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

[Rinder]

Bitcoin and crypto in the general is showing to all the real power, wich freedom gives as well all its beneficts, with that said, bitcoin will be used if isnt yet, alteast not offcialy as a store of value, imagine a country invested at 2015 into bitcoin, nowadays they would get 3-5 more their initial investment, i dont know how long countries will keep being able to ignore bitcoin.

[Decoded]

Bitcoin is still very much a small at. Not many people know about it, and most of the people who have heard of it also know about all the crashes that have happened, and it's volatility. Only more, after major companies have started to work on blockchain technology as a store of digital data, have countries realised that there is so much potential to be had.
 

[hankyulpark]

Most governments don't follow or have a specific department to overview new technologies and its application to their country. This isn't necessary a bad thing because they need to focus on the overall situation, rather specific things, but sometimes creates a huge gap between a relevant part of the population and it. As a general rule, governments are undeveloped technologically, simply as that.

[slaman29]

Relax... some countries still haven't accepted PayPal, and it has been around us for a long time now. This is considered a very fast period already since we consider the age of Bitcoin to be less than 10 years old. It is happening faster than we expected.

[gandame]

When 2013  bitcoin was became popular and then many people became user of bitcoin why you said that "only now many countries recognized bitcoin" when the time bitcoin launch 2009 some are recognized it then 2013 bitcoin has many user until now many country knows about bitcoin.

[th3nolo]

Bitcoin is still in his early days, the government's needs people who understand the applications of blockchain and bitcoin and how this can improve many industries, I guess that's why only a few countries have adopted bitcoin as legal asset.

[Hydrogen]

The united states being $20 trillion in debt, many nations which adopted the dollar as a reserve currency are seeking ways to "de-dollarize" their holdings in preparation for worst case scenarios where the united states is unable to pay its bills and the value of the dollar plummets through the floor.

[mamaita]

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.

I hope in the latter can accept bitcoin asia so as to facilitate users to use bitcoin while traveling there

[Russlenat]

In my country we already used bitcoin as digital currency sense it has been known and also my government has adopt it and used it to help the economy and now it has been recognize to all the country because of it's value it's very high. We can now use bitcoin to pay our bills. It really big help and ease transactions.

[Wintersoldier]

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.

I agree because most of countries government does not reach put for the legal matters of a thing that they cannot manipulate. And yes it is gaining popularity because as the technology develops more new developments on bitcoin had made for the users and for other people to know. One thing to recognize it by country is to be flexible on any currency. Meaning to that bitcoin developers should have effort to upgrade its transaction and security on a wider scale.

[MingLee]

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

What you think with phenomenal like this

The thing is though, there aren't many countries even close to recognizing Bitcoin as a virtual currency and chances are they won't be getting to that point anytime soon, regardless of what the value goes to. They care about getting their portion of taxes off of it, and that's it for the most part. They don't care about any semantics or proper naming as long as, in a legal sense, they maintain power and control.

[ownageplocks]

Not totally understanding the question here. The more people who use bitcoin the more countries will recognize bitcoin as a VC, if they see an opportunity to tax someone, you can bet they will seize that opportunity. As for how many recognize it now I'm not exactly sure as it's a very ambigious question.

[Dimelord]

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

What you think with phenomenal like this

No.Its not about the price.Many countries like china and Russia feared that bitcoin would decrease their tax revenues and tried to ban.But then they realized that unless internet is banned,bitcoin could not be banned.So they changed their decision and started to just regulate bitcoins.In other words,they accepted bitcoins.Same is the situation with other countries.Either they would have to accept it or they should be ready to be isolated from main stream of economy.

[btc_angela]

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

What you think with phenomenal like this

Japan embracing bitcoin is one factor that the popularity of bitcoin rises. However, not all country are open to it others still anti-bitcoin and some decided to put a tighter regulations on the used of bitcoin. Bitcoin has been noticed and its just a matter of time before other country will adopt and make it as legal tender. So this phenomena will continue in the future.

[Reid]

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.

I doubt it is just because of the price.
When you are a leader of one country everything must be thought deeper.
You cannot just make decision whivh could jeopardize your leadership.
One example is Japan. They didnt just say "let us use bitcoin" there are stages for that.
Though it makes it easier for them because of their advance technology.

[DD-Lex]

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!

Perhaps, but not in all countries, politicians managed to buy coins and where they bought late, they will have to wait longer to be legalized.

[freedomno1]

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

What you think with phenomenal like this

Awareness advertising lobbying but the main one is Taxation you can only leave something untaxed without a legal rule so long before the government is going to catch on and start making rules

[DoublerHunter]

The only reason that i see why many countries just recognize bitcoin now as a virtual currency or we can say a good investment is just because of the price and the hypes. Back in the days bitcoin is not that high and don't have a lot of popularity so the countries especially those big countries just ignore bitcoin but this year is different because a lot of countries now are planning to embrace bitcoin and some of them already legalized bitcoin and will be the added for the energy of the hype for other countries to recognize bitcoin also.

[zidanw]

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

What you think with phenomenal like this

It's true that the reason is because bitcoin prices are now very high many who want bitcoin and say it a virtual currency, first bitcoin is not as expensive now and many people who think it's worthless.

[iamTom123]

We should not be complaining instead we should be thankful that after many years begging to be recognized as a currency at par with the fiat money, Bitcoin is now recognized as such in many countries. However, there are still a long way to go to make it really into mainstream but we are getting there.

We can not force countries to easily adopt to Bitcoin. Each country has its own established financial system and each is very much sovereign. That has to be respected. Convincing can take time and that should be expected.

There is no magic here.