Chivo wallet to halt users from bitcoin scalping

On Oct 19, 2021

Chivo wallet took action against the people, who are using Chivo wallet for trading against the international bitcoin price in an inappropriate way.

Chivo wallet is a lightning network enabled digital Bitcoin wallet, which is specially made for the citizens of El Salvador.

To facilitate better bitcoin to USD swap features, without facing the volatility, Chivo wallet freezes bitcoin price for 1 minute. There are many opportunistic bitcoin traders in El Salvador, which are using the freezed Bitcoin price of Chivo wallet to trade Bitcoin against the up and down of Bitcoin globally on Exchanges.

As we know, Chivo operates on the bitcoin lightning network so bitcoin transactions work within a matter of seconds. So people are using such things to misuse this service.

In response to such unfair activities, Chivo wallet announced through their twitter handle that they will not show Bitcoin Quote price in the app to prevent scalp trading.

“The ‘scalping’ carried out consisted of taking advantage of the fact that Chivo kept the rate frozen for 1 minute and taking advantage of that minute to compare the rate with other exchanges and see if the price of Bitcoin went down or up.”

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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

However, scalp trading is a kind of legal thing but here, Chivo wallet users are misusing the option of Bitcoin 1 minutes freezed price. Chivo wallet described such activities as a part of fraud.

Now, Chivo wallet decided to remove the freezed Bitcoin price system and they will replace it with the real time Global price of bitcoin in the Chivo wallet.

Success with Chivo wallet

The government of El Salvador is giving huge opportunities and chances for their citizens to use the Chivo wallet for personal profits, even recently they announced the concessions on the fuels against the Increased price.

Recently, Nayib Bukele, president of El Salvador, confirmed that El Salvador is getting better success over banks in providing banking features for their citizens.