Bank of America outlines 4 potential benefits of El Salvador’s Bitcoin strategy

[newshunter]

Bank of America outlines 4 potential benefits of El Salvador’s Bitcoin strategy

“More than 70% of the adult population of El Salvador does not have a bank account,” reads the latest Global Research report from Bank of America. “For that reason, democratizing access to electronic payments, through Bitcoin, has a progressive touch.”

Source: Bank of America outlines 4 potential benefits of El Salvador’s Bitcoin strategy

Would appreciate your opinion about this

[TomPluz]

The same statement by a very large bank positively on Bitcoin can be so unthinkable years ago...but now we are seeing a growing trend of financial institutions seemingly defending or praising Bitcoin...maybe in preparation for their splashy entrance into the cryptocurrency market. Such is the turning of events that one can only be shaking one's head - though I am not really complaining. I am just concerned that there might come a time when Bitcoin will be influenced more by these institutions rather than by common people like us.

[Alcor]

As far as I know, El Salvador will officially introduce bitcoin as a national currency only from next month. Then, in practice, we'll see what happens. This is a very interesting experiment and I didn’t even expect this to happen. However, the payment for transactions on the bitcoin network is also large and its bandwidth is too small, which will delay transactions in time. Perhaps one should even have used a different, faster and cheaper cryptocurrency for transactions than Bitcoin. However, the best option is always national money, which can be digitized in the future. Perhaps, bitcoin will be for El Salvador as a transitional period for the launch of national money.