Why didn’t we think of measuring Chivo and Bitcoin acceptance in this way? Cero episode evidence. Just information, numbers and reports from wherever we can get them. What do we know about the Lightning Node in Chivo Wallet? Apart from the official wallet, which app is Salvadoran using? Are they happy with them? There is investor and blogger Kevin Rook El Salvador’s new bitcoin Take and we summarize it here.
“I wanted to deeply understand how real people in El Salvador interact with Bitcoin, so I set out in search of other success metrics.”
Related Reading | New to Bitcoin? Learn to trade crypto through NewsBTC trading course
However, since “Private, by Lightning Network Design“Difficult to measure accurately”Payment volume and flow of funds between different wallets and exchanges.So, what did Kevin Rook do? He looked elsewhere for hard information about accepting Chivo and Bitcoin. Let’s find out what he did.
BTC price chart for 09/24/2021 on Exmo | Source: BTC/USD on TradingView.com
The Chivo ecosystem is growing rapidly
To measure the receipt of Chivo wallets, Rook used official information provided by President Buchanan. Not ideal, but not unusual either. Finding statistics about Chivo Lightning Nodes is easy because you can See public information here. But wait, why is the Salvadorian government running a Lightning Node?
“Like other participants in Bitcoin’s Lightning network, Chivo operates a Lightning node. Since Chivo is a custodial wallet, all electricity payments that Chivo users send to other Lightning wallets transfer liquid to Chivo’s nodes.
Through those sources, what did the author Chivo learn about the ecosystem?
- Now, “The Chivo node has a public capacity of 12.7 BTC. ”Which is 1,269,941,898 SAT.
- Chivo node “83rd place in the Public Lightning Node.”
- At the time of writing, it is connected to 58 other channels, but this number changes daily.
- Back in the iOS App Store and Google Play Store, the Chivo wallet remains at the top of the popularity list,Beat all the popular social media apps like WhatsApp, TickTock, and Instagram.”
- And bet you didn’t think about it, “With over 1.6 million users onboard in just two weeks, Chivo is probably the most popular Lightning Network app in the world.”
What about other bitcoin apps? Are they popular in El Salvador?
All right, Granted. The government of El Salvador encourages people to download the Chivo Wallet app for 30. That needle has to be removed. However, when it comes to all other bitcoin apps, such incentives do not exist. How are they measuring other financial apps?
This infographic says it all:
El Salvador's most popular apps for September 2021 | Source: Kevin Rooke
- “Salvadoran has already shown strong preference for Bitcoin apps over banking and remittance apps on a national scale., “As the graphic shows.
- To put in numbers, “9 and 13 of the top 20 apps in the respective app stores“Bitcoin apps. And Chivo is number one.
- “The user rating of most banks and payment processors in El Salvador is 2-4 starsThis is the traditional banking system for you.
- On the other hand, “Bitcoin related app user rating -5-5 stars.”While this is still early, true facts. It should be noted that the Chivo app is at the bottom of that spectrum.
Related Reading | How big is Bitcoin’s lightning network? The answer will surprise you
Other than that, Kevin Rook has identified a truth that may be obvious to some, but must say:
“The millions of Salvadoran who have already joined the Lightning Network are not Silicon Valley nerds or early technology enthusiasts. They are regular people who are making conscious decisions to use Lightning Network because it saves them time and money.
And if they don’t want to, they don’t have to use the Chivo ecosystem. It is a reality.
Featured Image by Ray Aucott on Unsplash - Charts by TradingView