The option will be disabled “temporarily,” but it is unclear when it will return. Network users criticized the Chivo Wallet measure and explained there are struggles when paying in stores.

The team behind the wallet of the government of El Salvador, Chivo, reported this week that it disabled the option to see the price of bitcoin (BTC) frozen for a minute, as many users used it to apply a type of fraud related to scalping (short-term trading).

This situation appeared in a report the company highlighted through a brief Twitter thread, in which it mentioned that users took advantage of the freezing of the exchange rate for one minute.

 During that time, they got to compare the price with other exchanges and see if the cost of BTC fell or if it climbed a new high peak.

Therefore, now users are going to limit the visibility of the frozen rate. They then move to instant convertibility (and no longer frozen) 

These users can achieve the desired rate, but with the rate updated instantly.

Chivo clarified that while this change happens, the option to see the rate at the time of conversion “would remain disabled, but all other functions will operate.

Users Manifested their Concern on the Matter

In the same social network, you can see a diverse pool of opinions coming from the users of Chivo Wallet. Chivo got described as an application that had caused several struggles to Salvadorans, ranging from system failures to identity theft.

One of the users, Odir Pineda, criticized the application’s measure, recalling that most exchanges use frozen rates to operate.

And there was a constant comment highlighting that the application begins to fail once bitcoin is on the rise, like this week, which once again, the cryptocurrency surpassed USD 60,000 and seems headed for a new all-time high.

Pineda insisted that Chivo does not even disguise the blockade. Just when the currency is going up, no one can put their money to win.

The Sale of Bitcoin

Due to the measure of the state company, there would be a negative or positive effect on the sale of Bitcoin since the wallet does not bring metrics or graphs. In that sense, neither on its social networks nor on its official website shows the price of the cryptocurrency.

The latest update on Chivo Wallet’s performance got offered by Salvadoran President Nayib Bukele on September 27.

Via Twitter, the leader showed the application dashboard, where he counted the number of registered users at more than 2.2 million, with more than 65,437 transactions per second that are being processed by the system, as explained by President Bukele himself.

The president invited users to remember that a single transaction takes several seconds. The leader warned users to not try to calculate the total daily transactions with this method.

By: Jenson Nuñez

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