This article shows how three economically different countries are resorting to the acceptance and use of cryptocurrencies to solve their unique economic problems. While Russia is thinking about Bitcoin as means of avoiding manipulative sanctions, Venezuela is doing so to avoid the cares of hyperinflation. Japan, the last example is neither doing it to avoid an economic issue nor to keep itself apart from the Bitcoin-hate common in many other nations. Japan is doing Bitcoin because future is best accepted when it starts to bloom. Well done, Bitcoin!

It is known to everyone who’s even slightly aware of the magical properties of the world’s new brave digital currency that Bitcoin is not just a new and futuristic technology-backed solution that can revolutionise the way we think and use currencies. But many don’t know that this immensely popular cryptocurrency is also the saviour of many economies that have nothing common among them but have only one hope that will keep their economic prospects moving on.

The point to note is that although our senses and cognition are trained to favour the fiat currencies, there are many loopholes in the fiat currency system. While fiat currency helps the financially rich economies, it is an easy tool to manipulate by top-tier economies in their interests in the macroeconomic perspective. That might not sound very sweet to all, but our current fiat systems are full of biases and manipulative practices that, by their characteristics, are posing significant threats to vulnerable economies.

Here are 3 examples of economies that have opted for Bitcoin to keep their financial systems intact and running in full throttle.

1. Russia: the Sanction-Hit, Once a Supernova is Now Hopeful of a Rebound thanks to Bitcoin

Once considered an economic superpower, the fallen state is probably the best example of harassment by economic superpowers when it comes to financial matters being plagued by the politically manipulative strategies by top-notch economies. Russia has been hit too hard by sanctions applied by the US and its allies, and it is now an open secret that the rivalry between Russia and the US has led to a dilapidated financial problem in the latter.

There are many reasons why Russia is hit hard by the sanctions applied by the US. One of the most influential reasons, however, is that most of the globally active financial bigwigs are US-based and that means when it comes to the flow of money for both local and international transactions, the sanctions affect Russia in more than one ways.

For example, both Visa and MasterCard, the world’s most powerful transaction management firms are located in the US. Being under the direct regulation of the US rules, they are bound to follow the sanctions issued by the US Government, which makes the life of Russians only a little less than a massive mess when it comes to handling fiat-money use.

When such an anomaly is making life harder for Russians, there is only a little it can do, but there is one super option that can delete this mess in its entirety — it is Bitcoin.

It is already known to everyone that Russia is, therefore, becoming one of the most powerful cryptocurrency economies, and it is easy to see why. Bitcoin and other cryptocurrencies can let all Russians live a convenient and secure financial life, and the inherent properties of these digital cryptocurrencies are a perfect fit for the financially challenged economy. That is probably why Kremlin is in the mood to start its Bitcoin-like currency.

Until that ‘Kremlin Bitcoin’ becomes a reality, Russia is seriously and massively indebted to the world’s smart new cryptocurrencies.

2. Venezuela: when the Mainstream Fiat Fails, the Sun Shines with the Luster of Bitcoin

Bitcoin can be a super active economic-crisis manager, and that is proved by this country that is in discussion to legally approve Bitcoin as its official currency. The Bitcoinization of Venezuela is not an example of failing economies resorting to cryptocurrencies although it seems to be so at first. The acceptance of Bitcoin is proof of how the world’s most popular cryptocurrency can solve most of the issues fiat-money based economies go through.

The failure of Venezuelan fiat currency Bolivar that downgraded in such a vast proportion that a simple lunch in the country can now cost up to 200,000 Bolivars which is equal to only $8-$10 in the Forex notations is an excellent example of economic hard times. It is evident that carrying so much money for day to day use in the country that is massively indebted by internationally is making it a good destination for officially accepting Bitcoin.

Venezuela has also been very active in Bitcoin mining and purchasing for a considerable period. These activities are so widespread in the country that the situation of hyperinflation that has made Bolivars valueless (which occurs with many other economies quite often), Bitcoin is probably the only option that can make life in Venezuela affordable and comfortable.

Meanwhile, even if this is just a speculation, it is enough to show the power and utilities of Bitcoin in the time of need of economically underprivileged economies. The good news is, Venezuela is only the first in the line that is considering official legalisation and acceptance of Bitcoin, other countries where inflation is reaching optimum levels, such as Colombia and Argentina are also thinking of doing the same.

3. Japan: A Former Prisoner and Open-minded Lawmakers who made it a Bitcoin Safe-haven

Roger Ver served a prison sentence for selling explosives online, and when he came to Japan in 2009, Bitcoin was taking shape, Ver being an early adopter of everything that makes sense, he put all his energy to back the ‘Satoshi Nakamoto’ phenomenon. He teamed up with Mark Karpeles, a young French entrepreneur who bought Mt. Gox — then the world’s largest bitcoin exchange to make Bitcoin a popular name in the ‘experiment and mathematics loving’ nation.

Ver’s hard work to make Bitcoin popular in Japan made its lawmakers have a kind-hearted approach to cryptocurrencies, and thanks to the kindness, Japan became one of the most cryptocurrency-friendly nations in Asia even when China and North Korea declared war against these genuinely futuristic ‘cryptography-based’ currencies.

Japan’s early adoption of Bitcoin is not just a story to rejoice for the Bitcoin enthusiasts, but it is an example how an economically healthy nation can create a more inclusive climate for digital ‘peer to peer’ cryptocurrencies. It is now a matter of common knowledge that acceptance of cryptocurrencies has not led to any economic trouble in Japan, and while you may have a notion that Bitcoin is being accepted by the troubled economies while reading this article, this is a myth-breaker.

By the way, when we talk about myths, we must also consider the best of them — the myth that Bitcoin will cease to exist in future. As far as early signals like the ones previously mentioned signal to, we are creating a beautiful future with Bitcoin — a beautiful and smart world of Bitcoin.

Disclaimer

The views and opinions expressed here are solely those of the writer, Slava Spetsyian, and may not reflect the opinions of CINDX. Every investment and trading move involves risk; you should conduct your own research when making a decision.

About CINDX

CINDX is an investment platform that allows individuals to combine several crypto exchange accounts into one trading terminal, and gives them the option to connect to the best managers without having to transfer their funds. Moreover, implementation of blockchain-based transactions will allow the trading history to be saved, and a rating system will be used to differentiate the successful managers from the less successful ones.

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