You’d be a fool to think that the United States is the only country taking advantage of the cryptocurrency rise. In fact, America’s usage of cryptocurrency barely compares to countries like Peru and Vietnam.
While Nigeria is said to be the #1 crypto country, El Salvador made history as the first country to mark its primary form of currency as BitCoin. News recently broke that El Salvadoran McDonald’s and Panda Expresses will be accepting the currency as a viable form of payment.
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The food chain’s newfound acceptance for the currency came after the South American country’s president, Nayib Bukele, put the Bitcoin Law into place on Tuesday. This historic law made cryptocurrency a legal tender to couple American dollars, El Salvador’s other primary form of currency.
On the ground floor of the new development was a journalist named Aaron van Wirdum. The Bitcoin Magazine took to Twitter to share his experience of stopping by McDonald’s and using this new form of buying lunch.
“Just walked into a McDonald’s in San Salvador to see if I could pay for my breakfast with bitcoin,” the journalist tweets, “they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I’m enjoying my desayuno traditional!”
McDonald’s is making orders like this possible through the payment -, Lightning. According to the company’s official website, Lightning is a “decentralized network using smart contract functionality in the blockchain to enable instant payments.”
OpenNode, an American-based processor of bitcoin, was a major part of McDonald’s taking the big leap to cryptocurrency. They confirmed with Forbes that a partnership between the two entities was in full effect.
“We are incredibly excited to work with McDonald’s to help make adoption of the country’s Bitcoin Law an operational success,” Head of Growth at OpenNode, Julie Landrum, boasted in a statement following the announcement of the collaboration, “It’s just a massive opportunity to demonstrate the power of [our] Lightning Network for everyday high volume, low value purchases at the most popular and successful fast food chain in the world.”
The world will watch as El Salvador takes its massive first steps into further incorporating bitcoin into their economy. Though, seeing as how the country is truly breaking new ground, these steps are bound to have some pitfalls. Confident in his monumentous decision, Nayib Bukele intends on putting $225 million into the country’s bitcoin rollout.
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Sources: Vice, Forbes, Pymnts,
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