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Only 14% of businesses of El Salvador uses bitcoin: Report

Only 14% of businesses of El Salvador uses bitcoin: Report 10

El Salvador-based businesses showed less inclination toward the use of Bitcoin in payment options. 

El Salvador is the first and only single country in the world, which is using bitcoin as a legal currency, where people are free from all types of taxes on Bitcoin hold & profit gain. In El Salvador’ all businesses are forced to accept Bitcoin payment through the official digital Bitcoin wallet of the country, Chivo wallet, which is enabled with the bitcoin lightning network. 

A poll has been conducted to get information about the average inclination of businesses in El Salvador on bitcoin-based transactions. The poll report noted that responded businesses, which are using bitcoin-based payment methods are only 14%. 

In the polled survey, 71%  of the companies were micro or small businesses, 13% were medium-sized enterprises, and 16% were big-level companies. And this survey was conducted on a total of 337 companies, between 15 January to 9 February. 

90% of the Bitcoin payment user businesses confirmed that they saw little impact on their business growth because of Bitcoin adoption. 

Is the bitcoin adoption rate slow? 

This polled survey report may show a mirror where the adoption rate of Bitcoin payment seems not much Influential but here we should not forget that El Salvador has been using the US dollar since 2001, so it will not be easy for the citizens to adopt other payment methods or new currency.

Here we also need to keep in mind that El Salvador completed only approx 9 months with bitcoin law but still under this situation more than one out of 10 businesses uses Bitcoin in payment options. 

Reportedly two main negative points, which are degrading the adoption rate of Bitcoin, is lack of education and technical issues with the Chivo Bitcoin wallet. Country and other crypto leaders are working together to fight against these two challenges.

Read also: Treasury Department may ban crypto exchange for Russian users

Only 14% of businesses of El Salvador uses bitcoin: Report


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