Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

Must Read

Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

El Salvador will become the first country to use bitcoin as legal cash on September 7th, making it a historic day for bitcoin.

El Salvador’s president, Nayib Bukele, has already verified that the country had acquired 400 bitcoins, but the Chivo app’s incentive mechanism will necessitate additional bitcoin purchases in the future.

Also Read

El Salvador has explained its decision by citing two primary factors. The first is the country’s high reliance on remittances and the current inefficiencies in the remittance system. Remittances accounted for a stunning 24 percent of El Salvador’s total gross domestic product, according to the World Bank (GDP).  

Fixed-fee crypto remittances could be speedier and less expensive than present options, which can be expensive and time-consuming. Second, El Salvador is attempting to recruit new enterprises by positioning itself as a crypto-friendly hub. 

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

El Salvador’s legal tender decision has sparked heated controversy both inside and beyond the country. The IMF has expressed alarm, and there have been protests against the bill within the country. 

According to certain polls conducted in El Salvador, many El Salvadorians are skeptical of bitcoin and the law has limited awareness of bitcoin.

Nonetheless, El Salvador will give out $30 to every registered El Salvadorian user of the Chivo app to encourage usage. If the entire adult population of El Salvador, which numbers more than 4 million people, signs up for Chivo and receives $30 in BTC, Salvadorans will earn 2366 BTC. 

Only 50.5 percent of Salvadorans, or about 2.2 million individuals, have an internet connection, according to DataReportal. If all of these folks sign up for Chivo, the country’s residents will receive 1301 BTC. 

To get around the country’s limited Internet connectivity, El Salvador plans to install bitcoin ATMs across the country, where people can buy and sell bitcoins for dollars. 

Approximately 70% of Salvadorans do not have a bank account. If the unbanked population remains away from the Chivo app but the rest registers, around 1.2 million Salvadorans will receive $30 worth of bitcoin, which at current rates equals 710 BTC. 

Save up to 60% on OptinMonster

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

- Advertisement -
- Advertisement -


Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.


Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.


OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.


- Advertisement -
- Advertisement -