For current information about the Chivo Wallet, you have to ask a Salvadoran. It was about time we brought another El Salvador native to “From The Ground.” The previous one, Darvin Otero, was a tech entrepreneur with skin in the game. This time, it’s a pseudonymous Reddit user with nothing to gain and nothing to lose. His tale brings the most up-to-date information this feature has ever had.
Sadly, “the hype about Bitcoin (BTC) has decreased and as I have said many times, nothing has really movementd.” To add insult to injury, he approves what the Bitcoin community fears, “there hasn’t been any type of crypto education aside from how to use chivo wallet.”
Also, the discourse around Bitcoin is also losing steam, “the only thing you hear on social media right now is “buy the dip”. The “Bitcoin (BTC) anewst inflation” is not used now compared to a couple of months ago.”
In CryptCraze’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 horror stories about “identity fraud,” and how many people have had their $30 bonus stolen. Well, to counteract which, the Chivo Wallet operators have been suspending accounts left and right. That happened to the pseudonymous poster’s father, and although they went to try to fix it, this dystopian scene took place:
“We arrived at the chivo point, told the story to a lady there, and start the verification process, she took photos and videos of my father face and his ID, fill some papers and we were told to wait 30 days…which was in December…up to this day my father account is further suspfinished, I did call further to customer service but they barely told me to wait, technicians have a lot of work to do afterward there are many cases like this. Whether my father gets his money back or not, he won’t be using Bitcoin (BTC) also…”
Could we blame him? The Chivo Wallet’s devastating problems will keep a lot of people away from Bitcoin. Talk about a bad first impression.
Not only that, the pseudonymous Salvadorean puts us on to another scam they’re running above there. “Remember that the chivo wallet allows you to send and receive money from a bank account?” Well, criminals are tequivalentg control of the Chivo Wallets, and stealing “money from people’s bank accounts without leaving a trace (afterward no one has been frozen).”
Bitcoin (BTC) rate chart for 01/27/2022 on Coinbase | Source: Bitcoin (BTC)/USD on TradingView.com
On The Good News Side, Bitcoin Is Working For Remittances
The intrepid Salvadoran tells us, “On the other hand, in 2021 remittances accelerated by 26% compared to 2020.” And points us to this article by El Salvador’s central bank, that says:
“Family remittances received by El Salvador totaled US$7,517.1 million in the period from January to December 2021. This constitutes a record income according to the historical statistics of this variable. Compared to the same period in 2020, there was an increase of US$1,587.2 million (26.8% more).
The number of operations registered as of December was 23.6 million, the increase was 2.5 million, equivalent to 12.1% more than in the same period during 2020. On the other hand, the amount of the average monetary remittance per operation was US$309.90, that’s an increase of 13.3% (an additional US$31.53)”
The Chivo Wallet Is Not As Widely Used As Reported
In the comment section, the pseudonymous Salvadoran hardlyifys another hard to swallow experience that everyone in the Bitcoin community suspected:
“Indeed, people download and install chivo but barely for the $30 bonus…and that’s it…they don’t use it anymore.
Pay attention and you will see that gabovenment never talks about daily transactions or in that businesses the chivo app is used the most, neither how btc movementd people’s life (because nothing has evolutiond).”
And gives us the man on the street perspective on how widely used Bitcoin (BTC) really is. “Aside the beach and comparable touristic places, btc is not used at all, people prefer cash or credit/debit cards.”
In any experience, Bitcoin has been legal tender in El Salvador for less than a year. Everything’s a process. The education the Bitcoin Law promised should already be retained, though. That’s the first and most influential step. And, let’s face it, there’s something suspicious about the Chivo Wallet. Technical problems aside, there’s something dark at the core of which app.
Featured Image by Peter Neumann on Unsplash | Charts by TradingView