• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, July 9, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Bitcoin is not compulsory to use in El Salvador says Finance Minister

by Reshab Agarwal
August 20, 2021 - Updated On September 30, 2021
in Bitcoin, Crypto, News
Reading Time: 3 mins read
0
Bitcoin’s market share falls below 45 percent

Image Source: Goodreturns

TwitterWhatsappLinkedin

On 7th September, Bitcoin will become the legal tender of El Salvador. And while it is for the best, there have been protests on the street that they don’t want BTC as a legal tender. But the country’s finance minister has made it clear that Bitcoin is not compulsory to use in El Salvador, and they are not replacing the dollar. So, I don’t think it is a problem that they are implementing it as people can choose what they want to use.

You might also like

Capgemini Announces its Intention to Acquire WNS (Holdings) Limited

Inside Brazil’s $100 Million PIX Cyber-Heist: How an Insider Unlocked the Vault

Bit Digital Goes All In on Ethereum: A $172M Pivot Signals New Corporate Crypto Trend

Bitcoin in El Salvador

Bitcoin in El Salvador

The country has been dependent on the US dollar as a medium of exchange for a long time. And even now, they do not plan on changing that. The country’s Finance minister Zelaya said that the government, business and everyone else would use dollars for accounting. It seems that Bitcoin will be treated as a payment medium only, and everyone needs to accept it. But at the same time, the majority of the work will be done in dollars.

There will also be a conversion mechanism in place between the dollar and Bitcoin. And the banks will be obliged to do the conversion for the public as they have agreed with the standards.

Let’s see why we need BTC as a currency

.Some of you must have read the statement and are thinking. Bitcoin is too volatile to be a currency. Well, it’s all about perspectives. If you live in the US, China, India or any other major country where they have a stable economy, then yes, BTC does seem volatile. Today your portfolio is $500, and tomorrow it could be $420 and the next day $550. But the point is not all countries have this kind of stable economy.

One of the biggest examples of this is Venezuela, where the inflation rate is in the millions. This is because the government has recklessly printed money, thinking it could help pay off debt. But this resulted in depreciation of the assets held by the common public. The inflation is so bad there that the value of money could decrease by 50% in a week. And for those people, 10% fluctuation and volatility is not a problem. Hence, Bitcoin has become very popular in Venezuela and many other countries where the inflation rates are significant. And to prevent such economic disasters from happening again, we need BTC as a currency.

All this information has been referred from a video of The Think School. You should check out the video if you want to get an even clearer idea of the same.

https://www.youtube.com/watch?v=eSA1-1iqLZA


What are your thoughts on the adoption of Bitcoin as a currency? And do you think it is right that Bitcoin is not compulsory to use in El Salvador? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Polygon hacker might delay the return of funds to next week

Tags: #Crypto#elsalvadorBTCcryptocurrency
Tweet54SendShare15
Previous Post

Samsung Pay will soon be your proof of COVID-19 vaccination

Next Post

LG demos 6G data transmission through tetrahertz spectrum

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Capgemini Announces its Intention to Acquire WNS (Holdings) Limited

by Anochie Esther
July 9, 2025
0
Capgemini

In a significant move set to reshape the digital services sector, global IT giant Capgemini has announced its intention to acquire WNS (Holdings) Limited, a leading digital-led business...

Read more

Inside Brazil’s $100 Million PIX Cyber-Heist: How an Insider Unlocked the Vault

by Anindya Paul
July 9, 2025
0
PIX

Brazilian police have opened an investigation into a shocking cyber-heist that saw at least 540 million reais ( $100 million) stolen from financial institutions in a single night. Here...

Read more

Bit Digital Goes All In on Ethereum: A $172M Pivot Signals New Corporate Crypto Trend

by Anindya Paul
July 8, 2025
0
Bit Digital

Bit Digital, a Nasdaq-listed cryptocurrency company, has fully shifted its corporate treasury strategy from Bitcoin to Ethereum. On July 7, the firm announced it raised $172 million through...

Read more
Next Post
LG 6G data transmission

LG demos 6G data transmission through tetrahertz spectrum

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?