Bitcoin is gaining traction with each passing day. Economies have started to talk about Bitcoin’s ability to stay consistent in the financial market. Salvador is one of the first countries to announce this particular cryptocurrency to work as a normal currency.
The president of Salvador is enthusiastic about Cryptocurrency. As per his recent Tweet, he bought a pair of laser eyes. This is what people use to reflect their craziness for Bitcoin. If you check the crypto news today, you’ll find that the country has become the first territory to announce Bitcoin as a legal tender.
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Legislation was passed on June 9 in the parliament of El Salvador. However, the law is likely to be implemented in September this year. Bitcoin being a highly volatile cryptocurrency creates doubts in the minds of people. Some are enthusiastic to see it as a normal currency while others are dubious due to fluctuating market value.
Bitcoin as Legal Tender
As per authentic Bitcoin news now this specific cryptocurrency is legal in Salvador. Being legal tender means that people can spend Bitcoin to buy required stuff. The seller shouldn’t have any problem taking Bitcoin as a normal currency.
According to the legislation passed in the parliament, Bitcoin should be accepted as a normal payment method. Buyers should be able to make purchases and offer Bitcoin as money. The country’s move in favor of Bitcoin has set new standards for the bright future of cryptocurrency.
However, people are concerned about the rising value of Bitcoin. Why would someone make a purchase using Bitcoin when its value is going up? They should be waiting for the price to rise so that they can make the most of it.
On the other hand, people shouldn’t be willing to accept Bitcoin as payment when its price is declining. So, the volatility factor is creating concerns under the current situation.
Michael is a cryptocurrency blogger who writes about the latest developments in blockchain technology. He has been blogging for over 4 years and his posts have been read by people from all around the world. His blog covers a wide range of topics, such as trading advice, new ICOs to invest in, and how blockchains can be used outside of cryptocurrencies. Michael also enjoys writing about more technical aspects of cryptocurrencies and blockchain technology.