Lightning Ballooned Since El Salvador’s Bitcoin Bet – Bitcoin Magazine

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Bitcoin headlines more often than not focus on the price. Whether it goes up or down in U.S. dollar terms, the media rides the wave accordingly, denoting “bubbles” and “crashes” as they come. As a result, the technology’s fundamentals get little to no coverage and the “Bitcoin curious” audience doesn’t get much insights into what is shaping the peer-to-peer (P2P) currency’s growth.

This dynamic can be further exemplified with the adoption of bitcoin as legal tender by El Salvador. Most outlets have chosen to focus more on the ways the experiment could have and, in some instances, did go wrong, rather than on the gains the country and population have had since the inception of the legislation.

Michael Peterson, the founder of Bitcoin Beach, the circular Bitcoin economy that inspired El Salvador President Nayib Bukele to adopt bitcoin nationally, told Bitcoin Magazine that this is “all about perspective.”

“Most negative stories claim [Bitcoin payments adoption] is about 20% and paint that as failure. If a country outside of El Salvador had even 5% of businesses accepting BTC, we would be thrilled,” he said.

“I think the level of adoption as a medium of exchange is pretty extraordinary. As the saying goes, people overestimate what can be accomplished in a year and underestimate what can be accomplished in 10 years. I think 10 years from now it will be hard to find anyone who remembers being a critic,” he added.



Source link Bitcoin Magazine

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