Bitcoin is now El Salvador’s National Currency. Thanks to a donor on Bitcoin Beach, a new name of a small town of 3,000, people of El Salvador now use Bitcoin as their nation currency. I know it sounds weird, but people have accepted and used it all through town and more.
How is Bitcoin El Salvador’s National Currency?
Easy, some business guys drafted up a proposal and submitted it to the Government and it got approved. But it wasn’t that easy. They had to donate millions of bitcoin and rename a beach in honor of the currency. It doesn’t hurt to also create an app that allows people in the area to make digital purchases with either cash or bitcoin.
Why is Bitcoin El Salvador’s National Currency?
I can only assume it testing for larger bitcoin transactions publicly. Such as everyone in America using bitcoin to buy lunch or India only accepting Bitcoin for their drugs. It’s not happening yet, but with more test, scenarios like these become more present. Imagine you could buy anything on the internet with Bitcoin, that would take a lot of transactions and we need to find a way to make it easier if we what bitcoin to go mainstream as a point of sale.
Did You Ever Think Bitcoin Would Become A Nations Currency?
On a personal note, no. I figured it was decentralized and no one could claim it as their national currency. However things change and many of us knew countries would begin adopting Bitcoin as currency, but didn’t know it would result at a nation changing their national currency to bitcoin. Maybe its time we all take a deep look at this currency Bitcoin and how it may affect our lives in the future.
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