Bitcoin is providing a solution for millions of unbanked individuals, along with other cryptocurrencies. And in El Salvador where bitcoin has recently been recognized officially as legal tender there are millions of crypto wallets that have been created.
More than 2.1 million bitcoin wallets have been created so far in under one month.
After buying hundreds of bitcoins ahead of recognizing bitcoin as official legal tender the country has since gone on to purchase even more bitcoins and it is estimated that there are more than 200 crypto atms in El Salvador that you can find around the country now.
People in the region have filmed and shared themselves purchasing items from places like Starbucks and other businesses by using bitcoin to make the transaction. Now that other countries seem to be following the same path it's a guess as to how long it might be before more sign up to the idea and approach the same strategy.
One previous poll suggested that as much as 27% of more of Americans might approve of the move to make bitcoin legal tender in the country.
In El Salvador it is estimated that roughly 70% of the citizens are unbanked and so they lack that basic access to a traditional bank account, cryptocurrency like bitcoin is providing another alternative.
Bitcoin has quickly become popular with many, with now over 2.1 million wallets reportedly being created, despite the large amount of confusion that still exists for many as to what it is and how it works, and the fair bit of distrust that has been reported with some in the community there.
not financial advice