The impact of bitcoin on the social situation

Bitcoin is a virtual currency that has been officially stored since early 2009. Since then, this currency has become increasingly widely used and has many strong fluctuations in price. Recently, the price of the world's largest electronic currency has increased and failed frequently, causing many investors to struggle, while also causing negative impacts on the social situation of many countries, including some countries. European countries and Vietnam. This virtual currency has not been officially recognized by the Vietnamese State or has a legal framework to manage this currency, but it is protected so unwanted consequences cannot be avoided. Faced with that situation, studying the impacts of Bitcoin on Europe and Vietnam has drawn lessons in managing virtual currencies in general and Bitcoin in particular, minimizing negative and healthy impacts. financial market of the country
1. Overview of Bitcoin 
Bitcoin was officially born in 2007 as an electronic currency, also known as virtual currency, not under the control and influence of the government or central bank of any country, so Bitcoin was initially difficult to use. International financial markets accept in transactions as common currencies of other countries. In 2008, the domain name Bitcoin.org officially appeared. However, it was not until January 2009 that Bitcoin was officially put into use with the first Bitcoin block called Genesis Block. Since October 2010, Bitcoin (BTC) began to be used to buy goods with a value of 10,000 Bitcoin equivalent to 25 US dollars (USD) at that time. In 2013, major services such as Foodler, Reddit, OKCupid, Humble Bundle, Baidu and Gyft began using Bitcoin as a payment currency, and the first ATM selling Bitcoin appeared in Canada.In 2014, the Silk Road incident caused Bitcoin's reputation to plummet, and the New York Department of Finance had to step in and list Bitcoin as a legally protected currency. In 2015, major British bank Barclays accepted Bitcoin, allowing users to donate to charity using Bitcoin. In November 2015, the Bitcoin symbol (₿) was officially included in the Unicode code set at position U+20BF in this code table. In 2017, Japan recognized Bitcoin as an official payment method. On August 3, 2018, Intercontinental Exchange - owner of the New York Stock Exchange (NYSE) announced a partnership with Microsoft, Boston Consulting Group, and Starbucks to open a Bitcoin exchange called Bakk. In October 2021, Bitcoin at one point exceeded the mark of 64,000 USD/1 BTC - the highest price in the history of this electronic currency since it was put into use. Currently, Bitcoin is the most popular cryptocurrency in the world, accounting for nearly 41% of the total market capitalization of cryptocurrenciesIn addition, the scarcity of Bitcoin and the difficulty of mining increase the value of the largest cryptocurrency in the world today. In fact, Bitcoin prices increase significantly every four years. The decrease in supply while demand increases leads to the price of Bitcoin skyrocketing, known as crypto season. The latest crypto season was created by the Covid-19 pandemic, which began in late 2020 and continues to date, longer than the previous crypto seasons that took place in 2013 and 2017. Pandemic Covid-19 has a significant impact on the US economy, especially the labor market and stock market, so it also has certain impacts on the value of Bitcoin.[1] Thus, within more than a decade since its inception, the virtual currency Bitcoin has become increasingly recognized and widely used in the financial markets of many countries, and the value of this currency is also increasing. However, besides the rapid growth of Bitcoin, negative impacts related to this virtual currency on the social situation in many countries have begun to appear, as in some survey cases in Vietnam. some European countries and in Vietnam below.
2. Bitcoin's impact on the social situation in Europe 
However, EU member states all have different regulations related to cryptocurrencies to control and utilize revenue from this type for the national budget. For example, Finland's Central Tax Board has classified Bitcoin as a financial service and is considered a commodity. Meanwhile, the UK Financial Conduct Authority proposed a pro-Bitcoin stance and wants the regulatory environment to support this digital currency. Germany is one of the first countries to open up to Bitcoin, this currency is considered legal tender but owners will be taxed according to different levels of ownership when trading. Therefore, Bitcoin is considered to be in a "gray area" in the world.[2] In particular, 2 out of 10 cities in the world in Europe are considered Bitcoin hotspots: Amsterdam and London. Amsterdam is home to mining hardware manufacturer Bitfury and the European headquarters of payment service provider BitPay. Coinmap identifies more than forty places to consume Bitcoin in the Dutch capital, including bike repair shops, barber shops and cafes The city's 840,000 residents have around half a dozen Bitcoin ATMs available to them . Merchants in the Dutch cities of Utrecht, Rotterdam and The Hague also accept cryptocurrencies.