Why didn’t we considered measuring Chivo and Bitcoin adoption this fashion? Cero anecdotal proof. Only details, numbers, and studies from wherever we are able to get them. What do we all know in regards to the Chivo Wallet’s Lightning node? What apps apart from the federal government pockets are the Salvadorans utilizing? Are they pleased with them? Investor and blogger Kevin Rooke has a fresh take on El Salvador’s Bitcoin adoption and we’re right here to summarize it.
“I wanted a deeper understanding of how real people in El Salvador are interacting with Bitcoin, so I went off in search of other success metrics.”
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However, since “the Lightning Network is private by design,” it’s onerous to precisely measure “payment volumes and the flow of funds between various wallets and exchanges.” So, what did Kevin Rooke do? He appeared in all places else for onerous knowledge about Chivo and Bitcoin adoption. Let’s discover what he discovered.
BTC value chart for 09/24/2021 on Exmo | Source: BTC/USD on TradingView.com
The Chivo Ecosystem Is Growing Fast
To measure the Chivo pockets’s adoption, Rooke used the official info offered by President Bukele. Not preferrred, however not unusual both. It’s simpler to get data in regards to the Chivo Lightning node as a result of you may check all the public info here. But wait, why is the Salvadorean authorities working a Lightning node?
“Just like every other participant on Bitcoin’s Lightning Network, Chivo runs a Lightning node. Since Chivo is a custodial wallet, all Lightning payments that Chivo users send to and from other Lightning wallets will transfer liquidity to and from Chivo’s node.”
Through these sources, what did the creator discover out in regards to the Chivo ecosystem?
- At the second, “Chivo’s node has 12.7 BTC of public capacity.” Which is 1,269,941,898 sats.
- The Chivo node “ranks 83rd among public Lightning nodes.”
- At the time of writing, it’s linked to 58 different channels, however this quantity modifications each day.
- Back to the iOS App Store and Google Play Store, the Chivo pockets stays on the high of the recognition record, “beating all the most popular social media apps like WhatsApp, TikTok, and Instagram.”
- O guess you haven’t considered this one, “By onboarding over 1.6 million users in just two weeks, Chivo is likely the most popular Lightning Network app in the world today.”
What About The Other Bitcoin Apps? Are They Popular In El Salvador?
Ok, granted. El Salvador’s authorities incentivizes the downloading of the Chivo pockets app with $30. That has to transfer the needle. However, when it comes to all the opposite Bitcoin apps, such an incentive doesn’t exist. How are they measuring up to different monetary apps?
El Salvador's hottest apps for September 2021 | Source: Kevin Rooke
This infographic says all of it:
- “Salvadorans are already showing strong preference for Bitcoin apps over banking and remittance apps on a national scale,” because the graphic reveals.
- To put it in numbers, “9 and 13 of the top 20 apps on the respective app stores” are Bitcoin apps. And Chivo is at primary.
- “Most of El Salvador’s banks and payment processors have user ratings of 2-4 stars,” that’s the standard banking system for you.
- On the opposite hand, “Bitcoin related apps have user ratings of 3-5 stars.” Even although it’s nonetheless early, the details are the details. It must be famous that the Chivo app is on the decrease finish of that spectrum.
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Besides that, Kevin Rooke recognized a reality that is perhaps apparent to some, however has to be stated:
“The millions of Salvadorans that have already been onboarded to the Lightning Network aren’t Silicon Valley nerds or early tech enthusiasts. They’re regular people that are making a conscious choice to use the Lightning Network because it saves them time and money.”
And they don’t have to use the Chivo ecosystem if they don’t need to. That’s a reality.
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