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

[Immakillya]

Maybe not because its a very valuable. But because many people are supporting it. Now bitcoin recognized by many countries as virtual currency. Though legalisation is still on process on other countries. Bitcoin will find its way. Its just a matter of time. On the other hand. There are some countries fully adopts bitcoin. Hope other country do this.

[Vaskiy]

Everything has its own time to get implemented according to the requirement of the country. In the past no Countries thought that it would grow high. Recently even Russia a has given access for bitcoin usage without limitations. Russia was one opposing bitcoin and banned the use within the country. Now it has accepted after a long research on the same.

[Trophonius]

Politicians could just ignore the fact that crypto currencies were a thing, because for them it didn't have a lot of effect on their side of the economy.

But now a lot of people are investing in Crypto's etc and it's starting to have a bigger effect on the 'regular' people.

So ignoring it becomes harder because more people know more about it.

[doomistake]

The Government, this is one of the reason why not all of the countries didn't recognize bitcoin as a virtual currency, if only the bitcoin ETF was approved way back on march, then probably most of the countries now already accepts bitcoin as a currency, and bitcoin's price would increase more on every day that will pass by. But I know that this year, if we are going to propose again the bitcoin's ETF. the chance of it getting approved is more higher than the last time.

Japan already accepts bitcoin, and this is just a start, bitcoin will continue to spread it wings and will continue to fly higher to the sky, we just have to keep on waiting, and keep on saving it, because there would be a time that bitcoin's price would be really expensive and we are going to be a millionaire in just an instant, I'm sure of that.

[Qartersa]

Many countries recognize Bitcoin as a virtual currency maybe because of its value that has been skyrocketing and due to the economic threat that comes along with it. Its ingress into the economy causes alarm on the integrity of various government legal tenders that need a centralized bank for its continued regulation and sustainability. On the other hand, Bitcoins do not need such a body in order to fully operate.    

[bitbunnny]

Maybe this is not the right question. Many countries have done that before, it wasn't the problem that Bitcoin is virtual currency but should it and how be regulated and inegrated in financial system and that is still the question now. But many have realized that virtual currencies in general are inevitable and part of the future so they are now maybe more willing to accept them.

[llyfee4u]

I think many states across the globe are actively monitoring the development of cryptocurrencies.  I wouldn't be too surprised if at some point soon, we start to hear of state rules and laws about crypto transactions.  Generally, i believe that the fact regular people have most, if not all btc in circulation is obviously a concern and states are likely to want to find a way to circumvent this.   

[Xester]

Everything has its own time to get implemented according to the requirement of the country. In the past no Countries thought that it would grow high. Recently even Russia a has given access for bitcoin usage without limitations. Russia was one opposing bitcoin and banned the use within the country. Now it has accepted after a long research on the same.

Humanity is always in fear of the unknown and unclear. Bitcoin was unclear until in time it has proven itself to be useful in the field of financial economics. As bitcoins usefulness, potential and value was being enhanced countries started to see its merit after thorough study and observation. At this point of time bitcoin has already proven itself and it only awaits for countries to adopt and accept it as a mode of payment.

[YuginKadoya]

Everything has its own time to get implemented according to the requirement of the country. In the past no Countries thought that it would grow high. Recently even Russia a has given access for bitcoin usage without limitations. Russia was one opposing bitcoin and banned the use within the country. Now it has accepted after a long research on the same.

Humanity is always in fear of the unknown and unclear. Bitcoin was unclear until in time it has proven itself to be useful in the field of financial economics. As bitcoins usefulness, potential and value was being enhanced countries started to see its merit after thorough study and observation. At this point of time bitcoin has already proven itself and it only awaits for countries to adopt and accept it as a mode of payment.

Well that is the nature of human they will only pursue what they think have worth for them and thinking that it is unclear at first but now that is shining now they will come grab it and make it theirs, they will not pursue it until they have known that it is 100% sure to profit, and now that countries are adopting it one after another bitcoin is getting to the lime light of sight on every people in or out of the social media or internet it is really well known right now!

[Gintama214]

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

What you think with phenomenal like this

Thats also one of the reasons why many countries now have discovered about bitcoins and other virtual currency but thats not the only reason why they did not know about this before. I think bitcoin is just like paypal where you can store your money and you can buy online but bitcoin is different it converts into a coin were you can invest, gamble, buy, and do other stuffs. Bitcoin was not really recognized to other countries thats because of some reasons like, no access to internet, no knowledge on computers, they are more focus on earning money in their jobs, and etc.. There are still many countries around the world that does not recognize bitcoin yet like in my home country, there are only small percentage of people who knew about bitcoin thats because of poverty and priorities. Some of them are also afraid on putting their money online so there are many reasons why bitcoin was not really recognize before but now it is starting to climb the ladder and millions of people are now starting to learn and using bitcoin it is really a think and it can help other people too. I believe that this phenomenal is a great thing. 

[hardtime]

This is the issue right now, countries are only thinking about it and recognizing it as something that is used online for a minuscule amount of transcations, I don't think the government really cares for Bitcoin and is only going to take the fight against Bitcoin if they feel as if Bitcoin is a rival and causing them to lose out on stuff within their own economy / tax revenue. So once Bitcoin hits that point, is when the real shit storm is going to hit.

Though, governments don't really formally recognize VC anywhere as there are many currencies that are used online throughout many different websites, marketplaces, and so on and so forth. Bitcoin may be one of the bigger ones,  but it sure as hell inst one of the only ones.

[Mbah Tyo]

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.

Wow very good description, exactly that is exactly what that must be done first if bitcoin already spread where where hence and its high price hence or not government have to adopt it, otherwise it will be left behind by other country

[erickkyut]

It is because there are lots of doubts before in Bitcoin. Even on the first time I heard about it, I have lot of doubts. Bitcoin is decentralized and no one has a direct control of it. Some countries think that it is a plot from some terrorist group. Some think that it is a scam. But now that it is becoming more popular, many countries become interested on it.

[hase0278]

At first many countries does not recognize bitcoin as a virtual currency just because they don't trust it and not just because of it's low price. Some recognized it now not because of the price that skyrocketed but because bitcoin showed many that it got stronger when there is a constant fud happening and tons of bad news but it still resisted, stabilize to a good price and rise again which made other countries like Japan to recognize bitcoin's potential.

[RedX]

I think it's what they called " FOMO" or fear of missing out. That's what japan felt when everbody else or large countries are already adapting this new kind of digital currencies. Japan is one of countries that has the most advanced technologies and it's really ironic if they're that last to adapt. Then the neighbor countries will comes after next.

[TastyChillySauce00]

I think it's what they called " FOMO" or fear of missing out. That's what japan felt when everbody else or large countries are already adapting this new kind of digital currencies. Japan is one of countries that has the most advanced technologies and it's really ironic if they're that last to adapt. Then the neighbor countries will comes after next.

At least, they're now have recognised bitcoin, it's far better than nothing and if japan don't want to, it doesn't really affect their economy because bitcoin basically just additional thing for them and not that important, and I agree, japan's neighbour will seem to figure out the benefits of accepting bitcoins and follow the train voluntarily, just hope so.

[Vaskiy]

I think it's what they called " FOMO" or fear of missing out. That's what japan felt when everbody else or large countries are already adapting this new kind of digital currencies. Japan is one of countries that has the most advanced technologies and it's really ironic if they're that last to adapt. Then the neighbor countries will comes after next.

This is not because of FOMO, just based on the necessity they have adopted after a long study about it. In my view Japan is the country which is gonna be followed by other countries, till date no other country has legalized it's usage as a currency to be used same as the national currency of the country.

[Kemarit]

I think it's what they called " FOMO" or fear of missing out. That's what japan felt when everbody else or large countries are already adapting this new kind of digital currencies. Japan is one of countries that has the most advanced technologies and it's really ironic if they're that last to adapt. Then the neighbor countries will comes after next.

This is not because of FOMO, just based on the necessity they have adopted after a long study about it. In my view Japan is the country which is gonna be followed by other countries, till date no other country has legalized it's usage as a currency to be used same as the national currency of the country.

Yeah. I think Japan has been into bitcoin for years and taking a look at how this technology could impact them financially(be positive or negative). I'm still trying to digest why they really adopt and embrace bitcoin all of a sudden. Maybe Japan has recognized Bitcoin’s has great potential. The Japanese Government ultimately ruled that it is not necessary to regulate sales, purchases, and/or exchanges of bitcoins so they just adopt it. We all hope that other follow suit because Japan has already set a precedence with the used of bitcoin.

[Taki]

I think the high price for bitcoin is just one of links in the chain of bitcoin's mass adoption. Razing price attracted many people as users as investors and exactly this popularity made countries recognize bitcoins as digital currency. Now only few countries admited bitcoin, but I'm sure that soon many other countries will follow.

[erikalui]

First when bitcoin was introduced, it was looked down upon by many countries like Russia and Ecuador because they found it as a threat to their economy and assumed people would invade taxes by using bitcoins that cannot be tracked and is anonymous. Now when many countries are learning about the use of blockchain technology and how it could be helpful for business and their economy as well if they regulate it, they have turned tables and are supportive of this currency (eg: Russia). Not all countries have a strong stand currently and still many cases have been reported against the use of btc.