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El Salvador First In The World To Adopt Bitcoin As Legal Tender

El Salvador First In The World To Adopt Bitcoin, As Legal Tender:

El Salvador, a small coastal country in Central America has become the first in the world to adopt Bitcoin, as legal tender.

  • Legal tender is the legally recognized money within a given political jurisdiction.

Bitcoin:

  • Introduced in 2009, it is a type of cryptocurrency that enables instant payments to anyone.
  • Cryptocurrency is a specific type of virtual currency, which is decentralized and protected by cryptographic encryption techniques.
  • Bitcoin, Ethereum, Ripple are a few notable examples of cryptocurrencies.
  • Bitcoin is based on an open-source protocol and is not issued by any central authority.
  • Originally, Bitcoin was intended to provide an alternative to fiat money and become a universally accepted medium of exchange directly between two involved parties.
  • Fiat money is a government-issued currency that is not backed by a commodity such as gold.

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