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Bitcoin: El Salvador’s grand experiment

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theconversation.com

Around the world, bitcoin has a mixed reputation. Owning and using the cryptocurrency is legal in a majority of nations, tolerated in many others, and outlawed by a relatively small number.

El Salvador has just become the first nation to formally adopt the cryptocurrency as legal tender, and a handful of other Latin American leaders have indicated that they would follow suit.

This marks a sharp change in bitcoin’s reputation on the global stage. Backed by a public ledger called “the blockchain”, holders of bitcoin enjoy a fast and secure way to make payments or receive funds.

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