Majority of Salvadoran have Bitcoin wallet over Bank account

Reports confirmed that there is a big volume of users difference between then Bank account holders over Bitcoin wallet accounts in El Salvador. 

On 7 September, El Salvador adopted bitcoin as a legal tender officially. But the introduction of bitcoin law successfully, before and after, was full of controversy. Many people criticized Bitcoin law and other many things that are possible because of bitcoin adoption. Even few protestors burned one of the bitcoin ATMs of El Salvador to fight against the El Salvador government over bItcoin law and Bitcoin adoption in the form of currency. 

Related: Bitcoin detractors burn Bitcoin ATM as part of demonstration against El Salvador president

But recent records show that El Salvador is moving toward achieving many beneficial results because of bitcoin law. 

According to the report of Forbes, Bitcoin law made many unbanked people banked through the Chivo Bitcoin wallet. Reference taken from the tweet information of Nayib Bukele, where Nayib Bukele tweeted that 3 million downloads of Chivo wallet has been completed, that means, around 46% of the population of El Salvador is using Chivo Bitcoin wallet. 

And if we look at the old report of El Salvador then according to 2017 records there are “only 29 percent of Salvadorans had bank accounts”.

So clearly, people of El Salvador are getting banked with the adoption of Bitcoin as legal tender through Chivo wallet, which allows people to accept payments with the speed of light because of the Bitcoin Lightning network. 

One thing, here we can notice beside the records of Chivo wallet, there are other wallets available in El Salvador which are supporting Bitcoin lightning network concept and allows payments directly & easily with Chivo wallet e.g Strike wallet. 

With any lighting network enabled Bitcoin wallet, Salvadorians can pay money to the merchants. 

Chivo Bitcoin ATM wallet 

A photo of El Salvador also shared by the Forbes, where people were waiting to use Chivo Bitcoin ATM machines. So we can say, people are giving value to the Chivo  BItcoin ATM instead of the traditional ATM. This clearly shows how much people of El Salvador are aware about the Bitcoin benefits right now. 

Read also: Ripple team-up with Nelnet to reduce crypto carbon footprint