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News From El Salvador, Early October: The Chivo Ecosystem’s Stress Test

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Another month, one other Bitcoin mined utilizing volcanic energy. That’s what’s taking place in El Salvador, the little nation that might. Plus, Moneygram alters its enterprise. Problems and options with Chivo ATMs and the Chivo ecosystem as an entire. Stars in Bitcoin Beach and direct reviews from the bottom. This version of our now common information roundup comes further charged with motion and heartwarming tales, so buckle up!

Related Reading | By The Numbers: How Much Western Union And MoneyGram Will Lose From El Salvador’s Bitcoin Law

The loopy factor is, the Bitcoin Law went into impact only a month in the past. And all of that is taking place as individuals from everywhere in the world arrive within the nation for the 2 Bitcoin conferences that it’ll host this month. 

El Salvador ‘s Volcanic Bitcoin Mine Is On

  • A couple of days after sharing this video of the Volcanic Bitcoin mine already in motion, President Bukele exhibits the receipts. He posted the Account Balance from “the first Bitcoin mining” achieved utilizing that candy geothermal renewable power. The complete provides as much as solely barely over $500, however it means a lot each for El Salvador and for Bitcoin.
  • If you favor to obtain your information from lovely girls as an alternative of studying, these CNBC hosts have the earlier story coated. They discuss positively about what mining with such clear power means for Bitcoin’s picture. At the highest, Michael Saylor completes the report with one among his philosophical phrases. “Bitcoin mining upgrades thermal energy into digital energy that can be exported anywhere in the world and stored without power loss.”

Moneygram Goes Crypto To Compete 

  • El Salvador ‘s Technology & Economy International Affairs Advisor, Mónica Taher, has the scoop on Moneygram. The company “closed an alliance with Coinme at the beginning of this year. Remittance shipments fell by 6% in 2020 and the company expects cryptocurrencies to make its business more attractive.” Analyze her emojis and you’ll know she’s hinting that El Salvador and its volcanoes are the trigger. 

BTCUSD price chart for 10/04/2021 - TradingView

BTC value chart for 10/04/2021 on FTX | Source: BTC/USD on TradingView.com

What’s Going On With The Chivo Ecosystem?

  • President Bukele additionally shared the Chivo ecosystem’s dashboard with a number of stats. At the time, the Chivo pockets had 2.255.936 customers. In the interactions under the tweet, you’ll discover lots of people complaining about system malfunctions. The Chivo ecosystem is barely surviving the stress take a look at, however it’s surviving. 
  • Bitcoin Magazine’s Aaron van Wirdum was a sufferer of system malfunction. “Chivo ATM ate my bitcoin today. No cash in return, no receipt, no response from customer service.” Luckily, every thing labored out ultimately. “This issue was resolved over DM; I got my $40 out of the machine.” There are hiccups everywhere in the Chivo ecosystem, however hey, the experiment went dwell lower than a month in the past.
  • Salvadoreans who pay for gasoline utilizing the Chivo pockets will get a reduction. In the images, you’ll be able to see the totally different quantities you’ll need to pay with or with out Chivo. The individuals at Bitcoin Beach provide commentary. “Never hurts to give a little incentive to people to try doing something in a new way.  Once they experience the ease of Bitcoin they will never go back.”
  • The individuals at Bitcoin Beach additionally inform the incoming new wave of vacationers that they don’t have to go to foreign money exchanges on the airport. They can use the Chivo ATMs to promote their Bitcoin and extract Dollars. And they don’t even have to do this, as a result of all people accepts Bitcoin there. 

Chivo Reports From The Ground

Before we go to the Bitcoin Beach information, some first-hand reporting is so as.

  • Real-life individuals are utilizing Bitcoin, this pseudonymous Bitcoiner informs us. “There was a line in front of me and 3 consumers were using Chivo wallet to pay for good and services.”
  • A returning customer informs us that 85% of distributors in El Zonte now take Bitcoin. Also, “Locals are loving bitcoin and have different wallets on their phones.”

Back At Bitcoin Beach: Stars

  • Surfing famous person Bethany Hamilton visited Bitcoin Beach, the Hope House and El Zonte’s waves. “So much fun!!! Loved see ALL the amazing work y’all are doing even beyond Bitcoin,” she stated. But wait… is there one thing past Bitcoin?
  • The pastries vendor that we instructed you about in the previous News From El Salvador acquired donations from all around the globe purchased a brand new bike to promote his product with.

Related Reading | President Bukele Clears Up Misconceptions About The Government’s Chivo Wallet

  • Today in Miami Beach, the Oslo Freedom Forum’s Bitcoin Academy will open its doorways. Roman Martínez and the individuals at Bitcoin Beach have been going to be current within the panel titled “Building a Bitcoin Community.”
  • Sadly, although, Roman Martínez can’t make it.
  • As a comfort prize, he was featured in a Time Magazine article.

That’s it for now. The El Salvador Bitcoin experiment is the story of the 12 months, most likely. Join us once more in a few weeks to test on the event of the Chivo ecosystem and this superb story. 

Featured Image: Chivo promoting from this tweet | Charts by TradingView



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