This week was big bitcoin news which actually didn’t get much attention from the readers. The Central African Republic has officially embraced bitcoin as legal tenderand that’s not nothing!
The next Bitcoin domino falls
We already had El Salvador, of course, the very first country in the world to embrace the cryptocurrency as legal tender. This means, among other things, that all companies in the country must accept BTC as a means of payment.
Perhaps one of the reasons the news didn’t get a lot of attention is the fact that it concerns only a small country with 4.8 million inhabitants, of which only 11% have access to the internet. In short, that bitcoin is officially embraced there will have little effect on the bitcoin price. There are also here and there to care about how much impact the law will actually have.
Still, it is significant that another country chooses bitcoin. El Salvador was the very first country to cross a high threshold to get it done, but as more countries follow, this threshold gets lower. So it’s important that we saw the second domino fall this week.
Bitcoiners have a long breath
On the same day that the above news came out, it was also read that the adoption in El Salvador is not really going ahead. Only 20% uses the Chivo wallet and 20% of companies accept bitcoin as a payment method. So work on the shop.
It makes sense that not everyone immediately warms to cryptocurrencies. After all, it is new and difficult for many people to understand; ‘why are ones and zeros worth money?!’ The sector is also still in very small infancy.
So there will be few Bitcoin proponents who expected that the adoption of BTC as legal tender would have an overnight effect. As with so many things in life we have need patience† Let’s hope that the steps taken by El Salvador and the Central African Republic will have a butterfly effect. The small steps in the beginning can have a huge effect in the end.
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