Bitcoin utilizes blockchain technology, a decentralized and transparent ledger for recording transactions. Instead of relying on a central authority, the blockchain relies on a network of computers called nodes to maintain the network's integrity. This technology provides several benefits for Bitcoin. Firstly, the use of blockchain technology ensures security by employing cryptographic algorithms to protect the data stored in blocks. Each block contains a unique identifier called a hash, creating a chain that is difficult for hackers to alter. Consequently, Bitcoin transactions are more secure than those conducted through traditional banking systems. Under the new law, all businesses in El Salvador are required to accept Bitcoin as a form of payment. In line with this decision, the Salvadoran government has allocated $150 million to a trust to facilitate dollar conversions. The government also introduced a digital wallet named Chivo, meaning "cool" in Salvadoran slang, and incentivized citizens with $30 worth of Bitcoin for downloading it.
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