Bitcoin is down 11% as a result of El Salvador's acceptance of the cryptocurrency as legal money.

World of Interminable Words

El Salvador's decision to become the world's first country to declare Bitcoin legal tender isn't improving the cryptocurrency's value. 

https://img.particlenews.com/image.php?url=0gkqYj_0bpaHuPA00

Is bitcoin beneficial to El Salvador?

Bitcoin Is Now Accepted as Legal Tender Bitcoin supporters in El Salvador, including President Nayib Bukele, believe the policy that went into force on Tuesday was historic. However, the launch was hampered by technical issues and significant political resistance.

Bitcoin was down 11% in mid-morning trade Tuesday, continuing its steep drop from Monday evening. According to CoinDesk, the price of Bitcoin has dropped from more than $52,000 to less than $46,000. It dropped below $43,351 at one time.

Since El Salvador enacted the bill opening the way for the move on June 9, the market appears to have already priced in all of the potential of the digital currency gaining legal tender status. Some investors may be selling after the country purchased 400 Bitcoins on Tuesday to preload government-run Bitcoin wallets for residents known as Chivo.

https://img.particlenews.com/image.php?url=2RU6G4_0bpaHuPA00

However, the deployment has not been without hiccups. El Salvador's government had previously unplugged the Chivo wallet to address technical issues. Officials stated that they are conducting testing in order to make it accessible for download later in the day.

Businesses in El Salvador are forced to accept Bitcoin for products and services as of 3:00 p.m. ET today, with the exception of those experiencing technological challenges. Throughout the country, Bitcoin ATMs have been deployed.

Read More

This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.

Comments / 0

Published by

I assure you that you will take some good knowledge from the blog page and that is why I have created this blog. I have made this blog (World of Interminable Words ) for you only from here you can definitely take some new knowledge. I thank you again that you came to my page and learned something from a new topic, Technology, Fashion, Current News, Blogs, New Knowledge, Education, Sports, Latest News, How, What, Can, Why, Android, IOS, Apps, Mobile, Articles, Internet, Affiliated Marketing, etc

New York, NY
14 followers

More from World of Interminable Words

Can Capitalism Bring Inclusive Growth?

The recent Oxfam Report, 2016 has once again brought forth the debate on global inequality in light of its findings that the richest 1 per cent of the world’s population now own more than the rest of us combined. This debate on global inequality in contemporary times also raises a question mark on the ability of capitalism – the economic system predominantly being followed all over the world, barring a few exceptions, to deliver inclusive growth. Capitalism is an economic system believed to have been born in the aftermath of the industrial revolution in the eighteenth-century Europe. It is based on private enterprise and private ownership of means of production like land, labor, capital etc. as compared to the economic system of Socialism, on the other end of the spectrum, which encourages public or state ownership of means of production. The producers belonging to the elite capitalist class are driven by the sole motive of profit. However, the system of capitalism has been criticized since its inception due to the exploitation of working class under horrible working conditions and low wages and for the very fact that it divides societies into classes of ‘haves’ and ‘have-nots’. Its proponents have pointed towards ills of other economic systems and freedom of choice to encourage a laissez faire system. However, in light of the growing global economic inequality and poor standards of living even among sections of citizens in first world countries that have been following capitalism in spirit and law for centuries, certainly does raise a question on capitalism’s flaws and its ability to deliver inclusive growth.

Read full story

Comments / 0