Bitcoin seems to be failing as an actual currency - at least in El Salvador.
Bitcoin Fail – 80% Of El Salvador’s People Believe President’s Crypto Program Is A Disaster
That "80%" is actually 76%, and here is the survey
El Salvador’s Bitcoin Law Is a Farce
The system doesn’t work, the currency crashed, and the public hates it.
Bitcoin was originally created to be a form of money outside government control. Using bitcoin as a government-endorsed currency had a number of obvious issues: Cryptocurrency has a stupendous money-laundering problem, the price of bitcoin is incredibly volatile, and cryptocurrencies remain difficult and unwieldy to use.
FP is not exactly an unbiased source, and hence continues the propaganda of crypto-money-laundering, ignoring the obvious fact that most of it goes through the banking system.
The issue of volatility is real. Note that, although Bitcoin became legal tender, the national currency still exists - it did not become the only legal tender.
The third issue of access seems like something the gov should have been aware of and planned for - seems like they ignored it. But this struck me as odd. Mobile phone connections in El Salvador stand at 145% of the population. However, internet access stands at just 50%, with estimates as low as 10% for rural populations.
The whole system of Chivo, its apps and its very corporate structure, looks like a trough for all the president's friends. This is where government nepotism can be just another branch of money laundering. This could be the reason why it was so rushed - and so badly planned.
If anybody here lives in El Salvador, would be good to hear about your experiences of Chivo and Bitcoin.