It is all up to the people of El Salvador to decide which among their two legal tenders is more convenient for them to use. It is enough for the government to present Bitcoin to the country as a legal tender.
To be fair, I think the government of El Salvador did not fail in this regard. Bitcoin did not also fail in this regard. Bitcoin has strengths and weaknesses. If Bitcoin's strengths do not matter to a certain portion of the population, then they're free to make use of the USD. After all Bitcoin is there not to replace the USD but to serve as an alternative.
It is more than enough that the government of El Salvador is open-minded to let the people have freedom in choosing their preferred currency.
Topic: Reducing Bitcoin Transactions in El Salvador (Read 411 times)
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
Their strategy is quite good despite a few numbers population they have, they keep pushing it and continue to promote it by being transparent to their people about their roadmap and other projects in the future regarding bitcoins.
when it comes to the people transacting using bitcoin, it will take years for the result to show up just like the current local exchanges we have in our country where I can say most of them are successful even though our country is neutral when it comes to Cryptocurrencies.
Despite the government's emphasis on using bitcoin in daily transactions, people are reluctant to use bitcoin in their transactions (according to a US academic research study).
In September, Chivo was launched by El Salvador. The purpose of launching Chivo was to encourage people to use bitcoin and for every new sign-up, users would receive a $ 30 bitcoin giveaway. But many people stopped using Chivo after receiving the free bonus, and only 20% of users continued to use Chivo after receiving the free bonus.
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
In September, Chivo was launched by El Salvador. The purpose of launching Chivo was to encourage people to use bitcoin and for every new sign-up, users would receive a $ 30 bitcoin giveaway. But many people stopped using Chivo after receiving the free bonus, and only 20% of users continued to use Chivo after receiving the free bonus.
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
That seems perfectly normal.
If I was in El Salvador I wouldn't use a closed source wallet like Chivo, but use an open source one instead, like Muun, Breez, Blue Wallet, Blixt, Phoenix, etc.
Now, if they offer me $30 to open an account there, sure, I would get it and transfer it to any of my other wallets and then stop using Chivo.
The fact that they were tracking the users of Chivo to see how many users they had is another reason why I would stop using it.
So, in reality, this statistic only talks about Chivo usage, not Bitcoin usage, which might have increased for all we know.
This is going to picture out that El Salvadorians aren't appreciating much for Bitcoin. It was to see that even though all the countries will legalize Bitcoin this never means that it increases the use of Bitcoin for daily transactions and cuts huge transactions using fiat money. As the chart says people just got hypes on the trial stage but never see they will continue using it in the long run. It's on the downhill which is really not a good sign to see.
I didn't see wrong with the use of the Chivo wallet, it was that people aren't prepared yet nor they already have knowledge on how to use this.
I didn't see wrong with the use of the Chivo wallet, it was that people aren't prepared yet nor they already have knowledge on how to use this.
I think if 20% using Chivo wallet it's pretty normal. Because those create a wallet or open an account on Centralized exchanges all of them haven't been used. I think max 20 to 30% of users are active there, others just sleeping. Citizens aren't using the Chivo wallet doesn't mean they aren't using Bitcoin. Different people have a different choices, no one could force to use them any specific wallet anyway. At least Citizens familiared with Bitcoin, now depends in them whether will us it or not.
Because we have alternatives now owed to other centralized exchanges and other trading platforms, which may be one way or another has better exchange rates than what Chivo is offering. So if you want to pay something, and you have better option than using Chivo, what would you use? So yes, not using Chivo means people are not transacting with bitcoin. They may even have founnd better choices by knowing what Chivo is offering. Figures from Chivo users doesn't mean that's the crypto figures for El Salvador. And also, it would take time for its citizens to adopt the crypto business. Once they internalize its advantage, more than likely they will patronize this market and at the same time endorse it to their family, colleagues and friends.
I think if 20% using Chivo wallet it's pretty normal. Because those create a wallet or open an account on Centralized exchanges all of them haven't been used. I think max 20 to 30% of users are active there, others just sleeping. Citizens aren't using the Chivo wallet doesn't mean they aren't using Bitcoin. Different people have a different choices, no one could force to use them any specific wallet anyway. At least Citizens familiared with Bitcoin, now depends in them whether will us it or not.
The reason for this reluctance may be because the government has not created much learning system for the people before legalizing it. Or in simpler terms, they did not give a proper introduction like seminars. El Salvador would have been better off delaying the legalization and focusing on educating their people about this industry to rake in interest. While it may be a bit too late for this, they can still hold seminars having a few bucks as baits to make people show up or free courses. One way or another, some people joining these seminars/free courses will finally learn to love the innovation that the blockchain can offer specially when the speaker on these seminars are well versed when it comes to talking about crypto and speaking on seminars.
I would guess that making people learn is not the way to go, if they are not interested then they are not interested and that is the end of it. If they are interested then there is really nothing that would stop them from learning it neither. Don't you think there are enough places online that would teach them already?I do not know their language, Spanish? Portuguese? Whatever it is, I am sure they could just open up youtube and learn about it and there must be some from El Salvador itself, and that would basically mean that they could have learned if they wanted to. They did not because they didn't really want to and that is the problem.
Look brother, it is like this, if people do not know anything about it, or never hear about it, how will they have interest about it? Having these seminars or learning courses for the people really interested is a good way not just to educate but also to advertise bitcoin and spread word about it to people that don't get easily reached by social media.
Also, if they get to hear about it, they are sure to at least be curious since whenever money is involved people tend to pay attention more compared to other things that does not involve money making. Just like how some people that do not understand the value of education so they don't bother with it while others that understands strive hard to be educated and get a degree, bitcoin will also be in demand for the people that comes to understand it.
Google Trend on Bitcoin searching in El Salvador shows two dramatic spikes around May - June 2021 when their President announce his national law on Bitcoin in a conference. The second spike is in September 2021 when Bitcoin is Legal tender in the nation.
When people use all their airdrop (selling) and don't mind to buy back or open for Bitcoin as a payment method for their business, the hype goes away and searching stats decreases too. In addition, it is more easily acceptable when you receive Bitcoin (as one of payment method for your business) and see it increases in value. Oppositely, it is very unacceptable if you receive it and see its value falls in downtrend.
Lastly, most of El Salvadorians are not Bitcoin investors and if they are, they are unexperienced ones.
https://trends.google.com/trends/explore?date=today%205-y&geo=SV&q=bitcoin
When people use all their airdrop (selling) and don't mind to buy back or open for Bitcoin as a payment method for their business, the hype goes away and searching stats decreases too. In addition, it is more easily acceptable when you receive Bitcoin (as one of payment method for your business) and see it increases in value. Oppositely, it is very unacceptable if you receive it and see its value falls in downtrend.
Lastly, most of El Salvadorians are not Bitcoin investors and if they are, they are unexperienced ones.
https://trends.google.com/trends/explore?date=today%205-y&geo=SV&q=bitcoin
I do not know their language, Spanish? Portuguese? Whatever it is, I am sure they could just open up youtube and learn about it and there must be some from El Salvador itself, and that would basically mean that they could have learned if they wanted to. They did not because they didn't really want to and that is the problem.
Then you have a very narrow knowledge of some basic things, because Portuguese is the official language only in Brazil, while in some countries there is a mix of different languages that include Portuguese. What you and some others see as a problem is actually a matter of choice, because no one is forced to use Bitcoin, nor does they have to understand it - and this applies not only to El Salvador but to the whole world.
People who have never used Bitcoin as a currency in their lives (and there are many) should not preach to other people because for some reason they do not want to use Bitcoin. If no one in El Salvador uses Bitcoin in x years, does that mean Bitcoin is defeated?
The reason for this reluctance may be because the government has not created much learning system for the people before legalizing it. Or in simpler terms, they did not give a proper introduction like seminars. El Salvador would have been better off delaying the legalization and focusing on educating their people about this industry to rake in interest. While it may be a bit too late for this, they can still hold seminars having a few bucks as baits to make people show up or free courses. One way or another, some people joining these seminars/free courses will finally learn to love the innovation that the blockchain can offer specially when the speaker on these seminars are well versed when it comes to talking about crypto and speaking on seminars.
I would guess that making people learn is not the way to go, if they are not interested then they are not interested and that is the end of it. If they are interested then there is really nothing that would stop them from learning it neither. Don't you think there are enough places online that would teach them already?I do not know their language, Spanish? Portuguese? Whatever it is, I am sure they could just open up youtube and learn about it and there must be some from El Salvador itself, and that would basically mean that they could have learned if they wanted to. They did not because they didn't really want to and that is the problem.
Let's say 100% installed chivo and got $30BTC.
Then 20% of the people who installed Chivo continued to use it after receiving the $30.
My question:
1. Is there a data that shows how many percentage stored using chivo app because it is difficult for them to use. Maybe at first they gave it to someone to help them claim the $30, after getting the welcome bonus they could not continue the journey which seem complicated to them.
If we can get the number of citizens who wish to use but don't know how to use, you will understand the true nature of things in El Salvador.
2. Are there not people who uses bitcoin in El Salvador but are not interested in the chivo app. Where is there own percentage?
Then 20% of the people who installed Chivo continued to use it after receiving the $30.
My question:
1. Is there a data that shows how many percentage stored using chivo app because it is difficult for them to use. Maybe at first they gave it to someone to help them claim the $30, after getting the welcome bonus they could not continue the journey which seem complicated to them.
If we can get the number of citizens who wish to use but don't know how to use, you will understand the true nature of things in El Salvador.
2. Are there not people who uses bitcoin in El Salvador but are not interested in the chivo app. Where is there own percentage?
20% is a good percentage for a start, do not forget that El Salvador is a poor country and there are many people who do not know anything about Bitcoin and the technologies related to it, so this percentage is considered rather good for such a bold project that is still in its infancy, do not forget also that the age of Bitcoin is not very big ( A little more than ten years) This makes it new and difficult to deal with a large number of people, especially the elderly, so in my opinion the government of El Salvador should do more to spread the Bitcoin culture more and more.
Adopting bitcoin by El Salvador's government is a very good idea but as it was said before. It will be very difficult for any country to adopt bitcoin or Crypto Currency in the country base on it that the capitalist system will not allow Countries to adopt bitcoin fully to use. "El Salvador usage is even encouraging. 20% of the citizens are currently using the chivo. That is nice but how did you get your 20% from? It would have been nice if you provide the source douse our minds.
The population of El Salvador as of now is estimated on 6.55 millions.
https://tradingeconomics.com/el-salvador/population
Out of the 6.55 millions people, 20% are using the chivo wallet that means, a quite number of people are using the wallet. And it might increase in number or decrease in number, That is the probable failure or probable success in the bitcoin adoption in the country. But all depends on the business tycoons to decide.
The population of El Salvador as of now is estimated on 6.55 millions.
https://tradingeconomics.com/el-salvador/population
Out of the 6.55 millions people, 20% are using the chivo wallet that means, a quite number of people are using the wallet. And it might increase in number or decrease in number, That is the probable failure or probable success in the bitcoin adoption in the country. But all depends on the business tycoons to decide.
It is extremely personal considering if people choose to actually use the bitcoin network or to use it as an asset. I do think that :
Bitcoins as a whole is more preferred as an asset especially when the price is going up and the volatility is ever increasing as well, therefore people might be waiting on their bitcoins as well.
It's hard to get the hold of the government since their helplines are not working that well according to the people. I think what they need to do is :
1. Give it time
2. Improve
3. Make things more functional
We cannot really force someone to use Chevo tho, they might have their own wallets and softwares that they use. People also have a probelm with where the ATMs are placed as well, apparently they are not really accessible.
Bitcoins as a whole is more preferred as an asset especially when the price is going up and the volatility is ever increasing as well, therefore people might be waiting on their bitcoins as well.
It's hard to get the hold of the government since their helplines are not working that well according to the people. I think what they need to do is :
1. Give it time
2. Improve
3. Make things more functional
We cannot really force someone to use Chevo tho, they might have their own wallets and softwares that they use. People also have a probelm with where the ATMs are placed as well, apparently they are not really accessible.
I don’t know about all this but let me ask you what is the purpose of Chevo, and you can tell me it’s just to give out money to people so they can use Bitcoin, Chevo should have a use and I am not sure maybe the people of El Salvador don’t really like it or probably there is an issue, I don’t know the statistics, but if the government of El Salvador are as friendly to crypto as the media is painting them then I believe their citizens would also have an interest in it, but we must also recognize El Salvador is still a developing country and many of them are average to low earners so the so this may affect the statistics.
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
I don't think we as bitcoin users in different countries can impose advice on the government of El Salvador to increase the use of bitcoin as their daily means of payment. It doesn't really matter to us and we don't think we have to find a solution for it. It is clear that anyone can choose any means of payment [currency] authorized by the government, so bitcoin is not a payment instrument that is forced by the government to be used even though it is legalized as a currency.Will El Salvador people use bitcoin for their daily transactions or not?
OP, I don't think you need to worry about the growth of bitcoin users in El Salvador especially those still using Chivo. Every user has their own choice about their bitcoin wallet and perhaps the research would be more accurate if some other wallets [besides Chivo] were also included in the variables.
Despite the government's emphasis on using bitcoin in daily transactions, people are reluctant to use bitcoin in their transactions (according to a US academic research study).
In September, Chivo was launched by El Salvador. The purpose of launching Chivo was to encourage people to use bitcoin and for every new sign-up, users would receive a $ 30 bitcoin giveaway. But many people stopped using Chivo after receiving the free bonus, and only 20% of users continued to use Chivo after receiving the free bonus.
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
In September, Chivo was launched by El Salvador. The purpose of launching Chivo was to encourage people to use bitcoin and for every new sign-up, users would receive a $ 30 bitcoin giveaway. But many people stopped using Chivo after receiving the free bonus, and only 20% of users continued to use Chivo after receiving the free bonus.
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
For me, even as the president already made Bitcoin a legal tender, it doesn't mean that all of them would accept in using it. Of course, crypto is still very young and the adoption was slow in which it is reasonable. But at least it's much better than none at all. They can't please every citizen out there. It will be accepted gradually but not swiftly. Slowly but surely the citizens would start to embrace Bitcoin in open arms as long they are being educated properly about it and not being mislead with some ponzis using Bitcoin as front.
Many factors may be in the dark side that researchers don't know about. It could be that the account created is just an account from one owner, they take advantage of it to get free Bitcoin. I think this must have happened.
El Salvador does not use Bitcoin as a mandatory currency. They still use two currencies, Bitcoin and the U.S. Dollar. For those residents who don't know then I think they still use a lot of banknotes or USD metal.
The government is certainly aware that not all residents have the ability and intelligence to use Chivo or Bitcoin. I think counting the number of users may not be accurate. They could have used other types of wallets. But what I heard was that their government bought a few hundred BTC a few months ago.
El Salvador does not use Bitcoin as a mandatory currency. They still use two currencies, Bitcoin and the U.S. Dollar. For those residents who don't know then I think they still use a lot of banknotes or USD metal.
The government is certainly aware that not all residents have the ability and intelligence to use Chivo or Bitcoin. I think counting the number of users may not be accurate. They could have used other types of wallets. But what I heard was that their government bought a few hundred BTC a few months ago.
Despite the government's emphasis on using bitcoin in daily transactions, people are reluctant to use bitcoin in their transactions (according to a US academic research study).
In September, Chivo was launched by El Salvador. The purpose of launching Chivo was to encourage people to use bitcoin and for every new sign-up, users would receive a $ 30 bitcoin giveaway. But many people stopped using Chivo after receiving the free bonus, and only 20% of users continued to use Chivo after receiving the free bonus.
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
So I would say that this is a clear example of allowing people to understand, adopt and invest in Bitcoin by themself eventhough I want to believe that the El Salvador Government has not forced Bitcoin useage on its people but rather made it an option to their local currency, however, when Bitcoin adoption was not directly from the people, you would expect to see what we are experiencing in El Salvador once the market turns Bearish, if it was Bullish all along more people would have continue to use it and as we know, this is not particuler to El Salvador, a lot of traiders dump durring the bear market at least we see all the complaints of the market here on the forum. In September, Chivo was launched by El Salvador. The purpose of launching Chivo was to encourage people to use bitcoin and for every new sign-up, users would receive a $ 30 bitcoin giveaway. But many people stopped using Chivo after receiving the free bonus, and only 20% of users continued to use Chivo after receiving the free bonus.
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
Will El Salvador people use bitcoin for their daily transactions or not?
What is the El Salvador government's strategy to increase the usage of bitcoin by the people?
I talked about this a long time ago in a post and it really is a bit complicated to encourage most people to use this cryptocurrency, for the sole reason that these people have been used to daily use of their economy for their entire lives. . as are the banks, that is to say that these people have been trusting in a controlled system, so they place their trust in this "they know" and not in Bitcoin "which is the newcomer" (to put it in some way) what is happening in el salvador is that people do not have the bases to integrate into this economy… currently it is known that the political entities of el salvador are waiting for an ascending chain to deposit their next bond, hopefully by then people will be more oriented and know Take advantage of this opportunity offered to you.
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