in June Bitcoin legal tender accepted as a first in the world and El Salvadorfailed to satisfy its citizens. El Salvadorans did not show the expected interest in Bitcoin, according to a new survey conducted in the country.
The Bitcoin move made by the South American country had an echo in the crypto press. To its citizens $30 free Bitcoin El Salvador’s administration, which even launched a dispersal campaign, seems frustrated with the new poll. In the seven months after the cryptocurrency became legal, only 5 percent of payments were made in Bitcoin.
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Why do the people of El Salvador not trust Bitcoin?
How successful El Salvador is in Bitcoin is a matter of debate. Nayib Bukele, President of El Salvador It was stated that the expected interest in the crypto campaign led by him was not experienced. According to the report, the country’s digital wallet “Chivo Wallet” failed to catch up with widespread usage rates.
The survey revealed that almost no one downloaded Chivo Wallet in the first quarter of 2022. First released in September, the app is the native digital wallet of El Salvador. payment with bitcoin offers the opportunity.
The people of El Salvador still have major problems trusting crypto, according to analysts who surveyed 1,800 people. The reason why Chivo is under-downloaded This distrust of Bitcoin was the environment.
“The most important reason for not downloading the app was that users preferred to use cash and there were trust issues for crypto. Participants did not trust the system or Bitcoin itself.”
The survey, which showed almost no tax payments with Chivo Wallet, has shown that Chivo’s only 5% of all sales are made with Bitcoin revealed. The dollar, the country’s other legal currency, received the majority of the rest.
Although the South American country’s Bitcoin move has been unpopular, President Bukele has bigger crypto plans. It will be built next to the volcano The world’s first “Bitcoin city” and building a school with 20 percent of the earnings from Bitcoin are some of these plans.
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