Bitcoin's first day in El Salvador and another 150BTC to the wallet

The move marks a milestone for the fledgling digital currency as it has finally become what was intended by anonymous creator Satoshi Nakamoto

a decade ago – decentralized money. Sponsored Sponsored

Technical Problems on Bitcoin’s Opening Day

President Nayiba Bukele’s grand vision to move away from the U.S. dollar and adopt a second currency had a bumpy start. Tech giants such as Apple and Huawei saw servers overloaded with registrations for the government’s Chivo wallet, according to the BBC

.

On that day, McDonald’s and Starbucks restaurants accepted payments in Bitcoin for the first time, and Chivo began popping up across the Central American country.

The

government-backed

sponsored

wallet

accepts payments in BTC and USD, so there’s still a choice, although merchants have to offer the option to pay in Bitcoins, which some are not happy about.

Speaking to the BBC, Ed Hernandez, who runs a family-run grocery store in San Salvador said:

During a pandemic, it will be nice not to use physical cash.

Adding that it protects him from counterfeit notes.

Twitter user Jack Mallers demonstrated

the deal to his 164,000 followers by sending some BTC from the US to a friend in El Salvador.

My friend was subsequently able to withdraw cash at one of the many chivo wallet ATMs, walking away with cold, hard cash.
Did he need a bank account? No.
Did we need a WesternUnion? No.
Did he need to use a specific wallet or get specific credentials? No.
Were there any fees? No.

The biggest problem came when the markets did what they often do – flash crash. Opposition politician Johnny Wright Sol said it was a very bad day for President Bukele, his government and his Bitcoin experiment as the asset took a tumble.

Futures Driven Market Cra

sh

Yesterday’s events in El Salvador were not related to a market flash

crash

, although it was very unfortunate timing. According to CryptoQuant analysts, the cause appears to be the liquidation of over-leveraged futures contracts. A similar scenario mia

It was published at the end of May.

At the time of publication, BTC had rebounded slightly above the $46,000 level. Currently, it is still down 1.4% from its daily opening. President Bukele was not worried, stating that he bought on the decline, adding another 150 BTC to his total holding, which currently stands at 550 BTC.

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