El Salvador Links Up With Brand New Bitcoin App To Advance The Use Of The Cryptocurrency In The Nation

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El Salvador Links Up With Brand New Bitcoin App To Advance The Use Of Crypto In The Nation

The Central American nation of El Salvador has officially linked up with a new App that seeks to spread the use of Bitcoin within the country. El Salvador became one of the first countries in the world to register Bitcoin as an official currency earlier this year and the new App, known as 'Pay Me in Bitcoin', seeks to make it easier for citizens to utilise the cryptocurrency.


'Pay Me in Bitcoin' is controlled by crypto-wallet creators Strike, whose CEO Jack Mallers wrote an opinion piece on Medium, stating:


"Yo. Today I am unbelievably excited to announce and publicly release Pay Me in Bitcoin with Strike. Today, Strike users can use their account and routing numbers to enable direct deposit to their account and configure any amount of the incoming money to be converted into bitcoin, with no fees."


Adding:


"At Strike, our mission is to secure financial freedom and build a more financially-connected world. We accomplish this by making Bitcoin and the Lightning Network easily accessible and usable. Pay Me In Bitcoin allows anyone to convert a portion of their income into bitcoin with no fees, allowing them easy access to save and grow wealth, empowering them economically, and enhancing the quality of their life."



El Salvadorian president Nayib Bukele believes that Bitcoin could save El Salvador billions of dollars each year due to the fact that a large amount of the nation's wealth comes from El Salvadorians working in the United States who send money home to their families. These transactions are often subject to huge commissions, an issue which Bitcoin eliminates.


El Salvador has also revealed that it is creating a new Bitcoin mining facility that uses the power of the nation's volcanoes to obtain

units of the currency.


Despite these promises of prosperity with Bitcoin, opinion polls in El Salvador have shown most people being opposed to the adoption of Bitcoin, and there has been extensive protests throughout the country against the new currency.


Among others to criticise El Salvador's implementation of crypt is Ethereum creator Vitalik Buterin, who stated on reddit:


"This tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless, and risks a large number of innocent people getting hacked or scammed."


[h/t: Decrypt]



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Thinking Humanity: El Salvador Links Up With Brand New Bitcoin App To Advance The Use Of The Cryptocurrency In The Nation
El Salvador Links Up With Brand New Bitcoin App To Advance The Use Of The Cryptocurrency In The Nation
The Central American nation of El Salvador has officially linked up with a new App that seeks to spread the use of Bitcoin within the country. El Salv
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