Bitcoin adoption and cloning. Since bitcoin was accepted as legal tender in El Salvador in September 2021, only the Central African Republic has also attempted a crypto leap. But the small island nation of St. Kitts and Nevis should soon do the same, starting in 2023. However, it will be Bitcoin Cash (BCH), a forked version of the original Bitcoin (BTC).
Saint Kitts and Nevis makes Bitcoin Cash its national currency
El Salvador marked 2021 and the history of cryptocurrencies by accepting bitcoin as legal tender alongside (and at the same level of) the US dollar.
Although the islands of St. Kitts and Nevis (Saint Kitts and Nevis, in English) are more modest, they are also the source of the first in the cryptosphere. First of all, we note that in this small Caribbean country, located north of Guadeloupe, there are just over 53,000 people. It is actually the smallest country in America since independence in 1983.
On November 13, 2022, the Prime Minister of Saint Kitts and Nevis announced that his country will accept Bitcoin Cash (BCH) as legal tender starting March 2023. Remember that BCH is a fork/clone of BTC that originated in August 2017. , following a community controversy over block sizing in the Bitcoin network created by Satoshi Nakamoto.
“The Prime Minister of Saint Kitts and Nevis has just announced that Bitcoin Cash will become legal tender in his country by March 2023. A big step for BCH because no country can make other countries’ currencies illegal. (…)”
Of course, this adoption will not be as widespread as in El Salvador, but it is interesting that small countries are now gaining their monetary independence (mostly independence from the US dollar) thanks to cryptocurrencies. While the choice of BCH over bitcoin is controversial, at least things are moving in the right direction for the adoption of cryptocurrencies in the global economy.
The events of the past week and the bankruptcy of FTX should remind us that we must remain cautious in this still very young ecosystem. Develop the habit of healthy distrust. To buy your cryptocurrencies, register now on Bitget and start exploring the exciting world of blockchain technology (commercial link).