El Salvador President Nayib Bukele announced that each adult El Salvadorean would receive $30 Bitcoin in the official Chivo wallet upon successful registration on June 25, in a bid to promote Bitcoin usage in the country, after the largest cryptocurrency by market capitalization was declared to be the legal tender in the Latin American country. https://cryptoticker.io/en/bitcoin-nfts-bottlepay/ Besides the obvious advantages of being able to hold, convert and transact both Bitcoin and a virtual form of the American Dollar (USD) without commission or fees. Chivo wallet is also compatible with other Bitcoin wallets. And there’s no compulsion and users are allowed to use other wallets, if they so desire. But, it does require entering a lot of personal information, collected in the name of loss and theft prevention. https://twitter.com/nayibbukele/status/1409585227408678924 It remains to be seen as to what kinds of security features the official Chivo wallet would have. Generally, having the need to enter personal information doesn’t sit well with cryptocurrency users, who place emphasis on decentralization and anonymity. However, Mr Bukele assured the El Salvadoreans that they aren’t giving any information, which the Govt doesn’t already have.  https://twitter.com/nayibbukele/status/1409586085718495233 Further, El Salvadoreans will be able to withdraw money received in Bitcoin to actual USDs through actual physical locations processing such transactions and through ATMs. But the $30 airdrop in Bitcoin can’t be withdrawn into US dollars as the Govt wants to promote Bitcoin usage in the country. Once they are sent to another wallet, the restriction won’t apply anymore. Chivo wallet would launch in Sep 2021, as per it's official twitter. https://cryptoticker.io/en/el-salvador-bitcoin-legal-tender/ The only issue? From it's available descriptions at this point, the Chivo wallet doesn't appear to be a truly decentralized hold-your-own-private-key type wallet as any on-chain wallet would have to pay fees and wouldn't be able to convert seamlessly between Bitcoin/USD as there are no such native services on the Bitcoin blockchain. It remains to be seen as to what is the true nature of this newly launched solution. Chivo Wallet Bitcoin El Salvador© CryptotickerThe post Chivo Wallet – An Overview Of El Salvador’s $30 Bitcoin Airdrop Plan appeared first on CryptoTicker.