Many people are excited about El Salvador’s decision to accept bitcoin as legal money, but how many people use the Chivo bitcoin wallet in El Salvador every day?
This is according to a new study that was based on interviews with 1,800 Salvadoran households and found that the number is not excessive.
“Chivo was established in September in El Salvador, with the promise of a $30 bitcoin bonus to everyone who signed up.
“The poll found that many Salvadorans ceased using Chivo after getting the free incentive, despite the fact that it was offered to them.
The results of the most recent poll also show that many businesses have been slow to accept bitcoin.
El salvador Business – Low Confidence in Bitcoin
The majority of businesses (88 percent) said they convert their bitcoin balance on the app into dollars rather than keeping it as a holding balance.
In response to the study, respondents stated that 40% of their app downloads occurred when Chivo first launched in September of last year and that “almost no downloads” occurred this year, according to the researchers.
Companies in El Salvador have to accept bitcoin as a form of payment if they can do so under the country’s law.
It turns out that only 20% of people who own businesses or can answer questions about their employers’ payment methods say their businesses are willing to accept bitcoin.
Those who were aware of Chivo did not download it because of technical difficulties, which ranked just sixth on a list of reasons why they did not do so (over 21 percent of survey respondents).The most common reason was that consumers chose to pay with cash instead of credit or debit cards.