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Bitcoin is now official currency in El Salvador - a look behind the scenes

A few months ago, El Salvador introduced Bitcoin as a second currency alongside the US dollar. But how does it work technologically, which payment app did the South American country opt for - and how intensively do business and consumers make use of this additional option? We link to two exciting YouTube productions that give a comprehensive and balanced first impression - and are not stingy with constructive criticism. 

Our photo shows Plaza Gerardo Barrios y Palacio Nacional in San Salvador. (c) Unsplash.com

We start with a report (in German only) on the YouTube channel of Finanzfluss, whose expertise we have used before to explore the long-term potential of cryptocurrencies and blockchain technology as a whole on our monetary and electoral system and our identities on the net. This time, channel operator Thomas Kehl visited El Salvador as part of a press trip and gives a balanced account of the technological aspects of the Bitcoin launch there, collects voices from the population - from enthusiasts and sceptics alike - and also addresses the problems of such a fundamental change. From time index 19:40min, he also tries to transfer the experiences from El Salvador to our financial system and answers the following provocative question:

Ist Bitcoin die nächste Weltwährung?

    

Next, we link to the YouTube channel of Frank Thelen. The investor and technology expert interviews his guest Alexander von Frankenberg, CEO of High Tech Gründer Fonds and Bitcoin enthusiast, who was also in El Salvador and reports on the impressions he gathered there. "To clarify: I don't know the political situation in El Salvador well enough to pass judgement on it," Frank Thelen writes for the intro of this video. A disclaimer that we at //next hereby expressly endorse. This video recommendation on our part is exclusively intended to shed light on the effects of the developments in El Salvador on the global Bitcoin ecosystem:

Bitcoin City | mit Alex von Frankenberg