Cryptocurrencies Ascend the Global Stage
El Salvador has become the first country to adopt Bitcoin as legal tender. One of the major reasons El Salvador has decided to conduct this experiment with the digital currency is due to numerous conveniences that come with Bitcoin.
Generally, using the major digital currencies results is payments being faster, cheaper, safer and less volatile than the local currencies in many countries. Therefore, it can be used in countries like El Salvador for storing value, besides being used to pay for many products and services around the world and on the Internet.
Overall, business and governments are gradually becoming more open to the use of cryptocurrencies. And, while China took steps in one direction, other countries have instead opened up to the cryptocurrency market, reports FinancialBuzz.com in a press report.
Over the last several years, the perception regarding cryptocurrencies has changed drastically. Many major corporations and financial institutions have since started to accept cryptocurrencies like Bitcoin as a viable option for payment. As a result of El Salvador's gamble on Bitcoin, the fast food giant McDonald's has started accepting Bitcoin as a form of payment in the country, and many others expected to follow.
In the US, the trend of businesses being more open to digital currencies has been accelerating this year. For example, last month, United Wholesale Mortgage, which made its public debut in January via a special purpose acquisition (SPAC) merger, announced plans to accept cryptocurrency for home loans, in what is being billed as a first for the national mortgage industry, according to a report by CNBC.
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