McDonald’s to Accept Bitcoin in El Salvador
Fast food giant, Mcdonald's will begin accepting bitcoin (BTC) in El Salvador after the recognition as legal tender in the South American country.
Aaron van Wirdum, a journalist for Blockchain Magazine, took to Twitter after he visited a McDonald’s restaurant in El Salvador.
McDonald’s had 19 locations across the Latin American country as of 2019.
Van Wirdum was given a QR code directing him to an invoice page on Lightning Network.
Lightning is a layer-two payment protocol increasing BTC’s scalability.
Bitcoin’s Lightning Network will be vitally important if El Salvador achieves mass bitcoin adoption.
Streamlining global remittances has already proven successful, increasing the wealth of El Salvador, and attracting new blockchain entrepreneurs to the small South American country.
On Tuesday, El Salvador’s bitcoin law officially came into effect, which lead to a classic “buy the rumor, sell the news” event for markets.
BTC's price crashed 19% between Monday and Tuesday, tumbling to a low of $42,900.
President Nayib Bukele has confirmed that the government of El Salvador has 550 BTC in its reserves.