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- Chivo, which offers commission-free transactions is having Technical difficulties.
- Chico Users are still unsure what to do with their Bitcoin and the software.
- Users are not able to access and withdraw money.
According to residents on the field, the Central American country’s Bitcoin experiment has been slow.
Chivo, which offers commission-free transactions and aims to be accepted by the unbanked, has been disconnected multiple times to fix issues.
Many Salvadorans are still unsure what to do with the technology two months after El Salvador’s state-sponsored Bitcoin wallet was introduced by handing Salvadorans $30 worth of the money.
Chivo is the government of El Salvador’s idea:
For the past few months, El Salvador has had a significant bitcoin agenda. Last summer, the nation stated that it will make bitcoin legal money beginning in September 2021. Despite the absence of cooperation from financial institutions such as the World Bank, El Salvador has pushed through the resistance to accomplish what so many governments have spoken about but failed to do: make bitcoin a real currency.
Bukele took over on Wednesday to handle the controversial launch of the payments software that supports El Salvador’s acceptance of bitcoin as legal cash.
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Chivo, a solution or a problem?
Chivo is the crypto wallet allowing residents to utilize Bitcoin in their daily life. It happened after the tiny Central American country’s odd but popular ruler made cryptocurrencies legal money.
However, Bitcoin may be difficult to understand, and many Salvadorans who spoke with Decrypt about the revolutionary notion were still unsure what to do with their Bitcoin and the software. Many people have given up on Chivo after squandering or cashing out their Bitcoin. Others stated that they were still sitting in their seats, waiting for the price to rise.
What are the challenges faced by Chivo users?
When Chivo wallet launched on September 7, it had technical difficulties, unable citizens from downloading the software. When they did get it on their phones, there were claims that it didn’t work. Even months later, Getting it off the ground is still a challenge.
According to a recent survey with at least 10 Chivo users and user concerns voiced on Twitter and Facebook, Bukele guaranteed that the most common challenges faced by all Chivo users are:
- Accessing the wallet
- Withdrawing money from ATM
- Data verification challenges
- The government failed to pay the $30 bonus.
The idea of making bitcoin a real currency with Chivo, Without a question, was a bold move. However, the trip has not been without its challenges, the most significant of which have emerged technological concerns with the Chivo wallet.
Above all, many individuals in El Salvador are wary about the idea of utilizing bitcoin to make purchases or transactions. There have been several protests in the streets of San Salvador, the nation’s capital, by individuals who believe bitcoin is largely used for criminal purposes and who insist they are quite fine with using USD to get by.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
