• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Bitcoinist.com
No Result
View All Result
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
Chivo advertising, extract

News From El Salvador, Early October: The Chivo Ecosystem’s Stress Test

Eduardo Próspero
by Eduardo Próspero
3 years ago
·
Posted in Bitcoin, Bitcoin Politics, Bitcoin Regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Another month, another Bitcoin mined using volcanic power. That’s what’s happening in El Salvador, the little country that could. Plus, Moneygram alters its business. Problems and solutions with Chivo ATMs and the Chivo ecosystem as a whole. Stars in Bitcoin Beach and direct reports from the ground. This edition of our now regular news roundup comes extra charged with action and heartwarming stories, so buckle up!

Related Reading | By The Numbers: How Much Western Union And MoneyGram Will Lose From El Salvador’s Bitcoin Law

The crazy thing is, the Bitcoin Law went into effect just a month ago. And all of this is happening as people from all over the world arrive in the country for the two Bitcoin conferences that it’ll host this month. 

El Salvador ‘s Volcanic Bitcoin Mine Is On

  • A few days after sharing this video of the Volcanic Bitcoin mine already in action, President Bukele shows the receipts. He posted the Account Balance from “the first Bitcoin mining” done using that sweet geothermal renewable energy. The total adds up to only slightly over $500, but it means so much both for El Salvador and for Bitcoin.

We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode 🌋

— Nayib Bukele (@nayibbukele) October 1, 2021

  • If you prefer to receive your news from beautiful ladies instead of reading, these CNBC hosts have the previous story covered. They talk positively about what mining with such clean energy means for Bitcoin’s image. At the top, Michael Saylor completes the report with one of his philosophical phrases. “Bitcoin mining upgrades thermal energy into digital energy that can be exported anywhere in the world and stored without power loss.”

#Bitcoin mining upgrades thermal energy into digital energy that can be exported anywhere in the world and stored without power loss. https://t.co/jbghS2nfZJ

— Michael Saylor⚡️ (@saylor) October 1, 2021

Moneygram Goes Crypto To Compete 

  • El Salvador ‘s Technology & Economy International Affairs Advisor, Mónica Taher, has the scoop on Moneygram. The company “closed an alliance with Coinme at the beginning of this year. Remittance shipments fell by 6% in 2020 and the company expects cryptocurrencies to make its business more attractive.” Analyze her emojis and you’ll know she’s hinting that El Salvador and its volcanoes are the cause. 

@MoneyGram cerró una alianza con @Coinme a principios de éste año. Los envíos de remesas bajaron en un 6% en 2020 y la compañía espera que las #criptomonedas hagan su negocio más atractivo.  @WesternUnion también tiene alianza con https://t.co/UOVhs5zgBt#JustSaying 😃🌋 🇸🇻 pic.twitter.com/eKEQEBQip9

— Mónica Taher (@monicataher) October 2, 2021

BTCUSD price chart for 10/04/2021 - TradingView

BTC price chart for 10/04/2021 on FTX | Source: BTC/USD on TradingView.com

What’s Going On With The Chivo Ecosystem?

  • President Bukele also shared the Chivo ecosystem’s dashboard with several stats. At the time, the Chivo wallet had 2.255.936 users. In the interactions below the tweet, you’ll find a lot of people complaining about system malfunctions. The Chivo ecosystem is barely surviving the stress test, but it’s surviving. 

Some @chivowallet stats…#Bitcoin🇸🇻 pic.twitter.com/RnFqs2Zatp

— Nayib Bukele (@nayibbukele) September 27, 2021

  • Bitcoin Magazine’s Aaron van Wirdum was a victim of system malfunction. “Chivo ATM ate my bitcoin today. No cash in return, no receipt, no response from customer service.” Luckily, everything worked out in the end. “This issue was resolved over DM; I got my $40 out of the machine.” There are hiccups all over the Chivo ecosystem, but hey, the experiment went live less than a month ago.

Update: This issue was resolved over DM; I got my $40 out of the machine.

— Aaron van Wirdum (@AaronvanW) September 26, 2021

  • Salvadoreans who pay for gas using the Chivo wallet will get a discount. In the photos, you can see the different amounts you’ll have to pay with or without Chivo. The people at Bitcoin Beach provide commentary. “Never hurts to give a little incentive to people to try doing something in a new way.  Once they experience the ease of Bitcoin they will never go back.”

Precio normal/precio con la @chivowallet.

Son $0.20 de ahorro por galón al usar esta nueva forma de pago en las gasolineras Puma y UNO. pic.twitter.com/9KX6EBBqbC

— Gobierno de El Salvador 🇸🇻 (@Gobierno_SV) September 30, 2021

  • The people at Bitcoin Beach also inform the incoming new wave of tourists that they don’t have to visit currency exchanges at the airport. They can use the Chivo ATMs to sell their Bitcoin and extract Dollars. And they don’t even have to do that, because everybody accepts Bitcoin there. 

The new wave of tourists coming to #ElSalvador from around the world no longer need to worry about expensive currency exchange. Even if the want to use cash as they travel instead of #BTC, they can now easily withdraw using their #Bitcoin wallet for much cheaper than bank ATMs pic.twitter.com/mNezfZVb4m

— Bitcoin Beach (@Bitcoinbeach) October 3, 2021

Chivo Reports From The Ground

Before we go to the Bitcoin Beach news, some first-hand reporting is in order.

  • Real-life people are using Bitcoin, this pseudonymous Bitcoiner informs us. “There was a line in front of me and 3 consumers were using Chivo wallet to pay for good and services.”

There was a line in front of me and 3 consumers were using @chivowallet to pay for good and services. #Bitcoin is a reality in #ElSalvador

We are getting used to, boy.#SOSNicaragua #BitcoinDay @Bitcoinbeach @nayibbukele @APompliano @CaitlinLong_ pic.twitter.com/wI7CXJ1pHB

— Anon1moNICA_ 🆘🇳🇮 (@Anon1moNICA_) September 30, 2021

  • A returning visitor informs us that 85% of vendors in El Zonte now take Bitcoin. Also, “Locals are loving bitcoin and have different wallets on their phones.”

Big difference between last time I was here in June and today. I’d say about 85% of vendors in El Zonte now take #bitcoin. 1st pic is a chivo atm at the airport.

Met awesome bitcoiners on this trip. Locals are loving bitcoin and have different wallets on their phones. pic.twitter.com/wJZSF54n9c

— 🇮🇱𝘼𝙥𝙚𝙓 ₿.🇮🇱 (@malandrox7) September 27, 2021

Back At Bitcoin Beach: Stars

  • Surfing superstar Bethany Hamilton visited Bitcoin Beach, the Hope House and El Zonte’s waves. “So much fun!!! Loved see ALL the amazing work y’all are doing even beyond Bitcoin,” she said. But wait… is there something beyond Bitcoin?

So much fun!!! Loved see ALL the amazing work y’all are doing even beyond #bitcoin!!! What a blessing to your community and beyond!!! Aloha🤙🏽

— Bethany Hamilton (@bethanyhamilton) October 3, 2021

  • The pastries vendor that we told you about in the previous News From El Salvador received donations from all around the world bought a new motorcycle to sell his product with.

After receiving donations in "Bitcoin" from all kinds of people around the world🙏🇸🇻, Jose was able to buy his own motorcycle to go out and sell the sweet bread. #Bitcoin can change the world.

Now Jose goes around super happy! pic.twitter.com/0IScXko6GU

— Roman Martínez🇸🇻⚡️ (chimbera) (@romanmartinezc) October 2, 2021

Related Reading | President Bukele Clears Up Misconceptions About The Government’s Chivo Wallet

  • Today in Miami Beach, the Oslo Freedom Forum’s Bitcoin Academy will open its doors. Roman Martínez and the people at Bitcoin Beach were going to be present in the panel titled “Building a Bitcoin Community.”

15/ Finally at 5:45pm ET @romanmartinezc, @milessuter, @Bitcoinbeach, and Luis Morales will join us for "Building a Bitcoin Community" to talk about the incredible work behind the scenes in El Zonte and discuss the nuances of what is happening in El Salvador

🇸🇻 🌊

— Alex Gladstein 🌋 ⚡ (@gladstein) September 29, 2021

  • Sadly, though, Roman Martínez can’t make it.

Due to last minute personal difficulties this past week I will not be able to go … I am sad. But I will see you in the next one 🙏.

— Roman Martínez🇸🇻⚡️ (chimbera) (@romanmartinezc) October 3, 2021

  • As a consolation prize, he was featured in a Time Magazine article.

I think we’re walking towards a better future! 🇸🇻🇸🇻🇸🇻🇸🇻 El Salvador the place to be!!! #Bitcoin https://t.co/OunhS7pJKD @TIME @ciaraCnugent pic.twitter.com/BLzyY7m1E8

— Roman Martínez🇸🇻⚡️ (chimbera) (@romanmartinezc) October 3, 2021

That’s it for now. The El Salvador Bitcoin experiment is the story of the year, probably. Join us again in a couple of weeks to check on the development of the Chivo ecosystem and this amazing story. 

Featured Image: Chivo advertising from this tweet | Charts by TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Eduardo Próspero

Eduardo Próspero

Follow

Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Beware of my Telegram impersonator!

Full Profile

Related Posts

Bitcoin

Analyst Predicts Bitcoin Price Breakdown — Here’s The Best Time To Buy

10 hours ago
Metaplanet

Metaplanet Moves On Digital Bank Acquisition As It Scales Bitcoin Strategy

17 hours ago
Will 600K Bitcoin Be The Tipping Point? Saylor’s Strategy Sparks Institutional Wave

Will 600K Bitcoin Be The Tipping Point? Saylor’s Strategy Sparks Institutional Wave

1 day ago
Bitcoin

Corporate Bitcoin Craze: 54 Companies Dump $500M Into BTC Treasuries

2 days ago
Bitcoin

Bitcoin First: Musk’s Political Party, Crypto Push Shakes Up Washington

2 days ago
Bitcoin

Why Satoshi-Era Bitcoin Are Relevant To Market Dynamics — Analyst Explains

3 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • [Exchange Background] Kraken certified ETHRANSACTION cloud...

    3 hours ago
  • MiningToken Becomes the Most Profitable Bitcoin Cloud...

    5 hours ago
  • Crypto ETFs promote the development of cloud mining...

    5 hours ago
  • XRP Mining teaches you how to turn your cryptocurrencies...

    6 hours ago
  • Earn $2,750 a day through XRP and BTC? Ripplecoin Mining...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.