This article is for Salvadorians and anyone interested in knowing about Bitcoin in El Salvador.

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Avatar for francis105d1
2 years ago

If you are a citizen of El Salvador, the government gives you a $30 welcome bonus for downloading the Chivo wallet application, which is just a bank account because you don't control your private keys. If you live in El Salvador, you can spend your satoshis with any merchant within the nation, but you have few options if you live outside the country.

You can spend your Chivo balance with anyone willing to accept Bitcoin as payment outside El Salvador. If your contra party has a Chivo account, your transaction will be free, and you will not have to pay transaction fees. But if you send transactions using the Bitcoin network, you will have to pay the on-chain fees, which can be as much as 0.00005BTC or more. You can also send your satoshis using LN and other custodians like Wallet of Satoshi, BlueWallet, and others. If you are going to withdraw from Chivo to any custodian leaving your satoshis within Chivo will be the best option.

If you have your Lightning network channel like I do, I recommend you first send your satoshis to Wallet of Satoshi because it seems Chivo and Wallet of Satoshi nodes are well funded and connected. Once your satoshis are in your Wallet of Satoshi, transfer from that custodian to your channel. In my case, my channel is connected to the Wallet of the Satoshi node, so the routing fees between my node and WoS are meager.

If you will be using Chivo and have the funds to create your channels, I recommend you open a channel to the Wallet of Satoshi and Chivo node. That way, your node will be well connected. In my case, I do believe in holding my private keys. That is why I have my channel.

Salvadorians who only have what the government gave them shouldn't move their funds from Chivo because at least Chivo is a government application within your territory. If something terrible happens, you can go and get answers within the nation. For those with enough money, you should open a node to the Chivo node directly and to the Wallet of Satoshi as a backup. When withdrawing from other services, it is best to use an intermediate account, and WoS fits that bill perfectly.

I remove my funds from Chivo because I am lucky enough to understand how Bitcoin works and because I believe in not your keys, not your crypto, so I prefer to host my private keys at all times. Getting your satoshis using the LIghtning network could be accessible without any commissions, so I recommend you learn how to send and receive funds using that feature within the Chivo wallet.

If you are going to El Salvador and need an excellent custodian connected to Chivo, I recommend you use the Wallet of Satoshi. I recommend connecting your mobile or desktop node to WoS and using that custodian as an intermediary if you have your channels.

I don't live in El Salvador, but I am fortunate enough to get their free airdrop, and if I can, I will try to make some transactions with some of my friends and send them from my channel to their custodian Chivo account.

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2 years ago

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are you born in El Salvador and living abroad?

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2 years ago

Yeap

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2 years ago