“Tomorrow, for the first time in history, all the eyes of the world will be on El Salvador.” - Nayib Bukele
El Salvador has become the world's first country to make the cryptocurrency Bitcoin legal tender.
Proponents of digital currency, including the country's president, Nayib Bukele, say the policy, that further went into effect Tuesday morning, is historic.
However, the first few hours of Bitcoin's official status in El Salvador were tainted by technological glitches as the country launched its digital wallet app to residents and consumers for the first time.
Chivo App Little Problems
El Salvador's innovative deployment of bitcoin as legal tender hit errors and bugs just hours just after the launch on Tuesday, when the government was forced to temporarily take its app for storing the precarious crypto currency offline, and the market price dropped considerably.
President Nayib Bukele announced on Twitter around dawn local time that the digital wallet app “Chivo” — Salvadoran slang for cool — would be inaccessible while server capacity was increased.
The app, which provides Salvadorans who install it $30 in free bitcoin at the start, resumed a few hours later, with Bukele emerging to personally oversee the testing process via Twitter.
McDonalds Going Viral Because Of Aaron Van Tweet!
"Just walked into a McDonald's in San Salvador to see if I could pay for my breakfast with bitcoin, tbh fully expecting to be told no. But low and behold, they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I'm enjoying my desayuno traditional!"
Now Lets Look At The Downside About El Salvador New Innovation
In general, the specific applicability is unclear, and it's unclear whether El Salvador will be able to do so technically. Bukele recently indicated that the use of bitcoin is not required.
He stated, "No one will be forced to accept bitcoins if they do not want to." Ambrosius points out that many things are still unknown, and he is pessimistic about the future. "Legalizing bitcoin will have far-reaching implications and will forever alter the country.
It's a fascinating experiment in which Salvadorans are the target respondents, and no one knows what the outcome will be."