To carry out the ambitious plan to make Bitcoin (BTC) legal tender in El Salvador, the country’s authorities decided to create their own cryptocurrency wallet called Chivo. The application’s launch took place on 7th September and was marked by a glitch, preventing citizens from downloading the app.
Even though the aforementioned problem was finally solved, the wallet still seems to be working incorrectly, as evidenced by constant transaction failures. The problem persists, with many users complaining about their Chivo wallet not allowing them to pay normally.
Two months after El Salvador’s state-sponsored Bitcoin wallet launched by gifting Salvadorans $30 worth of the cryptocurrency, many still don’t know what to do with the tech, according to Decrypt.co.
Finally, the wallet has been repeatedly hacked for easy money. Many Salvadorans only installed the app for a $30 award promised by the government, so, the attackers used other people’s ID numbers to create new Chivo accounts, thus collecting a free reward.
This means that many citizens can no longer create an account, since hackers have already done it for them.
Of course, many citizens of El Salvador believe that the problem will be solved soon. Chivo is meant to become the basis of the country’s crypto economy in president Nayib Bukele’s view.
Salvadorans’ ignorance of Bitcoin’s nature and properties is another pressing issue. Citizens of El Salvador generally lack the education needed to use cryptocurrencies – people simply do not know what to do with Bitcoin, so they just download Chivo to withdraw their free $30.
Of course, El Salvador’s officials promise to solve all the problems with Chivo as soon as possible, but even if they manage to do so, without more knowledge on Bitcoin, Salvadorans won’t be able to appreciate it.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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