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 would. Plus, Moneygram alters its enterprise. Problems and options with Chivo ATMs and the Chivo ecosystem as an entire. Stars in Bitcoin Beach and direct stories 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 folks from all around 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

  • Just a few days after sharing this video of the Volcanic Bitcoin mine already in motion, President Bukele reveals the receipts. He posted the Account Balance from “the primary Bitcoin mining” finished utilizing that candy geothermal renewable power. The complete provides as much as solely barely over $500, but it surely means a lot each for El Salvador and for Bitcoin.
  • If you favor to obtain your information from stunning women as a substitute of studying, these CNBC hosts have the earlier story coated. They speak positively about what mining with such clear power means for Bitcoin’s picture. At the highest, Michael Saylor completes the report with considered one of his philosophical phrases. “Bitcoin mining upgrades thermal power into digital power that may be exported anyplace on the earth and saved with out energy loss.

Moneygram Goes Crypto To Compete 

  • El Salvador ‘s Technology & Economy International Affairs Advisor, Mónica Taher, has the news on Moneygram. The firm “closed an alliance with Coinme at the start of this yr. Remittance shipments fell by 6% in 2020 and the corporate expects cryptocurrencies to make its enterprise extra engaging.” Analyze her emojis and also 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 beneath the tweet, you’ll discover lots of people complaining about system malfunctions. The Chivo ecosystem is barely surviving the stress take a look at, but it surely’s surviving. 
  • Bitcoin Magazine’s Aaron van Wirdum was a sufferer of system malfunction. “Chivo ATM ate my bitcoin at the moment. No money in return, no receipt, no response from customer support.” Luckily, the whole lot labored out in the long run. “This problem was resolved over DM; I received my $40 out of the machine.” There are hiccups all around the Chivo ecosystem, however hey, the experiment went stay lower than a month in the past.
  • Salvadoreans who pay for gasoline utilizing the Chivo pockets will get a reduction. In the photographs, you’ll be able to see the completely different quantities you’ll should pay with or with out Chivo. The folks at Bitcoin Beach provide commentary. “Never hurts to provide slightly incentive to folks to strive doing one thing in a brand new means.  Once they expertise the benefit of Bitcoin they may by no means return.
  • The folks 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 try 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 persons are utilizing Bitcoin, this pseudonymous Bitcoiner informs us. “There was a line in entrance of me and three customers have been utilizing Chivo pockets to pay for good and companies.”
  • A returning customer informs us that 85% of distributors in El Zonte now take Bitcoin. Also, “Locals are loving bitcoin and have completely different wallets on their telephones.”

Back At Bitcoin Beach: Stars

  • Surfing famous person Bethany Hamilton visited Bitcoin Beach, the Hope House and El Zonte’s waves. “So a lot enjoyable!!! Loved see ALL the superb work y’all are doing even past Bitcoin,” she stated. But wait… is there one thing past Bitcoin?
  • The pastries vendor that we instructed you about in the earlier News From El Salvador obtained donations from all all over the world purchased a brand new motorbike 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 folks 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 yr, 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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