Explainer: El Salvador's bitcoin push: What does it mean for cryptocurrency?

Here's what the move means for bitcoin as a mainstream currency - and emerging markets such as El Salvador:El Salvador's law means bitcoin will have equal footing with the dollar, which became its official currency 20 years ago.

It remains little used for buying goods and services across the world, despite a growing number of major companies accepting it as payment. The government is guaranteeing convertibility to dollars at the time of transaction through a $150 million trust created at the country's development bank.An employee at a Bitcoin support office explains how to make a transaction to a woman at El Zonte Beach in Chiltiupan, El Salvador June 8, 2021. REUTERS/Jose CabezasBitcoin was designed as a currency, yet many investors see it as an asset more akin to gold than a replacement for dollars, euros or yen.

Backers say it could catch on in emerging markets particularly, where people lack access to traditional financial services and have to pay costly fees for sending and receiving money.

RosannaPhilpott tomwilson1983 Nothing says 'not a decentralized ponzi' like a power grabbing authoritarian centrally adopting it via FIAT decree.

RosannaPhilpott tomwilson1983

RosannaPhilpott tomwilson1983 🇧🇷⚽️ MarceloM12 - WELCOME TO KISHU! HIS ANNOUNCEMENT:

RosannaPhilpott tomwilson1983 Nuts! One of the most dangerous countries to live in adopts crypto. This will only enable further kidnappings

RosannaPhilpott tomwilson1983 A business owner being obliged to accept an extremely volatile “currency” is ridiculous. Fine if you want to take the risk but there being an obligation is crazy

RosannaPhilpott tomwilson1983 It means the dollar’s position as the worlds reserves currency is under threat. Which means, Bitcoin will soon be regulated to death.

RosannaPhilpott tomwilson1983 this is terrible news

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