I have not found any confirmations so far, that People in El Salvador are actually using Bitcoin. For all I know it could be Government fiat that is denominated in Bitcoin.
Chivo -> Chivo transfers are not done with Lightning, or ok the blockchain itself. Govt is not obliged to back the amount of “Bitcoin” in all the wallets by any specific amount.
There are, I believe, gateways to both LN and the BTC blockchain itself. So you can transfer funds to/from Chivo with a real Bitcoin transaction. But sending to another Chivo user is just handled by Chivo centrally.
Ok, but the same would hold true for any exchange app. But that does not make it a lightning app. The coins would be held by the exchange and the app only displays your balance.
If you're going to centralize the keys, why bother with Bitcoin? Isn't the whole point that you're insulated against untrustworthy governments? It's kind of sounding like decaf coffee ..
I have not found any confirmations so far, that People in El Salvador are actually using Bitcoin. For all I know it could be Government fiat that is denominated in Bitcoin.
Does anybody here know more about it?