El Salvador has develop into the primary authorities to simply accept Bitcoin as authorized tender, sparking debate within the nation and all through the world about the advantages and dangers of cryptocurrencies.
Picture Supply: Tokens24
In response to Litecoin Journal, who referenced a video, “Do you know that when El Salvador adopted Bitcoin as authorized tender, additionally they accepted one different coin?” Litecoin (LTC) is at the moment the one different cryptocurrency accepted by ATMs in El Salvador.
Is that this appropriate? For, LTC has all the time been a backup onchain answer. Bear in mind how prices rose in 2017? TRX’s major cryptocurrency was LTC. LN is improbable for little funds, however have you ever tried sending 500-2000-10000 USD by way of LN from one LN pockets to a different? /not from one pockets sort to a different?
They’ve additionally just lately put in a number of cryptocurrency ATMs in Las Vegas. On the native information networks, it was introduced. I haven’t seen any to this point, however I don’t get out an excessive amount of.
LTC’s prior historical past makes me nostalgic. Charlie Lee said: Person Activated Comfortable Fork (UASF) is an acronym for Person Activated Comfortable Fork. As a substitute of getting the tender fork (SegWit) mined instantly, the person chooses to activate the tender fork later. SegWit might be activated if nearly all of customers and exchanges run the UASF code.
On September 20, I accomplished my first on-chain atomic swap between LTC and DCR with Decredproject. This demonstrates how currencies may be moved throughout chains in a decentralized method. It was a improbable proof of idea that cleared the best way for decentralized exchanges sooner or later.
On November 16, the primary Lightning cross-chain swap between BTC and LTC befell! This realized my dream of LTC and BTC coexisting on the Lightning Community. That concludes the historical past of Litecoin’s SegWit and LN.
Oh, and with John Stefanopoulos, there was additionally the primary cross-chain atomic swap between Litecoin and Bitcoin. John is the mastermind of the improbable FutureBit LTC miners. He’s helping with mining decentralization!
Bukele has beforehand said that legalizing Bitcoin will encourage funding within the nation and help the almost 70percent of Salvadorans who lack entry to “standard monetary providers.”
He declared in an announcement translated from Spanish, “We should break with the paradigms of the previous.” “El Salvador has earned the precise to progress into the primary world.”
In response to the Related Press, Bukele has additionally said that adopting Bitcoin could be an efficient solution to transfer the billions of {dollars} in remittances that Salvadorans dwelling overseas pay again to their homeland annually.
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