What is bitcoin?
The currency of financial transactions in the crypto-currency or virtual world. Its popularity is growing worldwide. The volume of transactions is increasing day by day. The biggest advantage of using it is that it is not controlled by any central authority. The political influence that hegemonics exert on conventional financial transactions. Crypto-currency is free. Once the transaction is confirmed, no one can reverse it, no matter the transaction, the miner, the US president or even the inventor, as a result Virtual world currencies are gaining popularity in the country.
Bitcoin has become the most popular currency in the world of multiple crypto-currencies. A man named Satushi Nakamuto invented the bitcoin in 2006. He discovered that the virtual currency "peer to peer" is able to be transacted through an electronic cash system. However, his name looks like that of a Japanese citizen, and his discovered bitcoin is already the most popular. The virtual currency is being traded in more than 90 countries.
Iran has increased used of it.
Iran, North Korea face US blockade,Countries like Russia and Venezuela are trading more in crypto-currencies. However, in Iran, its use is the most. The general public is becoming accustomed to using bitcoin from the country's government. As Washington continues to impose new sanctions, Tehran is intensifying its virtual currency transactions. They are trying to protect their own interests in international trade by going beyond the conventional transaction mechanisms.
In July 2016, President Hassan Rouhani announced the launch of his own national crypto-currency. A month later, a newspaper affiliated with the country's central bank published some features of what the currency would look like. In the meantime, the country's central bank is testing and completing many of them.
According to multiple international media interviews crypto-currency has already gained popularity among Iranians. Many Iranians are describing it as the only way to get money from outside the country. But bitcoin mining is a highly computational process. Many are building bitcoin mining computational infrastructure, and the extreme devaluation of the Iranian currency is encouraging Iranians to do so.
A survey of 1,560 Iranians who used Bitcoin was conducted in 2019. At the time, at least 25 percent of respondents said they were working with crypto-currencies, earning between থেকে 500 and 3,000 a month. The Iranian government also recognized Bitcoin mining as an economic sector. Has taken regulatory measures to prevent misuse of readily available electricity.
Iran has taken many necessary steps.
Interestingly, through collaboration on the block chain platform, Iran has attracted more than one country to trade in bitcoin. In 2016, Sweden approved a local start-up to invest in 6 bitcoins on the Iranian stock market.
In 2016, Iran and Russia signed an agreement on the development of the Iranian block chain industry in response to the threat of growing US economic sanctions. In 2019, Iran's Trade Promotion Organization began negotiations with representatives of eight countries, including Britain, France, Germany, Russia, and South Africa, to use crypto-currencies in financial transactions.
Moreover, the country is developing new ways to deal with economic sanctions in the world of crypto-currencies. Countries like Iran, Russia and China are introducing local digital currencies through the Central Bank.China's Sovereign Coin or Digital Yuan is being introduced.This currency will be more efficient to transact outside the dollar mechanism.
First, it must transact through a private block chain, such as the Bitcoin network, where there is no opportunity to follow from outside. Second, it will be completely free from the current US-led global financial architecture.Will be able to run the transaction.
One of the more significant crypto-currency mechanisms developed by Iran to avoid US sanctions is "decentralized finance". Also known as DEFI or DeFi. Will benefit the most.
For example, during the US blockade of the last few decades, ordinary Iranians have been crushed in the threshing floor of skyrocketing inflation. The government will be able to convert the crypto-currency into fiat money, and in the case of this mechanism, neither the United States nor anyone else will be able to effectively regulate the conventional transaction mechanism. Trump's unilateral extremist policy Russia, Iran, Turkey, Venezuela, North Korea and many other countries are urging the establishment of such a mechanism.
However, the United States is already trying to block Iran from conducting crypto-currency transactions. It is working to identify virtual dealers with the country. It is launching the "No Your Customer" trend. It is trying to shrink the scope of anonymous transactions.
However, ordinary Iranians are turning to Bitcoin because the United States is unable to regulate this mechanism as effectively as conventional financial transaction mechanisms. The United States is trying to pull its economy out of the pressure. New dreams are being sought. Still, many Iranians are succeeding in avoiding the US blockade, contributing to strengthening their own economic base.
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