You're probably wondering about the title of this article already, but before we move to that topic, let me just share to you my personal experience of using Bitcoin.com wallet.
I started using the Bitcoin.com wallet last December 16, 2020 after reading a lot of good feedbacks and recommendations to use this wallet all over my read.cash notification from the other users. I wanted to try it myself so I immediately downloaded it on Play Store, and I think that is one of the best decisions I have ever made in my Bitcoin Cash journey.
In an article I have written on read.cash before about My Experience using Bitcoin.com wallet for Bitcoin Cash (BCH), I have shared that I was a bit hesitant to use this wallet because I preferred to use coins.ph wallet as I've been using that for a long time already.
However, after using Bitcoin.com wallet for the first time, it immediately caught my interest because my experience using it was way better than using coins.ph wallet. I didn't have to wait that long for the Bitcoin Cash to arrive in my wallet, and the price of BCH is more accurate. And since then, I have decided to use the Bitcoin.com wallet for my daily use.
So what is the point of sharing my experience of using Bitcoin.com wallet, you might ask? That is to debunk the myth surrounding it that
Chivo wallet is better than Bitcoin.com Wallet!
Before I prove my point, let's dig deeper first about these two wallets and compare which is better, Chivo or Bitcoin.com.
THE CHIVO WALLET:
Background of Chivo Wallet:
El Salvador is the first country to make Bitcoin a legal tender and the country launched its official Bitcoin wallet, the Chivo Wallet, after the country's Bitcoin law comes into effect on September 7, 2021.
And to help entice usage of this wallet, Chivo offered Salvadoran citizens a complimentary $30 Bitcoin deposit for first-time users.
President Nayib Bukele claims that Chivo wallet has 2.1 Million Salvadorans who are actively using the wallet, which is probably because of the incentive.
What is Chivo Wallet?
"Chivo wallet is a Bitcoin wallet that allows Salvadoran citizens and businesses to send payments in Bitcoin or dollars anywhere around the world. It can automatically convert Bitcoin into US dollars or citizens can withdraw Bitcoin holdings for cash at Bitcoin ATMs in the country."
With this definition and usage of Chivo wallet, I can say that it is similar to coins.ph, where Filipinos can buy, sell, and store cryptocurrency in the Philippines, which is also regulated by the Central Bank of the Philippines.
Benefits of using Chivo Wallet:
You will receive $30 in Bitcoin for consumption.
Chivo Wallet gives people the opportunity to make quick and easy cross-border payments anytime, and make payments without transactions.
You can withdraw dollars whenever you want and handle the currency you want (BTC or USD).
Issues and Disadvantages of using Chivo Wallet:
The Chivo wallet was disabled in the morning of September 7 just hours after El Salvador became the first country to approve the use of Bitcoin as legal tender.
Technical glitches such as withdrawing money from ATMs, data verification, and El Salvador government not depositing the $30 bonus President Bukele promised all Chivo users, have beset the Chivo wallet that could discourage residents from signing up to the app.
Chivo Wallet is tied to the government, which means they can freeze it any time, making it as centralized as a bank. This opposes one of the greatest benefits that Bitcoin can offer, decentralization.
While the Chivo Wallet will drive mass adoption for Bitcoin, it doesn't change the fact that it still has a lot of issues and disadvantages in using the wallet.
THE BITCOIN.COM WALLET:
Background of Bitcoin.com Wallet:
The Bitcoin.com wallet was launched in August 2017, which allows you to buy, sell, store, swap, send and receive cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH). You can also store SLP Tokens here.
I have been using this digital wallet for almost a year now as it is a safe and simple app with user-friendly interface, and with a lot of helpful features.
Benefits and Advantages of using Bitcoin.com Wallet:
It is a fully non-custodial crypto wallet trusted by million users. Unlike Chivo that is tied to the Government, Bitcoin.com is non-custodial, which means it is only you who have the access to your crypto because you have its private keys. In the crypto-world, there is a rule that "not your keys, not your crypto".
Bitcoin.com wallet provides you every feature you need for economic freedom in one digital wallet.
Buy, sell, and trade:
Build and manage your crypto portfolio from your mobile device. Buy with your credit card, payment app, or bank account. Instantly swap between cryptocurrencies. Protect your returns by trading into USD stablecoins.
Manage your spending:
Create ‘saving’ and ‘spending’ wallets to organize your funds. Add personal notes to transactions and get a complete history of buys, sells, trades, and spends.
Effortless security:
Hold the keys to your digital assets in a wallet so secure, no one can access it except for you - not even us. Protect your money with passcode and biometric security features. Automatically back up all your wallets and restore access with a single custom password.
Move money freely:
Send and receive cryptocurrencies anytime, anywhere - no questions asked. Take advantage of fully-customizable fees for sending. Create unlimited wallets to support your privacy.
Track the markets:
Stay informed with real-time market data displayed on your home screen. Get in-app access to the news that matters. Receive notifications when the market is moving.
Source: wallet.bitcoin.com
Conclusion:
With all these reasons and comparisons where one wallet is better than the other, claiming that Chivo wallet is better than Bitcoin.com wallet is a delusion.
Bitcoin.com wallet has been serving millions of users from all over the world for years now. It is a fully non-custodial digital wallet that cannot be banned. It is already an established wallet that is consistently innovating, and keeps launching useful features. Therefore,
Bitcoin.com Wallet is better than Chivo Wallet.
My SmartBCH Address:
0x77C55F90014f99B4b424C4dd3240A4f105B11B14
Great Article! Best of luck in the draw