El Salvador Bitcoin Project seems to have failed

Salvadoran President Nayves Bukele attempted to convert Bitcoin and the US dollar into national currencies, but since 2001 the US dollar has been legal tender. Over 91% of Salvadorans want US dollars, not Bitcoin.

Chivo's payment procedures were unreliable as of September. It's the kiss of death for the new ordinance. Users receive an additional $ 30 bonus when they sign up and then immediately spend or withdraw money to remove Chivo. The system does not recognize all photos of new users and only relies on security numbers and birthdays, so there is serious personal fraud, theft of registration bonuses. .

It is only through Ambition Day that traders can understand the mobile value of Bitcoin. The main protests against the use of Bitcoin continued in October. The government has now banned Chivo's radio, television and social media broadcasts. You can see that the Chivo advertising on buses and trucks is now covered with plastic tape.

Booker's financial problems still exist. Because El Salvador couldn't print American money, the president was desperate to make his money huge. The International Monetary Fund (IMF) has not granted the country a loan of $ 1 billion. Buckler asked and expressed his concerns about the Bitcoin plan. So, Bukele once declared national rule on stage. At the Bitcoin and Blockchain Latin America conference on November 20, Bukele unveiled his Bitcoin City campaign.

The city of Concession was created from scratch with the help of volcanoes in mining bitcoin. Starting in mid-2022, Bitcoin City will offer $ 1 billion in 'volcanic bond' payments. The 10-year volcanic contract pays 6.5% per year. US $ 500 million of the proceeds will be used to purchase Bitcoin. Bitcoin was shut down for five years and then sold to recover a purchase price of $ 500 million, with the proceeds paid out as dividends.

Traders can acquire Salvadoran nationality by holding $ 100,000 of volcanic bonds for 5 years. US bitcoin services company Blockstream first applied for an electricity contract with Bukele in July. These agreements are placed in the form of a security token by the owner of Blockstream, Liquid blockchain.

But current Salvadoran debtors have not budged. Volcanic bonds would be a bigger investment than buying existing national bonds and protecting them using Bitcoin. Since the release of the Volcano Bonds, bonds have consistently fallen 63.4 cents from a face value of 75 cents.

Bukele announced several major projects in a short period of time, but was postponed for months or years, and the number of announcements dropped repeatedly, causing the Bitcoin City disaster. Volcanic bonds can fall into the hands of Bitcoin holders who buy them as collaborative 'memetic stocks' rather than traditional investments.

Salvadorans rarely use bitcoin in their daily life, which is why Volcanic Bonds are Bukele's medium for delivering bitcoin currency to the Salvadoran market. Bukele will present all of this as much as possible, constantly putting new plans on the table and keeping them entertained. If he can stay in power, Bitcoin users will know he is stealing money. If he can't stay in power, his successor won't like Bitcoin's failure. Both of these events ended in disappointment for many Bitcoin holders. Because the economy of a country cannot depend on change and demand.