With the way things are going with cryptocurrencies like Bitcoin these days, it is quite possible that in 2021, there is at least one country that will have started using Bitcoin. This prediction might just come true because not only did Japan declare that they are looking into legalizing Bitcoins but China has also started permitting payment of taxes by their citizens through cryptocurrencies.
Developments in the world
The industry experts are of the opinion that this is just the beginning and many other countries will soon follow suit. They feel that it’s only a matter of time before cryptocurrencies become mainstream, replacing fiat currencies within the next five years or so. But for now, let us talk about how things stand right now.
The first country that will start using Bitcoin could quite possibly be the United States because it is one of the leading countries that are trying to push cryptocurrencies into the mainstream. The state of New York recently passed a bill that allows its citizens to pay tax through cryptocurrency and this shows how serious they are about cryptocurrencies. But other than the US, there is no other country that is as invested in the idea of cryptocurrencies as Japan. Earlier this year, Japan officially recognized Bitcoin as a legal payment method and it has only further cemented their position in the cryptocurrency world.
All of this pales to what El Salvador did recently. Even though El Salvador is not an industrialized country, it has become the first country in the world to adopt Bitcoin as its only mode of payment. This means that they have given up their fiat currency and they are now using Bitcoins for everything. It is quite possible that soon, several other countries will follow suit and completely do away with their paper currencies and will only use Bitcoins instead.
For several years now, there have been talks about how cryptocurrencies are the currency of the future and everyone is trying to find out more about them. But even though they are quite popular right now, it will take a few more years for them to become mainstream because, at the moment, only a handful of people actually know about Bitcoins or any other cryptocurrencies.
The biggest hurdle that Bitcoin and other cryptocurrencies will have to face is the lack of awareness among citizens all over the world. This is why we will only see a country start using Bitcoin after people actually know about what it is and how they work. Right now, you can go up to anyone on the street and ask them if they own Bitcoins or how Bitcoins work, and they will give you a blank look in return. This is what the cryptocurrency industry wants to change in the future because if people are aware of cryptocurrencies, then it will be much easier for them to convince the governments to use them.
It might be an uphill task but with awareness levels rising at quite an impressive rate, it will not take too long for cryptocurrencies to become mainstream. In fact, in just a couple of years from now, there is a chance that we might actually see a country start using Bitcoin for its transactions. It might sound like a fantasy right now but with the way things are going, it might actually happen by 2021.
Do you think this prediction will come true?