On September 7, 2021, a nation officially recognized bitcoin as legal money for the first time in history. El Salvador launched its BTC Law last week, as BTC has been covering. Other nations, financial organizations, and a segment of the people have all voiced strong criticism and resistance to the plan.
Its approval and implementation, according to some, happened too quickly. As a result, neither citizens nor companies in the nation will have the necessary resources to accept it as a form of payment. Others countered that in Latin America, action must be taken soon or risk being postponed altogether.
Bitcoin In The Future Could Pay At Restaurants
The current state of affairs appears to support the latter theory, as Bitcoin users from around the globe have flocked to the Central American nation to confirm the passage of this historic law. The journalist Aaron Van Wirdum claimed that he used the Lightning Network to successfully complete a transaction. In a McDonald’s in El Salvador, Van Wirdum used Bitcoin as payment.
The reporter was positively surprised to learn that he had been misled and that the infrastructure would not be ready from the start. Nayib Bukele, the president of El Salvador, then turned into a journalist. Bukele educated the populace on concerns and about the major corporations that also integrated Bitcoin into their payment platforms as people in the country began activating their BTC wallets, known as “Chivo.”
Due to El Salvador’s weak economy, many have discounted the recent events there. However, the requirement that so many large and retail businesses accept Bitcoin payments via the Lightning Network may have a domino effect.
