Revision to transaction fee when sending bitcoin

Dear Customers,

This is to inform you that due to the growing volume in on-chain transactions of Bitcoin has pushed Unocoin to increase the network fee from 0.0005 BTC to 0.0009 BTC per transaction to maintain prompt confirmation timings. This change will come into effect from 14th November 2017. Please be notified of this change in the network fee for your future transactions (Sending to bitcoin address).

However, transactions between Unocoin users (done via email addresses of the recipient) would be completely off-chain and are free.

Note: Bitcoin transaction network fee is the incentive to miners supporting the bitcoin network that validates and record your transaction on the blockchain and this fee does not go to Unocoin.

Our general stance regarding Hard Forks

Dear Customers,

Unocoin believes in the principle of highest customer benefit without compromising on the security of funds in the event of hard fork/network split. Forking of a cryptocurrency network can now be seen as a way that many organizations have identified to spread out their tokens to a wide audience. As the forked chain can also be programmed to award some pre-mined coins to founders, change the mining algorithms and difficulty levels dynamically, there won’t be a technical limitation to such feats and all it needs is a small team of programmers and a small community following to support such forks. We have seen numerous such forks so far but only one has sustained till now (Bitcoin Cash). We may even see the new age fundraising & fund distribution taking this approach in the future.

Unocoin is presently designed to be a single cryptocurrency trading platform and is supporting Bitcoin trading since the last 4 years. The number of hard forks that could emerge is not in control of Unocoin. Supporting all the hard forks will require significant resources and manpower involving investigation of the forking-code base and supporting team along with the research & development of the infrastructure to support the forked coins and finally for the disbursement of those coins. As this could become impractical very fast, it pushes Unocoin to have a stance in general regarding the hard forks.

Keeping the above-mentioned reasons in mind, Unocoin will not be supporting any hard forks for bitcoin or any other cryptocurrency upfront unless stated otherwise including the disbursals of those forked coins (based on the due diligence & discretion of Unocoin). However, Unocoin may choose to support forked coins in future if it proves to be significantly valuable and secure. Whenever this happens, either Unocoin will list the coin on www.unocoin.com to trade/exchange or will enable distribution of the forked coins with a strict deadline of 4 weeks since the event of the fork. In these 4 weeks, we will do our best to support weekly distribution cycles as such distribution may need intensive manual work. The undistributed or unclaimed (after the 4 weeks deadline) forked coins will either be untouched/burnt (if they do not have considerable value) or they will be used for the benefit of customers at the discretion of Unocoin.

Customers who need access to the forked coins irrespective of Unocoin’s stance or do not want to support our above stance for whatever reasons or as soon as the fork happens are requested to withdraw the bitcoin before the particular fork in question and keep the bitcoin in your own bitcoin wallets. We won’t be able to officially recommend any wallets. However, at your own risk, you may choose hardware wallets like Trezor and Ledger, or software wallets like Jaxx and Coinomi which generally start supporting the forked coins quite fast or you can opt for any forking community’s official wallets.

Regarding the two upcoming hard forks, keeping in mind the safety & security concerns pertaining to the “Bitcoin Gold” fork due to the instability of network and insignificant support, Unocoin is not supporting “Bitcoin Gold” at present, but might extend support at a later date which would be informed effectively to the customers. Unocoin’s current priority is to support the Segwit2x fork (planned at block-494784 [Read more @ this Unocoin News article]).

 

Regards,

Sathvik Vishwanath

Co-Founder and CEO, Unocoin

Our stance regarding SegWit2X hard fork

Key Takeaways:

  1. There is no action required from customers in regard to the upcoming event of fork/split (refer below).
  2. Unocoin will be supporting the chain that gains majority of mining/community support for further trading with INR.
  3. Users will be encouraged to redeem the coins (with in 4 weeks since the fork/split) on the parallel chain that Unocoin does not support in long run by submitting their addresses after the event of fork/split.

Bitcoin SegWit2x hard fork planned for activation in the second week of November 2017 is on the verge of bringing up another divide in the Bitcoin community leading to the split of respective coin holdings onto the two chains.

In case, you wish to read more about what a digital currency fork is? Read here.

All our customers holding any amount of bitcoin in their Unocoin wallet before the event of the fork would be entitled to an equivalent amount of coins on both the chains after the split. There is no action required from customers in this regard either before or during the fork as long as the replay protection is available. However, if the replay protection is not available, then we will be doing our best to split up the coins but there may be extra lead time before we can honour redemption of minority chain coins and hence these will be subject to an extended period of price volatility.

However, only tokens from the majority chain would be supported for further trading on the Unocoin platform after the successful split. On determining the stability of each chain after the fork, users will be encouraged to submit their addresses to redeem their coin balance on the minority chain starting with in two weeks after the split.

We will keep you updated on the detailed schedule of operations regarding the split in the coming days (nearer to the date of the fork).

As the disbursals are manual, there will be a deadline of 4 weeks since the fork within which the users have to submit their address of the minority chain coin on www.unocoin.com (this option won’t be available on the mobile apps). Unocoin will strictly not be accepting the redemption of minority chain coins after this deadline. The disbursals of coins on the minority chain would be processed soon after. A more definitive timeline will be provided soon.

Thank you.

 

Update on 24th October 2017:

To avoid the confusion in the bitcoin community which could seriously affect the bitcoin ecosystem, we have made some revisions to our stance above. We will be treating the legacy bitcoin blockchain (present bitcoin blockchain that is supporting 1MB blocks) as the bitcoin (BTC) and will be allowed to trade for INR. The forked coin which is the result of the SegWit2X implementation will be treated as the minority chain coin (B2X). We will be allowing the B2X to be withdrawn by our customers after the split as per the timelines above.

Blockchain and Unocoin announce largest bitcoin partnership in India

Integration of Unocoin’s exchange into the Blockchain wallet makes it easier for millions of Indians to participate in the digital currency ecosystem

Bangaluru, India — 7 September 2017: Blockchain, the world’s leading software platform for digital currency announced a strategic partnership with Unocoin, India’s most popular bitcoin exchange, that will allow individuals in India to seamlessly and quickly fund their Blockchain wallets.

The partnership between Blockchain and Unocoin gives users greater purchasing power directly within their Blockchain wallets without compromising user security or control. Historically, acquiring bitcoin has been a multi-step process with high fees, long settlement delays, untrustworthy service providers, and opaque identity verification procedures. This integration aims to eliminate that friction and make buying bitcoin more user friendly and more accessible for customers across India.

“Post demonetization, India became the fastest growing economy to witness a surge in use of digital wallets in daily transactions. The fondness for digital currency, especially bitcoin, has also seen a rise, attracting many users who want instant transactions. According to a recent report, 2500 Indians are investing in bitcoin daily, which makes India one of the top contenders for becoming the largest market for cryptocurrency. Keeping this in mind, we are partnering with Unocoin to bring in this digital currency to the masses,” said Nic Cary, Co-Founder and President, Blockchain.

Millions of Indians have already turned to digital assets like bitcoin as a reliable means to save and transfer money. In fact, half of Blockchain customers in India have used bitcoin to either send or receive money internationally. Today’s partnership between Blockchain and Unocoin represents the ongoing investment by both companies to bring digital currency to the masses.

“Blockchain is one of the most trusted companies in digital currency. We are thrilled to work together to provide users a convenient way to participate in the digital currency ecosystem and experience all of the benefits it has to offer,” said Sathvik Vishwanath, Co-founder and CEO, Unocoin.

Founded in 2011, Blockchain offers the largest digital asset platform in the world. The company’s wallet software has empowered millions of active users in 140 countries across the globe to transact quickly and without costly intermediaries, resulting in billions of monthly consumer transaction volume. Blockchain has over $70 million in funding from notable investors and is focused on expanding access to digital currency in emerging countries, like India. Initially available to web users, the company plans on expanding the Unocoin integration to mobile for Android and iOS users in the near future.

About Unocoin:

Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. Every month, Unocoin processes transactions worth more than INR 600M for its 400,000+ customers. In just 3 years since inception, the company has drawn more than 30 top investors from 5 countries. Unocoin is responsible for industry leading innovations such as the Bitcoin Systematic Buying Plan(SBP), Bitcoin Point of Sale (POS) App and Bitcoin Over-The- Counter trading (OTC). In September 2016, Unocoin has raised $2 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Huiyin Ventures and FundersClub to move faster towards its vision of Making Money Simple through its mission Bringing Bitcoin to Billions.

About Blockchain:

Blockchain is on a mission to build a more open, accessible, and fair financial future, one piece of software at a time. Thanks to its rapid expansion and position as the world’s most popular bitcoin wallet, the firm’s technology is revolutionizing the $13T financial services industry by empowering millions across the globe to authenticate and transact immediately and without costly intermediaries. (www.blockchain.com).

Update regarding distribution of BCH

Dear Users,

We initially took the stance that we will not be supporting the BCH hardfork. But due to various dynamics, we had to consider the revised stance as mentioned in our recent news article and we had also explained the procedure to claim the BCH. We have now completed the distribution of BCH to the users who have submitted their BCH address with-in the deadline of 28th August 2017. There are still some of the unclaimed BCH from the non-interested (or non-supporting) customers that are left with Unocoin that can no more be claimed. In order to pass on the value of the same to our customers, we have converted the same to BTC and are using it to subsidise the transaction fee for the outgoing BTC transactions at Unocoin. Technically, the regular one input and two output multi-sig transaction cost about 0.0007 to 0.0010 BTC to be paid to the miners who secures your transaction on the blockchain but were collecting only 0.0005 BTC from our customers. The BTC that are obtained through unclaimed BCH will be utilised to subsidise the mining fee further to 0.0004 BTC for the foreseeable future.

Thank you