El Salvador has become the first government to accept Bitcoin as legal tender, sparking debate in the country and throughout the world about the benefits and risks of cryptocurrencies.
Image Source: Tokens24
According to Litecoin Magazine, who referenced a video, “Did you know that when El Salvador adopted Bitcoin as legal tender, they also accepted one other coin?” Litecoin (LTC) is currently the only other cryptocurrency accepted by ATMs in El Salvador.
Is this correct? For, LTC has always been a backup onchain solution. Remember how costs rose in 2017? TRX’s primary cryptocurrency was LTC. LN is fantastic for little payments, but have you tried sending 500-2000-10000 USD via LN from one LN wallet to another? /not from one wallet type to another?
They’ve also recently installed several cryptocurrency ATMs in Las Vegas. On the local news networks, it was announced. I haven’t seen any so far, but I don’t get out too much.
LTC’s prior history makes me nostalgic. Charlie Lee stated: User Activated Soft Fork (UASF) is an acronym for User Activated Soft Fork. Instead of having the soft fork (SegWit) mined immediately, the user chooses to activate the soft fork later. SegWit will be activated if the majority of users and exchanges run the UASF code.
On September 20, I completed my first on-chain atomic swap between LTC and DCR with Decredproject. This demonstrates how currencies can be moved across chains in a decentralized manner. It was a fantastic proof of concept that cleared the way for decentralized exchanges in the future.
On November 16, the first Lightning cross-chain swap between BTC and LTC took place! This realized my dream of LTC and BTC coexisting on the Lightning Network. That concludes the history of Litecoin’s SegWit and LN.
Oh, and with John Stefanopoulos, there was also the first cross-chain atomic swap between Litecoin and Bitcoin. John is the mastermind of the fantastic FutureBit LTC miners. He’s assisting with mining decentralization!
Bukele has previously stated that legalizing Bitcoin will encourage investment in the country and assist the nearly 70percent of Salvadorans who lack access to “conventional financial services.”
He declared in a statement translated from Spanish, “We must break with the paradigms of the past.” “El Salvador has earned the right to progress into the first world.”
According to the Associated Press, Bukele has also stated that adopting Bitcoin would be an effective way to move the billions of dollars in remittances that Salvadorans living abroad pay back to their homeland each year.
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Also read: Dogecoin surges as cryptocurrency market remains volatile
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