El Salvadorians are adapting to life with Bitcoin, but it’s not smooth sailing


Against the wishes of the IMF and World Bank, El Salvador did the unthinkable by making Bitcoin legal tender on September 7 – a move that has irked a proportion of its citizens, primarily due to the perception that it’s not for ordinary everyday people.

Nonetheless, almost a week since then, a Redditor who claims to be from El Salvador updates how things have been going. And it’s not been as smooth as President Bukele would have hoped for.

How To Get Free Crypto  

How has El Salvador adapted to Bitcoin?

Since announcing the move in June this year, President Bukele’s Bitcoin law proposal has been met with public protest.

These protests have been getting increasingly larger and more intense, with armed riot police called out during the most recent one on the day the law came into effect.

But Reddit user u/Tux_fan opens his post by saying the protests have died down, with the matter switching to social media debate rather than happening on the streets.

“There haven’t been any protest since september 7. Any kind of debate has gone to social media, people who support the law and those against it.”

As for the aftermath of Bitcoin’s implementation, u/Tux_fan said there is no noticeable change. In his words, it’s just another payment method, and everything is as it was before the law came into effect.

However, the Bitcoin “experiment” has hit a couple of snags with the national Chivo wallet, mainly with bugs affecting its usability.

Coinbase Banner  

Chivo is a no go

According to Google Trends, the search term “Chivo,” in El Salvador, is projected to hit a rating of 100 when the actual data gets compiled.

Even though the Bitcoin law has been public knowledge for four months, the search frequency rating was just 2 during the previous data point, the week from Aug 29 to Sept 4.

Source: trends.google.com

On the day of launch, President Bukele tweeted that app needed to switching off while admins increased server capacity to cope with the traffic.

But u/Tux_fan reports that the Chivo app itself, not the server capacity, makes the wallet buggy and unusable. Having said that, if the capacity issue hasn’t been resolved, it’s likely that there is a connection between the two things.

FreeBitcoin Banner  

“It seems the app wasn´t ready to be released. You’re logged out when you open or use the app, sometimes it works, sometimes not.”

u/Tux_fan also describes a bug that shows fewer dollars received when transferring out of Chivo to the Exodus wallet. In his example, he sent $20 from Chivo and received $2 in Exodus – three days on, and his Exodus balance remains short.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Posted In: El Salvador, Adoption

Like what you see? Subscribe for updates.

Go to Source
Author: Samuel Wan

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.