El Salvador is About to Embark on a Fascinating Bitcoin Experiment: Here’s What you Should Know.
Whether this experiment is successful or not, we will finally test out Bitcoin in a real Economy.
On September 7, 2021, Bitcoin will become legal tender in El Salvador.
Citizens of the country will be able to purchase goods and services in Bitcoin. Although not all businesses will be required to accept Bitcoin, the vast majority will adopt Bitcoin. This will mark an unprecedented experiment with Bitcoin.
So far, the only people who had been using Bitcoin as a currency of transaction were the people who were part of the Bitcoin ecosystem. However, for the first time, Bitcoin is being rolled out to the masses, specifically to a low-income population deprived of traditional banking tools.
As with everything Bitcoin, there is a widespread debate if Bitcoin will succeed in El Salvador. We don’t know if this experiment will be successful. But I know that this experiment could set a precedent for many developing nations facing corruption and chronic currency shortages.
