Solos weekly picks: El Salvador's BTC adoption

The first country has passed a law making Bitcoin a local currency, today is the first day locals can pay with goods with a digital currency. Many questions still remain, such as use of layer 2 payment protocols like the Lightning Network. And how this will play out in the next few months or years. El Salvador just bought their first 200 BTC which at current valuations is a little over 10 million dollars.

During my time involved with Bitcoin I always wondered when this would happen. I had to wait about 8 years but glad Bitcoin has grown so much that now entire countries are accepting it or considering to.

Here are five Hive minnows talking about this big day for Bitcoin:

No Al Bitcoin? El Salvador’s Legal Tender Moment by @automaton

https://peakd.com/hive-167922/@automaton/no-al-bitcoin-el-salvador-s-legal-tender-moment

Looking at the state of El Salvador before the adoption of BTC was looking quite grim. With the stranglehold of the IMF many smaller countries find themselves trapped. But with BTC this could bring a whole new financial revolution to the country. Though some locals are protesting against BTC so we shall see how this all plays out long term.

Bitcoin Faces Biggest Test as El Salvador Makes It Legal Tender by @hivealloverme

https://peakd.com/hive-167922/@hivealloverme/bitcoin-faces-biggest-test-as-el-salvador-makes-it-legal-tender

In this post we get an update on the roll-out where the country purchased 200 BTC but plans on buying "a lot more". Also 200 Bitcoin ATMs have been installed around the country to help with adoption now it is legal tender in this South American country.

The Snowball Effect by @acesontop

https://peakd.com/hive-167922/@acesontop/the-snowball-effect-7hc5e9

Pointed out in this post Panama may be going the direction of El Salvador very soon. With the title of the post the snow ball effect I agree. It would be pretty amazing if multiple countries by the end of the year have followed El Salvador's lead and also started accepting BTC as legal tender.

Life in El Salvador after Tommorow's Bitcoin adoption by @joseph23

https://peakd.com/hive-167922/@joseph23/life-in-el-salvador-after

In this post some of the possible negative effects and positive effects are brought up. Market effects are also talked about in this post in regards to predictions to what will happen next.

El Salvador and Bitcoin by @karinxxl

https://peakd.com/hive-167922/@karinxxl/el-salvador-and-bitcoin

The country El Salvador is pretty small in comparison to most countries, but this could be the start of something much bigger. Time will tell how this all plays out, but this Latin country could be the epicenter of bitcoin minimalists. Its hard to say what will happen, as this is a first.

Thats my five picks for this week, come back next week to see Solo's next weekly picks. I curate posts every Tuesday and do this through MSP. Thanks so much to the Minnow Support Group for giving me the opportunity to serve as a curator!

Addresses below to help me buy better camera equipment and support me to travel to locations to do photo and video and overall great blogs in new places.