael Mueller, has announced that bitcoin payments will be accepted for city fees. However, the use of cryptocurrencies is restricted to only the euro.

This is not it. Germany’s first physical bitcoin exchange, ‘Bastet,’ was launched by a Berlin-based company that allows people to physically buy bitcoins with cash through its ATMs located in 3 different areas of the city.

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Conclusion

Bitcoin adoption is on the rise all over the world. The reasons behind growth are varied from country to country, but many common traits can be found across countries that have adopted bitcoin.

For example, it’s mainly due to high inflation rates for India and Kenya, which have made citizens invest in bitcoins as a store of value for the long term.

For example, in African countries like Kenya, Nigeria, and South Africa, bitcoin is being used to alternative unstable government currencies. People are looking for alternatives because of hyperinflation or their governments, which have not provided the essential utilities due to rampant corruption.

Khaleel Ahmad

Quality means doing it right when no one is looking.

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