The current ongoing bear market and fluctuations in virtual currency have created widespread concern, Bitcoin has risen since last year, from less than US$10,000 to over US$64,000 in one year. It has undergone many substantial adjustments and is currently maintained at around US$35,000. Driven by Bitcoin, many virtual currencies have risen sharply, and speculation has become more frequent, but after the fall of Bitcoin the Altcoins and the other cryptocurrencies taking the same path, ups and downs in life are the normal difficulties in life are always inevitable. The most important thing is to survive in the difficult times, courageously and actively cope with various changes, break through the darkness before dawn, and you will eventually see the bright sunshine that belongs to you.
The current crypto market is dependent on short-term goals and sentiments, when El Salvador made Bitcoin the country’s legal tender, the crypto market and especially Bitcoin show signs of gains but these gains are only short-term, the market hopes to find more countries to slowly changing their views on this digital currency and cryptocurrencies will promote the economic development of a country.
However, many experts believe that if decentralized digital cryptocurrencies are used as legal tenders, it is easy for the price of digital currencies to fluctuate and seriously affect the economy and society. In operation, the state has no way to regulate and control, it can only find its own way.
El Salvador’s use of Bitcoin as legal tender is a milestone in the crypto world. However, the operating cost of the currency system of a small country is relatively high, and it is easy to be manipulated by the financial predators in the open international market, additionally, there are longer-term advantages for small countries to use Bitcoin as legal tender. This decision will quickly introduce other cryptocurrencies related economic activities into the country, giving it a first-mover advantage in the crypto world. And El Salvador’s bold attempt has brought Bitcoin an excellent opportunity to prove it.
After El Salvador proposed the bill to adopt Bitcoin as legal currency, Panamanian Congressman Gabriel Silva tweeted that Panama cannot be left behind. If Panama wants to become a true center of technology and entrepreneurship, we must support cryptocurrency and Prepare a proposal for parliament. The President of Colombia shown a fanatical interest in cryptocurrencies, the Paraguay official said that our country needs to move forward hand in hand with the new generation. Our time has come we started an important project, Paraguay is really taking off in the face of the world of innovation!”
For those investors who lose hope in the current bear market then they must understand that cryptocurrency has the strength to supplement the country’s legal currency. A currency is an important tool for wealth distribution in society, fundamentally it is a resource distribution tool, an exchange metric for goods and services, and the currency is definitely a trading tool. Cryptocurrency will make a huge contribution to the smart economy. The implementation of a smart economy will minimize the waste of resources as well as reduce the overhead cost. The resources, not necessarily material but also human. Currently, there is no cryptocurrency that can serve as legal tender except in El Salvador. The current cryptocurrency progress is still in the growth stage, and there will be major moves but for this, we must keep patience.
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Source: https://medium.com/cryptocurrencies-ups-and-down/bitcoin-will-become-the-reserve-currency-for-every-country-c5a372a989c4?source=rss——-8—————–cryptocurrency
