#bitcoinlegaltender

One year ago today, El Salvador became the first country to adopt bitcoin legal tender, or an official currency, alongside the US dollar. Promising change the country’s economy, foreign investment and a cryptocurrency heaven. President Bukele expected Salvadorans to us the it to for everyday purchases from paying the bus fare to buying pupusas as well as save hundredths of thousands of dollars on remittances fees to the almost four million Salvadorans who live abroad and send money back home. At worst, the national experiment is a total failure, El Salvadoran government has made a loss of 54.6%, since the total cost of purchasing the bitcoin above was around $106.3 million, while it’s now worth only $48.2 million. The Chivo Wallet app was total failure and those people who downloaded it only to withdraw the $30 the government was giving out, very low percentage of people used for day to day payments. Now the country is in a financial crisis, the first ever Bitcoin bond—also known as the Volcano token, never happened and Bitcoin City is just a mock-up. * * #EverydayElSalvador #LatinAmerica #CentralAmerica #NorthernTriangle #CryptoCurrency #BitcoinLegalTender #photojournalism #Bukele #Nayib #Democracy #hanslucas #DeBeeldunie #JuanCarlos #2022copyright * * * © Juan Carlos - All Rights Reserved / Todos los Derechos Reservados * * * Represented by Hans Lucas @studiohanslucas/@hl_latinamerica (France) and @beelduine De Beeldunie (Netherlands) (at El Salvador) https://www.instagram.com/p/CiNZiusuGNk/?igshid=NGJjMDIxMWI=

El Salvador's legalization of Bitcoin puts the country in the global spotlight and sets a precedent that could encourage other countries to follow suit. Recognizing bitcoin as a legal tender could potentially boost its use in the country, bolstering businesses that deal with the cryptocurrency and spurring the installation of more bitcoin ATMs. However, such a move would also come with a set of challenges. The price of bitcoin, which is notoriously volatile, is determined by the number of participants in the trading ecosystem. Its status as a digital asset amplifies the uncertainty associated with its valuation. As such, the risk-return tradeoff for bitcoin is significant: the potential for high returns is attractive, but it comes with equally compelling risks. For those looking to capitalize on the new era of bitcoin in El Salvador, it is important to have a well-informed and comprehensive understanding of the pros and cons of bitcoin. The bitcoin market is highly volatile, so it's important to use good judgment when investing. It's a good idea to decide what you're comfortable with and limit your investments within those limits. El Salvador's acceptance of Bitcoin as a legal tender could spark a wave of Bitcoin popularity. However, investors should tread this path carefully, understanding the complexities and potential risks of investing in Bitcoin. A successful investment strategy in this dynamic market requires constant monitoring and staying abreast of the latest developments in the Bitcoin world.