On Wednesday, the World Bank says they cannot help El Salvador’s BTC (bitcoin) implementation as an official payment method. This was because of Bitcoin’s environmental shortcomings. Bitcoin is a cryptocurrency built on a base foundation of blockchain technology. It is basically a computer file which we store in a digital wallet app in our smartphone or laptops or PCs. Nowadays, BTC is gaining popularity, and it may become a mode of the transaction very soon.
BTC and its popularity
For the past few months, we have seen the price of bitcoin go to its lowest point of $30K. And after Elon Musk’s tweet on how they are not environmentally friendly, the price never got up. Later, he mentions that if Bitcoin mining saves up to 50% renewable energy, maybe Tesla can use Bitcoin in its transaction process.
When reporters asked GM CEO about bitcoin implementation, Mary Barra says that she would happily include Bitcoin transactions if there is strong customer demand.
About Bitcoin’s price
A person or a group using the name Satoshi Nakamoto is behind the creation of Bitcoin. In the year 2008, we first came to know about the cryptocurrency bitcoin. Would you believe if I say that if you invested $100 in BTC in 2013, you would have been a millionaire by now? Fascinating. Isn’t it?
After a lot of news about ‘Bottom is in,’ people still have hope that its price will take a hike to a 6-digit score by the end of 2021. At the time of writing, bitcoin’s price was $39,028.49.
Countries on BTC
We hear a lot of buzz on how China is against the whole cryptocurrency idea and how they are banning firms who are mining Bitcoin. Yes, mining may consume energy, but there are ways to make bitcoin greener. Also, ransomware has taken a toll on many companies.
People are struggling with the disadvantages of bitcoin. And, there is a country El Salvador who thought introducing bitcoin in their official payment method will be beneficial. The idea seems perfect, but the World Bank denied helping the country to do so. However, World Bank can support currency transparency and related process as informed via Email. Lastly, the country believes that as environmental issues are getting in the way, World Bank cannot support their decision.
Do you think World Bank’s otherwise choice would have been beneficial for El Salvador? Let us know your thoughts in the comment section below. Do like our content and share it with your friends and family.