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El Salvador adopts Bitcoin as its currency

El Salvador adopts Bitcoin as its currency

On the seventh of September 2021, El Salvador a country located in Central America officially announced bitcoin as their legal currency. Panama, China, the US, and the UK are will follow in pursuit to invent their digital currency. El Salvador adopted the bitcoin because immigrants spend a lot of money on transactions to send it to their families living abroad. Bitcoin is the fastest and cheapest measure for money transactions. Every Salvadorian has been gifted 30$ in bitcoin and can use it to buy goods or pay their taxes with it. Companies must accept bitcoin and later swap it with dollars once they have revived it. The public has given a mixed reaction to this announcement though. Some Salvadorians have posted stories of successful transactions while others have been protesting on the streets due to a lack of knowing how to use it.

Will other countries jump into the n=bandwagon and adopt bitcoin as well? Not soon for sure as bitcoins are volatile in value (can substantially increase and plummet in value), not controlled by a central bank, and are developed by a secret analyst. However, a lot of countries are planning to implement their digital currencies to be used legally. Crypto is the future and one must learn how to deal with it to be affluent and make profits. What are you waiting for? Join our crypto workshop today and familiarize yourself with crypto knowledge and tricks.

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