Crypto is moving further and further every day even though some may find it really slow. Some cities or even countries are introducing cryptocurrency as a legal currency you can pay with.
In September, El Salvador was the very first country to introduce the legal use of cryptocurrencies. Many people disagreed with this and thought that most of the money in cryptocurrencies was dirty and illegally earned, which is why there were various protests that continue to this day.
The protests were mainly because people feared that it would bring instability and inflation to the poor Latin American country.
But when El Salvador made bitcoin legal, it also set up a new app to pay with it, and members of the country received roughly $30 in bitcoin if they created an account.
So at the moment, we can pay in bitcoin in almost every store in El Salvador, whether some are against it or not, some are excited that the times are moving. But it can bring a lot of risks because bitcoin and cryptocurrency in general really fluctuates a lot and you never know how much bitcoin will be expensive in 20 years.
More than 200 new banking machines have been installed and several thousand bitcoins have been purchased for the new construction of the Bitcoin City.
President Bukele announced he plans to build a Bitcoin city at the base of a volcano in El Salvador, with the cryptocurrency used to fund the project.
It’s clear that a lot of people think the president is amazing as no one has even tried to implement such a thing and it’s really good for cryptocurrency as it will get into more places and have the power to pay for basically anything.
But it is also clear that it will face a lot of negative reactions as El Salvador is a quite indebted country and the introduction of bitcoin can increase its debt a lot. Because not everything can be foreseen and it may even lead to a complete devaluation of bitcoin or other cryptocurrencies.
But the truth is that cryptocurrencies are now moving the whole world and El Salvador is just the beginning. If cryptocurrencies thrive, It’s almost sure more countries will become interested and cryptocurrency will no longer be just an idea.
Time will tell what will happen next. How El Salvador will develop is only in the future ,but we can only hope for the best.