Chivo Wallet is a free crypto and dollar wallet for Android, similar to Trust: Crypto & Bitcoin Wallet and Binance: Bitcoin Marketplace Crypto Wallet. It was designed by the El Salvador government as a means to transferring Bitcoin without needing to worry about commissions. As long as you’re a resident in the country, you can register to use the app and exchange BTC for dollars.
The app is also connected to the banks in El Salvador, which means you can withdraw your funds to your account. It also works with local ATMs so you can draw cash when you need to. If you have a company in the country, you can use Chivo Wallet to assign employee terminals and pay your taxes efficiently.
Send and receive Bitcoin
When it comes to cryptocurrency exchanges, you usually have to pay transfer or commission fees. Sometimes, these can be excessive, and you’ll have to save up a large amount before withdrawing anything of value.
The government of El Salvador commissioned Chivo Wallet so that the country’s residents didn’t have to worry about such high transaction fees. They can easily send and receive BTC between each other and trade them on the markets.
Linked to banks
The most beneficial aspect of Chivo Wallet is that the banks are connected to it. It’s a live wallet that anyone in El Salvador can use to exchange BTC for dollars and vice versa. You can quickly send funds to family and friends, just like you would with standard money.
Even companies in El Salvador can use the Chivo Wallet system. Employers can assign accounts to employees, making it easier to pay salaries. Businesses and workers can pay their taxes quickly, as it’s all linked together. It’s an efficient system that does away with traditional money and thinking.
Bitcoin exchange with no commission
Chivo Wallet is an outstanding wallet system if you’re living in El Salvador and want to work with Bitcoin. Not only can your employer pay you in BTC, but you can also send funds to your family when they need assistance.
If you’re near an ATM, you can draw your cash from your wallet account. It’s an effective system, but only if you live in the country.