• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

El Salvador’s Bitcoin wallet Chivo is set to remove its trade profiting feature

October 27, 2021
in Regulations
Reading Time: 3 mins read
A A
0
El Salvador’s Bitcoin wallet Chivo is set to remove its trade profiting feature
0
SHARES
13
VIEWS
ShareShareShareShareShare
Deposit and Earn Up to $3000 Bonus

Chivo will be removing its scalping feature to curb growing speculative tendencies involving Bitcoin, it said in a tweet last night.

“Scalping” would allow users to freeze Bitcoin prices for a minute allowing a small window for the users to compare prices on other exchanges before making a final purchase.

Chivo took to Twitter to announce that the digital wallet will no longer provide the facility of scalping on their app as it promotes a sense of fraud in crypto trading “Unfortunately, many of our users used it for scalping, which is legal but without the option of having a frozen price.” Chivo said on Twitter.

Hemos tenido que deshabilitar temporalmente la opción de ver el precio del Bitcoin congelado durante un minuto.

Lamentablemente, muchos de nuestros usuarios lo utilizaban para hacer “scalping”, que es legal, pero sin tener la opción de una tasa congelada.

🧵 Hilo:

— chivo (@chivowallet) October 18, 2021

Update causes frenzy among its users

With the recent app update, the wallet has now started restricting trades to one every three minutes to limit scalping. Users are also complaining that the price at which they sell Bitcoin is not the price they receive once the transaction has been processed.

Chivo has not yet provided any evidence that proves whether the price differentiation that the users are facing is caused by price swings during the three-minute delay or not. Some are also accrediting the price differentiation as a fee charged by Chivo to let users access its wallet to make crypto trades.

These changes are the latest addition to the app, which has been long plagued by numerous bugs and app issues before. Users have been complaining that the app has been malfunctioning and displaying the wrong user data.

Critosal, a human rights organization in El Salvador, has received 700 complaints against Chivo that states that the app has been showing buggy identities to users. Chivo requires an El Salvadorian ID to open an account, many users have complained alleging that their IDs were already in use when they tried to open an account on the app.

Tracoda, another watchdog group, has also asserted that they have received 2000 cases involving the issue of stolen identities through the Chivo app.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Posted In: Bitcoin, Ethereum, El Salvador, Banking, Exchanges, Investments, Legal, Opinion, People, Regulation, Technology, Trading, Wallets
Deposit and Earn Up to $3000 Bonus

Like what you see? Subscribe for updates.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Nancy Pelosi keeps pouring millions into this 1 sector — it might be time to tag along

Next Post

AMD Gives Another Bullish Forecast; Data Center Sales Double

Related Posts

Singapore’s changed stance on crypto
Regulations

Singapore’s changed stance on crypto

June 25, 2022
4
Cardano founder steals the show at Congressional hearing on crypto regulation
Regulations

Cardano founder steals the show at Congressional hearing on crypto regulation

June 24, 2022
6
Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations
Regulations

Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

June 24, 2022
5
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Regulations

Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.

June 24, 2022
4
Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF
Regulations

Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF

June 24, 2022
6
Next Post
AMD Gives Another Bullish Forecast; Data Center Sales Double

AMD Gives Another Bullish Forecast; Data Center Sales Double

Recommended

Tech experts urge Federal Lawmakers to ‘resist’ crypto

Tech experts urge Federal Lawmakers to ‘resist’ crypto

June 2, 2022
4
Bernie Sanders, AOC, and 40 other Democrats ask Google to stop collecting location data so ‘far-right extremists’ can’t use it to identify who has had an abortion

Bernie Sanders, AOC, and 40 other Democrats ask Google to stop collecting location data so ‘far-right extremists’ can’t use it to identify who has had an abortion

May 25, 2022
5
Port of Barcelona Outlines its Innovation Plan

Jacksonville Harbor Deepening Project Complete Through JAXPORT’s Blount Island Marine Terminal

June 3, 2022
3
Biden’s solar plan ‘builds a bridge’ for U.S. manufacturing — but there’s more work to be done

Biden’s solar plan ‘builds a bridge’ for U.S. manufacturing — but there’s more work to be done

June 13, 2022
8
Imperial Oil to extract lithium from historic Alberta oil field

Imperial Oil to extract lithium from historic Alberta oil field

June 24, 2022
4
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Bored Ape Yacht Club Founder Criticizes Campaign That Says The BAYC Has Nazi Symbolism
  • Singapore’s changed stance on crypto
  • Feld Entertainment CEO: We’re ‘reimagining’ the circus

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?