On Wednesday, El Salvador’s Bitcoin-loving President, Nayib Bukele, stepped up in light of recent issues with the payments app. The new Chivo app is the part of plan to help the country embrace Bitcoin as a legal tender. He said that if users were facing any issues with the app, they could report it on his Twitter feed.
Have you ever had to deal with less-than-skilled IT department reps at your workplace? If so, you’ll probably recognize the advice he was giving to users when they complained of non-functional apps. The president told users to close and then restart the app if they got an error screen. As if yet, the message says the app is “currently under maintenance.”
EL Salvador’s decision to adopt Bitcoin as a legal tender is a historic one. However, the plans have been plagued with issues that caused a drop in the cryptocurrency’s value. On Wednesday, the flagship cryptocurrency Bitcoin started losing ground. It closed the day at $46,000, marking a drop of 1.7 percent.
Skilling is a Scandinavian-based fintech company and the chief executive, Michael Kamerman, had some critiques. He explained that if any country was to implement such a large scale of financial innovation, it will come with problems. Nevertheless, he is optimistic with regard to Bitcoin’s price. Considering all that has happened so far this year, Bitcoin enthusiasts will try to bring the price back up.
Meanwhile, some market watchers observe a potentially Bullish future. Standard Chartered brought in a crypto research team and they’ve made some interesting Bitcoin predictions. According to their forecast, Bitcoin will reach prices of $100,000 by early 2022. In the long run, it could be worth as high as $175,000.
On Twitter, the El Salvador president has sent a slew of messages over the last 36 hours. These messages explain to users how they can download the government’s Chivo app. The current administration hopes that people who don’t opt for conventional financial services will use the app. To make matters interesting, the payments app promises transactions without worrying about commissions.
At night, he said that the digital wallet application was going to be temporarily disconnected. This would be the second time it’s being done to improve the user experience and fix different issues. In a tweet, he said that he hopes the app will have improved by tomorrow.
Numerous users relief to his tweet as a way to report constant problems they faced with installation. The head of El Salvador’s central Bank, Douglas Rodriguez, said that the whole world had their eyes on his country. However, their Bitcoin adoption process would need a while to mature.
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