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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. 

The post Is El Salvador’s Bitcoin Experiment Our Future? appeared first on AITS CAI’s Accelerating IT Success.

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