El Salvador workers can now receive their salaries in Bitcoin despite ongoing protests against cryptocurrencies. So read more on our latest bitcoin news today.
Strike has implemented a new wallet function that converts direct deposits into BTC. The country’s citizens are still conforming to the country’s new BTC law that made property legal tender, but now it looks like El Salvador’s workers can be paid in Bitcoin.
I have just published my Bitcoin payment notice
As you save in USD, the quality of your life will degrade over time.
If you save in #bitcoin, the quality of life becomes cheaper and more achievable.
Nowadays anyone can get paid and save in #Bitcoin https://t.co/1ICtYKL8ze
– Jack Mallers (@jackmallers) October 14, 2021
Strike, a wallet partner of the Bitcoin project in El Salvador, today announced a new feature that allows users to transfer part or all of their deposits to Bitcoin without paying transaction fees and receiving a salary in Bitcoin. CEO Jack Mallers Written:
“Today anyone with a strike account, regardless of their employer, can be paid with Bitcoin.”
Mallers looks at rising inflation and prices in the United States, as well as the impact of product transfers to Salvadorans. El Salvador’s BTC law proposed by Nayib Bukele went into effect last month. The law makes BTC legal tender in the country and obliges companies to accept this asset unless they cannot for technological reasons. Before the law came into force, most Salvadorans were against the law, which polls suggest led to many street protests.
Even if they were ready to change, most of the people in the country were puzzled by the technology and the law became law three months after it was passed, which ETH creator Vitalik Buterin noted:
“The tactic of distributing BTC to millions of people in El Salvador at the same time and with almost no prior learning effort is ruthless and risks being hacked or scammed into large numbers of innocent people.”
Strike tries to keep the hassle manageable as it is a custodian so users who are new to the concept of the private key have less risk of their money being blocked due to human error. Miller wrote that the feature is a necessity, suggesting that the value of accumulated BTC has quadrupled over the past year, which is the best approach compared to depositing money into a savings account that can’t keep up with inflation . Strike hasn’t been the only company to think about this since the US exchange Coinbase unveiled a crypto withdrawal feature that includes direct deposits into BTC, ETH, or other assets.
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