XRP Ledger-Based #Bitcoin Spending Solution Sets its Sights on El Salvador
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.
“Canada, your merchant portal is ready,” Crypto Eri wrote in the tweet retweeted by SpendTheBits. “Hello El Salvador.”
Canada, your merchant portal is ready.
🇸🇻Hello El Salvador. pic.twitter.com/enpiNd8Qix
— ☀🌸Crypto Eri 219k Followers (beware of imposters) (@sentosumosaba) January 27, 2023
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.
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.