Conversion access вЂ“ immediate, delayed, unavailable.Regular and financial illiteracy often cited.Lack of understanding of the underlying investment process Expensive conversion costs, both to buy and to sell back to local currency.To procure bitcoins physically, El Salvador proposed using bitcoin ATMs, although it appears that complete digital processing will follow.Supportive internet an issue in remote areas.Some businesses felt it might be more prudent to keep the cryptocurrency for longer-term investment appreciation. A common concern for payment in everyday use was accepting bitcoin at one value, only to see the value drop severely when converted to their cash operating account. And in El SalvadorвЂ™s situation, a unique, geographical advantage, geothermal energy from the countryвЂ™s numerous volcanoes producing inexpensive electricity, allowing the government to not only circulate Bitcoin digitally, but also develop bitcoin mining operations.Д¬ommon concerns echo common concerns elsewhereД«itcoin adoption as legal tender was met with mixed reception, not the least surprising, with opinions largely depending upon the recipient user: those financially and digitally savvy supportive, while the majority of the population was very much opposed, staging protest rallies against deemed political dictates that every payment vehicle would have to accept bitcoin in payment.Д«usinesses expressed reserved interest but are not quite sure how it will impact their overall cashflow planning.Introducing families and businesses to investment concepts and asset appreciation.End-to-end encryption for ease and security.Money transfers from expatriates working abroad generate huge GDP numbers.Traditional banking access is limited or non-existent for a large percentage of populations in some developing countries.It's been an extremely interesting concept to follow given that El Salvador, a small country in South America, would be the first among the giants to embrace such new technology.Д¬ryptocurrency advantages for many emerging economies And in another unprecedented move, the El Salvador government purchased 400 bitcoin for an estimated $21 million dollars to float the launch, while anticipating further purchases in the future.Д®l Salvador president Bukele announced a further incentive the government was going to give away $30 in bitcoin to every citizen вЂ“ placing it directly into their digital wallets (3). Even services provided by offshore exchanges are now considered illicit activities and included in the ban (1).Д®l Salvador: meanwhile, three months earlier, on June 9, 2021, El SalvadorвЂ™s national Congress approved digital bitcoin legislation, thus, becoming the first country in the world to adopt bitcoin as legal tender for everyday use, along with its current US dollar legal tender (2). The conception, reception, and rejection of bitcoin and related cryptocurrencies as legal tender in two very different countries:Д¬hina: In the toughest blow to the industry yet, China put out the final word last week on all things crypto, declaring all crypto financial transactions illegal while banning any further cryptocurrency (bitcoin) mining operations within the country. Bitcoin debate: El SalvadorвЂ™s government is promoting the use of bitcoin, but many of the Central American countryвЂ™s people are not enthusiasticД®ven with bitcoin, when one door closes, another opens in the ever-evolving crypto world!

Illegal tender podcast