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Category: el salvador

El Salvador Buys the Bitcoin Dip Again, Here’s How Much They Bought

Bitcoin price took a 5% plunge falling from a daily high of $48,234 to a daily low of $45,394 leading to hundreds of millions in liquidation. The price decline for the top cryptocurrency came in as buying opportunity for El Salvador, the first country to make BTC a legal tender. President Nayib Bukele took to

The post El Salvador Buys the Bitcoin Dip Again, Here’s How Much They Bought appeared first on Coingape.

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Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

El Salvador has now marked its 10th day of bitcoin being legal tender in the country. This is a huge milestone that could not have been predicted to happen this soon. But as with bitcoin, everything is happening on an accelerated timeline. The country had introduced its own government-backed crypto wallet named Chivo in order to enable its citizenry to spend bitcoin in the country. The adoption of this wallet was incentivized by the El Salvadoran government, which said that it was giving away $30 in BTC to every citizen 14 and above who downloaded the Chivo app. This announcement had come about a month before the law went into full effect and as of September 7th, El Salvador became the first sovereign nation to accept a cryptocurrency as legal tender. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course One important point remained if the citizens of the country would actually assimilate into using bitcoin as a way of buying and selling. This is because BTC is not the only legal tender in the country. It operates alongside the U.S. dollar, which is already familiar to the residents. According to a recent tweet by President Nayib Bukele, it looks like El Salvadorans are adapting to using the crypto as legal tender just fine. 17% Of El Salvadorans Have Downloaded Chivo Wallet The president took to his Twitter account to announce that 17% of the country had now downloaded the government-backed Chivo wallet. This number translated to about 1.1 million citizens who have already downloaded the wallet. This comes only 10 days after the country had officially started using BTC as legal tender. The president added that this number was despite the fact that 65% of all of the smartphones in the country do not support the wallet. Yet they were recording an impressive number of downloads. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin El Salvador might not be seeing the smoothest transition to using BTC as a legal form of currency in the country but the current numbers show that its citizens are adjusting to the new normal. The $30 incentive for downloading the wallet is paid after a user registers and confirms their identity on the app. Paying With Bitcoin Paying with bitcoin in El Salvador is getting easier as outlets implement bitcoin payments. Big franchises like McDonald’s and Starbucks have already begun accepting bitcoin payments on “Bitcoin Day.” Another interesting fact about using BTC in the country has to do with the number of crypto ATMs currently installed. Data shows that just behind the United States and Canada, El Salvador now ranks third in the highest number of crypto ATMs installed. The government had installed crypto ATMs across the nation to facilitate ease of use. BTC trading north of $47K | Source: BTCUSD on TradingView.com Featured image from Bitcoin News, chart from TradingView.com
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Bitcoin Attains its 700,000th Block: Milestones, Criticisms and Future Prospects

The Bitcoin Blockchain has produced its 700,000th block, after more than 12 years in existence.  Happy 700000th block, #bitcoin! https://t.co/24mpVKXK8e — Pieter Wuille (@pwuille) September 11, 2021 According to data from Blockchain.com, the historic block height was recorded by an unknown miner, atop about 1,276 transactions within the block. The milestone is a function of

The post Bitcoin Attains its 700,000th Block: Milestones, Criticisms and Future Prospects appeared first on Coingape.

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Was Coinbase CEO Brian Armstrong Entitled to a Meeting With the SEC?

Ephrat Livni, a DealBook business and policy reporter at the New York Times, discusses Coinbase’s fight with the SEC over its Lend product and El Salvador’s adoption of Bitcoin as[…]

The post Was Coinbase CEO Brian Armstrong Entitled to a Meeting With the SEC? appeared first on Unchained Podcast.

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El Salvador’s Bitcoin ($BTC) Adoption Could Cost Western Union Millions, Here’s Why

El Salvador created history in June after the country’s congress passed the Bitcoin Bill making it a legal tender in the country. The country celebrated Bitcoin Day on September 7 as BTC was officially integrated into the country’s monetary system. President Bukele said that the decision to shift to Bitcoin was done to offer banking

The post El Salvador’s Bitcoin ($BTC) Adoption Could Cost Western Union Millions, Here’s Why appeared first on Coingape.

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McDonald’s Starts Accepting Bitcoin in El Salvador

Popular fast-food franchise – Mcdonald’s – is receiving payments in Bitcoin, only in El Salvador. This development followed the Central American country’s adoption of the cryptocurrency as a legal tender on Tuesday. McDonald’s Accepts Bitcoin Through Lightning Network All businesses across El Salvador will be required to accept Bitcoin in exchange for goods and services. But those who are technologically unable to receive cryptocurrency can be exempted from the law. Although the law stipulates that businesses must accept Bitcoin, many people had doubts about whether companies would be able to integrate Bitcoin payment solutions by the time the law went into effect. However, Twitter users reported being able to pay for breakfast at the franchise with Bitcoin on Tuesday, the first day on which it became legal tender in the Central American nation. Aaron van Wirdum, a journalist,  broke the news after he visited a McDonald’s restaurant in El Salvador, where he was presented with a printed QR code directing him to an invoice page on Lightning Network. “Just walked into a McDonald’s in San Salvador to see if I could pay for my breakfast with bitcoin, tbh fully expecting to be told no. But low and behold, they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I’m enjoying my desayuno traditional!” The president of El Salvador Nayib Bukele also shared updates and tutorials on how to use the Bitcoin wallet – Chivo. Related Reading | Bitcoin Suffers 10% Pull Back On El Salvador’s Debut, Funding Rates Dip Other franchises like Starbucks and Pizza Hut have also expanded their payment services to include Bitcoin in the country. Twitter user Mario Aguiluz (@maguiluz301) said: “This is to all the critics who said #Bitcoin would never be used to buy coffee. Just paid for mine at Starbucks in #ElSalvador. I just hope this doesn’t become the new 10,000 BTC pizza…” BTC at $46K | Source: BTCUSD on TradingView.com OpenNode, a bitcoin payment processor based in California, confirmed to Forbes it has formed a partnership with McDonald’s to allow it to begin accepting bitcoin. Bitcoin can now be used to pay at all 19 McDonald’s locations in the country, as well as online and through the delivery app, OpenNode said. OpenNode spokesperson Ryan Flowers said his team is “currently onboarding multiple multi-billion dollar businesses based in El Salvador.” Key Background On Tuesday, El Salvador became the first sovereign government to adopt bitcoin as legal tender alongside its existing currency, the U.S. dollar. It allows the country’s residents to pay taxes and other debts using bitcoin, and for businesses to widen their payment options to the cryptocurrency. Related Reading Panama To Recognize Bitcoin As Payment Alternative, Issues New Regulations Bitcoin enthusiasts are wondering if the Bitcoin payment solutions will be adopted by these companies in other countries, especially in the United States. What do you think about the adoption of bitcoin in El Salvador? Is Bitcoin on its way to becoming the currency of the world? Share your thoughts with us here: “With #Bitcoin becoming legal tender in #ElSalvador, how long until it becomes the global reserve currency?” @nayibbukele — Bitcoinist.com (@bitcoinist) September 7, 2021 Featured image from Eater, Chart from TradingView.com
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