A man in El Salvador has recorded a video of himself buying a Popsicle with Bitcoin, and the whole process took less than 15 seconds.
The speed of Bitcoin adoption is surprising even to the population of El Salvador, who are already seeking out knowledge about the new payment technology that has flooded their country. With its convenience and efficiency, it’s no wonder that Bitcoin is becoming more popular every day.
El Salvador legalized Bitcoin as legal tender at the beginning of June, making official a so-called Bitcoin Law. This move by the country is likely to spur even more adoption of Bitcoin and other cryptocurrencies around the world. With its ease of use and fast transaction times, Bitcoin is poised to revolutionize the way we make payments.
- Institutional investors take advantage of the Bitcoin price correction to accumulate the asset
- Ethereum, the second most valuable cryptocurrency in the world, loses 50% of its value in a few days
Recently, the Ministry of Agriculture of El Salvador ended up publishing the story of a local coffee seller who accepts Bitcoin as a means of payment and is a currency enthusiast. In other words, many products are already sold by cryptocurrencies in the country.
This is a great adoption news for Bitcoin because it shows that even in countries where traditional banking services are not widely available, people are still finding ways to use Bitcoin. This is important because it helps to increase the utility of Bitcoin and makes it more useful as a currency.
It is also worth noting that El Salvador is not the only country where Bitcoin is being used to buy goods and services. What this ultimately means is that Bitcoin is slowly but surely becoming more widely accepted and used as a currency. This is a positive development for Bitcoin and its long-term prospects.
Man buys Popsicles in El Salvador with Bitcoin
For those starting to study Bitcoin, one of the first concepts to take note of is the transaction confirmation time. As on average each block on the network takes 10 minutes to be confirmed, Bitcoin is constantly criticized.
The Lightning Network is a second-layer payment protocol that operates on top of a blockchain. It is designed to enable high-volume, low-cost payments by using a network of participating nodes to route payments through the network.
In El Salvador, the Lightning Network is gaining more and more attention as a way to improve the country’s payment infrastructure. The Lightning Network offers several advantages over traditional payment methods, including lower costs, faster transaction times, and improved security.
El Salvador is not the only country where the Lightning Network is gaining traction. In recent months, the protocol has been adopted by a number of businesses and organizations around the world, including Microsoft, WordPress, and Reddit.
In a video recorded by a man who bought a Popsicle with Bitcoin, you can see that he didn’t even take 15 seconds to complete his purchase. The buyer was happy with his purchase.
The man’s case reached El Salvador’s President Nayib Bukele, who shared the video with his followers. Either way, the case shows that the Central American country’s adoption of Bitcoin continues to attract more and more attention.