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El Salvador has turn out to be the primary authorities to simply accept Bitcoin as authorized tender, sparking debate within the nation and all through the world about the advantages and dangers of cryptocurrencies.
Based on Litecoin Journal, who referenced a video, “Do you know that when El Salvador adopted Bitcoin as authorized tender, additionally they accepted one different coin?” Litecoin (LTC) is at present the one different cryptocurrency accepted by ATMs in El Salvador.
Is that this appropriate? For, LTC has at all times been a backup onchain answer. Keep in mind how prices rose in 2017? TRX’s main cryptocurrency was LTC. LN is improbable for little funds, however have you ever tried sending 500-2000-10000 USD by way of LN from one LN pockets to a different? /not from one pockets kind to a different?
They’ve additionally not too long ago put in a number of cryptocurrency ATMs in Las Vegas. On the native information networks, it was introduced. I haven’t seen any thus far, however I don’t get out an excessive amount of.
LTC’s prior historical past makes me nostalgic. Charlie Lee acknowledged: Person Activated Mushy Fork (UASF) is an acronym for Person Activated Mushy Fork. As a substitute of getting the smooth fork (SegWit) mined instantly, the consumer chooses to activate the smooth fork later. SegWit might be activated if nearly all of customers and exchanges run the UASF code.
On September 20, I accomplished my first on-chain atomic swap between LTC and DCR with Decredproject. This demonstrates how currencies might be moved throughout chains in a decentralized method. It was a improbable proof of idea that cleared the way in which for decentralized exchanges sooner or later.
On November 16, the primary Lightning cross-chain swap between BTC and LTC happened! This realized my dream of LTC and BTC coexisting on the Lightning Community. That concludes the historical past of Litecoin’s SegWit and LN.
Oh, and with John Stefanopoulos, there was additionally the primary cross-chain atomic swap between Litecoin and Bitcoin. John is the mastermind of the improbable FutureBit LTC miners. He’s helping with mining decentralization!
Bukele has beforehand acknowledged that legalizing Bitcoin will encourage funding within the nation and help the practically 70percent of Salvadorans who lack entry to “standard monetary providers.”
He declared in a press release translated from Spanish, “We should break with the paradigms of the previous.” “El Salvador has earned the precise to progress into the primary world.”
Based on the Related Press, Bukele has additionally acknowledged that adopting Bitcoin can be an efficient solution to transfer the billions of {dollars} in remittances that Salvadorans dwelling overseas pay again to their homeland annually.
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Additionally learn: Dogecoin surges as cryptocurrency market remains volatile
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