First country to leagalized

  El Salvador has become the first country in the world to legalize the cryptocurrency bitcoin. Till now no country had declared it as its legal currency. El Salvador has now officially become the first country where bitcoin is recognized as a legal currency for any transaction.


 There is a debate going on around the world regarding the legal framework of cryptocurrencies. In such a situation, El-Salvador has now officially become the first country where bitcoin can be transacted in cryptocurrency. President Nayib Bukele tweeted this information.


 In El-Salvador's parliament, bitcoin was approved by a vote of 84 to 62. President Nayib Bukele gave this information by tweeting. After this announcement, the price of bitcoin increased from $ 33,980 to $ 34,398.


 The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.


 62 out of 84 votes!


 History! #btc🇸🇻


 The law to make bitcoin a legal currency will come into force in 90 days. Let us tell you that the President of El Salvador, Nayib Bukele, said on June 05, 2021 that he would soon introduce a bill in the country's Congress to make bitcoin a legal tender of the country. President Bukele announced on June 7 that no capital gains tax would be imposed on the country's legal currency once it became a legal currency.


 According to El-Salvador's President Nayib Bukele, making bitcoin the official currency will make it easier for El Salvador citizens living abroad to send money home.


 President Nayib Bukele said in a tweet that it will bring financial inclusion, investment, tourism, innovation and economic growth to our country. This move will open up financial services for the people of El Salvador. Salvadorans working abroad send a large number of currencies to their homes. According to World Bank data, in the year 2019, people sent a total of six billion dollars to the country.


 

What is bitcoin?

  


Bitcoin is a digital currency that was created in January 2009.  It follows the ideas set out in a white paper by the mysterious and pseudonymous Satoshi Nakamoto.  The identity of the person or persons who created the technology is still a mystery.  Bitcoin promises lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, is operated by a decentralized authority.


  Bitcoin is a type of cryptocurrency.  There are no physical bitcoins, only a balance kept on a public ledger, to which everyone has transparent access.  All bitcoin transactions are verified by a huge amount of computing power.  Bitcoins are not issued or backed by any bank or government, nor are individual bitcoins valuable as a commodity.  Despite not being legal tender, bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively known as altcoins.  Bitcoin is commonly abbreviated as "BTC".

   

How it works?

Each bitcoin is basically a computer file that is stored in a 'digital wallet' app on a smartphone or computer. People can send bitcoins (or part of one) to your digital wallet, and you can send bitcoins to other people.


  Every single transaction is recorded in a public list called a blockchain.This makes it possible to trace the history of bitcoin to prevent people from spending coins they don't own, making copies or undoing transactions.


Why are bitcoins valuable?

  Bitcoins Are Valuable Only Because People Believe They Are Apart from money, there are many other things which we consider precious like gold and diamond. The Aztecs Used Cocoa Beans as Money!


  Bitcoins are valuable because people are willing to exchange them for real goods and services and even cash.


Bitcoin's future in India

  The situation regarding bitcoin and cryptocurrencies in India is not yet clear. The talks between the Government of India and the RBI show that India wants to take a tough stand on cryptocurrency. Sometimes there is also a thought that India should have its own digital currency.


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 Concerns regarding money laundering and terror financing have dominated discussions of cryptocurrency trading for a very long time. According to an estimate, 20 million people trade in digital currency in India.


 The Indian government has expressed its desire to control and ban cryptocurrencies. Whereas the government wants to use blockchain technology in some way or the other. So, if the government wants to stop blockchain transactions to revenues, then the government has to understand the use of cryptocurrency.