Why only now many countries recognize bitcoin as a virtual currency?

[mamaita]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

[lizardbtc]

I still think that we are still long way to go for all countries to know about it. Many people still don't know what bitcoin is.

And yes I think that it is mostly because of the current price, as it goes up it will gain more recognition, because people like money.

[chaser15]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

No it's not the price. The monetary system are different per country. All in all, it must be done in a legal process.

There is a certain factors and consideratioin before a country will accept bitcoin. Look at Japan, the approval of bitcoin there tooks years in the making. Back then, bitcoin is not that popular, do you think in just a matter of short time a certain country will just allow the use of it without pointing to the risk associated when using a virtual currency.

[mrcash02]

Countries don't recognize anything officially. Bitcoin is just gaining more popularity as the adoption is slowly growing. It's normal, as when it started few people only had faith in BTC power, it wasn't from many people interest, but now it is. The price is skyrocketing and people will recognize it even more, but not the governments, at least for now they won't... But if the price continue increasing, regulamentations could be created making Bitcoin recognized officially.

[ImHash]

Because some troll in their basement with 10 mining machines can not change the protocol?
Because people starting to realize that bitcoin is truly decentralized to a point when it comes to even it's success and scaling still the network is in stalemate state?
Because mining industry has a huge and strong infrastructure which won't disappear over night or over month?
Because network follows the majority consensus and that has been proved already?

[Snorek]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

Price of bitcoin is not the main factor which is pushing adoption further.

Sure, it helps when bitcoin is expensive because it bolster feeling that BTC is 'worth the money' and therefore something unique and desirable.
Why some countries have embraced bitcoin already (Japan, pretty much Switzerland) and other openly opposed it (Bolivia, Ecuador)?
Ask their governments, but we can see a pattern here - countries with weak economy and/or authoritarian governemnt are usually afraid of BTC.

[nemgun]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

It is all a question of market cap, bitcoin's value is huge, accepting it means that you will bring potencially 1B$ to your economy, and it is popular, so it is normal that more and more countries adopts Bitcoin. It will be like that for many years, untill Bitcoin dies.
It also brings a lot of usefull technologies and concepts, like the blockchain itself, you can't even imagine what countries can do with that, sooner or later, each citizen will have a blockchain ID with all the informations that ocmes with it as this system is cheaper and more secure then the actual systems.

[olushakes]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

For the mere fact that the price of bitcoin is increasing, is not a deciding factor that all countries will accept bitcoin as a currency because aside the price the government of any country that will accept bitcoin will have to consider the effects its going to have on its economy and its citizenry so far this can be decided that it does not constitute a threat, to either security or economy, then they consider it and so far, Japan is still taking the lead on that.

[BitcoinHodler]

because people like you who are in those countries still don't know bitcoin is not a virtual currency and it is a real currency. and bitcoin needs demand first then to become recognized by the government as a real currency. when nobody uses bitcoin, then nobody talks about it or recognizes it as a currency!

but when the demand grows in a country like Japan, Russia, Switzerland, and some other European countries, government start thinking about their stance against bitcoin. and we can see these countries are already starting to treat it as real currency.

[YuginKadoya]

Because of the trend bitcoin is in, there are many curious business related people that want to really try it out that is why I think they have come up and talk to their government about this matter and think of something to use up bitcoin for their personal wealth, I really think it is because of that and the hype of the bitcoin value that is why one at the time countries are trying their best to ride on it, but I think it is too early for us to see the result because there are still a lot on them trying to reject bitcoin!

[bartolo]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

I don´t think it´s for the price but for the popularity and levels of adoption that are growing but above all it´s the number of companies and banks that are investigating and entering the world of blockchain technology and virtual currencies. In the end this is like an unstoppable wave that comes and you have two options, either you get on the wave or let it drag you down. Japan, for example, has decided to surf the wave.

[Armstand]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

There are a lot of country in the past that recognize bitcoin as a virtual currency, It is not just famous as what currently Bitcoin have. You are right about the high price of BTC give some factor in able for BTC to shine more and be noticeable by other countries that didn't accept BTC as currency.

[Maheshkumar_Hrangkhawl]

I heard that Singapore recognized Bitcoin way back in 2014. There were a few others as well, such as Switzerland. Now Japan has also recognized it, and this time it has attracted a lot of media attention.

[pecson134]

It is because it gains reputation and continuous progression as time passes by. Though it is not fully recognize for certain countries, it does have the capability of being considered as a currency through virtual means. In my country it is still in getting to know phase for bitcoins but it does show signs that despite being slow a tendency for recognizing the coins itself as a currency.

[BTCLovingDude]

I heard that Singapore recognized Bitcoin way back in 2014. There were a few others as well, such as Switzerland. Now Japan has also recognized it, and this time it has attracted a lot of media attention.

the Japan thing was on a massive scale, and also Japan is usually important in technology stuff
and also we have a history with Japan and bitcoin with the big Mt Gox scam that took place in Japan and it was great to see them come back and be this positive towards bitcoin. that is mostly the reason for all the attention to Japan news.

[Kprawn]

It has been a struggle to get to this stage... Governments realized that banning Bitcoin or Crypto Currencies will just push it underground and all

that tax income will go to countries where it is accepted.   They came up with the idea to "regulate" it to conform to their rules and regulations.

Some people use it in this "regulated" environment and the government seems to be happy with that... As long as they have some control and

they get their share of the tax, they are happy.  

[webtricks]

Because its price is now sky high then many countries use bitcoin as virtual currency
What you think with phenomenal like this

I don't think so. Governments all over the world hardly cares about surplus in government budgets and no where consider to multiply their reserves with the use of Bitcoin. However, they are very much concerned towards the bugging in currency system of their countries with the use of Bitcoin. So in my views it is more a precautionary step than a step with positive outlook for Bitcoin. You can understand very much from Russian Government's saying for Bitcoin, it wants to regulate all transactions moving to/from country. Thus, its more of catching Bitcoin in cage than giving it wings.

[XiaLang]

Maybe the politicians have had enough time to buy themselves some coins and now they are ready to legalize and get profits from the value increase. Haha!

[mlferro]

I think this is a natural reaction. Because bitcoin is getting stronger every day (some altcoin too), and with this many people grow their eyes imagining possibilities of making money. So for politicians to get a good acceptance of the population (avoiding rejection), they will certainly launch projects (which benefit bitcoin) in their parliaments .

[Wesimon]

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

The price might have contributed about the widespread of bitcoin but it is not the main reason. It is unsurprising that after all these years, only now many countries recognize bitcoin. If we will look at bitcoin's age, it is still young and is just beginning to impress different countries. Bitcoin's potential is the main reason, for me, why bitcoin suddenly boomed around the globe. Let's add the fact that some countries accepted bitcoin as a mode of payment and the best example is Japan. Japan is known for its advancement in terms of technology so announcing that they will accept bitcoin became the lever for other countries to do the same thing.