dollar: Bitcoin as Legal Tender in El Salvador - impact on the crypto world and future implications

Cyber Security, Blockchain and 3D Printing

What impact could BTC as a legal tender have on the crypto market in the coming months?

This move could mark the beginning of an open battle between global currencies. The US Dollar dominance is being attacked on 2 fronts, first is the chines CBDC and second crypto currencies, especially Bitcoin. In my opinion this fight is already going behind closed doors, now it is an open and viewable. The outcome depends on whether and when more countries rapidly join El Salvador. The IMF will likely try to intervene for the US and the more countries participate the harder the intervention. If these smaller countries plagued by currency problems accept BTC as store of value, the ripple effect could be huge. Basically BTC value is based on trust and mining so accepting BTC as payment is like saying we trust it at least as much as the US Dollar. Longer down the road this could result in many more and larger countries switching to El Salvador’s approach.

Doctor

What impact could BTC as a legal tender have on the crypto market in the coming months?

Bitcoin can help boost the economy in different countries. Blockchain technology is a technological innovation that is constantly evolving to try to overcome the problem of centralization. Any juicy News in this month after bad Campaign Elon Musk and China FUD. First, Twitter CEO Jack Dorsey will work with financial company Square Inc to make Bitcoin mining environmentally friendly, because many have criticized Bitcoin mining as not being environmentally friendly. Second, the government of El Salvador, as stated by the President of El Salvador Nayib Bukele at the conference, will make Bitcoin a legal currency. This is the first time a country will use Bitcoin as a legal tender. Interestingly, the currency of El Salvador so far is the US dollar. Developing country problems such as low digital financial inclusion, foreign investment problems and high inflation problems will be well resolved by Bitcoin adopting blockchain technology. No less unique is the plan that the BitMEX platform will partner with a space robot company to actually put Bitcoin on the moon, according to the Bitcoin jargon "to the moon" which means to fly high to the moon. With some good news above, all of these things will continue to grow and increase the demand for Bitcoin. The falling Bitcoin price is a good opportunity to take advantage of the opportunity to buy Bitcoin at a cheaper price than a few months ago. The existing Bitcoin innovation and the willingness of the Government of El Salvador to legalize bitcoin, will make Bitcoin have a higher demand so that Bitcoin has the potential to rise back to a higher level in the future.

Business Consultant.

What impact could BTC as a legal tender have on the crypto market in the coming months?

Longterm it will be remembered as a game changer for Bitcoin adoption. First country not only adopt bitcoin as legal tender but also as unit of account. What is more, until now, the US dollar was the official currency in El Salvador. That means that you may find products in shops & services priced not only in USD but in Bitcoin as well. This will draw attention of other countries to BTC and start wider adoption around the world.

Junior stake

What impact could BTC as a legal tender have on the crypto market in the coming months?

I like it. The plan announced by President Nayib Bukele would make the small Central American nation the first in the world to adopt the digital currency, Bitcoin, as legal tender alongside the dollar. It would be a unique and bold step, the first by a sovereign country, and that may well be part of the attraction for Mr Bukele, a young, media-savvy and very popular leader who worries Washington over his increasingly autocratic tendencies. There are still many questions over how the digital currency would become the country's legal tender - a major overhaul of El Salvador's financial infrastructure would be needed with Bitcoin at its heart. But, in essence, it appears that is what Mr Bukele is proposing. Much of El Salvador's developing economy is based on remittances from abroad and the move to a digital currency may allow family members to avoid the costly fees involved in sending money home each month. Either way, it is a move which is likely to bolster Bitcoin's image as the "currency of the future" and President Bukele's standing among his supporters as an innovator.

Compliance Engineer

What impact could BTC as a legal tender have on the crypto market in the coming months?

The adoption of bitcoin in El Salvador more importantly recognition as legal tender is that one small step the world needs to expedite global adoption and acceptance as legal tender. Having studied the market and been a part of crypto for the better part of seven years and having lived off of crypto for five years without the need for a dollar I truly understand the convenience of what is now taking place in El Salvador. Honestly speaking however what its impact might have on the market will be nothing more than a blip. May be a five or 10% rise in the price of bitcoin and the alts to follow. But that's nothing more than normal fluctuation. El Salvador is a small country when compared to the global population. Any true impacts you find on the market with relation to bitcoin is most certainly the result of the whales pumping or dumping whatever suits their needs. I feel that El Salvador is just the first in many poor nations or nations with corruption or poor economies that will adapt and recognize bitcoin as legal tender. Any nation or government local or national to deny bitcoin as legal tender at this stage is only killing themselves. Whether you ban bitcoin or love bitcoin, It will remain as it is an outstanding store of value a means to transfer wealth from one to another in the God-given right to do so on your own accord and on your own terms and conditions. Congratulations to El Salvador for being a step ahead of the rest. And if you don't think digital currency's are going to be a mainStay in our lives moving forward then you're only kidding yourself.

Student

What impact could BTC as a legal tender have on the crypto market in the coming months?

I think it will be very positive for the crypto industry. I believe it will futher encourage other nations to adopt crypto for their payments. Especially hyper inflated economies will really benefit from it. For example in Zimbabwe, due to hyperinflation they use US Dollars and since it often comes as 100 dollar bills due to international trade, people give those bills to kiosks and those money go in to their account which is used to pay with sms messages. I think it can be implemented with crypto.

MIS

What impact could BTC as a legal tender have on the crypto market in the coming months?

A Single Spark Can Start a Prairie Fire~~~~ There's a saying that I think is very true: It's not that Bitcoin needs El Salvador, it's that El Salvador needs Bitcoin. A healthy economy and a sound currency are supposed to go hand in hand. These small countries in Central America, and indeed the backward countries of the world that are still in dire straits, have a lot to do with their inability to effectively develop their economies and their lack of a sound currency to keep the dollar from invading and looting them. Dollar-dependent economies shape authoritarian regimes, making the leaders of these countries easy agents for the U.S. to buy. When their power comes not from the people, but from the dollar. Marx argued very eloquently that the economic base determines the superstructure. Bitcoin is expected to transform and revolution just starts to begin!

IT Senior Analist

What impact could BTC as a legal tender have on the crypto market in the coming months?

República de El Savador is a country located in Central America and is the most populated country in its subcontinent with an estimated population of over 6,000,000 inhabitants. Currently, the official currency is the Dollar, which was implemented in 2001, this has not changed the situation of poverty and social inequality that is still fighting hunger. Adopting bitcoin as an economic alternative raises the hope that this country will be able to undo the shackles imposed by financial institutions and the corruption that exists in countries with a fragile economy and political framework.

Operator

What impact could BTC as a legal tender have on the crypto market in the coming months?

In an unprecedented milestone in the world, El Salvador, a small Central American country known for its mountainous landscapes, home to 170 volcanoes, and attractive beaches for surfing, seeks to break through to the technological and financial forefront by positioning itself as the first and only nation on the planet that makes Bitcoin a legal tender in the country, whose main currency is the US dollar.

Senior deFi Project and Crypto Research

What impact could BTC as a legal tender have on the crypto market in the coming months?

This step is considered to be able to lift the economy of El Salvador and solve the problems of the developing country. This is the first time a country will use Bitcoin as a legal tender. Interestingly, the currency of El Salvador so far is the US dollar. Developing country problems such as low digital financial inclusion, foreign investment problems and high inflation problems will be well resolved by Bitcoin adopting blockchain technology. This means that this technology will continue to grow and increase the demand for Bitcoin. The price of Bitcoin is going down this is a good opportunity to take advantage of this technology and the opportunity to buy Bitcoin at a cheaper price than the beginning of last year. The existing Bitcoin innovation will make Bitcoin have a higher demand so that Bitcoin has the potential to rise back to a higher level in the future.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.