El Salvador becomes the first country to adopt Bitcoin as an official currency

El Salvador is to become the first country in the world to accept bitcoin cryptocurrency as official tender. As a result, there will be less harsh fees for the country’s extensive number of overseas transactions, but there’s growing concern over the potential for illicit activity to run amok.

Being decentralized, cryptocurrencies work independently of the world’s banks. Due to their rapid fluctuations in value, cryptocurrency has been widely rejected across the mainstream economy, and generally pushed to the side-lines as a sort of novelty payment method. Yet you can pay for your Subway with bitcoin in some places, and as more companies begin to adopt crypto as a means of payment, countries around the world are starting to take notice.

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