El Salvador is the first country that has adopted Bitcoin as a legal tender. But it’s been seen that El Salvador is not seeing Bitcoin adoption as expected. Since their own currency failed, El Salvador has been dependent on the dollar as a medium of exchange. And now the people there just want to keep using that system even though they have a much more rigid payment system at hand. The law will commence on 7th September and will mark the beginning of a new revolution.
Bitcoin is essential
Now you might be wondering why is a cryptocurrency a necessity? Isn’t it just good to have? Well no! You might think that Bitcoin is not that important, but here are a few reasons why it is something we should not avoid. First, let’s talk about Afghanistan and what is happening there. We all know that the Taliban have taken over, and the entire government has run away. Even the banks are closed, and people cannot access their hard-earned money from the banks. This is because to use their own money; they had to be dependent on a 3rd party. And in case of failure of that party, the people are in trouble.
Now think if Afganishtan used Bitcoin and everyone had their own money in private wallets, the key to which they only know. They could easily use their money, and even when they leave the country or run away, they will have the resources to start a new life.
Another good example of Bitcoin’s importance is Venezuela, where the inflation rate is in the millions. If you pay x money for a particular item in a week, it could be worth 2x. This means your money lost 50% of its value over a week. But here, too, Bitcoin’s usage could have prevented an economic collapse of the country. In fact, Venezuela’s citizens have already started to use Bitcoin to make daily transactions.
The problem
From the point of view of countries with an unstable economy, Bitcoin’s adoption won’t take long. But if you consider nations like the US, UK, India, among others, we obviously need something more for the governments to adopt Bitcoin. At the same time, the idea of the governments losing control of the currency their citizens use will also be a huge roadblock before the adoption of Bitcoin.
El Salvador is not seeing Bitcoin adoption as we expected it to be. And do you think that sooner or later, everyone has to adopt Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: ADA becomes the 3rd largest crypto after recent gains.
