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I was replying on this thread (#230435) when a curiosity showed up.
  • How much are people in El Salvador using bitcoin on a daily basis?
I've done a small search and I found an interesting (but outdated) PWC report: https://www.pwc.com/gx/en/financial-services/pdf/el-salvadors-law-a-meaningful-test-for-bitcoin.pdf
On page 10:
• 3 million citizens are using the nation’s Bitcoin wallet, Chivo. That is almost 50% of the country’s population11;
• An average of $2 million per day in remittances are transacted through the Chivo wallet12;
• An average of more than 65k of transactions per second on Chivo wallets13;
• An average of more than 14k of transactions per day on Chivo ATMs14;
• Since September 7th, Salvadorans have inserted more cash (to buy bitcoin) than what they are withdrawing from the Chivo wallet ATMs15;
• Furthermore, El Salvador’s government is strongly promoting Bitcoin adoption, through initiatives such as discounts on the fuel if paid with Chivo wallet16.
This info is from October 2021.... Anyone has any update on this subject?
I don't know much about the updated numbers but sadly we don't have the discount for fuel anymore and even if they did they only accept chivo dollars so you cant just roll up at a gas station as a "gringo" with an "external wallet" and pay with sats
Chivo has great benefits but fatal flaws, say you go to a business and they are using chivo on mobile you can only receive dollars with no options to convert, if its desktop Chivo you need to teach the person how to use it but you have all 3 options dollars, onchain, lightning and you can convert same goes if you go to the Pupusa Lady and she has a personal account
as for remittances the normies still line up at the western union, some on forgot to tell them 1 btc=1 btc Im speeking about my experiance here on the east side of the country the forgotten asshole of this country, I know that adoption on the west side is greater but I still manage to live 100% off of bitcoin, I made my own little circular economy here in my village pupusas, gas, convince store a Lady at el Mercado who sells fruits and vegetables, all my bills are paid with sats everything im so deep in the bitcoin standard that even @DarthCoin would stand in aw.
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Please explain to people here what are "chivo dollars" 😂😂😂😂
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OK..so.. you know chuck e cheese
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Thanks for the reply...
Do you think it's possible do something else to improve? Do you think people believe it's just unpractical?
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Education is badly needed here mi primer bitcoin is doing an OK job but the government need to educate the people, my people need to be told what to do, most will not try to figure it out by them selves i don't think that now is the right time for the goverment to shove it down the peoples mouths perhaps after the 24 election and a nice bull run the people will be more reseptive, most still think its speculative asset but I think a bitcoin educational channel on TV would be the best thing
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a bitcoin educational channel on TV would be the best thing
They need one with Saifedean Ammous and Giacomo Zucco. Just 1h/day is enough, simple things
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As you mention, to live in El Salvador - either in rural areas - on a bitcoin standard, today is possible. It requires extra effort, it requires you to learn and build your way to make it possible. The technology and tools allow it.. The system? Not fully yet... This report is dated and somehow true. Chivo is the "National wallet", not really usable and their ATM some time play games with people values.
Apart that, luckily there are many more wallets available but not many allowing the bridge from BTC>USD, that's what the most of the people need. Some people might be able to save a bit with a constant flow of incoming sats, and that's why it is important to spend sats there.
The government itself, and many other organizations, are planning so many events in the country that a calendar soon will be needed. Meetups are popping all over the country and people are excited about the future.
New SMB are opening every day and a bunch of international companies are moving headquarters to San Salvador, the capital. Plus educational programs for any type of audience, children at school, developers at Cubo+, bitcoin business networks, etc...
There's over 3M Salvadorean outside (1/3 of the population) responsible for sending remittances to friends and family residing in El Salvador. Many are deciding to move back and grow roots on their own country.
Many gringos for all over the world are also relocating to ES bringing with them knowledge, assets, and ideas to start a new life within a new standard.
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NICE!
I'm starting to have a better idea of how things are truly developing...
Thanks for your report!
OFF-TOPIC: How about violence, is it true it's getting better? I live in Brazil, there are some cities here that seems to be out of control, Rio de Janeiro as an example... The government is loosing ground everyday against the organized crime. =(
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Violence has not been mentioned = there's no violence anymore in the whole country.
All the FUD spread oversea about this memories are now just noise. Some issue have been recorded inside the jails... where all the bad boys are.
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After everyone spent or withdrew the $30 from Chivo wallet the active daily users fell by a lot. The Chivo ATMs usually have a Chivo employee nearby, when I have asked them about daily transactions they say it's 1-2 users per day. The employee is there from 8am-5pm My local Wendy's makes about $60 per month in Bitcoin transactions, they work exclusively with Chivo, I may account for half of that, so maybe they have one more customer. Another midsize restaurant I know of made around $200 in BTC sales in the first year. Remittances have mostly stayed at the same volume, the president has a lot of supporters amongst the diaspora, but part of the issue is that Bitcoin is seen as Bukele's money. If you accept Bitcoin people think it's because you support the president.
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Surprisingly, I was expecting a scenario pretty much like this... Thank you very much for this 🫡
Is it possible define some sort of trend? Any chance young folks will use more Bitcoin with time?
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As with any technology, the younger generations are more likely to adopt it, I know there are some efforts going on like Mi Primer Bitcoin, but next year the central government will probably include some basic Bitcoin education in the national curriculum for highschool students.
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Bitcoin is seen as Bukele's money. If you accept Bitcoin people think it's because you support the president.
😂😂😂😂😂😂😂😂😂😂😂😂
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Hope they show up here... 😁
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deleted by author
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I think he live now in ES or around there. He have more experience on the ground. There are more stackers from ES here but I can't remember their SN alias now.
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he was there on holidays for a month or so
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I have been in El Salvador for almost 15 months now, and adoption has grown steadily. The last thing I paid for with Bitcoin that was missing was fuel for my car.
Anyway, if anyone here truly wants to know the truth about what's happening in El Salvador, my recommendation is to join my group and ask the community living here directly.
Telegram is the hottest group right now https://t.me/bitcoinersinelsalvador
And I'm starting to build a Community on Twitter as well: https://twitter.com/i/communities/1670880072843026432
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