Will Bitcoin Work in El Salvador?

Will Bitcoin Work in El Salvador?

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  1. tldr; El Salvador became the first nation-state to adopt Bitcoin as legal tender on Tuesday. The government installed over 200 Bitcoin ATMs and has given the equivalent of US$30 in the currency to each citizen to encourage its use. El Salvador is a country that receives $6 billion annually in remittances from citizens living abroad.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. It already does. There is no downside for those that don’t use it, and using it will bring hundreds of millions of dollars more into the hands of the people when remittance costs drop near zero. It also allows 70% of the population to for the first time do online and international commerce.

    The only downside is the possible international terrorism they are going to experience, like downgrading credit rating and paying more interest on loans. But that is not a failure of Bitcoin, but a display of malevolence of the secondary USD system they use. Ask yourself, how could increased consumer income at the expense of mega corporation result in worse economic outcome for the country? If you want velocity of money you give it to the people. If you want financial imbalances to happen you give it to western union.

    what a shitty article by kawsachun

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