How Eidoo Helps New Users to Embrace Decentralization
Crypto mass adoption has been longed for by the community from the very beginning. At first, this was only a distant hope as the ecosystem and the usability of the tools evolved.
Suddenly, one day at the end of June 2021, one wakes up to hear that El Salvador promotes a law to make bitcoin a legal currency — putting this country on the front page of all industry news. And it may seem shocking, but the truth is that the population of many countries had already been making their preferences clear by talking the talk (and walking the walk). People living in countries where inflation is a daily concern have their reasons very clear for turning to crypto for “securing” their money’s forth.
The El Salvador crypto law that was announced in June has come into force on September 7th. The bill has given citizens time to adapt to the new currency, a process that can be stressful for some people — with initiatives such as Bitcoin Beach helping to ensure that no one is left behind.
Undoubtedly spreading the use of bitcoin requires the introduction of a bitcoin wallet that is appropriate to what people do. Not the other way around. This is a principle that we at Eidoo attach great importance to. And this is why our Eidoo wallet is designed for people.
Making it easy to use such an innovative tool successfully is simply a must.
Of course, when you have your first pennies in crypto, you realize that they are so much more. One of the key decentralization benefits is the freedom to put your funds wherever you want and without artificial technological barriers. Being in charge of your money also means realizing that using a non-custodial wallet is the only way to go. It also means that many different assets are at your reach with the right tool.
In this sense, the Eidoo platform also allows you to take only the risk you want to accept through the integrated crypto exchange that you can use to move between volatile or stable cryptocurrencies whenever you want.
The final step in the full integration of the crypto economy is undoubtedly the merger with the fiat world. When you buy something, you need to pay for it conveniently, easily, and cheaply. You can't constantly be worrying about how much it costs to pay for gas to go to take your pupusas at La Ceiba. That is an everyday scenario that El Salvador may be facing shortly. For this, there is no better alternative at the moment than the likes of a Layer 2 crypto card like eidooCARD.
El Salvador's move may seem to some to be ill-considered and somewhat unprepared, but with more countries following in its footsteps — Ukraine, we’re looking at you — is that really so?
However, when millions already have taken that decision, and the number is increasingly growing at an unstoppable rate, it is complicated to justify limiting one's financial choices. Bitcoin is not an exclusive legal tender. Salvadorans are still able to use US dollars legally. The fiat world is more interested in maintaining that monopoly, however.
The support to cryptocurrencies and crypto-assets coming from the countries that find more benefits from them to resolve their structural problems is a factor that will affect us all. The question is — will these countries lead the adoption of crypto wallets as their main banking solution?