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by el-salvador 1651 days ago
This may work for smaller payments <$10, like when I had to split a restaurant bill with a foreign friend and paid him using the lightning network. (I wasn't carrying cash, and she no longer had a bank account in El Salvador, and other options would have been more expensive).

What I've seen is that Salvadorans in the U.S., that have bought or sent bitcoin using their U.S. credit/cards with the Chivo Wallet App based in El Salvador, is that have been hit by 1%-3% foreign transaction fees or cash advance fees from their U.S. banks.

So for some larger amounts it may end up being more expensive than a normal remittance.

1 comments

I'm sad to hear that, I have been optimistic about this helping people actually. Good news is that there are other options besides Chivo, so hopefully conditions improve as the market develops.