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.
- 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.