El Salvador became the first ever country to adopt Bitcoin as a legal tender on their country. That will be a massive leap for the HODLers in el salvador.

But what if could happen to your country? Like here in the Philippines, we have a strong and decent crypto community, especially on what happened in the axie infinity craze. So these are the pros and cons in my opinion when the Philippines became a legal tender.

The Good

1. Decreases corruption (if they want to pay in crypto)

Firstly, SALN is a pain in the arse to comply with it, because of the papers and documents to submit, but not anymore because you will submit a recieving address and your every transaction are into blockchain now. Unless if they want to pay in crypto though.

2. Fast transactions (if they setup a lightning network node)

No need to grab your credit card! Just pay with cryptocurrencies via QR code on a lightning network node and you are all set! You can also pay via Trezor or Ledger on that!

3. Security of funds (if custodial wallets)

Your wallet is not censored, cannot be froze by any intermediary and you have a freedom to send and receive funds 24/7, without borders. All around the globe at the comfort of your own smartphone.

4. The blockchain technology itself

Of course the infamous peer to peer, decentralized blockchain technology is the cake. It's irreversible nature and proof of work/stake mining technology makes the HODLers want to join in the space.

The Bad

1. Scams and hacks

Note: PLEASE! PLEASE! DO YOUR OWN RESEARCH BEFORE YOU INVEST AND TRADE SOMETHING!

DeFi hacks, Crypto ponzi schemes and crypto heists are the examples of these. It is either they didn't patch the code on a blockchain or invests a lot (like your entire life savings) on a ponzi scheme.

For example, Bitconnect was a popular network before, after the entire exit scheme is initiated. It was featured on several platforms such as Last Week Tonight, and more.

On the hacks side, Poly network is on the one of the biggest crypto heists in crypto history with $600 million worth of crypto has been stolen because of a vulnerability. So, again. Do your own research.

2. Blockchain traffic

Blockchain traffic will be definitely high because bitcoin can process low transactions per day because... idk to be honest. So the lightning network comes to a rescue. Ethereum blocks are high in some instance on chain, and tokens are depends on the chain.

3. Exchange taxes and individual taxes

This will be a pain in the arse for some people who has low income, and crypto starters. Of course, after the mainstream feature on axie, BIR comes in play, when they announced that we have tax on influencers and crypto earnings, and that's BS. I've cover it already on my article so check that out.

4. Regulations

Of course we have regulations on a cryptocurrency. Like limits on how you spend or buy like BSP's ruling, and the "free with central banks" thing are technically not yet because if you caught, hello jail.

Conclusion

I think if they implement this thing (bitcoin, etc. as a payment method), I think that it will be prosperous because the crypto community here in the philippines is so active. Hello manager! 🤣