El Salvador to Distribute $30 in Bitcoin to Every Adult

El Salvador President Nayib Bukele confirmed on Thursday that the country’s new Bitcoin laws, which make the digital currency a legal tender, will come into effect from September 7.

Additionally, he said that the government will Airdrop Airdrop An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more li An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more li Read this Term $30 worth of Bitcoins to every adult citizen in the Latin American country. But, they have to download the El Salvador government’s official Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term wallet application.

This move has been cheered by the wide cryptocurrency community around the world. Though the official count of El Salvador’s adult citizens is not known, many are estimating that the count could be around 4.5 million. The country has a total population of 6.45 million, according to world bank data.

If all the adults in the country opt-in to receive the free Bitcoins, it will grow the Bitcoin user community by almost 2.5 percent, according to an estimation by on-chain analyst Willy Woo. But, the distribution will cost the El Salvadoran government more than $100 million to procure the Bitcoins.

6 million people added to the crypto ecosystem in one go. ? pic.twitter.com/DVoW6vLrAK

— CZ ? Binance (@cz_binance) June 25, 2021

The Biggest Bet on Bitcoin

El Salvador passed the iconic legislation a couple of weeks earlier, making Bitcoin a legal tender in the country.

“The use of Bitcoin will be optional, nobody will receive Bitcoin if they don’t want it...If someone receives a payment in Bitcoin they can choose to automatically receive it in dollars,” President Bukele said in Thursday’s press conference.

Moreover, he stressed that salaries and pensions will continue to be paid in US dollars. One of the main reasons behind making Bitcoin legal tender, according to the President, is to ease the remittance process. Indeed, the country receives around $6 billion annually as inward remittance, as stated by the World Bank.

The country’s Bitcoin stance has prompted crypto businesses to set up shop there. Recently, Athena Bitcoin said that it will invest around $1 million to install around 1,500 Bitcoin ATMs in El Salvador.