Bitcoin disrupts traditional financial systems. Central banks run national currencies, control of inflation, interest rates, and money offer. Bitcoin works independently, making it difficult for governments to impose monetary policies. In countries with weak currencies, people resort to bitcoin to protect savings from inflation.
This trend has led to stricter systems in some areas. China escalated the restrictions in 2021, and prohibited all encryption and mining transactions. The government cited the dangers of financial stability and the need to prevent capital flows. Nigeria also imposed restrictions on banking on the exchange of encryption, with the aim of curbing the growing Bitcoin impact on local markets.
Despite the restrictions, Bitcoin is still traded on a counterpart to a counterpart through decentralized networks. Encouraging organizing attempts throughout the world encouraged users only to resort to different ways of trading.
