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‘Good Money’ Day: El Salvador Becomes First Bitcoin Country in the World

Bitcoin Beach - El Zonte - El Salvador

Today, September 7, 2021, is a landmark day for the future of El Salvador and its people’s financial sovereignty as the tiny Central American country stands tall by becoming the first nation in the world to adopt Bitcoin as a legal currency.

El Salvadorans can now officially use the cryptocurrency instead of dollars and have the legal backing of their home country as they chart a new path towards greater financial freedom from a fiat money system that is centrally controlled and has for far too long controlled them.

President Nayib Bukele’s push to give Bitcoin official status in his country, an ambitious plan hatched months ago, has also been met with skepticism.

A steady stream of naysaying and cheering for its failure continues to flow through mainstream media – a bellwether that as more countries adopt the Bitcoin standard like El Salvador has, they will be met with similar resistance by the fiat money establishment.

Bitcoin is disrupting the old ways of thinking about money, both as a tradable currency and a store of value.

SEE ALSO: Los ojos del mundo están sobre El Salvador, que inicia una nueva era en su economía con la circulación del bitcóin

Bitcoin can also help people transform their society with a tool to overcome the ‘inherent weakness’ in the current money system, as Nozomi Hayase wrote in Bitcoin Magazine recently:

The significance of this invention of technology goes beyond finance. Bitcoin, a software with a magical property, is like the philosopher’s stone. Arriving in cyberspace, it solved the weakness inherent in our current financial system that requires trust in central authority.

The key feature behind the current trust-based model is a moral maxim that is shaped by the dualistic view of opposition, establishing the antinomy of good and evil. The fiat monetary system is a closed system controlled by the few. Through levers of control, it maintains its integrity by carefully vetting participants for access and excluding “bad actors” who are engaged in behaviors that are considered negative.

As a patronage network of private banks increasingly creates chaos and destruction in the world, Bitcoin now provides a creative approach for us to tackle the riddle of evil. Its core invention, a proof-of-work consensus algorithm, has begun to accelerate the demise of the fiat monetary system.

Bitcoin, an alchemical form of money, has begun to liberate people from the tyranny of central banks. Hyperbitcoinization could end misery and suffering and help move humanity toward our own salvation.

To get a taste of El Salvador’s Bitcoin journey to date, watch this brief video on how the town of El Zonte (aka “Bitcoin Beach”) has begun navigating its own future of money:

El Salvador’s journey to widespread adoption of ‘good money’ will not be without its challenges.

There will be technological hurdles to climb Internet bandwidth issues, new wallet apps, ongoing citizen education but over time, people will benefit far beyond the monetary freedom it will provide them.

READ MORE FINANCIAL NEWS AT: 21st Century Wire Financial Files




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