Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly

• Bitcoin transactions have risen fourfold in El Salvador during the month of May as compared to last year.
• After passing the new law, El Salvador confirmed that it would mine the cryptocurrency using geothermal energy from its volcanoes.
• Following the new laws, the government has attached incentives like no capital gains tax on Bitcoin and permanent residence for crypto entrepreneurs.
• The World Bank isn't impressed by El Salvador's move. The international lender cited concerns over transparency and the environmental impact of Bitcoin mining.

El Salvador became the first country to make Bitcoin its legal tender. The move has kickstarted a micro-revolution with a dozen countries now considering the potential of cryptocurrencies. However, the Bitcoin hype has no borders, and the world is keenly watching how the change unfolds.

Bitcoin, in theory, offers a quick and cheap way to send money across borders without relying on traditional and often costly remittance channels. Over the last week, every day has been exceptional in the cryptocurrency world with news pouring in from all corners of the planet.

Here's a quick look at how the crypto wave is sweeping across countries, companies, while trying to transform conventional finance concepts: