XRP Ledger-Based #Bitcoin Spending Solution Sets its Sights on El Salvador
SpendTheBits naturally see “Bitcoin country” as its next stomping ground.
SpendTheBits is set to expand to El Salvador.
In a tweet yesterday, popular
“Canada, your merchant portal is ready,” Crypto Eri wrote in the tweet retweeted by SpendTheBits. “Hello El Salvador.”
Canada, your merchant portal is ready.
🇸🇻Hello El Salvador. pic.twitter.com/enpiNd8Qix
— ☀🌸Crypto Eri 219k Followers (beware of imposters) (@sentosumosaba) January 27, 2023
Recall that El Salvador was the first country to adopt Bitcoin as a legal tender in 2021, despite resistance from the International Monetary Fund (IMF). In addition, under Nayib Bukele’s administration, the country has continued to build a Bitcoin reserve, which now holds about 2,524 BTC worth over $58 million at current rates.
All these have made El Salvador a natural attraction for Bitcoin lovers worldwide. Consequently, the country has witnessed a spike in tourism following its adoption of the asset as a legal tender.
As a result, the Central American country is potentially the perfect market fit for SpendTheBits. While the Lightning Network adopted in El Salvador for micropayments is touted as the go-to solution for Bitcoin’s scalability concerns, XRP community members continue to hail SpendTheBits as a better alternative. If this proves true, it could further bolster Bitcoin adoption in the country.
For context, SpendTheBits is a cryptocurrency app that allows users to store and spend Bitcoin as an IOU on the XRPL, allowing for cheaper and faster transactions.