In this guide, we’ll show you how to move your bitcoin from Chivo Wallet to the Bitcoin.com Wallet, where you’ll be in full control of your money. But first, let’s look at the pros and cons of doing so.
Why move your funds off the Chivo Wallet?
In the world of Bitcoin, if you don’t possess the “key” to your bitcoin, you don’t truly own it. Chivo Wallet doesn’t provide you with the key to your bitcoin. This makes it a ‘custodial’ wallet. In other words, Chivo Wallet is holding your bitcoin on your behalf. When you don’t truly own your bitcoin, it’s possible for a third party like a government or a company to confiscate your funds or cut off your access to them. This runs counter to the Bitcoin ethos where self-sovereign ownership is paramount and where public access is guaranteed. With the Bitcoin.com Wallet, which is fully non-custodial, you’re empowered to take true ownership of your Bitcoin and other cryptoassets.
Additionally, with the Bitcoin.com Wallet, you can easily trade your Bitcoin into not only US Dollar crypto ‘stablecoins’, but also other cryptocurrencies. This means you can speculate on the burgeoning cryptocurrency industry in order to benefit from its huge upside.
Note: Strike Wallet, the other widely used Bitcoin wallet in El Salvador is also a custodial wallet, meaning, just like with Chivo Wallet, you don’t have self-sovereign possession of your funds if they’re in Strike Wallet.
What’s Lightning Network?
If you plan on spending the $30 in BTC provided by the El Salvador government at local merchants in El Salvador, it may be in your best interests to keep your funds on Chivo Wallet as it is connected to the Lightning Network, which allows for fast and low-fee payments using Bitcoin within the local economy.
For those wanting to convert funds into other cryptocurrencies such as Ethereum, stablecoins, or low fee on-chain cryptocurrencies like Bitcoin Cash, we recommend sending funds to your Bitcoin.com Wallet where only you hold the keys to the coins, and where you’re fully in control.
How to take control of your Bitcoin
- Download the Bitcoin.com Wallet from Google Play or the App Store.
- Open the app and tap “Receive.”
- Swipe through the coins until you get to the orange coin, “Bitcoin” (not Bitcoin Cash, which is green).
- Tap “Copy Address.” This will copy your unique Bitcoin address to your clipboard.
- Go back to the Chivo app and tap “Send.”
- Select Bitcoin as the asset to send.
- Next, scroll through the ways to send, and select via Bitcoin (not via passport or Lightning).
- Paste the Bitcoin address you previously copied.
- Enter the amount you’d like to send and confirm.
Note: Many users have reported that the $30 provided by the El Salvadoran government cannot be sent out of the Chivo ecosystem. Therefore, if you’re receiving an error message, this is likely the reason, and you should reach out to Chivo support.
Backing up your wallet
When you use a non-custodial wallet like the Bitcoin.com Wallet, you – and only you – have the private keys to your wallet. This means you’ll need to take responsibility to back up and store your private keys safely. This guide explains how.
Spending your crypto
If you’re looking to spend crypto that’s in your Bitcoin.com Wallet, browse through map.bitcoin.com, where you can find merchants globally who accept payment in Bitcoin, Bitcoin Cash, and Ethereum.
Accept crypto as a merchant
If you’re a merchant who accepts cryptocurrency as payment and you’re looking for global exposure for your business, you can easily add your business to this map.
Additionally, you can get set up in minutes with the Bitcoin Cash Register app which creates a low-fee payment gateway that’s a great alternative to custodial Bitcoin Wallets.
Buy Bitcoin inside the Bitcoin.com Wallet
If you’re looking to add to your Bitcoin and other cryptoasset holdings, you can do so in seconds right there in the Bitcoin.com Wallet. Just tap on “Buy” and follow the instructions.
Get the Bitcoin.com Wallet and take control of your Bitcoin and other cryptoassets.
