Bitcoin is now used more than credit cards in El Salvador.
• Used Bitcoin (2024): 8% (Iudop/UCA)
• Active credit card users: 7% (World Bank)
Both still lag far behind cash, but considering credit cards have had 50 years to catch on, bitcoin adoption is doing just fine.
@mcre1 We could establish a bitcoin circular economy, city identifies to its citizens which bitcoin address(s) are used for transactions and which are for the balance sheet so anyone can audit. That’s a start, and one that would drive innovation here.
Ahead of publishing our August proof of reserves, we will be migrating our cold storage to a new address.
The current cold storage address is: bc1qysj2w7xsw09datsy9mt9x50jn7qjd6qde6d66qm3ce0a4y9uzdpqcavdr0
The new one will be: bc1qeh5e4ndkrs9sxw8wed2yce69tkrg7t003rz4vk5jhkaf6knkem4q944qvt
Note that clients will not be sending or receiving funds from this address directly, as it is only used by River. Clients will continue to use the standard send and receive flow in the River app.
Once the migration is complete, we will perform a new proof of reserves. As always, you will be able to verify this at https://t.co/CsAHQ5ClvM.
Today’s migration is a step in a series of planned security upgrades to our custody system to add further layers of defense as our assets under custody grow. We will be performing another migration in three months as part of this larger custody infrastructure upgrade.
River has not been affected by the recent security incidents. We have, however, seen a significant influx of deposits and are preparing our custody infrastructure for our next phase of growth to ensure River remains a safe haven for the Bitcoin community.
Security is the most important feature of any Bitcoin exchange and we will continue to invest in having the best-in-class custody for our clients.
Bitcoin’s core design is set in stone. Protocol changes should be rare, conservative, and driven by necessity, not ambition.
Don’t fix what isn’t broken.
Steak n Shake is a sustainable Bitcoin company. Bitcoin payments go into our Strategic Bitcoin Reserve. And the savings in processing fees over credit cards helps us reinvest in improving the quality of our offerings.
The allegiance of Bitcoiners is unparalleled. We thank them on our journey to become a MAHA-aligned company. We are increasing sales at a rate faster than any other fast food chain.