Bitcoin, the world’s first decentralized digital currency, was created in 2009 by an unknown individual or group using the pseudonym Satoshi Nakamoto. Since its inception, Bitcoin has grown in popularity around the world, with millions of people using it as a store of value, a medium of exchange, and a means of investment. However, while some countries have embraced Bitcoin, others have not. In this blog, we will explore the growth of Bitcoin around the world, including the countries that don’t allow it.

Bitcoin’s Growth Around the World

Bitcoin’s growth has been remarkable since its creation in 2009. In the early days, Bitcoin was used mainly by tech enthusiasts and libertarians who saw it as a way to bypass the traditional banking system. However, over time, Bitcoin has gained wider acceptance and adoption around the world.

Today, Bitcoin is used by people in virtually every country, with the largest user base located in the United States. According to a survey conducted by Statista in 2021, over 46 million Americans currently own Bitcoin, which represents approximately 14% of the adult population in the country.

Bitcoin’s popularity is not limited to the United States, however. In countries like Japan, South Korea, and Canada, Bitcoin has gained widespread acceptance and is used by millions of people. In Europe, countries like Switzerland, Germany, and the Netherlands have also embraced Bitcoin and other cryptocurrencies, with some even allowing businesses to accept payments in digital currencies.

Bitcoin and Countries that Don’t Allow it

Despite its growing popularity, Bitcoin is still not allowed in some countries around the world. Some countries have outright banned Bitcoin and other cryptocurrencies, while others have imposed strict regulations that make it difficult for people to use them.

For example, China, which was once home to a large portion of the world’s Bitcoin mining operations, banned all cryptocurrency transactions and mining activities in September 2021. Similarly, in India, the government has proposed a bill that would ban all private cryptocurrencies, including Bitcoin.

Other countries that have banned Bitcoin include Algeria, Bolivia, Bangladesh, Ecuador, and Nepal. In these countries, it is illegal to buy, sell, or use Bitcoin or any other cryptocurrency.

In some countries, like Russia and Iran, Bitcoin is not outright banned, but strict regulations make it difficult for people to use it. For example, in Russia, cryptocurrency exchanges are legal, but the government heavily regulates them, and many banks refuse to work with them. In Iran, Bitcoin mining is legal, but the government has banned its use as a means of payment.

Bitcoin’s growth has been remarkable over the past decade, with millions of people around the world using it for a variety of purposes. While some countries have embraced Bitcoin and other cryptocurrencies, others have not, with some even banning them outright. However, despite these challenges, Bitcoin continues to grow in popularity, and its decentralized and borderless nature make it an attractive option for people around the world who are looking for an alternative to traditional banking systems.

Bitcoin has grown exponentially in popularity since its creation in 2009. While the United States has the largest user base with over 46 million Bitcoin owners, other countries such as Japan, South Korea, and Canada have also embraced the cryptocurrency.