“Bitcoin and Chivo Wallet is a fraud,” baker complains about money losses | News from El Salvador

The merchant claims that he has lost money from failed transactions due to app issues and now prefers not to use that wallet.

“Salvadoran brothers, for 2 months I have worked with the Chivo Wallet and Bitcoin application in El Salvador, I know how Strike works, how PayPal works, how digital cryptocurrency wallets work and let me tell you that, personally, my opinion later of more than two months of use of Bitcoin in El Salvador and Chivo Wallet is a fraud ”.

This is how a baker from Mejicanos expresses himself, according to a video circulating on social networks released this Wednesday by the Noticiero Mejicanos page on Facebook.

Although the worker is not identified in the video, his account of what he has experienced in recent months with the use of the cryptoactive reflects what other merchants have experienced in their businesses, due to the constant failures that the application has had.

In fact, this Wednesday the Chivo Wallet again presented maintenance failures that this time were associated with problems in the Amazon Web Service (AWS) platform. Users reported through social networks that they could not make transactions with bitcoins through the wallet promoted by the government of Nayib Bukele, because they received the message: “We are undergoing maintenance.”

You can see: Chivo Wallet, with maintenance failures due to problems on the Amazon platform

The baker narrates part of the problems he has had to face with the use of the Chivo Wallet and why he considers that it is “not worth it” to use it, after what has happened to him.

“You will never have security of your money, I have lost transactions, so I express, after two months of testing it, my resounding no to this fallacy, to this Bitcoin fraud,” he says.

And he continues: “As a humble person, as a street vendor, I have lost money; It’s not worth it, because sometimes you send the person (funds), they discount you, the person never drops it, you need to always have a balance. I don’t know what the fault is, but it is a fraud. Bitcoin and Chivo Wallet is a fraud! ”.

The entrepreneur assures that the Chivo Wallet is not functional, after having tried to implement it in his small business for two months. Illustrative and non-commercial video / https://fb.watch/9W3ykUPaAK/

This man’s experience has also been lived by other merchants who in the end decided to stop using the application, because it generated economic losses.

For example, a young owner of a restaurant in the San Benito neighborhood told El Diario de Hoy last October that “out of ten transactions that I tried to carry out with the Chivo Wallet, only one was achieved.”

“We downloaded the Chivo to use it in the business, I even realized that my DUI had already been used, but since there are people who want to pay with the Chivo to spend the $ 30 bonus, but it gives many failures; that is why I prefer to use the Muun Wallet, which is another virtual wallet, of the many there are worldwide, but which is effective and I feel safe ”, said the merchant at that time.

SEE: Merchants decide not to use Chivo Wallet due to “dysfunctional and unsafe”

All these problems have pushed businesses to give up making transactions with Bitcoin and prefer to use the dollar, as reflected in recent surveys released by universities in the country.

According to the survey by the Centro de Estudios Ciudadanos (CEC) of the Francisco Gavidia University, released in November, when presenting the option of both currencies, 91.4% of Salvadorans favored the dollar, 4.9% for Bitcoin and 3.7 % did not answer.

Also unions such as the National Association of Private Enterprise (ANEP) and the Chamber of Commerce have reported the minimum transactions with Bitcoin that businesses have done in the country.

“Really for us as a private sector, two months after implementation, operations with Bitcoin are minimal. In some sectors they report less than 1% to us, “said Leonor Selva, executive director of ANEP, last month.

According to data from the largest business union, what entrepreneurs have had to invest to adapt their businesses and receive payments with the cryptoactive has not offset the benefits promised by the government when starting Bitcoin as legal tender, which entered effective on September 7 of this year.

You can also see: “Bitcoin failed in El Salvador,” summarizes a writer specialized in cryptocurrencies 3 months into the law

“There were businesses with more than 130 branches that a month, they told me, they had not had more than 10 transactions. We have companies that tell us that they spent $ 20,000 to implement a system to accept payments in Bitcoin and have received 6 payments in Bitcoin. The expense that that company had to incur versus the benefit is not worth it, ”Selva explained.

And after three months of the validity of Bitcoin in El Salvador, experts in cryptocurrencies such as David Gerard, a British writer who has closely followed the evolution of Bitcoin in the country, made an evaluation on this project.

“Bitcoin failed in El Salvador and the response of the president (Nayib Bukele) is more Bitcoin,” sums up the specialist in his most recent article published in the US magazine Foreign Policy.

In his article, Gerard takes up the volatility of the virtual currency, the failures of Chivo Wallet, the goal of Salvadorans to get only $ 30 in cash and the marches against the measure, among other things that have occurred in recent months.

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“Bitcoin and Chivo Wallet is a fraud,” baker complains about money losses | News from El Salvador

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