The mass adoption of Bitcoin as a means of payment in El Salvador is growing massively daily!
And right now the fast food giant McDonald’s has started accepting bitcoin as a form of payment in all 19 McDonald’s locations in the country, as well as online and through the delivery app.
McDonald’s is patternering with a California-based bitcoin payment processor OpenNode to provide this Bitcoin payment service to its numerous customers in El Saslvador.
About the Bitcoin payment Lightning Network powered by OpenNode
- Fast Payment: OpenNode provides customers with a Bitcoin payment processing app. This app can be used to pay for fast food orders in-person using a QR code, online, or through the delivery app.
- Security and Reduced cost: OpenNode uses the decentralized Lightning Network, a layer 2 payment protocol designed to enable quick transactions and which could be a potential solution to Bitcoin’s scalability problem.
The spokesperson for the OpenNode company also said that “they are in the process of onboarding multiple multi-billion dollar businesses based in El Salvador,” as OpenNode also provides services to other big businesses for a 1% fee.
A New Record For Bitcoin! What Next?
While McDonald’s is the first major American company to adjust to the new El Salvador’s cryptocurrency acceptance, OpenNode has announced they are currently working with hundreds more looking for a smooth Bitcoin payment integration.
However, this nationwide cryptocurrency integration has not been all smooth. The change became a major subject of conflict internationally as we saw international bodies like IMF protesting and raising concerns about money laundering. Especially after the crypto bill was rushed through congress and implemented in just a few months by President Nayib Bukele.
During the lunch, we also saw the government app for storing Bitcoin crash just after a few hours after the launch, raising concerns on stability and relaibility. The wallet was later taken offline and stopped working for hours as server capacity was increased.
However, the El Salvador president was unfazed by all this road block tweeting “Buying the dip,” on September 7 after the Bitcoin price sold-off.
El Salvador currently holds 550 BTC in its coffers, this currently translates to more than $25 million with plans to buy even more as time goes by.
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