Is El Salvador’s Bitcoin Experiment Our Future?

El Salvador has become the world’s first country to nationally accept bitcoins as a mode of payment. The decision involves high risk and is a big test of bitcoin’s usability and reliability in the real world. To get it started, Salvadorans are given $30 to sign up for an e-wallet called ‘Chivo,’ which enables the automatic conversion of dollars to bitcoins and vice versa. On its first day, a lot of the Chivo wallet users experienced technical problems. Additionally, 80% of Salvadorans do not have faith in the bitcoin experiment and have opposed the decision. Many do not have a smartphone, and a lot of them are daily wage laborers. Experimenting with the economy at such a large scale may lead to adverse consequences for the country, says Santiago Perez, Deputy Editor of Wall Street Journal, Latin America. 

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