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In its quest for the success of the Bitcoin initiative… El Salvador publishes 1,500 Bitcoins from ATMs and restarts the “Chivo” wallet

In its quest for the success of the Bitcoin initiative… El Salvador publishes 1,500 Bitcoins from ATMs and restarts the “Chivo” wallet

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Answer In its quest for the success of the Bitcoin initiative… El Salvador publishes 1,500 Bitcoins from ATMs and restarts the “Chivo” wallet

El Salvador is the first country to accept bitcoin as a legal currency, and the country is now focused on relaunching the digital wallet Chivo.

The government of El Salvador, led by President Najib Bukele, is focusing on the stability of the Chivo portfolio, improving its operation mechanism, increasing its scalability, and developing its social impact.

The government of El Salvador also plans to deploy 1,500 Bitcoin ATMs.

El Salvador and the quest for the success of the Bitcoin initiative:

The country’s trend towards bitcoin came after many problems hit the nation’s economy, but at the moment bitcoin has not solved these problems yet but caused them to have other problems, at least for the time being.

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Recently the International Monetary Fund has already warned El Salvador of becoming a pariah in the global economic system.

Despite this, El Salvador continues its process of legalizing bitcoins.

Additionally, El Salvador has relaunched Chivo Wallet to address the current challenges of Bitcoin transfers locally.

It has also partnered with AlphaPoint and the updated Chivo wallet is expected to implement low-fee instant bitcoin transactions while fixing stability and scalability concerns.

President Najib Bukele announced that the Chivo wallet has received 2.1 million Salvadorans, and aims by the end of the year to accommodate 75% of the population.

However, this mass adoption is not without its downfalls, and there are many roadblocks and obstacles, including system problems and lost funds.

El Salvador has partnered with AlphaPoint, a company that provides infrastructure for crypto and blockchain projects, with a major focus on the stability of the Chivo wallet.

If the AlphaPoint partnership succeeds in its intentions to provide support for the Salvadorian government’s point-of-sale systems, websites, and administrative console, it will be a significant achievement.

Additionally, the process will enable light-network integration of virtually low-fee Bitcoin transactions via QR and “Lightning” addresses.

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Igor Telyatnikov, CEO and co-founder of AlphaPoint, said:

El Salvador and President Bukele are truly at the forefront of the world with this first major experiment with nationwide adoption of Bitcoin.

We are honored to be involved in this process and provide scalable and reliable solutions to this huge task.

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