McDonald’s, a prominent American fast-food chain, has started accepting Bitcoin as a payment option in El Salvador, which became the first country to do so on Tuesday, September 7.
McDonald’s in El Salvador is now taking Bitcoin payments on the Lightning Network powered by OpenNode, according to OpenNode, an industry-leading bitcoin payment processor located in California.
OpenNode has announced a partnership with McDonald’s to begin taking Bitcoin payments. The two companies collaborate to make Lightning Network bitcoin payments available at all McDonald’s outlets across the country.
Customers in El Salvador may now pay for Big Macs and other menu items using Bitcoin at all 19 McDonald’s restaurants in the nation and online and through the delivery app, according to OpenNode.
Julie Landrum, OpenNode’s Head of Growth, commented on the development, saying:
“We are incredibly excited to work with McDonald’s to help make adoption of the country’s Bitcoin Law an operational success. It’s just a massive opportunity to demonstrate the power of the Lightning Network for everyday high volume, low-value purchases at the most popular and successful fast-food chain in the world. Clearly another significant milestone on the path to growing the bitcoin economy….”
Even though McDonald’s appears to be the first major American corporation to adapt to El Salvador’s cryptocurrency initiative, an OpenNode spokesperson stated that the Bitcoin payment company is onboarding multiple multibillion-dollar companies in El Salvador to begin accepting Bitcoin payments.
According to Bloomberg on Wednesday, other drinks and food chain establishments, such as Starbucks and Pizza Hut, accept Bitcoin as a payment method.
On Tuesday, September 7, El Salvador became the first nation to adopt Bitcoin as legal tender alongside its existing currency, the US dollar. It allows citizens living in the country to pay taxes and other debts using Bitcoin and for businesses to broaden their payment options to the cryptocurrency.
El Salvador became the first country to accept Bitcoin as legal money alongside its existing currency, the US dollar, on September 7. It allows people to pay their taxes and other bills in Bitcoin and companies to expand their payment choices to include Bitcoin.
However, the historical acceptance of Bitcoin as legal cash in El Salvador on September 7 was marred by teething issues as the cryptocurrency market plummeted. On Tuesday morning, bitcoin prices plummeted from nearly $52,000 per coin to $42,830, the lowest level in a year. At about 1:45 p.m. Eastern Daylight Time, Bitcoin regained part of its value, surging to $46,957. (EDT). Bitcoin is presently trading at $47,070.88, down 10.87 percent from the previous day’s price.