Hi everyone, My name is Guillermo, just a Salvadoran guy that wants to give out information about the Chivo wallet app in case you didn't know.
As you know Bitcoin will become legal tender in El Salvador, the law passed Congress and will go into effect on September 7. The government of El Salvador has created the Chivo wallet app, this is how it's supposed to work, let me know what you think.
The government will give to every Salvadoran the equivalent of $30 in BTC, all you need to do is open an account using the Chivo wallet. Yes, it will ask for you government issued ID, facial recognition, etc.
You will have 2 different balances: USD balance and BTC balance, in the same app.
You will see your BTC balance fluctuate as the price of BTC goes up or down.
Your USD balance will NOT change.
You can transfer money between your 2 balances.
Every merchant is mandated to accept BTC if the customer wants to pay in BTC, but since the app has 2 balances, you as a merchant can receive it in USD and keep it that way. In other words, it's totally optional if you receive Bitcoin or USD in your app, the customer paid in BTC though.
El Salvador citizens can convert the cryptocurrency to USD and withdraw it in cash at Chivo ATMs.
Fees: neither the sender nor the receiver will pay any fees when buying something, receiving a payment or withdrawing USD using the Chivo wallet app.
You can use whatever wallet you like, Chivo wallet is just the most convenient way to make and receive exact payments, withdraw USD from an ATM, or convert BTC to USD, commission free.
The government will assume price variations, they have created a $150,000,000 fund to back BTC to USD conversions (like a liquidity pool I think).
More than 200 Chivo ATMs and 50 kiosks are now being installed in the country, they will open on September 7.
The initial amount of $30 deposited in BTC after opening your account is to incentivize the use of BTC.
Chivo wallet does not con...
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