El Salvado accepts Bitcoin as legal tender

El Salvador has become the first country to accept Bitcoin as legal tender in a move that has got the nation and the world debating the opportunity and danger of cryptocurrency.

From today, businesses will be obliged where possible to accept the controversial digital coins as payment.

Millions of people are expected to download the government’s new digital wallet app which gives away $30 in Bitcoin to every citizen.

Bitcoin users across the world have been buying $30 worth of the digital coins as a show of support and to help boost the value of the volatile currency.

“I’ve accepted Bitcoin for about two months since I knew this was coming. I just had someone pay me $40 in Bitcoin for a fare to the airport but it’s rare. Only around 10% of customers prefer to pay with Bitcoin,” said Salvadorian taxi driver Daniel Hercules, saying he is excited by the move but also worried about how stable his earnings will be.

The value of Bitcoin gas risen and fallen dramatically in the last year, going from about $10,000 for a single coin in September 2020 to a high of $63,000 in April 2021 then falling to $30,000 in July this year.

 

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