I'm from El Salvador...UPDATE 5

Hi, it’s time for another update!

At this point in time the hype is fading away and things are settling down.

For starters, the chivo app still have problems doing transactions (tx) to external wallets like muun or coinomi. Tx between chivo wallets are fine, although they use a btc L1 QR code, the transactions are instant and without any issue, so it’s logic to assume chivo doesn’t use the btc blockchain at all.

I personally think chivo app is becoming something similar to a bank app, you can send and receive money, it has 0 fees between the same app, you contact customer support for any issues, and it’s a pain in the ass to make transaction to other banks (external wallets)…

Many of you might say this is just the beginning and that things will change…and you’re probably right, I also hope the development of btc as currency take a step forward.

Moreover, I imagine what many of you are thinking, why do you need to use chivo? Just use another wallet.

Yes, I can use other LN wallets, however the main issue is the fee, a $0.50 coke can become $1.50, all of you already know how fees work. So, by using chivo app you omit paying fees and the transaction is instant…

The most used wallets aside chivo are muun and wallet of Satoshi, only on the beach and nearby places you might find bitcoin beach wallet. Many people asked me about strike, but no one really use it, it requires your ID to register aside other personal information, you also can´t send less than $5 so…it’s not a wallet for daily use.

Some people also asked about the implementation of other crypto currencies, there are some interesting projects like nano but as long the coin doesn´t show any advantage in a daily use I find it harder to succeed.

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Probably the big news as for today is bitcoin city, since I don´t have more information than what Bukele explain I’ll only share what people is saying…

As always, there are many who thinks this will help develop the country attracting investors and foreigners, I think this is true. On the other hand, there’s also people who claim the country need investment in areas like education, security and so on rather than building btc city which probably only benefit a small group of people…I also think this is true.

El Salvador needs to improve in many ways, government needs to plan in short and long term. There´s no good or wrong answer at the moment, after all you do what you can and what you think will bring the best outcome.

Fun fact, the image of bitcoin city is actually a stock image with a volcano over it…this became trendy in social media days ago.

Probably the most eye-catching feature is the tax exemption, bitcoin city seems to be a haven for local and foreign investors, I personally think Salvadoran government is saying “I don’t care how you get the bitcoin…just come”.

Will btc city became a crypto version of Las Vegas? What are your thoughts? Leave your comments below!

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There’re also some people who asked me about land and the safest locations in my country, it´s hard to answer in detail to everyone so I will create a post around Friday titled

“Almost everything you need to know to buy land in El Salvador and not dying (literally) in the process”

With such a catchy title it will be difficult to miss it….

I will try to summarize the most relevant information about my country geography and social context. There are many misconceptions about how dangerous El Salvador is. I´ll also give you some insights about real state, I wonder if anyone is interested where btc city will be built.

As always, I’ll try to answer all your questions.