The El Salvador workers can now get their salary in Bitcoin despite the ongoing protests against the cryptocurrency so let’s read more in our latest bitcoin news today.
Strike implemented a new wallet feature that converts direct deposits into BTC so now the US-based company is partnering in El Salvador to make its BTC Law a reality. The citizens in the country are still adjusting to the country’s new BTC law which made the asset a legal tender but now it seems that the El Salvador workers can get paid in Bitcoin.
I just published Announcing Pay Me In Bitcoin
If you save in USD, the quality of your life degrades with time.
If you save in #bitcoin, a high quality of life gets cheaper and increasingly attainable.
— Jack Mallers (@jackmallers) October 14, 2021
Today, Strike the wallet partner for the Bitcoinization project in El Salvador, announced a new feature so the users can transfer part or all of their deposits into Bitcoin without a transaction fee and get their salary in bitcoin. The CEO Jack Mallers wrote:
“Today anyone with a Strike account, no matter your employer, can get paid in bitcoin.”
Mallers refers to the rising inflation and the prices in the US as well with the implications of the product carrying over to the Salvadorans. El Salvador’s BTC law proposed by Nayib Bukele, went into effect last month. The legislation makes BTC a legal tender in the country and mandates that businesses accept the asset unless they cannot do it for technological reasons. According to the polling take, before the law went into effect, Most Salvadorans were against the law which led to many protests on the streets.
Even if they are open to change, most people in the country were confused by the technology and the legislation became law three months after passing, something ETH Creator Vitalik Buterin noted:
“This tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless, and risks a large number of innocent people getting hacked or scammed.”
Strike tries to make the pains manageable as it is a custodial wallet so the users new to the concept of private keys are at fewer risks of being locked out of the funds due to the human error issues like forgetting their passwords. Miller wrote that the feature is a necessary thing, implying that the accumulating BTC which quadrupled in value the past year, is the best approach than putting funds into the savings account which can’t keep pace with inflation. Strike is not the only company that is thinking this since US exchange Coinbase unveiled its Get Paid In Crypto feature that covers direct deposits into BTC, ETH, or other assets.
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