Tuesday, August 16, 2022

McDonald’s Starts to Accept Bitcoin in El Salvador

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McDonald’s branches in El Salvador have begun accepting Bitcoin as a payment method, following El Salvador’s legalization of Bitcoin (BTC) as an official currency.

Although the country has mandated that all businesses accept Bitcoin payments, some experts were skeptical that large corporations could integrate BTC payments into their systems at the time the law was passed.

Julie Landrum, Head of Growth for OpenNode made a statement about the following subject:

“We are incredibly excited to work with McDonald’s to help make adoption of the country’s Bitcoin Law an operational success. It’s just a massive opportunity to demonstrate the power of the Lightning Network for everyday high volume, low value purchases at the most popular and successful fast food chain in the world. Clearly another significant milestone on the path to growing the bitcoin economy.” 

El Salvador’s revolutionary Bitcoin law came into effect early yesterday. The legalization of BTC as a currency will serve as a test to determine whether Bitcoin is a viable currency. Cryptocurrency supporters believe that September 7 will usher in a new era for Bitcoin and hope those other countries will follow El Salvador’s lead.

El Salvador’s Bitcoin law was met with skepticism by the country’s citizens. The vast majority of people in El Salvador, a low-income Central American country, do not have bank accounts or internet access. However, because the El Salvador government wanted the BTC law to be widely adopted, it gave $ 30 BTC to every citizen who downloaded the Bitcoin wallet Chivo. This step is intended to make the public fall in love with BTC.

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