RE: Bitcoin Hits 55k! | Let’s check the activity on the blockchain? | October 2021

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It seems like there is more new money coming in but not really more new users. But like you say…many are probably custodial wallets. My whole family has crypto and I’m the only one who isn’t just on coinbase.

Is the El Salvador app a custodial wallet? I’m guessing it is.



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Well there you go ... people use exchanges :)
As mentioned its proably some mix, more institutions, more custodial wallets etc

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It might be the case. Last week I had a little conversation with younger coworker. He was amazed I use something like a software wallet (dogecoin). He asked me weird questions.
"What is the fee when I create account on this wallet?"
"What is the fee when I withdraw?"

I was stunnned.

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Yea people use to the old standards.
Although eth fees might surprise some :)

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Yes, selfhelp, the app backed by the State here, named "Chivo", is a custodial one (I would think its servers are actually based in the US, its mother company being "Zapp Inc.", although I haven't seen information about their location).

I'd think that a small percentage of the Salvadorian population could begin using non custodial LN apps in the future, but it'll require many education efforts from our part (that we're structuring right now 🙂).

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Ahhh yeah it’s the same company that’s helping with twitters lightning network right?

Btw. I didn’t even know we had anyone from El Salvador on the platform. Nice!

I run Hive Cross Culture. Let me know if you need any help onboarding more people over there. I would love to see more people from the most crypto friendly nation benefiting from everything crypto has to offer

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(Edited)

True, "Zapp Inc." has converted into the main LN custodial solution provider for third parties, with all the advantages and drawbacks such a dominant position carries (e.g. I consider the KYC aspect on "Strike" and on "Twitter" could be optional, only for people wanting to cash out their BTC, something that's not at all so important, now that any BTC user here may find a wide array of daily products and services to buy without using fiat).

Thanks for your kind words! I've been sporadically active here, and plan to publish and engage with other Hivers on a more frequent basis now.

As far as onboarding more Salvadorians is concerned, of course!! I've set up a "Telegram" group where we horizontally share BTC users experiences and analysis, and may echo your gentle invitation - it's a Spanish speaking group, though :-)

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Don't know how much use I'll be in the telegram group, but I'll let my Venezuelan friends know and try to help anyone who joins feel welcome :-) If anyone can do bilingual posts (even with a translator app), we can curate them if it's good content. I think Hive will be very welcome to El Salvadorians, even more than other countries right now. ;-)

Hope you stay active too. I saw you are an old timer here ;-) This place is so much better than it used to be :-D

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(Edited)

True, it seems to have improved a lot! I've been quite active on Steemit for more than a year, back in 2018, being involved in a bunch of community Discord servers, and in the end harvested the equivalent of $10 for that whole year. Apparently now on Hive it's much easier to weave fertile connections and Community cooperations 😊.

Speaking of countries and cooperations, you do live in Japan, right? I ask because a friend who works in the Huobi exchange was telling a couple of days ago that the Chinese swiping away of their crypto-industry will force them to close operations there. I'd imagine a series of Chinese crypto-actors (both people and institutions) are on the verge of moving to Japan and Corea?

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Welcome back!

Yeah, I'm in Japan. It's possible they are moving to Japan, but I think a lot of them have been here all along. I would love to see bitcoin more readily available here. Right now, it's a complicated process to buy, but everything is a complicated process in Japan.

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(Edited)

Oh, I see! Isn't a peer-2-peer cryptocurrencies purchase app, like "Local Bitcoin", usable in Japan?

I've never traveled to your country, but have watched a bunch of videos about it recently, hehe. Many foreigners living there comment that Japanese people are utterly helpful, lovely and efficient individuals, and at the same time that they easily tend to be confused or lost in front of unprecedented or unusual situations :-) It gives the impression that huge reglementations make them confortable (I write "them", cause I guess you're not the "average Japanese citizen" 😉).

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(Edited)

I’m definitely not a citizen lol
Lovely and helpful maybe but I would not say efficient! Quite the opposite. They just work long hours and do everything very seriously.

I think there are people doing local bitcoin but I don't know if it's legal or reliable. It's certainly not commonly used.

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Wooow... As a confirmation of your comments, I see that the total number of BTC ATM in Japan is... 1 (at least if that website's data is correct). Hope you do live in Tokyo 😄.

Source: https://coinatmradar.com/country/107/bitcoin-atm-japan/

Bitcoin ATM Japan – find bitcoin machine locations - coinatmradar.com.png

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There were a lot of ATMs here while I took my 6 year break from Japan 2012-2018, but then they became illegal even though bitcoin is legal as payment here, exchange to local currency is heavily regulated.

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