Chivo Pockets in El Salvador recorded 500,000 registrations in a single week

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El Salvador’s President Nayib Bukele shared on Twitter updated information about the Chivo state bitcoin and dollar wallet, as well as some news about the country’s work to facilitate the use and exchange of BTC.

Bukele announced that there are 200 Chivo Bitcoin ATMs in operation in the country and 50 machines installed in the US that allow users to top up their app balance without commission fees. Los Angeles, San Francisco, Atlanta, Chicago, Dallas, Houston, El Paso, El Doral, Laredo, and McAllen all have working Chivo ATMs installed.

In addition to topping up their Chivo account balance via an ATM, starting September 14th, users will also be able to do so with any credit, debit or gift card from anywhere in the world without paying commission fees. Additionally, Chivo Wallet, which previously only allowed transactions in BTC of $ 5 or more to other wallets, now allows its users to transfer bitcoins up to $ 0.01.

However, new users are currently unable to register for the state Bitcoin and Dollar account, said Bukele, referring to technical problems that have already been resolved due to the massive increase in registrations since the Bitcoin Act came into force on the 7th, the said President and expect any remaining issues to be resolved in the next few days.

Just a week after Bitcoin officially became a legal currency in El Salvador, adoption numbers show great interest from traders and citizens in using the new medium of exchange. Over 500,000 people have signed up for the Chivo account, although its use is optional, and major global retail chains have been quick to allow BTC purchases since day one. Big names that accept Bitcoin in El Salvador currently include McDonald’s, Starbucks, Wendy’s, Dollar City, China Wok, and Pizza Hut. Even a local bank, Banco Cuscatlán, has already integrated Bitcoin into its services.

As Bitcoin adoption grows in El Salvador, powered and supported by the Lightning Network, Satoshi Nakamoto’s vision of creating a true peer-to-peer digital form of cash is becoming a reality. The monetary commodity, still viewed primarily as a store of value in developed economies, is showing its true potential in developing countries, where access to the banking system is limited and where people can benefit most from the adoption of Bitcoin. However, it can only be a matter of time before other countries notice how Bitcoin can bring about positive change in their territory as well.

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