El Salvador’s Chivo And Bitcoin Adoption In Mindblowing Facts And Stats
Why didn’t we thought of measuring Chivo and Bitcoin adoption this way? Cero anecdotal evidence. Only facts, numbers, and reports from wherever we can get them. What do we know about the Chivo wallet’s Lightning node? What apps besides the government wallet are the Salvadorans using? Are they happy with them? Investor and blogger Kevin Rooke has a fresh take on El Salvador’s Bitcoin adoption and we’re here to summarize it.
“I wanted a deeper understanding of how real people in El Salvador are interacting with Bitcoin, so I went off in search of other success metrics.”
However, since “the Lightning Network is private by design,” it’s hard to accurately measure “payment volumes and the flow of funds between various wallets and exchanges.” So, what did Kevin Rooke do? He looked everywhere else for hard data about Chivo and Bitcoin adoption. Let’s explore what he found.
The Chivo Ecosystem Is Growing Fast
To measure the Chivo wallet’s adoption, Rooke used the official information provided by President Bukele. Not ideal, but not uncommon either. It’s easier to get stats about the Chivo Lightning node because you can check all the public info here. But wait, why is the Salvadorean government running a Lightning node?
“Just like every other participant on Bitcoin’s Lightning Network, Chivo runs a Lightning node. Since Chivo is a custodial wallet, all Lightning payments that Chivo users send to and from other Lightning wallets will transfer liquidity to and from Chivo’s node.”
Through those sources, what did the author find out about the Chivo ecosystem?
What About The Other Bitcoin Apps? Are They Popular In El Salvador?
Ok, granted. El Salvador’s government incentivizes the downloading of the Chivo wallet app with $30. That has to move the needle. However, when it comes to all the other Bitcoin apps, such an incentive doesn’t exist. How are they measuring up to other financial apps?
This infographic says it all:
Besides that, Kevin Rooke identified a truth that might be obvious to some, but has to be said:
“The millions of Salvadorans that have already been onboarded to the Lightning Network aren’t Silicon Valley nerds or early tech enthusiasts. They’re regular people that are making a conscious choice to use the Lightning Network because it saves them time and money.”
And they don’t have to use the Chivo ecosystem if they don’t want to. That’s a fact.Source