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El Salvador’s Digital Bitcoin Wallet Chivo Removes Key Pricing Feature
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blockchain.newsEl Salvador’s digital Bitcoin wallet Chivo removed a pricing feature that allowed users to make quick profits on trades.
The Latin American nation’s Chivo wallet had planned to remove a feature that freezes Bitcoin’s price for one minute before confirming a trade. The feature allows users to check pricing on other cryptocurrency exchanges and decide whether to buy or sell, a phenomenon known as “scalping”.
Chivo said on Twitter, “unfortunately, many of our users used it for scalping, which is legal, but without the option of having a frozen price. Doing it with a frozen price, comparing it with other exchanges in real-time is a type of fraud.”
Chivo wallet sparked an avalanche of day trading last month as citizens of El Salvador bought
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