September 7, 2021 will forever be recorded in Bitcoin history as the day the first country adopted it as legal tender. Internet magic money that started on an encryption mailing list is now recognized by a nation-state as a legal monetary good, being placed on the same national status as the dollar in El Salvador. Starting today, any Salvadoran will have the legal option to use bitcoin instead of dollars, increasing their sovereignty over their finances and financial security over their savings.
If I had told you in 2009 that just over a decade from now, a country would fully recognize Bitcoin as a currency, you would probably have laughed in my face. The truth is that Bitcoin has been developing faster than most people think. A currency born just over ten years ago by a pseudonym cryptographer is already the currency of choice for millions around the world who flock to Bitcoin for different reasons. Now a country has also made that choice.
In fact, Bitcoin is still in its early life as well as its adoption cycle. But we may be experiencing Bitcoin’s own tipping point. Once just internet geek money, Bitcoin is now changing priorities around the world and teaching the economic system what solid money is.
Bitcoin is unique because it allows large amounts of value to be transferred securely, final, verifiable, without permission and unstoppable – 24 hours a day, seven days a week. Furthermore, its distributed peer-to-peer construction and consensus enforcement grant it a true antifragility status. No entity can significantly influence Bitcoin, but Bitcoin can significantly impact the lives of billions.
The nascent form of money is still known the world over, as its complexity takes considerable time and effort to understand. Nonetheless, the domino effect it is natural and will soon begin to happen. As more people begin to realize the transformative nature of Bitcoin and its unique properties and possibilities, more people, companies and countries will adopt the best form of money ever created, triggering the biggest currency revolution in history and the ultimate separation. between money and state.
Source: Bitcoin Magazine