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El Salvador Starts Bitcoin As Currency

El Salvador’s Bitcoin acceptance further legitimizes the belief that people should be in control of their money,

SAN SALVADOR, El Salvador (AP) — El Salvador became the first country to adopt Bitcoin as legal tender Tuesday, but the rollout stumbled in its first hours and President Nayib Bukele said the digital wallet used for transactions was not functioning.

For part of the morning, El Salvador’s president became tech support for a nation stepping into the world of cryptocurrency. Bukele marshaled his Twitter account — with more than 2.8 million followers — to walk users through what was happening.

The “state created” digital wallet called “Chivo” is not exactly a private wallet, but more of a state owned wallet for its citizens to hold there Bitcoin, the wallet addresses are controlled by the government and not by the individual, – not so democratic. – so in effect they can disable your wallet at will and the user have no control over it.

However “In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency — as El Salvador has done — and make it the national currency.”

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Latest Crypto News Items

3 interesting cryptos ETH, SOL and ADA

I’ve not been around for the last couple of days, hence the lack of a new blog post yesterday. I’ve actually been looking at an array of the latest Electric vehicles, including 2021 model cars, E-Bikes, Lorries, and everything else.  Well back to the topic at hand and a look at three crypto’s that soon have some major developments, and worthy of a serious look.

The altcoin space is on an absolute tear. Cardano’s (ADA) Alonzo upgrade (and the arrival of smart contracts on the network) is right around the corner and is now the third-largest cryptocurrency by market cap. Solana (SOL), meanwhile, has emerged as a serious contender to compete with Ethereum (ETH) over the coming years and has arrived into the top ten of crypto assets by market cap. Not to be outdone, trade volumes of ETH have lately surpassed trade volumes of BTC. 

I hope this prompts you to look further into all three crypto’s and do your own research, there are lots or articles and serious crypto press covering new events.