Bitcoin & El Salvador: Why are Cryptocurrencies more Sustainable than Traditional Money?

Bitcoin is a cryptocurrency that aims to be a decentralized payment, I want to dive a little bit into the Bitcoin blockchain because it is simply great to learn how this cryptocurrency works, many users should understand how to mine Bitcoin and what are the risks associated with BTC mining. I think nowadays we can make a p2p payment in any small business to pay for a coffee or maybe make a small purchase in a super market, a really nice example can be El Salvador, many people in that country claim that more than 90% of their purchases are made with BTC payments.

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El Salvador & BTC Payment

Nayib Bukele is a very respected president and the people of El Salvador admire his mandate a lot, I think we can go a little deeper and talk about all his economic goals to improve the country through cryptocurrency, nowadays it is really very easy to make payments with cryptocurrencies and I think it is a good idea that everything is paid with such assets, but I think we can find a really very important problem and are the big financial and regulatory organizations worldwide, it is really a very complicated issue that a country does not use fiat currency for transactions if not daily use assets in cryptocurrencies to pay bills, make purchases and many other things more.

I want to emphasize that there are some benefits of paying everything in cryptocurrencies, the BTC is the official currency in El Salvador and it is not a big deal to change BTC to USDT and many of us take that into account, but there is also a small problem and it is the bear market, I think if you buy BTC at 22,000$ to make your day to day purchases and then the BTC falls to a price of 17,000$ as has happened before, then we can find ourselves in loss of our money and that is serious for our finances.

It is really very complex to pay everything with BTC and sincerely I do not think this is entirely true, I want to mention that if a person earns 250$ per month with a basic salary, then the country should issue the payment in BTC or USDT, there is not much difference between BTC and USDT, at least not in the sense of blockchain technology or for you to understand better, there is not much difference in making a payment with BTC than doing it with USDT, the only different thing is that BTC is much more volatile than USDT.

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Salaries in El Salvador (Cryptocurrency)

Salaries in El Salvador can vary greatly depending on the position or the task performed by the employee, there are salaries above $ 300 per month and we can also find salaries of up to $ 120 per month, we have to take into account that a professional with a university degree can generate a little more than $ 500 per month, but I do not want to focus on how much workers in El Salvador earn, I want to focus a little more on those companies that issue payments in BTC or cryptocurrencies to their employees, because if El Salvador adopted BTC as official currency then I believe that the state can issue payments in this asset.

I have been doing some research and I think it is true that some companies or organizations issue payments in BTC to their employees, but now I want to focus a little on the impact this has globally for BTC, many people know that cryptocurrencies are fully decentralized assets or at least most of them and specifically BTC is the most traded cryptocurrency worldwide, but I want to talk about a very important issue and I simply think it is worth mentioning a little about the sustainability of BTC.

We have previously talked about BTC and El Salvador, but now I want to highlight the impact that this can have globally, if BTC is official currency in several countries that means that there is supply and demand in really large quantities just in that country, now this is where it really gets good, I want to take LEO token as an example, many people know that LEO is the native token of LeoFinance and that it can be mined by creating quality content in long format or short format, but let's not talk about that now, let's focus on talking a little bit about decentralization, LEO tokenomics is a really cool thing thanks to LEO investors bringing value with the purchase and after they buy they stake their LEO and turn it into Leo Power, there are also investors who have thousands of dollars in liquidity pools like for example in Cubfinance, this simply is what keeps LEO stable and without much inflation.

The same happens with the BTC, if the BTC is official currency in several countries then it means that there is a lot of supply and demand of BTC in El Salvador and this has a great impact worldwide, it is an issue that has to do with tokenomics and the stability of BTC and for this reason I want to summarize that the BTC will never cease to be in circulation due to the decentralization of this asset and also because there is a lot of supply and a lot of demand worldwide.

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See you in the next installment, remember that the material published here is for educational and entertainment purposes only, I am not responsible for your money and I recommend doing it at your own risk.

Acknowledgments:

• https://leofinance.io/
• https://leofinance.io/@leoglossary/leoglossary-main-menu
• @leoglossary
• @leofinance
• @leomarkettalk
• https://pixabay.com/

Miranda Casal - Quora - Instagram - Discord

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