El Salvador is one of the developed countries that has officially legalized Bitcoin. Cryptocurrency is fully legal in this country and everything from buying and selling goods to asking for payment is paid in Bitcoin. The country has advanced their economy a lot by doing various transactions through Bitcoin and has become known as one of the most popular countries in the world today. El Salvador has a facility that has a free bitcoin payment system for various transactions. and has provided special facilities for tourists to transact with Bitcoin at various locations. So we can say that all the countries where Bitcoin transactions are completely legal, everything can be done using Bitcoin.
El Salvador is truly paving the way for a Bitcoin-dominated future! While it's exciting to see a country fully embracing cryptocurrency, I can't help but wonder about the potential downsides. How will they address the concerns of financial stability, price manipulation, and the impact on their citizens who might not be tech-savvy or have access to reliable internet? It's a brave new world, and El Salvador is at the forefront of it.
It's not only about a technical difficulties that the El Salvador citizens might face in order to use bitcoin in day to day life but it is more about how they will cope with the fluctuating bitcoin prices. At one time the bitcoin price was near 60000$+ US dollars and within a year it reach to 16000$ to 17000$ US dollars .
It is really a challenge for the people of El Salvador and bear this fluctuation in bitcoin prices.
You can think that if you buy a house with BTC when bitcoin was at all time high and then if you buy a house with bitcoin was near 20000$, how much difference it is in the value of the house.