El Salvador becomes the first country to adopt bitcoin as legal tender

What does it mean for bitcoin and its lovers?

The law took us a step closer to realizing Satoshi Nakamoto’s dream of financial inclusivity and a truly open and free market.

Bitcoin was created in the aftermath of the 2018 financial bubble and since then, the price of the coin has risen more than 9,000,000%, making it the best store of value. The history of bitcoin has had many ups and downs in the past twelve years. It has declared death more than 400 times and most of the governments around the world refused to embrace the revolutionary bitcoin. Even in the investment world the legendary investor Warren Buffett refuses to acknowledge the success of bitcoin.

El Salvador becomes the first country to adopt bitcoin as legal tender

Yet, history is in writing. On the 8th of June 2021, El Salvador, a country in Central America became the first country to adopt bitcoin as legal tender. This happened with a supermajority approval after passing the bitcoin law in congress.

Nayib Bukele, the President of El Salvador announced to the world that his country will use bitcoin as a legal currency alongside USD which is currently the country’s official currency. This news is a huge thing for the entire crypto space, the bitcoin community in particular, and of course to the whole world in general. Now, many South American countries and African countries are in the process of following the suit.

Passing Bitcoin Law, El Salvador is making the financial system inclusive

According to the World Bank 2017’s report, there are 1.7 billion adults unbanked — without an account with a financial institution or through a mobile money provider. Even when the other parts of the world are racing to space, building robots, enjoying massive economic growth, and building trillion-dollar empires, there are more than billions of people deprived of modern economic growth with no accessibility to banking. One of the main reasons for this is because it’s too expensive and not profitable to bring modern banking systems to remote countries. Satoshi Nakamoto, the creator of bitcoin knew this very well and he/she or they wanted to create an inclusive financial system where anybody from anywhere in the world can participate in this free market economy.

The President of El Salvador, Nayib Bukele wanted the people of his country to participate in this economy. He could do so by making bitcoin a legal tender. It must be noted that approximately seventy per cent of the population of El Salvador does not have access to traditional financial services. The statement of the bitcoin law read “The state should facilitate the financial inclusion of its citizens to better guarantee their rights”. Thus by making bitcoin a legal tender, the country is banking the unbanked and making the financial system inclusive.

A truly open and decentralized economy

The President of El Salvador understands the complexity of the modern-day banking system. More importantly, he knows that a decentralized monetary system like the bitcoin blockchain can solve this complexity. Most of us already know this — when a person sends money from abroad to their home country, there is a remittance charge and conversion fee, which means he/she has to pay some more money to send the money. El Salvador solved all these intermediaries away with Bitcoin Law. Millions of people can now transact value anytime, anywhere, and with anyone. Thus, facilitating the citizens to directly participate in a free and open decentralized economy.

El Salvador by becoming the first country to make bitcoin a legal tender is attracting world talent and investors.

For a long time, the bitcoin and crypto community have been looking for nations and states, where they can do rightful and legitimate business with crypto and blockchain. And this just opens their way. As soon as the world heard the news about El Salvador making bitcoin a legal tender, millions of bitcoin lovers and crypto enthusiasts are showing their interest to move or travel to the country. Not everyone of course, but some tech and crypto entrepreneurs and investors will soon make a move. This could also be seen when the El Salvador president joined the Twitter Space discussion along with 10,000 other people from around the world while Congress was passing the historic law in the house.

Conclusion

As we can see, a lot of things are happening around the crypto world, mostly fronting it. Countries like China are banning institutions from dealing with cryptocurrencies, but want to be at the forefront of Blockchain development. The Indian government is yet to fully embrace bitcoin technology. Even in the U.S., news and media houses are spreading rumours that the FBI is hacking the account of bitcoin holders. We have to accept bitcoin and crypto-like El Salvador did. According to the World Bank report 2017, India has the second-highest population without an account at the financial institution. This number is 190 million.

Thanks to the bitcoin blockchain. Today we have a technology that can bring banking to the unbanked in a more efficient way and allow the citizen to participate fully in the open market economy. If you also want to participate in this new emerging economy, Unocoin — India’s first Bitcoin and Crypto exchange is all you need.

Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.

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Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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