{"id":466246,"date":"2021-06-25T16:00:44","date_gmt":"2021-06-25T16:00:44","guid":{"rendered":"https:\/\/ktsl888.com\/?p=466246"},"modified":"2024-06-11T08:49:18","modified_gmt":"2024-06-11T08:49:18","slug":"el-salvador-30-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/el-salvador-30-bitcoin\/","title":{"rendered":"El Salvador Is Giving $30 In Bitcoin To Its Citizens"},"content":{"rendered":"

Ahead of the September 7 bitcoin law<\/a> implementation date, El Salvador President Nayib Bukele has unveiled a new government crypto app. The government-issued app, which is known as Chivo, will be used to distribute the bitcoins to citizens.<\/p>\n

According to reports, every citizen that downloads and registers for the app are automatically eligible for the $30 bitcoin airdrop. The president has said that the move is in an effort to bolster the adoption of bitcoin across the country.<\/p>\n

Related Reading |\u00a0Crypto Isn\u2019t Money, Annual Economic Report On Bitcoin<\/a><\/strong><\/em><\/p>\n

El Salvador became the first country to adopt bitcoin as legal tender<\/a> when it announced it was doing so back in June. The announcement took place at the Bitcoin Conference held earlier in the year in Miami. Further, the president stated that it would be granting citizenships to individuals who invest 3 bitcoins into the country\u2019s economy.<\/p>\n

The plan was made public during a public address<\/a> by the president last night.<\/p>\n

Why A Government-Issued Wallet?<\/h2>\n

A simple answer to this question is logistics. The anonymity of bitcoin makes it so that people can create multiple wallets from other wallet providers. This would be a nightmare for the government to try to discern who was real or not, and who had already received their airdrops and was applying again. The government-issued wallet would ensure that the government can confirm that the users were actual citizens. And it will help to mitigate the likely issue of people trying to receive more than one airdrop.<\/p>\n

It would also mean the adoption of a government crypto wallet. This could act as a central database for people using the coins.<\/p>\n

\"bitcoin<\/p>\n

Bitcoin back in green | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Just because it\u2019s government-issued does not mean people have to leave their coins in the wallet. Once they get their $30, they can simply transfer it out to any wallet of their choice. But there will at least be a record that they had already received their airdrop.<\/p>\n
The airdrop is estimated to take around $117 million. This is accounting for the country\u2019s population and then for the population for the eligible ages for the airdrop.<\/p>\n
El Salvador has a population of 6.5 million. With estimates that about 60% of that number is above the age of 14. This means that about 3.9 million people would be eligible for the airdrop. This brings the monetary estimate out to $117 million. This translates to around 3,440 bitcoins.<\/p>\n
Adoption In El Salvador<\/h2>\n
President Bukele took his time in the address to explain why they were doing this. He brought up that they wanted to encourage the use of bitcoin by citizens. And what better way to do that than to give people some free bitcoin to spend?<\/p>\n
According to the president, \u201cWhat we are doing is encouraging the use of bitcoin and encouraging the use of the system. Which is going to generate the multiplication of money in the economy.\u201d<\/p>\n
Related Reading |\u00a0Extreme Fear In Crypto Market, Is It Time To Buy The Blood In Bitcoin?<\/a><\/strong><\/em><\/p>\n
The argument for the adoption of bitcoin by the president has always been to protect the unbanked. About 70% of the citizens of El Salvador are reportedly unbanked. This means that over half of the population has no access to a proper bank account.<\/p>\n
In response to the rising rumors that wages and pensions will be paid in bitcoin, President Bukele assured the nation that no such thing was going to happen. Wages and pensions will continue to be paid in U.S. dollars.<\/p>\n
During the address, President Bukele also did a preview of the Chivo app. He showed the graphics and how easy it will be to use them.<\/p>\n
The app Chivo is not yet released for use. But it will be available for android and iOS devices. And it will be compatible with other cryptocurrency wallets.<\/p>\n
Featured image from The Independent, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Ahead of the September 7 bitcoin law implementation date, El Salvador President Nayib Bukele has unveiled a new government crypto app. The government-issued app, which is known as Chivo, will be used to distribute the bitcoins to citizens. According to reports, every citizen that downloads and registers for the app are automatically eligible for the $30 bitcoin airdrop. The president has said that the move is in an effort to bolster the adoption of bitcoin across the country. Related Reading |\u00a0Crypto Isn\u2019t Money, Annual Economic Report On Bitcoin El Salvador became the first country to adopt bitcoin as legal tender when it announced it was doing so back in June. The announcement took place at the Bitcoin Conference held earlier in the year in Miami. Further, the president stated that it would be granting citizenships to individuals who invest 3 bitcoins into the country\u2019s economy. The plan was made public during a public address by the president last night. Why A Government-Issued Wallet? A simple answer to this question is logistics. The anonymity of bitcoin makes it so that people can create multiple wallets from other wallet providers. This would be a nightmare for the government to try to discern who was real or not, and who had already received their airdrops and was applying again. The government-issued wallet would ensure that the government can confirm that the users were actual citizens. And it will help to mitigate the likely issue of people trying to receive more than one airdrop. It would also mean the adoption of a government crypto wallet. This could act as a central database for people using the coins. Bitcoin back in green | Source: BTCUSD on TradingView.com Just because it\u2019s government-issued does not mean people have to leave their coins in the wallet. Once they get their $30, they can simply transfer it out to any wallet of their choice. But there will at least be a record that they had already received their airdrop. The airdrop is estimated to take around $117 million. This is accounting for the country\u2019s population and then for the population for the eligible ages for the airdrop. El Salvador has a population of 6.5 million. With estimates that about 60% of that number is above the age of 14. This means that about 3.9 million people would be eligible for the airdrop. This brings the monetary estimate out to $117 million. This translates to around 3,440 bitcoins. Adoption In El Salvador President Bukele took his time in the address to explain why they were doing this. He brought up that they wanted to encourage the use of bitcoin by citizens. And what better way to do that than to give people some free bitcoin to spend? According to the president, \u201cWhat we are doing is encouraging the use of bitcoin and encouraging the use of the system. Which is going to generate the multiplication of money in the economy.\u201d Related Reading |\u00a0Extreme Fear In Crypto Market, Is It Time To Buy The Blood In Bitcoin? The argument for the adoption of bitcoin by the president has always been to protect the unbanked. About 70% of the citizens of El Salvador are reportedly unbanked. This means that over half of the population has no access to a proper bank account. In response to the rising rumors that wages and pensions will be paid in bitcoin, President Bukele assured the nation that no such thing was going to happen. Wages and pensions will continue to be paid in U.S. dollars. During the address, President Bukele also did a preview of the Chivo app. He showed the graphics and how easy it will be to use them. The app Chivo is not yet released for use. But it will be available for android and iOS devices. And it will be compatible with other cryptocurrency wallets. Featured image from The Independent, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":466247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[75,428,435,1119,1144,78790,83766,83729,83728,79520],"class_list":["post-466246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adoption","tag-bitcoin","tag-bitcoin-adoption","tag-btc","tag-btcusd","tag-btcusdt","tag-chivo-app","tag-el-salvador","tag-nayib-bukele","tag-xbtcusd"],"acf":[],"yoast_head":"\nEl Salvador Is Giving $30 In Bitcoin To Its Citizens<\/title>\n<meta name=\"description\" content=\"Ahead of the September 7 bitcoin law implementation date, El Salvador President Nayib Bukele has unveiled a new government crypto app. The\" \/>\n<meta name=\"robots\" content=\"index, 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"El Salvador Is Giving $30 In Bitcoin To Its Citizens","url":"http:\/\/ktsl888.com\/news\/el-salvador-30-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/el-salvador-30-bitcoin\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/el-salvador-30.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/el-salvador-30.jpeg?fit=982%2C726"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["adoption","bitcoin","bitcoin adoption","btc","btcusd","btcusdt","chivo app","el salvador","nayib bukele","xbtcusd"],"dateCreated":"2021-06-25T16:00:44Z","datePublished":"2021-06-25T16:00:44Z","dateModified":"2024-06-11T08:49:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"El Salvador Is Giving $30 In Bitcoin To Its Citizens\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/el-salvador-30-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/el-salvador-30-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/el-salvador-30.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/el-salvador-30.jpeg?fit=982%2C726\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"adoption\",\"bitcoin\",\"bitcoin adoption\",\"btc\",\"btcusd\",\"btcusdt\",\"chivo app\",\"el salvador\",\"nayib bukele\",\"xbtcusd\"],\"dateCreated\":\"2021-06-25T16:00:44Z\",\"datePublished\":\"2021-06-25T16:00:44Z\",\"dateModified\":\"2024-06-11T08:49:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/el-salvador-30.jpeg?fit=982%2C726","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/466246"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=466246"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/466246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/466247"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=466246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=466246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=466246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}