El Salvador accepting Bitcoin as legal tender is recommendable but Nigerian youths has done more
.says Ray Uwaifo Youssef C.E.O Paxful
With what I have noticed, it is true that Nigerians has done more, Nigeria is the second country with the highest crypto trading volume, so it is worth more that Nigerians were able to go for p2p. Thanks more to crypto exchanges like Binance and Paxful that are more widely used by Nigerians which provide high liquidity rate for fiat to crypto trading which is though directly by individuals. And yet some Nigerians will still prefer to make use of decentralized exchanges like bsiq which has the highest trading volume among all, Nigerians that are concerned about privacy will make use of it but the trading volume is not as high as that of centralized exchanges, while it will also require more fee to be paid.
About El Salvador accepting bitcoin, I read some few information about it today:
Two surprising facts emerged on the global stage at the start of June: First, 70% of El Salvador’s population do not have bank accounts, and second, remittances — i.e., money sent home from workers abroad — are fueling El Salvador’s economy, accounting for an astonishing 23% of the gross domestic product.
With this, I think this should be a welcome development in their country. But one more thing:
Legal tender is a somewhat archaic term and often misunderstood, and it can mean different things in different parts of the world. In the United States and the United Kingdom, for instance, retailers are not required by law to accept legal tender — i.e., the dollar and pound sterling, respectively — but El Salvador’s retailers must accept BTC for payment under the new law. As president Bukele explained, as reported by Reuters:
“If you go to a McDonald’s or whatever, they cannot say we’re not going to take your bitcoin, they have to take it by law because it’s a legal tender.”