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

BlockChain Polymath

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

A small step for Bitcoin (the cryptocurrency), a giant leap for humanity! The system of the "modern nation-state" started with the Treaty of Westphalia (1648 AD); It's taken them 373 years (From the year 1648 to the present year 2021) to begin to empower their (poor) citizens. As an accountant, I can confidently tell you that "state-issued money" is the underlying basis for every relationship between the citizens of a state and with the state itself. And as a lawyer, every day I see this in the Courts, that every lawsuit is settled in "state-issued money". So, the impact of the present event of "Bitcoin becoming Legal tender (state-issued money) in El Salvador" on the crypto world and our future is " the change in the basis of the language of Power (Law) and the language of Business (Accounting), which was Standards set by the few (Politics) now to Standards set by many (Software Code)". I look forward to this future...

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.

Full stack develop

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

El Salvador is amazing. In a digital age like today, the exchange of cryptocurrencies is an inevitable need. El Salvador pioneering the exchange of Btc with commercial institutions is a spectacular step forward for the cryptocurrency sector. I always support this. Wish success

Graphic designer

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

In my opinion, we will see other countries take El Salvador's step before the end of 2021, and as for the movement of the cryptocurrency market, El Salvador's decision was not largely positive to the market's movement, and the coming months, in my opinion, will witness more stagnation and market stability and slight movements until the last months of The year that often witnesses a positive movement in the cryptocurrency market.

Freelancer

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

El Salvador's decision to legalize Bitcoin is a very extraordinary step. This move will be the power and potential of Bitcoin for everyday use on an open network that benefits individuals, businesses, and public sector services. Of course, we hope other countries will also follow this step, especially big countries like China, America, and others. And this will also make everyone aware that Bitcoin has enormous potential in the future, because the supply of Bitcoin is very limited, and it is also very easy to use.

Engineer

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

It's one small step for Bitcoin, one giant leap for crypto world! The implications will be huge, not at the short term, because El Salvador is a small country, but can be used as an example for others the way to go for the future.

Software Engineer

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

This new law change is a remarkable accomplishment and a game changer. Any businesses can accept Bitcoin as legal tender for goods or services in El Savador. Crypto market already reacted positively on this news. In upcoming months, impact will be more because other countries will gonna follow the same step for sure which bring financial innovation and economic development.

Blockchain enthusiast, interested in crypto projects that are solving real world problems.

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

Making bitcoin a legal tender I'm el Salvador just shows how far cryptocurrencies have come. I in my opinion think it's a huge huge step in the adoption process. I expect the market to recover losses at a gradual pace. We should also be on the look out for more countries adopting bitcoin, particularly in the south of the Americas for the time being.

Teacher

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

This is a major step towards adoption of cryptocurrencies and other countries will certainly be joining El Salvador. The power of blockchain technologies inevitability becomes the standard for transactions on a global scale. It’s bigger than a trend— here is the future of all things financial.

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