The introduction of bitcoin as the official currency alongside the US dollar was accompanied by a number of technical problems. The servers were unavailable for several hours because they faced great interest from users – the government underestimated people’s interest in registration.
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At the same time, even before the official launch, it was clear that people would take the new Chivo virtual wallets by storm. In order for the country to really entice people to use bitcoin, it will distribute this cryptocurrency of approximately $ 30 (CZK 643) to all users of the application when it is first activated.
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People took to the streets because they didn’t want to pay with bitcoin.
Photo: Jose Cabezas, Reuters
Protesters in San Salvador.
Photo: Jose Cabezas, Reuters
In addition, not all stores were ready for bitcoin payments. It was not possible to buy goods for the most famous cryptocurrency in the world, for example, in Apple and Huawei stores, even though they are required to do so by local laws.
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On the contrary, in several stores, people could actually pay for bitcoins on the first day – for example in Starbucks or McDonald’s.
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Opponents of bitcoins also took to the streets on Tuesday, with about a thousand gathered in front of the Supreme Court building in the capital, San Salvador. They burned tires and set off fireworks. Protesters argued that bitcoin could cause financial instability and lead to illegal transactions.
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The protesters were eventually dispersed by police, Reuters reported.
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During the protests, people burned tires and other objects.
Photo: Jose Cabezas, Reuters
Protesters in San Salvador.
Photo: Jose Cabezas, Reuters
Bitcoin also has fans
However, as the BBC server pointed out, bitcoin also has supporters in the country. For example, Ed Hernandez has a family store in San Salvador, where, in addition to food, he also sells basic drugstore and hygiene products, and he praises the introduction of bitcoin as official currency.
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“I like that I will not have to use cash during a coronavirus pandemic. In addition, our shop protects cryptocurrencies from counterfeit notes. Of course, bitcoin also has risks, but they exist in life in everything, “says Ed Hernandez.
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Salvadoran President Nayib Bukele is a big fan of bitcoin.
Photo: Jose Cabezas, Reuters
However, a recent Central American University survey found that more than two-thirds of respondents disagree with the introduction of bitcoin as the official currency. In addition, nine out of ten respondents do not have a clear idea of how bitcoin works.
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It is also alarming that eight out of ten respondents expressed little or no confidence in using the world’s most famous cryptocurrency. In the capital, San Salvador, there were even demonstrations against the start of bitcoin payments.
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What is bitcoin
The most famous cryptocurrency in an open, fully decentralized internet payment network. It is obtained by so-called computer mining. It can only be paid once, a fraction of bitcoin can also be used. The total amount is limited by the network source code. Most bitcoins will probably be mined by the end of the decade, but otherwise mining may take another century. There are thousands of similar digital currencies in the world.
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