Bitcoin will soon become legal tender in El Salvador. However, there are rumors that Litecoin could also be used there.
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September 7 – Day of Bitcoin Law
The countdown is on: On September 7, the now famous Bitcoin law comes into force in El Salvador. From then on, BTC is officially legal tender in the Central American country. However, the infrastructure is not quite as originally intended: There are some Bitcoin machines missing in the country, and the expansion of cashpoints is apparently not yet completed. President Nayib Bukele, meanwhile, is showing progress on Twitter.
Here you can see, for example, the cashpoints, where citizens are to be advised comprehensively on the subject of Bitcoin. For example, how to withdraw or deposit money, how to use ATMs or how to have money sent to you.
Los # PuntosChivo se están construyendo en todas partes.
Ahí podrán recibir ayuda en cómo utilizar la aplicación, como funciona el # bitcoin, como retirar o depositar dinero, como usar los cajeros y como recibir dinero de cualquier parte del mundo.
Todo SIN COMISIONES, a nadie. pic.twitter.com/mBU5G8OHzb
– Nayib Bukele 🇸 🇻 (@nayibbukele) August 23, 2021
According to Bukele, the Bitcoin machines are still being installed. 200 units are to be placed by the manufacturer Chivo, the company Athena also intends to build 1,500 Bitcoin machines. By the way, this is how the devices look:
También habrán # CajerosChivo en todas partes y podrán retirar en EFECTIVO, las 24 horas del día y SIN COMISIONES, por más que la oposición diga lo contrario.
El problema para ellos es que podrán convencer a algunas personas de que sí habrán comisiones, pero solo hasta el 7 😘 pic.twitter.com/H8gkYTEucc
– Nayib Bukele 🇸 🇻 (@nayibbukele) August 23, 2021
Litecoin and Bitcoin Cash as additional options
Until now, it was known that citizens should be able to withdraw Bitcoin free of charge at the machines. However, as one Twitter user has noted, the machines apparently offer more cryptocurrencies to. In a photo that is supposed to show a woman using a Bitcoin ATM in El Salvador, you can see: In addition to Bitcoin and Bitcoin Cash, Litecoin (LTC) is also offered as an option! This is what the pseudonymous industry observer “Lite_Hause” writes to his almost 2,000 followers.
I don’t know how many Athena ATM’s there are in El Salvador but it’s nice seeing Litecoin on there 😀 https://t.co/XeGMLZnNR1
– Al (@lite_hause) August 24, 2021
Will Litecoin possibly become the next legal tender in El Salvador? The self-proclaimed “Litecoin CEO” @MasterBTCLTC shared a video from ATM manufacturer Athena back in June, where the machines clearly provide Litecoin as an option in addition to Bitcoin.
Athena confirms plans to bring 1500 Bitcoin ATMs to El Salvador.
Look for litecoin in the video. # LTC🚀 # Litecoin🚀 pic.twitter.com/GJyEjschFV
– Master️ ️ 250k BTC 3k LTC 2021 (@MASTERBTCLTC) June 25, 2021
LTC – “a great option” as a means of payment
True, President Bukele did not comment on the rumors. However, if Litecoin (to buy from eToro or Libertex) is actually available nationwide as a payment option, this could trigger an exciting development: It is possible, for example, that Litecoin will become a popular means of payment due to its faster transaction time – and as a result may even become more popular than BTC.
MasterBTCLTC writes to its more than 25,000 Twitter followers:
“Litecoin has the lowest on-chain fees, is 4x faster than Bitcoin, and will expand to include scalable confidential transactions in a few months.
LTC is another great option as legal tender for El Salvador.“
Litecoin has the lowest on-chain fees, it’s 4x faster than bitcoin, & is upgrading to add scalable confidential transactions in a couple months.
Litecoin is another great legal tender option for El Salvador 🇸 🇻
– Master️ ️ 250k BTC 3k LTC 2021 (@MASTERBTCLTC) August 24, 2021
Whether it really comes to that remains to be seen. Now in El Salvador beats anyway only Bitcoin’s hour. By the time the law comes into force on September 7, all work is expected to be completed and BTC will be fully operational as a legal tender.
