The update of El Salvador classifying Bitcoin (BTC) as legal tender has reportedly unlocked different payment measures for the locals, with fast food giant McDonald looking to accept crypto via Lightning Network.
Specifically, Journalist Aaron van Wirdum reportedly shared that upon his trip to a McDonald’s restaurant in El Salvador, he came upon a printed QR code which took him to an invoice page on Lightning Network.
McDonald’s is currently operating a total of 19 restaurants throughout the Latin American nation, according to insights from 2019.
Lightning is widely perceived as a layer-two payment protocol, designed with a primary goal of increasing the scalability of BTC transactions. Despite the virtual coin having achieved success as an asset that can be invested in, there currently is still a limit to its adoption as a means of payment.
Bitcoin payments were reportedly the center point of Satoshi Nakamoto’s 2008 whitepaper describing BTC as electronic cash.
Lightning Network has the potential to be highly useful should El Salvador have plans to finalize the broad adoption of Bitcoin payments.
Extending the scope outside of instant transactions, however, El Salvador’s Bitcoin adventure could achieve success via making global remittances better, helping its citizens earn more incomes, as well as reeling in an increased number of crypto-centric entrepreneurs to the nation.
El Salvador’s Bitcoin Law was reportedly enacted officially beginning September 7th, proving to be a classic “buy the rumor, sell the fact” event for markets. President Nayib Bukele also confirmed the day prior that the nation had bought its first Bitcoin.
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