Bitcoin and cryptocurrency are something that has increased in popularity throughout the years. What was once a niche topic is now one of the most discussed things in the world. There is no doubt that with increased popularity and media attention, that the concept would grow even further.
You might want to learn more about Bitcoin and how this virtual currency can be used as legal tender. If you are anything like us, the concept appeared confusing at first, but it is doable. Read on for more.
Countries That Have Adopted Bitcoin as Legal Tender
This is a relatively recent development in the world of cryptocurrency, but one that has undoubtedly got fans and critics alike talking. El Salvador in the Central American region has hit the headlines for announcing it has made Bitcoin legal tender.
What’s more, the federal government is actively encouraging its residents to sign up for a virtual wallet, offering them the equivalent of thirty dollars of Bitcoin for doing so. Not bad, huh?
It has also been established that the government is not restricting this to just El Salvadorian residents either. Foreigners who wish to invest up to three Bitcoins in the country’s currency are being granted residency in the country. You can make a credible investment while also having the chance to move to a tropical environment. What more could you want?
That being said, El Salvador is currently the only country in the world where Bitcoin is being used as legal tender. But that does not mean there are not others who are treading along a similar path.
Countries Likely To Adopt Bitcoin as Legal Tender
While it is challenging to effectively estimate what countries will adopt Bitcoin as legal tender in the future, plenty of countries are beginning this process slowly but surely. For the most part, experts believe neighbors of El Salvador will be next in line to adopt the currency as legal tender, and the trends indicate this might be the case.
Paraguay announced that they are intent on forming an alliance with other South American countries relating to their financial inclusion. This includes adopting Bitcoin as a form of currency and legal tender.
What’s more, thanks to the internet, you needn’t be a resident of a country that has adopted the currency as legal tender to invest yourself. These gradual adoptions could provide interested parties and supporters of cryptocurrency with the chance to make a profit. Learn how to make money with Bitcoin and take advantage of these upcoming opportunities as they present themselves.
Large multinational corporations like Microsoft and PayPal are also advocates of Bitcoin and have accepted Bitcoin as a form of payment in various places. Developments like these could fuel the rate of countries adopting the currency as legal tender while also influencing what countries do this.
Overall, we think we can all agree that the future of Bitcoin and cryptocurrency, in general, is looking bright. Investors worldwide are sure to be on the edge of their seats, awaiting the news of more countries joining the likes of El Salvador.