Two weeks after the approval of the bitcoin law, The state coffers already had 700 units of cryptocurrency. With the October 6 rally, which took Bitcoin for more than $50,000, this amount is estimated at $37 million.
One of the stumbling blocks that Bukele’s opponents have often used to hold Bitcoin accountable has to do with the state’s wallet for transactions with Bitcoin, called Chivo. Although the government promised that it would come into effect from the first minute of Monday, September 7, this did not happen.
The developers of the app had to briefly disable it after launch, to fix server issues. Complaints have been added on social networks from users who were able to download the app and access the $s30 bonus offered for using it. Many claimed that they did not receive the exact amount and attributed it to an alleged set of commissions, although this is probably due to fluctuations in the value of the cryptocurrency.
It was also known to have privacy issues, when user names in QR codes for the Lightning Network were exposed due to an error. These failures have also been resolved. However, at the beginning of October, it was found that the application had been out of service for several minutes.
Statistics run by Bukele indicates that there are more than 3 million users of Chivo Wallet and some of them are in processing 65,000 transactions per secondNote that these are not unique parameters because each takes more than a second to process. By mid-September, more than 500,000 people had registered on the Chivo platform.
During the first week of the law’s entry into force, the President reported, Installing 200 ATMs across the country and 51 Chivo points to provide information to the public.
together, 50 official Chivo ATMs have been installed in the United States. They are located in Los Angeles, San Francisco, Chicago, Atlanta, Dallas, Houston, Doral, El Paso, McAllen, and Laredo. In which of them you can make transactions in bitcoin or US dollars.
To try to quell the allegations, the government has deployed a group of 4,000 promoters responsible for training El Salvador residents to use Bitcoin.