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Almost a quarter of all shops in El Salvador accept Bitcoin (BTC)

 


A few months after Bitcoin ( BTC ) was introduced as official payment in El Salvador , the American National Bureau of Economic Research (NBER) found in a new study that 20 percent of all companies in the small Central American country now accept BTC as a payment method.


The aim of the study among 1,800 adults from El Salvador was to measure the past adoption of Bitcoin in the country. The researchers came to the conclusion that BTC is rapidly catching up with other payment options in El Salvador.

According to the report, users who downloaded the state-owned Chivo wallet “decreased their cash usage by 10% while also reducing their card usage by 11%.”


In order to also sufficiently consider the merchant side, the study also specifically interviewed private individuals who either run their own business or who are employees and have knowledge of the payment methods of their respective employer.


Among those surveyed, 20% state that their company or workplace already accepts BTC as a means of payment. Card payments are now only accepted at 25%. In addition, “11.4% of all companies have more income than expenses from Bitcoin”.


In this context, 71% of Bitcoin payments are instantly converted to US dollars and paid out, while 17% of payments are converted to US dollars and held within the Chivo Wallet. Only 12% of the Bitcoin received is kept as BTC in the wallet.


After the introduction of Bitcoin, an Italian couple did a self-test for 45 days to see how widespread the cryptocurrency was in El Salvador. The two were already able to pay with BTC in the branches of many large chains, but many smaller shops and retailers had not yet accepted the crypto market leader.


The Central African Republic does not appear to be deterred by these surveys or perhaps feels more confirmed, because the African country has now introduced Bitcoin as the second nation .

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