El Salvador Bitcoin wallet onboard four million users - page 2.

Taskford

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Quote from: Jawhead999 on January 19, 2022, 04:00:02 AM

Quote from: maria1110 on January 19, 2022, 01:34:52 AM

4 million users? Wow! What's the population of El Salvador? Around 6 million? That's pretty large percentage!

I guess national policy is the most powerful push for massive adoption of crypto. Hope more countries would become positive towards this industry. Crypt is afterall the future trend.

Also their government offer $30 to each citizens, of course everyone will love free money by just creating account on Chivo wallet. But yeah, we don't know how many active wallet on there... it's possible people just creating account and withdraw the $30, that's not a adoption IMO since he's still trusting fiat and not using Bitcoin anymore.

Well, government power always the most powerful to control and persuade their citizens... since that's make it's completely legal and no worried anymore.

Even though we don't know yet what is the real number of their actual users still its good to see that their are 4 million people onboard on their official bitcoin wallet since even if they just withdraw and exchange their received bitcoin to fiat still they are now getting an idea about bitcoin and how they can transact it correctly. Maybe for now the number of users decline(maybe we don't know if it really is) after that what good thing is they have active wallets which they can use anytime if they are been decided to use the currency what the government adopted on their country.

Jawhead999

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Quote from: maria1110 on January 19, 2022, 01:34:52 AM

4 million users? Wow! What's the population of El Salvador? Around 6 million? That's pretty large percentage!

I guess national policy is the most powerful push for massive adoption of crypto. Hope more countries would become positive towards this industry. Crypt is afterall the future trend.

Also their government offer $30 to each citizens, of course everyone will love free money by just creating account on Chivo wallet. But yeah, we don't know how many active wallet on there... it's possible people just creating account and withdraw the $30, that's not a adoption IMO since he's still trusting fiat and not using Bitcoin anymore.

Well, government power always the most powerful to control and persuade their citizens... since that's make it's completely legal and no worried anymore.

passwordnow

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It's less than a year and yet they've managed to have that number of users for their wallet. I'll look at the positive side that there are more people that are knowing bitcoin there in El Salvador. As curiosity starts, they can eventually leave that wallet and look for an open source wallet for which they can use and be comfortable of using without following their government's order of using that chivo wallet.

Quote from: uneng on January 18, 2022, 04:20:25 PM

4 million wallets means 4 million bitcoin adopters

It is possible there that one person can own 2 or more Chivo wallets but if the stats say that it's one wallet per person then that's really a lot of users in a short period of time.

maria1110

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4 million users? Wow! What's the population of El Salvador? Around 6 million? That's pretty large percentage!

I guess national policy is the most powerful push for massive adoption of crypto. Hope more countries would become positive towards this industry. Crypt is afterall the future trend.

pooya87

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The number is more interesting when compared to the El Salvador's population which was 6.4 million according to Google and that puts 4 million users to 62.5% of the population.
But I'm afraid this is not something that we can celebrate since this is a closed source custodial wallet that the government controls and more importantly the majority of this wallet's users went there to only receive the free $30 not so much to use bitcoin.

Kakmakr

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Something worth mentioning that are actually of more value are this..and I quote : " The platform also claimed that it had facilitated the compliant onboarding of 70% of the country’s previously unbanked population. "

They also gave a $30 incentive bonus for the wallet owners and this represents about 10 percent of the average monthly income in El Salvador. Wink

The downside of this technology are the stripping of all Bitcoin anonymity, because this OnboardID system link the Chivo Wallet with all your private details.

"OnboardID easily handled scaling requirements, thanks to its incredibly fast processing speeds. In less than 15 seconds, the system can validate passports and National IDs, run sanctions checks, screen watchlists to ensure that the person creating the account was the same person as on the identity document, and return results to Chivo. "

Source : https://www.businesswire.com/news/home/20220118005185/en/Chivo-Wallet-Identification-Verification-Partner-Netki-Successfully-Onboards-4-million-users-in-45-days-to-Facilitate-El-Salvador%E2%80%99s-Official-Bitcoin-Adoption

Darker45

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Quote from: uneng on January 18, 2022, 04:20:25 PM

4 million wallets means 4 million bitcoin adopters, as KYC is required in order to use Chivo and claim the 30$ airdrop and all these adopters are only from El Salvador, so even a small country can contribute a lot to bitcoin adoption. These are positive points in my opinion.

On the other hand, these news are a bit sensationalist, because they exclude the possibility many people who created bitcoin wallets with Chivo did this only to claim the $30, cashout to fiat and stopped using bitcoin. Cointelegraph should also include the currently percentage of active wallets from the total of 4 million.

I agree, they're not necessarily Bitcoin adopters. Or what does it mean to be an adopter? The airdrop is worth $30 upon creation of a Chivo wallet account and anybody who gets it has the option to have it in Bitcoin or in USD. Many are probably withdrawing the free money in USD. Since every El Salvador citizen is qualified for the $30, expect that many will download, create an account, and pass KYC with Chivo without any intention whatsoever to use Bitcoin. Even those who are against Bitcoin could qualify for the airdrop. They don't even have to be Bitcoin supporters.

I guess it would be more interesting to count the active Bitcoin users out of those millions who downloaded the wallet.

Poker Player

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Well, it doesn't sound like such good news to me either. It's neither good nor bad. Nothing that we could not expect from El Salvador, where Bitcoin has been considered legal tender and a giveaway is given. What would be good news is that other countries would follow its lead, as rumored. By the way, there were some problems with money disappearing from wallets. Does anyone know if they have been solved? I guess if we haven't heard anything else it was a one-off problem.

uneng

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4 million wallets means 4 million bitcoin adopters, as KYC is required in order to use Chivo and claim the 30$ airdrop and all these adopters are only from El Salvador, so even a small country can contribute a lot to bitcoin adoption. These are positive points in my opinion.

On the other hand, these news are a bit sensationalist, because they exclude the possibility many people who created bitcoin wallets with Chivo did this only to claim the $30, cashout to fiat and stopped using bitcoin. Cointelegraph should also include the currently percentage of active wallets from the total of 4 million.

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As the need for Bitcoin mainstream adoption keeps rising across the world El Salvador one of the first countries around the world to have adopted Bitcoin as a Legal tender developed a native Bitcoin wallet which their initially offered $30 bitcoin raindrop to they citizens through their native wallet sometime late last year, have announced the number of users in the database which have amounted to a swooping 4 million registered users which to me is a great milestone to the overall bitcoin adoption.
Source: https://cointelegraph.com/news/el-salvador-s-bitcoin-wallet-onboards-4m-users-with-netki-partnership

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