In world first, bitcoin becomes legal tender in El Salvador

Many worry that the currency's notorious volatility could mean a roller coaster ride for price inflation

Many Salvadorans opposed the introduction of bitcoin as legal tender

El Salvador on Tuesday became the first country to embrace bitcoin as legal tender, with consumer demand crashing its brand-new cyber "wallet" system even as the currency's value seesawed against the US dollar.

Under the initiative of President Nayib Bukele, Salvadoran consumers can now legally use bitcoin -- along with the US dollar which has been the official currency for two decades -- to pay for any good or service.