{"id":350584,"date":"2021-10-08T21:24:54","date_gmt":"2021-10-08T18:24:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/el-salvadors-bitcoin-use-grows-but-headaches-persist\/"},"modified":"2021-10-08T21:24:54","modified_gmt":"2021-10-08T18:24:54","slug":"el-salvadors-bitcoin-use-grows-but-headaches-persist","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/el-salvadors-bitcoin-use-grows-but-headaches-persist\/","title":{"rendered":"#El Salvador&#8217;s bitcoin use grows but headaches persist"},"content":{"rendered":"<p>&#8220;<strong>#El Salvador&#8217;s bitcoin use grows but headaches persist<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>EL\u00a0ZONTE,\u00a0El\u00a0Salvador, Oct 7  \u2013 A growing number of\u00a0El\u00a0Salvadorans have experimented with\u00a0bitcoin\u00a0since the country became the first to adopt it as legal tender last month, with a couple of million dollars sent daily by migrants using the cryptocurrency.<\/p>\n<p>But only a fraction of the Central American nation\u2019s businesses have taken a\u00a0bitcoin\u00a0payment and technical problems have plagued the government\u2019s cryptocurrency <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>, frustrating even committed\u00a0users of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.<\/p>\n<p>Construction worker Adalberto Galvez, 32, said he had lost $220 when trying to withdraw cash from the Chivo digital wallet.<\/p>\n<p>Like Galvez, dozens of Salvadorans told Reuters they had at least one problem with Chivo, named after the local word for \u201cgood,\u201d and few had\u00a0used it on a daily basis.<\/p>\n<p>\u201cIt took my money but gave me nothing,\u201d said Galvez, who had already been using\u00a0bitcoin\u00a0successfully for months with another application at an experimental small-scale\u00a0bitcoin\u00a0economy project dubbed\u00a0Bitcoin\u00a0Beach in the coastal town of\u00a0El\u00a0Zonte.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-1.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A Chivo worker assists two men with the use of bitcoin outside an ATM location of Chivo, a bitcoin digital wallet that the Salvadoran government launched for the use of bitcoin as legal tender, in San Salvador, El Salvador, October 4, 2021.\" class=\"wp-image-19743296\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-1.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-1.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-1.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A Chivo worker assists two men with the use of bitcoin outside an ATM location in San Salvador, El Salvador, on October 4, 2021.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Galvez said the funds had been taken from his\u00a0Bitcoin\u00a0Beach wallet but he was never able to withdraw the cash via Chivo. He said he had not heard back after he filed complaints.<\/p>\n<p>Others have also reported irregularities with transactions and attempts of stolen identity. President Nayib Bukele has blamed high demand for the issues Galvez and others have faced.<\/p>\n<p>A spokesperson for the president\u2019s office and Chivo could not be reached for comment.<\/p>\n<p>By some measures adoption in the poor country, where one fifth of families depends on remittances, has been rapid.<\/p>\n<p>Bukele has said three million people have downloaded Chivo, some 500,000 more than initially targeted and roughly half the country\u2019s population. In September he said the wallet had 2.1 million active\u00a0users.<\/p>\n<p>One month since launch, 12% of consumers have\u00a0used the cryptocurrency, the Salvadoran Foundation for Economic and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Development reported.<\/p>\n<p>\u201cSince yesterday, Salvadorans are inserting more cash (to buy #bitcoin) than what they are withdrawing from the @chivowallet ATMs,\u201d Bukele tweeted on Wednesday. \u201cThis is very surprising so early in the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>.\u201d<\/p>\n<p>But the foundation, which polled 233 companies across different sectors, found that the overall\u00a0use\u00a0was still low, with 93% of companies reporting no\u00a0bitcoin\u00a0payments.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-3.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A man passes by a graffiti that reads &quot;Bitcoin equals corruption&quot;, which is a part of a campaign against the use of Bitcoin as legal tender, in San Salvador, El Salvador, October 5, 2021.\" class=\"wp-image-19743297\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-3.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-3.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-3.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A man passes by graffiti reading \u201cBitcoin equals corruption\u201d, which is a part of a campaign against the use of Bitcoin as legal tender, in San Salvador, El Salvador.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>\u201cWe\u2019re still not sure what benefits the government expected,\u201d said Leonor Selva of the National Association of Private Enterprises, one of several business groups that remains skeptical about the rollout.<\/p>\n<p><strong>Migrant money<\/strong><\/p>\n<p>The Bukele government hopes that 2.5 million Salvadorans living in the United States will eventually send remittances through Chivo.<\/p>\n<p>So far, 30\u00a0bitcoin\u00a0ATMs to send remittances have been installed in Atlanta, Chicago, Houston and Los Angeles and Bukele says around $2 million is being sent via Chivo daily.<\/p>\n<p>Juan Moz, a construction worker who has lived in the United States since 2005, recently chose Chivo to send remittances home to his family \u2013 a decision he said saves him up to $18 when compared to traditional money transfer services.<\/p>\n<p>\u201cI\u2019m definitely going to keep using it,\u201d he said in a phone interview from San Francisco.<\/p>\n<p>However, most of\u00a0El\u00a0Salvador\u2019s\u00a0$6 billion dollars annual remittances \u2013 about a quarter of the nation\u2019s gross domestic product \u2013 still comes via money transfers, with many wary of the cryptocurrency\u2019s volatility.<\/p>\n<p>Last month,\u00a0El\u00a0Salvador bought 700\u00a0bitcoins. Prices initially dropped sharply after the Sept. 7 adoption but surged in late September to reach about $54,000 per coin this week.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-4.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A man walks past signs reading &quot;Bitcoin accepted here&quot; outside a street stall where the cryptocurrency is accepted as a payment method in San Salvador, El Salvador October 4, 2021. \" class=\"wp-image-19743298\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-4.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-4.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-4.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A man walks past signs reading \u201cBitcoin accepted here\u201d outside a street stall where the cryptocurrency is accepted as a payment method in San Salvador, El Salvador.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>Several people told Reuters they had downloaded the wallet and received a $30 bonus that the government offered at the outset of the program.<\/p>\n<p>The handout was big enough that it benefited some small business owners like Alexander Diaz, whose restaurant serving chicken wings saw a spike in business.<\/p>\n<p>\u201cMost of the people who had that bonus wanted to test how it could be spent, so several clients made payments to us with\u00a0bitcoin,\u201d Diaz said, adding that some 20% of his customers now\u00a0use\u00a0the cryptocurrency.<\/p>\n<p>\u201cChivo has benefited small entrepreneurs because\u00a0it makes the payment method easier for customers,\u201d Diaz said.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/10\/08\/el-salvadors-bitcoin-use-grows-but-headaches-persist\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#El Salvador&#8217;s bitcoin use grows but headaches persist&#8221; EL\u00a0ZONTE,\u00a0El\u00a0Salvador, Oct 7 \u2013 A growing number of\u00a0El\u00a0Salvadorans have experimented with\u00a0bitcoin\u00a0since the country became the first to adopt it as legal tender last month, with a couple of million dollars sent daily by migrants using the cryptocurrency. But only a fraction of the Central American nation\u2019s businesses&#8230;<\/p>\n","protected":false},"author":1,"featured_media":350585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/el-salvador-bitcoin-2.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,117214,76127,90059],"class_list":["post-350584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-10-8-21","tag-cryptocurrency","tag-el-salvador"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/350584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=350584"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/350584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/350585"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=350584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=350584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=350584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}