Posted on 06/05/2021 7:28:18 PM PDT by Enlightened1
Strike, the world’s leading digital wallet built on Bitcoin’s Lightning Network, welcomes legislation announced today to make El Salvador the world’s first sovereign nation to adopt bitcoin as legal tender alongside the U.S. dollar. This move will help unleash the power and potential of Bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services.
Strike founder and CEO Jack Mallers, one of the earliest Lightning Network developers, has been providing market insights to help make El Salvador’s world-changing effort successful and build the country’s modern financial infrastructure using Bitcoin technology. This technology delivers powerful advantages over legacy financial rails and incumbent payment systems.
Speaking from Bitcoin 2021 in Miami, Mallers said, “This is the shot heard 'round the world for Bitcoin. What's transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation. Additionally, adopting a natively digital currency as legal tender provides El Salvador the most secure, efficient and globally integrated open payments network in the world.”
President Bukele announced El Salvador’s intention to make bitcoin legal tender in a video broadcast to Bitcoin 2021.
Making bitcoin legal tender is a leapfrog moment that can help countries like El Salvador shift from a largely cash economy to an innovative, inclusive, and transparent digital economy where your bank account is your phone. That is especially meaningful in El Salvador, where about 70% of people do not have bank accounts or credit cards. In addition, remittances account for more than 20% of El Salvador’s GDP, and incumbent services can charge 10% or more in fees for international transfers that take days to arrive and must be collected from a physical location
(Excerpt) Read more at businesswire.com ...
“Credits” in your account, “credits” out of your account. All perfectly safe and effective. Just like THE 💉😉.
So what? It is a virtual currency, dependent upon access
to the internet. El Salvador? You’re kidding. One in three have internet access there. When you cannot hold your money and have access to it in your hand, it is controlled by those that do. So electricity is also available 24/7? So what?
Haha!
It’s A LOT more secure than the pen.
Ping!
If anyone would like to join the Crypto Ping List, pm me.
Do you keep all your savings and assets in physical bullion buried in the backyard?
This really isn’t any different than the electronic ledgers at any bank or brokerage where you keep your money. It’s all bits and bytes.
El Salvador - now there’s a vote of confidence that makes me want to run and a s squander my hard earned on their new currency.
Not to mention China just kicked it to the curb.
It’s called adoption and it’s happening.
You think El Salvador will be the only country?
Haha!
No they did not.
That’s fake news.
In China anyone can mine Bitcoin. However, if you use Bitcoin they you have show your ID.
I know I know you saw the headlines in the news. So it must be true. It’s an old trick they use to drive down prices and keep people away.
If China or any nation could get rid of it, then it would have already happened. They cannot and this is why it’s still around.
Banning it makes it work for Chinese Yuan.
China just wants to be able to control and monitor it. They don’t much care for their people being able to exchange money without them knowing.
I imagine the drug cartels are very happy. Wonder how much they greased the skids to get this to happen.
Today El Salvador, tomorrow the world. LOL
I prefer to pay for a loaf of bread with a wheelbarrow full of government fiat currency.
Hard assets. A.M.M.O. 😂🙌
This is about as meaningful as saying El Salvador started usung sea shells as currency.
I guess Kameltoe running point on the illegal invasion not-a-crisis is paying off! She keeps yapping about fixing the problems in Central America. Giving refugees bitcoin must be so much easier than something crazy like protecting the southern border and enforcing the law, guess it’s a Kalifornia thing.
“This is the shot heard 'round the world for Bitcoin.
Could be... One if by land... two if by sea...
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