source
So far I have to say, it works for the meantime. I am talking about El Salvador Chivo wallet.
Many of us in the crypto sphere knew pretty well the power to have your own bank. It may not work like traditional bank where you have a card connected to your account where you can use. As a whole not everyone wants to have a regular bank. It costs money to have an account since they charge you to hold the depreciating fiat currency in your country.
Looking at how Chivo is helping a country is satisfying right now. A population of more than 6 million. Only more than 1 million have a banking account while the rest maybe use their mattress for banking. It could be a lack of trust or they prefer to be their own banking.
Things have changed with Chivo. More than 3 million now possess a Chivo to buy and hold BTC.
I guess they know what they want. I have to stay the youths connected to social media sees the opportunity to jump in quick. They should all be proud knowing they are the first country having BTC as legal tender. The approach may not be the crypto way. After all when government is involved in crypto, they will do it in some aspect for their benefits.
Now they have data for more citizens through Chivo wallet.
Even though BTC is merely decentralized via its holders. Everyone with the right pair of technology eyes can track your movements. I am pretty sure the government is getting its fair share of the remittance via Chivo wallet.
The country is small and now more folks in El salvador are using Chivo wallet as a bank. Will this manifest disrupt the traditional banking?
I do not think so knowing Chivo wallet serves a different clientele.
Crypto is still new to most folks. In the next five year, crypto will build a serious portfolio where the marketcap you see today will effortlessly triple.
As more countries may adopt a similar route, more and more will use crypto for everyday use.
Small countries will find this approach more responsive where regulations are less pruned to disrupt a market.
Having a choice is the best way everyone gets the best of the financial world. Crypto is the epiphany of the moment. You may not pay attention to how inflation is rampant. Looking at the gas price lately, you can tell $4 is around the corner. This alone does not translate to the inflated market. It is a sign telling you, be prepared.
I know the ETF in the US is changing the landscape for BTC. It is a beginning of something good.
Having your own bank in your hand allows you to exchange crypto at all times. This is the best for crypto so far.
It may not look forthcoming for many in the crypto world, it will bring a new class of folks to crypto.
When you look at the growth crypto is bringing to the market, you start wondering the value associated. I do not want to add Facebook to this new banking aspect since their approach could be an amalgam to the definition of having your own bank.
This is why this community is focused on education, information to allow decentralization to run its course.
As always make the best move with your crypto.
