The average citizen of El Salvador earns approximately $ 4,000 a year, most of them doing so with hard work in the agricultural field or at their job.
The vast majority of Salvadorans suffer from constant purchasing power concerns due to the devaluation of their local currency.
President Nayib Bukele recently announced the use of Bitcoin as an official payment method in the Central American country.
Although, this is a great step for El Salvador, but the crisis of insecurity, drug trafficking and lack of services that the country continues to suffer should not be put aside, which makes the population think that the president’s true approach It is based on the modernization of the economy but it grossly neglects the other important fields of the country.
For the average citizen, this new economic policy could help not lose large profits with a devalued currency and uses the use of Bitcoin as a constant method of payment, but what would be the background of this? You are actually using the Lightning Network * when you spend an average of $ 8.00 on a typical meal in the capital of El Salvador. Actually, probably not that either, given that most of the country is rural and lacks basic infrastructure, and smartphones are still pretty rare outside of the capital.
You see, BTC doesn’t work for poor people since MasterCard redesigned it through its Silicon Valley incubators, as it is used by average people in the country, Coingeek reported .
It’s okay though, because you still have bitcoins to hedge against inflation in your poverty-stricken nation, right? Well, with wages and the cost of living as it is, this is the only viable way for the Salvadoran to save.
