Blockzeit
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
Buy Crypto
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Bitcoin News
international 2693133 960 720

international 2693133 960 720

Bitcoin Adoption in El Salvador Grows After One Month Despite Technical Setbacks

Tom Nyarunda by Tom Nyarunda
October 8, 2021
in Bitcoin News
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

El Salvador became the first country worldwide to make Bitcoin legal tender one month ago. Technical glitches, identity theft attempts, and irregular transactions have plagued El Salvador’s cryptocurrency App. Nevertheless, the Chivo App downloads are soaring.

El Salvador made history precisely one month ago by adopting Bitcoin as the country’s legal tender alongside the U.S. Dollar. The President Nayib Bukele Bitcoin Law took effect on September 7, and a lot has happened since then. Adoption has soared even as skeptics continue to ask questions. In the meantime, the government’s official cryptocurrency wallet, the Chivo, has continued to experience technical challenges. 

While the citizenry is quickly adopting the use of BTC, only a few businesses in the Central American republic are accepting Bitcoin as a form of payment. Other citizens, such as 32-year old construction worker Adalberto Galvez are frustrated by the technical glitches affecting the Chivo App. Galvez claimed he lost $220 while trying to withdraw cash from his Chivo digital wallet. Galvez had already used Bitcoin successfully before at an experimental Bitcoin economy project in the coastal town of El Zonte. He said: 

“It took my money but gave me nothing.”

All eyes on El Salvador’s Bitcoin experiment

Many economists, including global institutions like the IMF, asked questions about the plans for Bitcoin adoption in El Salvador as legal tender. Some questions included whether Salvadorans would download Chivo and the question of volatility or if merchants would accept BTC. However, most of their questions have been answered during the last four weeks since the Bitcoin law took effect. 

Despite the teething problems the country has experienced, adoption has been the most significant victory for El Salvador. The country’s President, who has been the force behind the initiative, recently revealed that close to three million people had downloaded the Chivo cryptocurrency wallet App. President Bukele revealed that over 2.1 million Salvadorans were actively using their wallets in September, Apart from the downloads. The president claimed yesterday on Twitter: 

Since yesterday, Salvadorans are inserting more cash (to buy #bitcoin) than what they are withdrawing from the @chivowallet ATMs.

And if we add remittances (almost $2 million per day), the incoming USD QUADRUPLES the outflow.

This is very surprising so early in the game.

— Nayib Bukele 🇸🇻 (@nayibbukele) October 7, 2021

“Since yesterday, Salvadorans are inserting more cash (to buy bitcoin) than what they are withdrawing from the Chivo wallet ATMs. This is very surprising so early in the game.” 

Up to 93% of businesses were yet to report Bitcoin payments

A recent poll by the Salvadoran Foundation for Economic and Social Development revealed that at least 12% of consumers had used Bitcoin last month. The foundation’s survey involved 233 companies across different sectors and told that up to 93% of businesses were yet to report Bitcoin payments. Leonor Selva of the National Association of Private Enterprises quipped: 

“We’re still not sure what benefits the government expected.” 

Several small businesses reported benefitting from a $30 bonus offered for downloading Chivo. Alexander Diaz, whose restaurant serving chicken wings saw a spike in business, told Reuters 20% of his customers were using Bitcoin. He said:

“Most of the people who received that bonus wanted to test how it could be spent, so several clients made payments to us with Bitcoin.”

1a49ddd7 d169 48a0 a252 3fc3a2ad01bb 1
Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

Tags: bitcoinEl Salvador
Previous Post

What Is Uniswap? A Quick Guide

Next Post

What Is Cosmos? A Quick Guide to the “Internet of Blockchains”

Related Posts

Bitcoin. Image source: Unsplash

Bitcoin: Market Sentiment, Technical Analysis & Price Action

by Rickie Sanchez
February 6, 2023
0

In December 2022, which was notable for its low volatility and little movement in price on the cryptocurrency market, Bitcoin...

Bitcoin vs Bears

Market Wrap: Bitcoin Rallies to $24,300 after 25bps Fed Interest Rate Hike

by Vincent Munene
February 3, 2023
0

Bitcoin jumped to about $24,300 on Wednesday after Federal Reserve Chair, Jerome Powell, suggested the U.S. central bank is seeing...

Bitcoin Bull Trap

Market Wrap: Bitcoin Struggles to Break Above $23,100 as ‘Bull Trap’ Calls Fill the Cryptoverse

by Vincent Munene
January 27, 2023
0

Bitcoin is currently facing challenges as it attempts to break above the $23,100 mark, with many experts in the crypto...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Start making money with crypto.

Buy Here
No Result
View All Result
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.