El Salvador Citizen says what to do with Chivo: Reports

El Salvador Citizen says what to do with Chivo: Reports 2

The official Bitcoin wallet of El Salvador is still under question about its use cases and issues with use cases, according to Decrypt. 

On 7 September, El Salvador adopted Bitcoin as legal tender. Now it is around two months after the adoption. And in the last two months, El Salvador announced many initiatives related to Bitcoin and also appreciated the move of Bitcoin law with Chivo wallet. 

Chivo wallet is an official Bitcoin wallet of El Salvador and in the last two months, there have been recorded funds transactions that took place at zero cost, according to El Salvador officials.

A recent report of Decrypt claimed that they found some local citizens of El Salvador, who are sceptical of the use case of Chivo wallet. 

According to  Luis Mauricio, a 30-year-old mechanic in El Salvador, the Chivo wallet is not working perfectly every time. And he hopes that soon it will get fixed so that people can use it with decent confidence. 

However, besides this concern with Chivo wallet, a developer found that people are creating wallets without downloading the Chivo wallet app. And also many times transactions took a long time to proceed. 

Because of these issues, not all citizens and businesses are using it for payment purposes. 

Steve Hanke, professor at Johns Hopkins University, told the decrypt that “the entire El Salvador Bitcoin enterprise appears to be operated by amateurs.”

According to Steve, these problems with the Chivo are not surprising to him because these things are usually because of Bitcoin slow transactions confirmation during the transaction to a third party non-Chivo wallet. 

Further, Steve said that he doesn’t know about the actual problem with the Chivo but he suspects that there are chances that El Salvador’ Chivo wallet is using some kind of centralized service to facilitate transactions, that is why there is a delay in the transactions taking place. 

Steve Hanke also asserted that there are many citizens of El Salvador, who don’t understand what Bitcoin is actually? Overall he said that there is a need for huge education in the Bitcoin and Chivo wallet. 

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