Bitcoin legalization in El Salvador, public concern
El Salvador has become the first country in the world to accept bitcoin as a legal tender. The government's move has sparked public outcry, but at the same time some people and economists have begun debating its benefits and the dangers of a corrupt currency.
Starting today, El Salvador, wherever possible, malls and shops will legally transact in bitcoin. Millions of El Salvador citizens are preparing to download the government's new digital wallet app, which offers them free bitcoins worth 30-30. Bitcoin fans around the world are buying 30 dollors worth of bitcoins to support El Salvador's move and increase the value of the bitcoin.
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| Bitcoin legalization in El Salvador, public concern ( Credit : Pixabay ) |
When I found out that the government was going to introduce bitcoin as the official currency, I started accepting payments in bitcoin for the last two months," said Daniel Hercules. 40 is paid in bitcoin, but this is rare. Only 10% of customers prefer to pay in bitcoin.
Daniel says he has to pay a 10% fee to convert the bitcoin into the local currency, the US dollar, so he is using the bitcoin account as a savings account. He wants 1,000 to be deposited in his bitcoin account, but he fears the currency may crash.
I would be very sorry if the money I earned by working all day was wasted. Fluctuations in bitcoin The past year has seen dramatic fluctuations in the value of bitcoin. The value of a bitcoin in September was 10,000, which reached 63 63,000 in April 2021, but then dropped to more than 30 30,000 in July this year. From 63,000 to 30 30,000.
The value of bitcoin has recently risen from 30 30,000 to 51 51,000. Experts say the increase is due to developments in El Salvador. "So we will all buy a bitcoin worth 30 on Tuesday," wrote a viral post on the Reddit website on Monday.
Uncertainty of cryptocurrency
A survey by the Central American University (UCA) in the United States found that only 4.8 percent of the 1,281 people who learned about bitcoin use understood that How is it finally used? Of those surveyed, 68 percent said cryptocurrency should not be legalized. Janet Sandwall, 70, and her son deliver essential items to people's homes. She says she will not trade in bitcoin.
I've always been a supporter of change, but this time I don't agree," she said. Our customers say they will not pay in bitcoin.
They will not use bitcoins "I will not download the app at the moment, but one day I will have to. I have no interest in the 30 30 given by the government. I always want to make money by working hard.
Government control Many governments around the world, such as China, oppose the use of cryptocurrency and impose new restrictions day by day to reduce its popularity.
However, Gerson Martinez, a former El Salvador resident in the United States and a strong supporter of bitcoin, says that El Salvador is not the last country to legalize bitcoin.
"It's hard for me to tell you how much hope and I'm happy with this decision by the El Salvador government," he said. This is a great time to be a citizen of El Salvador.