El Salvador made history earlier this week when it became the first country in the world to recognize bitcoin as a form of legal tender. This came after Congress approved it with 62 votes, and according to El Salvador's president, this historic vote will make life easier for the country's citizens.
This demonstrates how far bitcoin has progressed as a payment method and can only bode well for the industry in the future. But, with El Salvador taking this step and other countries likely to follow, what are the long-term consequences?
Why El Salvador Chose Bitcoin
Among the many countries where bitcoin is used, including larger ones like the United States and European countries, it's worth noting that El Salvador was the first to recognize bitcoin as legal tender.
It should be noted that more than 2 million Salvadorans live outside the country, and more than $4 billion is remitted to the country each year. This accounts for 20% of the country's GDP an