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HomeCrypto NewsMarketXRP Ledger-Based Bitcoin Spending Solution Sets its Sights on El Salvador

XRP Ledger-Based Bitcoin Spending Solution Sets its Sights on El Salvador

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SpendTheBits naturally see “Bitcoin country” as its next stomping ground.

SpendTheBits is set to expand to El Salvador.

In a tweet yesterday, popular XRP influencer Crypto Eri hinted that this is the likely next step for the XRPL-based Bitcoin spending solution. It comes after the platform announced that it was launching its first pilot for merchants in Canada looking to accept Bitcoin payments.

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“Canada, your merchant portal is ready,” Crypto Eri wrote in the tweet retweeted by SpendTheBits. “Hello El Salvador.”

Recall that El Salvador was the first country to adopt Bitcoin as a legal tender in 2021, despite resistance from the International Monetary Fund (IMF). In addition, under Nayib Bukele’s administration, the country has continued to build a Bitcoin reserve, which now holds about 2,524 BTC worth over $58 million at current rates.

All these have made El Salvador a natural attraction for Bitcoin lovers worldwide. Consequently, the country has witnessed a spike in tourism following its adoption of the asset as a legal tender.

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As a result, the Central American country is potentially the perfect market fit for SpendTheBits. While the Lightning Network adopted in El Salvador for micropayments is touted as the go-to solution for Bitcoin’s scalability concerns, XRP community members continue to hail SpendTheBits as a better alternative. If this proves true, it could further bolster Bitcoin adoption in the country.

For context, SpendTheBits is a cryptocurrency app that allows users to store and spend Bitcoin as an IOU on the XRPL, allowing for cheaper and faster transactions.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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