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It has not been a month since El Salvador announced Bitcoin as its official use currency and for many merchants the state wallet known as “Chivo wallet” has already disappointed them.
The “Chivo wallet” is an electronic wallet that Salvadorans inside and outside the country can download onto their cell phone to carry out transactions. Those who install it receive the equivalent of $ 30 dollars in Bitcoin to start trading.
The site El Salvador.com published that for some merchants the use of the state wallet, known as the “Chivo wallet”, only It has caused losses, so many say that they are no longer willing to continue using it.
A couple of entrepreneurs who wanted to “take advantage of the $ 30 that the government gave” (deposited in the state wallet), pointed out that in all the transfers that clients have made to them, they receive between $ 0.02 and $ 0.50 less than the sale price, but the The last straw was with a transaction in which they lost $ 18.01.
The microentrepreneurs have two variety and cosmetics boutique branches and a client made the transfer of a $ 20.00 purchase however they only received $ 1.99.
“The client did make the transfer to us, but we only received $ 1.99, imagine, then that $ 18.01 where they are, who has left and also all those pennies that they deduct on each transfer is like a commission. How much money is it if you add to all the people who deduct you from penny to penny? ”Commented one of the microentrepreneurs.
“We have definitely decided not to use it or accept transfers through this wallet, because it is not secure; we can’t even use it to spend what we have on it, because yesterday we went to a restaurant and we wanted to pay with it and they told us that they did not accept it, that is, they do accept Bitcoin, but not from Chivo wallet ”, said the merchant.
For other microentrepreneurs, the implementation of the state wallet is totally unnecessary, since it causes complications and never economic dynamism, which was one of their objectives.
Rodrigo Alemán, who has a tattoo business, the “Chivo wallet” does not represent a growth opportunity: “I do not plan to use it beyond receiving payments, and as many clients asked me, I decided to take advantage of the opportunity, however the application crashes a lot and it costs to carry out the transactions, but I do ask them to pay me in advance, because I already customers have come who have to wait hours for the transaction to take place”.
For Rodrigo, people only want to use the $ 30 and beyond that there will be very few who put their money in the electronic wallet.
Another microentrepreneur pointed out that the state wallet only creates difficulties for them, and that it should not be mandatory but optional: “It not only generates losses, it also takes time, one has to be aware of whether it rises or falls, or quickly exchange for dollars so as not to lose. But if little by little they take away from us, a great loss is already added; It really should not be mandatory, but optional, so that whoever decides to use it to do so and whoever decides to reject it has the freedom to do so, but now even giving an opinion is scary ”.
An employee of an esthetician commented: “I downloaded the application and I have not really been able to make any transaction because it gets stuck and thus I have seen that it does not work for several people, in the end it will not work”.
Reactions have not been long in coming on social networks, economist Tatiana Marroquín posted on Twitter: “The issue is not just that the #TimoWallet (Chivo wallet) did not work; who it worked for found out first-hand why that asset does not meet the necessary characteristics to make it useful as a daily transaction currency in light of their needs ”.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.