• El Salvadorans are adjusting to life with Bitcoin, but it’s not easy

  • El Salvador, against the wishes of the IMF and World Bank, did the unthinkable on September 7 by making Bitcoin legal tender – a move that has irritated a portion of its citizens, primarily due to the perception that it is not for ordinary everyday people.

    Nonetheless, almost a week later, a Redditor claiming to be from El Salvador provides an update on how things are going. And it hasn’t gone as smoothly as President Bukele had hoped.

    What role has Bitcoin played in El Salvador’s adaptation?

    President Bukele’s Bitcoin law proposal has been met with public outrage since he announced it in June of this year.

    These protests have grown in size and intensity, with armed riot police called out during the most recent one on the day the law went into effect.

    However, Reddit user u/Tux fan begins his post by stating that the protests have died down, with the focus shifting to social media debate rather than what is happening on the streets.

    “There hasn’t been a protest since September 7th.” People who support the law and those who oppose it have taken to social media to debate it.”

    According to u/Tux fan, there has been no discernible change as a result of Bitcoin’s implementation. According to him, it’s just another payment method, and everything is the same as it was before the law went into effect.

    However, the Bitcoin “experiment” has run into a few snags with the national Chivo wallet, primarily due to bugs that affect its usability.

    Chivo is out.

    According to Google Trends, the search term “Chivo” in El Salvador is expected to reach a rating of 100 once the data is compiled.

    Despite the fact that the Bitcoin law has been in effect for four months, the search frequency rating was only 2 during the previous data point, the week of August 29 to September 4.

    On the day of the launch, President Bukele tweeted that the app would be turned off while administrators increased server capacity to handle the traffic.

    However, u/Tux fan reports that the Chivo app, not the server capacity, causes the wallet to be buggy and unusable. However, if the capacity issue has not been resolved, it is likely that there is a link between the two.

    “It appears that the app was not ready for release. When you open or use the app, you are logged out; sometimes it works, sometimes it does not.”

    u/Tux fan also mentions a bug in which less money is received when transferring from Chivo to the Exodus wallet. In his case, he sent $20 from Chivo and received $2 in Exodus – three days later, his Exodus balance is still negative.

    What's your reaction?