• Billionaire investor Tim Draper recently tried to promote Bitcoin in Sri Lanka, but was ultimately rejected by the nation’s central bank.
• Draper argued that using Bitcoin could help combat corruption in the country, but the bank did not accept his proposal.
• Many stores and companies are reluctant to accept crypto payments due to their volatility as prices can change drastically within a short period of time.
Tim Draper Tries to Bring BTC to Sri Lanka
Billionaire investor Tim Draper recently took a trip to Sri Lanka in an effort to promote Bitcoin to the nation’s central bank only to be kicked out unceremoniously. He argued that the use of cryptocurrency or bitcoin would help fight off rampant corruption, which is relatively prominent in Sri Lanka. However, regulators of Sri Lanka didn’t welcome Draper with open arms and commented that adoption of 100 percent bitcoin won’t be a reality ever and they don’t want to make matters worse by introducing bitcoin into the mix.
Why Is BTC Rejected?
Many stores and companies are reluctant to say „yes“ when it comes to accepting crypto payments due its volatility as prices can change drastically within a short period of time. Consider this scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40; thus resulting in money being lost for the store owner.
What Are The Alternatives?
Although many governments have been resistant towards cryptocurrencies such as Bitcoin, some countries have found ways around it by making their own digital currencies or offering other alternatives such as stablecoins backed by fiat currency reserves or precious metals like gold or silver . This way, citizens can still reap some of benefits offered from cryptocurrencies without having fears regarding potential financial losses from price fluctuations..
Other Nations That Have Embraced Crypto
On the other hand, there are also countries who have embraced cryptocurrencies such as Japan where individuals can now pay for goods and services through digital currencies like BTC and ETH at certain merchants across Japan. Similarly, South Korea has allowed its citizens access cryptocurrency trading platforms while also setting up new regulations on them such as taxes on income earned from trading activities..
Conclusion
Despite its clear advantages over traditional payment methods, many governments remain resistant towards adopting any form of cryptocurrency due mainly due its volatile nature; however, some nations have found ways around this issue while others have fully embraced it – allowing citizens access more efficient payment options while reaping various benefits associated with them..