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Bitcoin Is Used in El Salvador as Means of Payment

29 April 2020 17:24, UTC
Bitcoin Is Used in El Salvador as Means of Payment
By Anna Martynova

In El Salvador, there is a village now called Bitcoin Beach, as unbanked citizens use Bitcoin to transact for essential goods such as food.

Citizens prefer Bitcoin for the speed of exchange, since many residents of this area do not have access to traditional banking solutions. In addition, during a pandemic, cryptocurrency helps reduce the use of cash. Due to the fact that coronavirus continues to affect the economy around the world, Bitcoin is demonstrating its advantage as a monetary solution that can exist without a physical form.

Over the past month, local people have received more than 5 BTC. This step helps local businesses proceed its activity and sell goods to over 350 families. Now cryptocurrency indicates how important it is during the current crisis. Bitcoin is a non-banking solution that is resistant to inflation and is a non-contact payment method, proving once again its advantage as a non-banking system wherever you are.

Image courtesy: Wikipedia



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