MythBusting: Chivo Wallet Is Better Than Bitcoin.com Wallet!

How can you say a wallet that can only serves it's citizens (El Salvador) is better than a wallet that can serve anyone around the globe?

From that single question the debate should be closed but for the sake of educating the new ones entering the cryptoverse, let's provide details why Chivo wallet is better than Bitcoin.com wallet is a BIG MYTH that needs to be bust.

Brief background of Chivo Wallet

Image Source: diariolahuella.com

Chivo wallet was created to cater El Salvadorian citizens after Bitcoin tender was approved by law last September 7, 2021 as they are the first ever country that makes Bitcoin legal tender. It is called the Bitcoin wallet in El Salvador.

Chivo is Salvadoran slang term for “cool.”

Advantage of using Chivo wallet (For Salvadorans only);

• Allow users (El Salvadoran) to send and receive Bitcoin or USD between Salvadorans without transaction fees.

• Vice versa it allows Salvadorans to exchange Bitcoin for Dollar without transaction fees.

• Chivo is compatible with other Lightning wallets or Bitcoin wallet on-chain.

• Chivo can connects with banks of El Salvador allowing users to deposit or withdraw using the platform.

• Has ATM's that allow users to deposit and withdraw.

• Has a company version that allow users to charge, assign payment for employees and can pay taxes easier in a quick manner.

Perks that Chivo offers;

• $30 in Bitcoin for signing up (El Salvadoran citizen only)

• No transactions fees

• Withdraw fiat anytime

• Can top up on stores

Source: www.coincarp.com

Chivo's Issues until now;

When Chivo was launched last September 7, it encounters technical glitches causing Salvadoran unable to download the app. Some reported after downloading it didn't work.

Some users didn't receive the $30 promise upon signing up causing others lose interest downloading the wallet.

Chivo ATM has issues that let their users take out their Bitcoin gains in dollars and send crypto on weekends only.

There's also reports by local media that there was identity theft on the app, someone use other citizens ID number to register even if they didn't registered to use Chivo. A developer spoken that he knew some people was registered in the app without even downloading it. Isn't it suspicious? Just to get the $30 in BTC?

Slow and unconfirmed transactions often occur when user sends Bitcoin to non-Chivo wallet.

Chivo is centralized it is custodial wallet which means someone can look out users fund, that is El Salvador government.

There's even a citizen an uber driver to be exact that says “It (Chivo) is of no use to me” after they received and spent the $30 worth of BTC.

Source: decrypt.co.cdn.ampproject.org

You think the wallet is still Chivo after all?

Brief back ground of Bitcoin.com

Bitcoin.com was launched last August 2017 allowing users to buy, sell, swap, send, receive and store your crypto like Bitcoin BTC, Bitcoin Cash and newly added Ethereum (ETH). The wallet is also accessible in creating SLP (Simple Ledger Protocols) tokens.

It has a lot of features that users can benefits and enjoy while using the wallet aside from it's really fast in sending and receiving crypto's.

Bitcoin.com's awesome features

Here's some awesome features you'll find in Bitcoin.com that provides economic freedom all in one digital wallet.

Buy, sell, and trade

In Bitcoin.com you can easily build your portfolio, you can buy using credit card, payment app or even bank account. You can also swap your crypto into stablecoin to protect your returns of investment.

Secured wallet

Bitcoin.com is non-custodial wallet, which means no one can access it except the user unlike Chivo that is tracked by their Government. You can create passcode biometric for security purposes. In a non-custodial wallet you can have your seed phrase and easily restore your wallet via import if you happen to lose your device or break it.

You can manage different wallets

With Bitcoin.com you can easily make new wallets for savings or spendings so you can easily track it, you can also add notes on your transactions to easily remember what you spent for.

Trusted gateway for Ethereum

Recently they've added Ethereum in the wallet where you can easily buy, send, receive and trade ERC-20. Users can now instantly connects to DApps, to earn interest, trade using DEX and also can participate in NFT market place.

Track the market

With Bitcoin.com it has live market updates where you can see price of your cryptos, you can also read some crypto related news to know more information and add on your knowledge.

Other Services

Bitcoin.com wallet has other services as well such as staking flexUSD with 10-20% APY, it's great since you can let your crypto works for you. Aside from that there's aslo a game that was link in there which is Joystick 🕹️, where you can play and earn points. Points is convertible to JOY token and is tradable in SmartBCH DEX's.

Source: https://wallet.bitcoin.com/

Personal Experience Using Bitcoin.com

Personally I've used Bitcoin.com for more than a year, I had a nice experience with it. It has friendly user interface, easy, fast and safe to use.

I even had several articles about it but this Escape volatility while holding your BCH with Stablecoins (Swap Features), in this article I've written about how to swap gains with BCH when the price is rising to stablecoin and swap back to BCH if the price goes down. It's a simple trade of buying and selling in the wallet.

Until now I am still using Bitcoin.com wallet, majority of my BCH hodling is in there as I believe it is way more secure than any centralized wallet.

I don't want anyone peeking my wallet, although I don't have much but I believe privacy is valuable and it is freedom.

Conclusion:

With all those reasons to compare which is which, Bitcoin.com is way better than Chivo in many ways.

If Chivo does not improve but only keep pushing mass adoption for Bitcoin BTC giving out $30 per citizen is a total failure since El Salvadoran is not well educated on what is Bitcoin or the technology itself.

You can never compare a kitten to a Lion! Therefore Bitcoin.com is better than Chivo Wallet, end of discussion.

This is an entry of myth busting by @SofiaCBCH you can read full details in here.

SLP Address:

simpleledger:qrysd5pqany2hc32u5mruxcmyxvg7sj3svc3xxkukf

SmartBCH Address:

0x3b035C7220e26D37C5C2067fF68B67ae275Fcc08

Date Published December 15, 2021