December 6, 2022

From The Ground: A Salvadoran With The Latest On Chivo Wallet And BTC Education

4 min read

For existing info about the Chivo Wallet, you have to ask a Salvadoran. It had to do with time we brought another El Salvador native to “From The Ground.” The previous one, Darvin Otero, was a tech entrepreneur with skin in the video game. This time, it’s a pseudonymous Reddit user with absolutely nothing to acquire and absolutely nothing to lose. His tale brings the most up-to-date info this function has ever had.

Unfortunately, “the hype about BTC has actually decreased and as I have stated lot of times, nothing has actually really altered.” To rub salt in the wound, he validates what the Bitcoin neighborhood fears, “there hasn’t been any kind of crypto education aside from how to use chivo wallet.”

Likewise, the discourse around Bitcoin is also slowing, “the only thing you hear on social networks right now is “buy the dip”. The “BTC against inflation” is not utilized now compared to a couple of months earlier.”

In Bitcoinist’s From The Ground series, we’ve brought you the Dutch, Salvadoran, French, North American One and Two, Italian, and Austrian perspectives on El Salvador.

It’s time for another Salvadoran.

The Chivo Wallet Keeps Suspending Accounts

You’ve heard the scary stories about “identity scams,” and how many people have actually had their $30 bonus taken. Well, to neutralize that, the Chivo Wallet operators have actually been suspending accounts left and right. That occurred to the pseudonymous poster’s dad, and when they went to attempt to fix it, this dystopian scene occurred:

“We reached the chivo point, told the story to a girl there, and begin the confirmation procedure, she took photos and videos of my father face and his ID, fill some documents and we were told to wait 30 days … that was in December … as much as this day my daddy account is still suspended, I did call again to customer service however they just told me to wait, service technicians have a great deal of work to do considering that there are lots of cases like this. Whether my daddy gets his cash back or not, he will not be utilizing BTC again …”

Could we blame him? The Chivo Wallet’s disastrous issues will keep a great deal of individuals away from Bitcoin. Discuss a bad impression.

Not just that, the pseudonymous Salvadorean puts us on to another fraud they’re running over there. “Remember that the chivo wallet allows you to send out and get cash from a savings account?” Well, lawbreakers are taking control of the Chivo Wallets, and stealing “cash from people’s checking account without leaving a trace (since nobody has been captured).”

BTCUSD price chart for 01/27/2022 - TradingView

 BTC rate chart for 01/27/2022 on Coinbase|Source: BTC/USD on On The

Good News Side, Bitcoin Is Working For Remittances

The intrepid Salvadoran informs us, "On the other hand, in 2021 remittances increased by 26% compared to 2020." And points us to this short article by El Salvador's reserve bank, that says:

"Family remittances gotten by El Salvador totaled US$ 7,517.1 million in the period from January to December 2021. This constitutes a record earnings according to the historic data of this variable. Compared to the exact same duration in 2020, there was a boost of US$ 1,587.2 million (26.8% more).

The number of operations signed up as of December was 23.6 million, the boost was 2.5 million, equivalent to 12.1% more than in the exact same duration during 2020. On the other hand, the amount of the typical financial remittance per operation was US$ 309.90, that's an increase of 13.3% (an extra US$ 31.53)"

The Chivo Wallet Is Not As Widely Used As Reported

In the comment section, the pseudonymous Salvadoran verifies another difficult to swallow fact that everyone in the Bitcoin community suspected:

"Indeed, individuals download and install chivo but simply for the $30 bonus offer…… which's it … they don't utilize it anymore.

Focus and you will see that government never ever talks about daily deals or in which organizations the chivo app is utilized the most, neither how btc altered people's life (because nothing has actually changed)."

And provides us the male on the street point of view on how widely utilized BTC actually is. "Aside the beach and comparable touristic locations, btc is not used at all, individuals prefer cash or credit/debit cards."

In any case, Bitcoin has actually been legal tender in El Salvador for less than a year. Whatever's a process. The education the Bitcoin Law promised ought to currently be in location, however. That's the very first and most important step. And, let's face it, there's something suspicious about the Chivo Wallet. Technical issues aside, there's something dark at the core of that app.

Included Image by Peter Neumann on Unsplash|Charts by TradingView