El Salvador’s Chivo Bitcoin Wallet Has Over 500,000 Users

El Salvador’s Chivo Bitcoin (BTC) wallet has reportedly broken the 500,000 user barrier. The wallet was launched on September 7 this year.


Difficult start

The residents of El Salvador are therefore rewarded when they download the app for the first time; they receive $30 in the top cryptocurrency. Since the introduction of the wallet, the country has already purchased 400 Bitcoins.

Still, Bitcoin integration in El Salvador has had a rocky start. Meanwhile, there have been several protests against its adoption, organized by both opposition forces and citizens. Protesters have marched through the streets and have even filed a lawsuit against the approval.

However, the government of El Salvador stands firm and has taken several measures to incentivize people to use Bitcoin, including getting $30 in Bitcoin on the first download of the wallet. Also, for example, foreigners do not have to pay capital gains tax on their Bitcoin profits. In addition, when they decide to move and start a business, they are allowed to apply for a permanent residence permit.


Not everyone agrees with Bitcoin as a means of payment

This shows that not everyone agrees with the approval of Bitcoin as a means of payment in the country. Yesterday, on September 15, the country celebrated its independence day. Many residents protested against the current government on this day. Among other things, the newly installed Bitcoin ATMs are said to have been destroyed.

According to a Reddit user, Bitcoin would further amplify the already existing inequalities in the country, something of great concern to the residents of El Salvador. According to the Redditor, the Bitcoins stored in the Chivo wallet can be taken by the country’s government. This is something that goes against the idea of ​​many cryptocurrencies and not everyone agrees.

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However, something that cannot be denied is that using cryptocurrencies significantly reduces costs for cross-border payments and makes these transactions much faster. The use of cryptocurrencies can therefore play an important role for many countries. It is currently unknown what the next step in El Salvador will be regarding Bitcoin, among other things.

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