Report says that Western Union could lose $ 400 million if the Chivo-Bitcoin Wallet from El Salvador wins in traction, Tim Berners-Lee weighs

10. September 2021

Krypto News Österreich

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The Republic of El Salvador made many headlines this week when the country introduced Bitcoin as a legal means of payment on Tuesday and was the first known nation state to buy the leading crypto asset. A recently published report shows that transfer providers such as Moneygram and Western Union could lose up to $ 400 million annually if the Chivo wallet is used more. In addition, the creator of the World Wide Web, Tim Berner's Lee, wrote an opinion article on why the Salvadorian President Nayib Bukele announced the Bitcoin Demination Act at the Bitcoin conference in Miami.

Chivo Wallet could harm transfer giants like Moneygram and Western Union, says Report

since El Salvador Bitcoin has introduced ( btc ) As a legal currency on September 7, 2021, the country is still a topic of discussion. Bitcoin.com News about the many developments in El Salvador from ' Bitcoin-Strand 'to the ’30for30'-trend That took place this week. In addition, the land started to buy mass quantities of bitcoin ( btc ) before the legalization was carried out. The next day, while the bitcoin (BTC) -Markroute , Salvadorian President Nayib Bukele "Buy the dip".

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The Salvorian President Nayib Bukele.

Also, bitcoin.com news Bitcoin wallet of the government called Chivo and how the wallet had a number of starting problems during the start day. The next day, however, it was easier to download the Chivo wallet and Bukele said that the wallet was completed. A report recently published by CNBC explains that if the Chivo wallet finds a mass acceptance and transfer customers are removed from financial institutions, they could lose millions.

Mackenzie Sigalos from CNBC Report "If the population accepts Bitcoin to a large extent", it is possible that "Western Union and Moneygram will lose $ 400 million of commissions for transfers" annually. In El Salvador, transfers made 50 % of the total income of a citizen and make up almost a quarter of the country's GDP. Sigalos emphasizes that about 70 % of the population in El Salvador received transfers. Sigalos turned to Western Union and asked the company whether it was worried about this possible transition. The reporter wrote:

Western Union did not respond to a CNBC request whether the company was concerned about how this could affect business, and whether there are plans to change the fee structure in order to adapt to the increased competition.

World Wide Web-Finder Tim Berners-Lee writes about the Bitcoin introduction in El Salvador

In addition to the reports that transfer companies were violated by the Chivo letter pocket, numerous people have given their two cent on the subject of Bitcoin adoption in El Salvador. On Wednesday, bitcoin.com news Cover Edward Snowden, who said that competing nations are now under pressure to acquire them btc like el salvador. In addition, the creator of the World Wide Web, Tim Berners-Lee wrote that El Salvador also introduces Bitcoin.

Berners-Lee is known to be one of the first reporters who have dealt with the topic of Bitcoin ( btc ) as an article for ars technica wrote. In his The latest article explains on full-stakeConomics.com, why President Bukele, in his opinion, in his opinion Bitcoin conference in Miami. Berners-Lee explains critically and says: "It is not clear whether it actually helps people who lack banking services to forced dealers to introduce Bitcoin. Bitcoin requires internet access that is stained in many parts of El Salvador. And Bitcoin can prove to be too complex and cumbersome for everyday use," emphasized the inventor of the World Wide Web.

World Wide we inventor and English computerate Tim Berners-Lee.

Berners-Lee articulated, like the CEO of Strike, Jack Mallers, the news at the conference during a " emotional and vulgary address . " Berners-Lee noticed that the announcement was made in a "unorthodox place" and emphasized that "Bukele's own speech was quite vague about how Bitcoin El Salvador would help". The World Wide-Web manufacturer said it "tell" how Bukele made his announcement. Berners-Lee said:

It is significant that Bukele has decided to announce the initiative at a Bitcoin conference in the United States in English instead of turning to a local audience. One of his goals seems to be Bitcoiner around the world - some of which are quite wealthy - to make El Salvador visit and found shops there.

Berner's Lee further said that there is an opportunity that this could lead to an "experienced tourism and business development strategy" by becoming the "most Bitcoin-friendly jurisdiction" worldwide. However, the English computer scientist criticized the concept and found that Bukele's experiment could violate the Salvadorians. "At the same time," wrote Berners-Lee. "You can see why this could rub some Salvadorians in the wrong direction. Bukeles experiment becomes small shopkeepers who may not work in the tourism business and may never see a significant Bitcoin business, impose real costs.

What do you think of the possibility that the Chivo letter bag of the Salvadorian government could harm large transfer providers such as Moneygram and Western Union? What do you think of Tim Berners-Lee's assessment of the Bitcoin situation in El Salvador? Let us know your opinion on this topic in the comments below.

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