Some of the most important global powers are nowadays very much interested in cryptocurrencies. The primary reason behind their vested interest in digital tokens like bitcoin is that it is beneficial in growing the economy. Recently, El Salvador accepted the bitcoin with open hands, but now, other nations are also looking forward to doing the same. Earlier, they were not in favor of El Salvador for making such a move, but now, they can see its growth possibilities. So, a country like the United States of America should also be very familiar with the technology of cryptocurrencies because it is very well and suitable for the truth. Moreover, the population of the United States of America is in favor of this growing economy of cryptocurrencies. Among the US population, bitcoin has been popular and its network is vital but people are asking if there is a possibility of a substitute.
There are endless possibilities in which cryptocurrencies like bitcoin can be helpful for any nation in the world. In the case of the USA, the charts and figures are shocking. As 12% of Americans, almost 40,000,000 individuals are using cryptocurrencies. Yes, such a large portion of the population of the United States of America has a vested interest in cryptocurrencies for many reasons. First, it is very easily accessible and a perfect store of value. Everyone in the United States of America is very enthusiastic about their investment and savings. So, they would look up to something which will be very helpful in storing the world. That is why they are using cryptocurrencies. The US government has a stash of bitcoin.
The USA is a preeminent power at the global level, and therefore, whatever the country does is also having a massive impact on the whole world. For example, suppose the United States of America, just like China, completely bans the bitcoin system ecosystem. In that case, it will lead to a very drastic effect on the economy of bitcoin. But, on the other hand, if they decide to put it on the positive side, perhaps they will have a significant positive effect on bitcoin. So, today, we will read down the positive effects and aspects of the USA on bitcoin.
- The first thing that the United States of America has done for its citizens is that they are not Pay heavy taxes on the people using cryptocurrencies. Yes, it is a significant thing happening in the United States of America nowadays because earlier, the government was not in support of the same. They decided to impose taxes on the cryptocurrency and their profits earlier, but now, they have taken their decision back.
- Another crucial thing is that people living in the United States of America can get access to cryptocurrencies from the platform for free. Yes, many platforms in the USA provide free access to digital tokens without any charges. Moreover, some of them are also offering free Travel because the general public of the USA can easily access digital tokens.
These are the positives of the USA toward the cryptocurrency ecosystem, especially bitcoin. However, apart from this, there are a few negative aspects of cryptocurrencies in the USA, and we will read them down today.
Along with the positive aspects, the USA also holds a feel of the negative aspects of cryptocurrencies like bitcoin. Even though they are not entirely in support of cryptocurrencies, they have provided the freedom to the people to use this. Some negativities are-
- If you think you can legally file a complaint if you lose your bitcoins to a cryptocurrency wallet, perhaps you are thinking the wrong way. Even though there are some rules and regulations regarding fraudsters, if you lose your cryptocurrencies, you will not get any legal help. It is because the government is not in charge of this ecosystem.
- It is believed that the United States of America is holding a massive stash of bitcoins, but it does not have any impact on the people. Yes, when a government holds bitcoins, the country’s people get a lot of benefits. However, it is not the situation in the USA. They do not disclose it among the people, and therefore, it does not have a significant positive aspect for the people.
After reading this, you might have seen that the United States of America holds both positive and negative takes on bitcoin. Moreover, every cryptocurrency is included in it; therefore, it is a universal detail about the bitcoin in the United States of America.