Latest News

El Salvador’s Chivo wallet Had 500,000 Registrations in one week

The state-owned bitcoin dollar, Chivo Wallet has over half a million users, 200 ATMs in El Salvador, 50 ATMs in the U.S.

The President of El Salvador, Nayib Bukele released information about the state-owned bitcoin and dollar wallet Chivo on Twitter. He also left updates regarding the country’s work towards facilitating BTC usage and exchange.

Also, Bukele reveals that there are 200 Chivo bitcoin ATMs functionally up and running in the country.

There is 50 machines set up in the U.S. These will allow users to top up their app balance and this is with zero commission fees.

For instance, Los Angeles, San Francisco, Atlanta, Chicago, Dallas, Houston, El Paso, El Doral, Laredo, and McAllen all have working Chivo ATMs installed.

Meanwhile, Users can fund their Chivo account balance through an ATM, starting on September 14. Users can also able to do it with any credit, debit, or gift card from anywhere in the world without paying commission fees.

Moreover, Chivo Wallet, previously permits only transactions in BTC of $5 or more to be sent to other wallet. It now allows its users to transfer as little as $0.01 in bitcoin.

Chivo Wallet Technical Issues

There was however a technical issue as explained by Bukele. This hinders users to currently register to the state-owned bitcoin and dollar account. The cause was because of a massive rise in sign-ups since the Bitcoin law took effect on September 7.

Related Post – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

However, 95% of Chivo Wallet’s technical difficulties is to be fix and restored as said by the president. He expects all remaining problems to be fix in the next few days.

Bitcoin adoption numbers continues showing big interest and growth as merchants and citizens begin use the new medium of exchange.

Over 500,000 people already signed up for the Chivo account, even though its usage is optional. Also, the mainstream global commerce chains have quickly moved on allowing purchases with BTC since day one.

For instance, Big names McDonald’s, Starbucks, Wendy’s, Dollar City, China Wok, and Pizza Hut are now accepting bitcoin. Even a local bank, Banco Cuscatlán, is integrating Bitcoin with its services.

As Bitcoin adoption in El Salvador grows, it will only be a matter of time before other countries realize what they are missing out from not adopting bitcoin. That will be after they’ve seen how much of a positive change it will bring to our environment.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.