In El Salvador, Bitcoin is working.
The cryptocurrency is being used to buy and sell goods and services, to send and receive money, and to store value. This is happening not just among a small group of early adopters, but across the country.
There are a number of reasons for this. First, Bitcoin is seen as a way to skirt the country’s notoriously corrupt banking system.
Second, it’s seen as a way to protect against inflation, which is a very real concern in El Salvador.
Third, there’s a growing network of Bitcoin-accepting businesses in the country, making it easier for people to use the cryptocurrency in their everyday lives. And fourth, the government has been surprisingly supportive of Bitcoin, even going so far as to declare it legal tender earlier this year.
All of this has come together to make Bitcoin a viable option for many people in El Salvador. It’s still early days, but the signs are positive that Bitcoin will continue to grow in popularity in the country.