We should all be aware that cryptocurrency is rapidly expanding in popularity around the world. Many individuals believe that cryptocurrency, often known as digital currency, will eventually supplant fiat currency. However, I do not believe that will happen in the near future due to a lack of interest in the cryptoworld.
# THE CAUSES OF CRYPTOCURRENCY NEGLIGENCE
One of the key reasons is that bank institutions and the World Bank are openly denying the existence of cryptocurrencies and are working hard to halt BTC growth, which they have been successful in doing to a large extent. World banks from all over the world are holding meetings in which they speak out against bitcoin and attempt to impose strict laws and regulations on BTC.
In many countries, the use of cryptocurrency is completely prohibited, and anyone caught transacting cryptocurrency will face a heavy fine for engaging in an illegal act. While other countries have legalised cryptocurrency, they have imposed high taxes on transactions, implying that they do not want cryptocurrency to be used.
India is the most prominent example, where the government legalised but levied a steep tax of more than 30%. We were freely utilising cryptocurrency in Pakistan until the government declared it illegal in 2017, and the portal we used to deposit and withdraw URDUBIT was completely shut down.
The reason for the ban is that they claim it will have a huge negative impact on the country's bank economy and may replace the banking system, which will be to our detriment. Another reason they present to citizens is that crypto is a simple way for terrorists to convert black money into white money, implying that they are blaming this on terrorism.
However, they are still ignorant that increased use of cryptocurrency may help poor economies begin to improve. This digital money may assist the country in lowering the rate of unemployment as well as the rate of poverty in the country. Countries that are heavily in debt, in particular, can benefit greatly from bitcoin in order to pay off their debts.
# IRAN IS ONE OF THE TOP TEN COUNTRIES MINING BTC
Just like Iran, which has been subjected to several sanctions imposed by the United States and its allies. Their currency was depreciated, they went into debt, and their import and export systems were completely shut down. However, their brilliant administration makes brilliant decisions, such as allowing their citizens to utilise cryptocurrencies and even mine BTC.
To deal with the world's problems, Iran is making the best use of Bitcoin and running their country smoothly despite thousands of bans. They are negotiating weapons and other goods with their allied countries as a result of the government's wise decision. Why are other countries not thinking the same way, instead denying the truth of cryptocurrency?
In any case, Bitcoin is the true truth in the world, which the international economy will eventually recognise and accept. This is because people around the world are bored of exchanging tangible money to buy and sell items. The world has advanced and desires new technology, one of which is the use of digital currency, which is done online using fast and trustworthy means.
These are some of the reasons why only 5% of the world's population uses cryptocurrency and how far we still have to go to replace fiat currency. To replace fiat currency with digital currency, a massive revolution is required. These are my thoughts on the various reasons why we will not be replacing fiat anytime soon. What do you think, and how much do you agree with me?
This is an attempt on my side to provide you with some information on bitcoin and the various reasons for cryptocurrency weakness. I hope this information was instructive and useful. If you find the post useful, please reblog it so that it reaches as many people as possible and that they can benefit the most. Don't forget to upvote, as this will help me financially and grow my account.
* NOTE: PICTURES ARE TAKEN FROM CANVA AND EDITED IN CANVA.
# DISCLAIMER
## Please keep in mind that I am not a financial advisor. Never, ever take anything I say as financial advice. Conduct your own research. Before making any investment decisions, consult with a professional investment advisor! My posts are strictly for entertainment purposes!!
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