Bitcoin Is The Way: For People, For Companies, For Countries.
I am sure by now you have heard the news that El Salvador has adopted a law that makes Bitcoin a legal tender. It is super impressive how the leadership of this country is embracing Bitcoin. I can only say, "Finally, somebody gets it!".
Our own Hive legal mind, @apshamilton explains this phenomenon in details in his El Salvador & BTC - Deep Dive on Momentous Impacts post. Also read his follow up post titled Breaking News: El Salvador's BTC Bill passes by supermajority.
Only a couple of weeks ago I wrote about a story of country taking measures against Bitcoin and crypto and confiscating mining equipment in my Crypto Can Help Countries With Smaller Economies If They Take The Right Steps post. It was disappointing to see how some countries were failing to see an opportunity to lift up their economies and instead taking steps against such advancement in technology and financial improvements.
Now, El Salvador becoming a country first openly and legally to embrace Bitcoin is a great news. We have also seen news from other Latin American countries enthusiasm towards Bitcoin and potential future actions in favor of this technology as a financial solution.
I personally, have no doubt that Bitcoin is a solution for preservation of wealth and personal banking without any middleman. At the same time I am fond of Michael Saylor and company executives that see value in investing in Bitcoin. I didn't think adoption of Bitcoin in a country level would come this soon and openly. But I always thought it would be a great move for any country.
It seems though there will be troubles along the way for a country making Bitcoin a legal tender and making businesses accept Bitcoin. Since it is still a new technology, this process will take time. As we all know, a simple Bitcoin transaction takes longer than a credit card transactions. I hope great minds will be involved in making this work and utilize already available technologies that make such transactions as easy as credit card transactions.
I would definitely wouldn't want to see - 'we tried, but it didn't work' kind of situation. I hope they have thought it through and have capable experts in place to tackle any difficulties that may happen.
El Salvador becoming the first is a great news. But it shouldn't surprise us either. It is one of the few countries that has accepted USD as a legal tender as well. While we may argue about various fiat currencies, the USD has proven to be one of the most strong currencies for decades. Perhaps it is not as strong as Bitcoin when it comes to money, but among fiat currencies it has been a dominant currency in a global stage. El Salvador among few other countries have accepted USD as currencies a while back. That just show how this country is not afraid of taking bold steps to make its economy stronger.
Go El Salvador. It will be great to see this country to become one of the leading economies in the near future. Bitcoin is a right step forward.
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