How Can Bitcoin Become Legal Tender?

CoinMarketCap published this video item, entitled “How Can Bitcoin Become Legal Tender?” – below is their description.

Late last year, El Salvador made Bitcoin legal tender. And in April this year, so did the Central African Republic.

On today’s CoinMarketCap episode, we are exploring why other countries might start using Bitcoin this way, how a Bitcoin Legal tender works and which country might be the next to follow El Salvador’s lead.

00:29 – What is a legal tender?

01:15 – Bitcoin vs Fiat Currencies: What’s the Difference?

02:50 – How Did Bitcoin Become Legal Tender in El Salvador?

05:01 – How Does the Central African Republic Implement Bitcoin?

06:30 – Could Other Countries Follow El Salvador and the Central African Republic?

06:52 – Panama

07:44 – Cuba

09:20 – Ukraine

10:43 – Could Any Large Economy Adopt Bitcoin as Legal Tender?

12:19 – Obstacles to Bitcoin Becoming Legal Tender

🔔 From crypto news, to market moves, and to educational how to videos.

CoinMarketCap YouTube Channel

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In This Story: Bitcoin

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency.

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In This Story: Central African Republic

The Central African Republic, or Centrafrique, is a landlocked country in Central Africa.

It is bordered by Chad to the north, Sudan to the northeast, South Sudan to the southeast, the Democratic Republic of the Congo to the south, the Republic of the Congo to the southwest and Cameroon to the west. The CAR covers a land area of about 620,000 square kilometres (240,000 sq mi) and had an estimated population of around 4.7 million as of 2018.

As of 2020, the CAR is the scene of a civil war, ongoing since 2012.

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In This Story: El Salvador

El Salvador, officially the Republic of El Salvador (Spanish: República de El Salvador, literally “Republic of The Saviour”), is a country in Central America. El Salvador’s capital and largest city is San Salvador.

The colón, the currency of El Salvador since 1892, was replaced by the United States dollar in 2001.

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