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Today I came across a really interesting article by @joseph23 looking at the positives and negatives of the Bitcoin situation happening right now in El Salvador.

The post can be found here.

What Was It About?

This article covered the Bitcoin law that is being implemented in El Salvador today September 7th.

El Salvador is a country that is making a huge mark in the cryptocurrency world by declaring Bitcoin is a legal form of tender in their nation and giving each citizen who downloads their cryptocurrency wallet $30 of BTC.

@joseph23 does a great job of looking at the positives and negatives of what is going on.

On the positive side, citizens are gaining the use of BTC in their economy, a currency that we know is deflationary and thus stabilizing the purchasing power of the average citizen there.

On the negative side, there is an additional law being implemented titled the Consumer Protection Law that will be punishing businesses who fail to accept BTC as payment in the nation. This goes against pretty much all Libertarian ideals and seems to actively go against what many people think BTC is: financial freedom and the ability to choose for oneself.

@joseph23 also discusses the concept of gas fees taking a toll on the citizens who are using BTC, but I am not quite sure if the lightning network has been implemented in their wallet; if it has, I think that the fees will be reduced drastically, but this was still a necessary point to think about when an entire nation is adopting a new currency.

What I Liked:

I really liked the impartial nature of this article. There is of course good things about the situation: increased adoption, currency stability, ease of payment, etc. But there are also negatives, and @joseph23 was not afraid to discuss those as well.

I really like the idea that we will be seeing a nation adopting BTC on a mass scale so that other nations will follow if it is successful. I do fear that the coercive nature of the consumer protection law may backfire quite a bit, but I hope this is something that the government will be urged to pull back. I think that rather than punishing those who aren't using BTC, the government could be further rewarding those that are using it (just a thought, I'm no politician).

Well done @joseph23, I really enjoyed reading your article and look forward to seeing more!

With that, I declare @joseph23 an official @leofinance all star!

@mariosfame gif once again, I love it:

@sgt-dan with this sick pic:

@gr33nm4ster made this awesome gif I needed to share, we thank him as well!:

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