{"id":9497,"date":"2021-09-08T10:29:13","date_gmt":"2021-09-08T09:29:13","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9497"},"modified":"2021-09-08T10:29:23","modified_gmt":"2021-09-08T09:29:23","slug":"el-salvadors-bitcoin-journey-starts-with-a-price-crash-and-technical-difficulties","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/el-salvadors-bitcoin-journey-starts-with-a-price-crash-and-technical-difficulties\/","title":{"rendered":"El Salvador\u2019s Bitcoin journey starts with a price crash and technical difficulties"},"content":{"rendered":"\n
The government's official Chivo Wallet have experienced some technical issues<\/a> following it debut and Bitcoin has seen a 10% price crash since becoming a legal tender in El Salvador.<\/h5>\n\n\n\n
\"El<\/figure>\n\n\n\n

The difficulties of Bitcoin becoming legal tender in El Salvador have been excruciating\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. There have been protests in the streets, critics imprisoned without charge by police, and even international condemnation.<\/p>\n\n\n\n

A sense of national insecurity has dominated the last 90 days, ever since President Nayib Bukele launched the country on this path.<\/p>\n\n\n\n

However, now that Bitcoin is officially legal tender in El Salvador, the experiment's opening few hours have been everything but joyful, beginning with the market's apparent reaction to today's launch.<\/p>\n\n\n\n

Bukele said yesterday night that the country has purchased 200 Bitcoin (worth around $10 million at the moment) and that it had already purchased 400 BTC for its reserves.<\/p>\n\n\n\n

At the time, the price of Bitcoin was approaching $53,000 per coin, allegedly propelled by investor enthusiasm<\/a>. Bitcoin, on the other hand, plunged by more than 10% hours later, causing El Salvador to lose its first few million dollars as a result of the asset's volatility.<\/p>\n\n\n\n

Bukele answered today by claiming he bought the dip, bringing the country's total Bitcoin holdings to 550. He didn't say how much he paid for it.<\/p>\n\n\n\n

Aside from today's market fluctuations, El Salvador's maiden day with Bitcoin as legal cash was plagued by technological issues.<\/p>\n\n\n\n

The official Bitcoin wallet of the government, known as the “Chivo Wallet,” is now inaccessible on the official Android app store, forcing users to rely on third-party stores<\/a> with less transparent security regulations.<\/p>\n\n\n\n

The government encourages citizens to use Huawei's App Gallery.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Apple, on the other hand, released the Chivo Wallet iOS link earlier today.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

However, anyone who was able to obtain the wallet through a third party has learned that it is no longer functional<\/a>.<\/p>\n\n\n\n

According to Bukele, the Chivo development team chose to put the wallet on hold in order to update the servers ahead of the expected severe workload.<\/p>\n\n\n\n

“Any data entered at this time will result in an error. The system is unavailable while the servers' capacity is enhanced. It's a basic issue, but it can't be resolved through the online system “In an official statement, he stated.<\/p>\n\n\n\n

Users can use their preferred Bitcoin wallet<\/a> in the meantime, albeit they will not be eligible for the $30 in Bitcoin gift that the government is presenting. Only Chivo users have access to this.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The government’s official Chivo Wallet have experienced some technical issues following it debut and Bitcoin has seen a 10% price crash since becoming a legal tender in El Salvador. The difficulties of Bitcoin becoming legal tender in El Salvador have been excruciating . There have been protests in the streets, critics imprisoned without charge by […]<\/p>\n","protected":false},"author":12,"featured_media":9502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,21],"tags":[152,456,4300],"class_list":["post-9497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-bitcoin","tag-el-salvador","tag-technical-difficulties"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/El-Salvadors-Bitcoin-journey-starts-with-a-price-crash-and-technical-difficulties.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9497"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9502"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}