Unocoin users can now gift a BookMyShow voucher to their loved ones by paying for it in bitcoin. This feature is available on both web and mobile apps. Our mobile users would go from Dashboard -> Bitcoin -> Shop while our app users would go to More -> Shop and provide the details of the recipient to buy the gift voucher. Equivalent bitcoin at Unocoin’s selling price is sold without any transaction fee to fund the gift voucher. The gift voucher would be an alphanumeric code (10 characters) that will be sent to the recipient’s email id and mobile number. The terms of the gift voucher are available here but these vouchers can be used more than once as long as it has the balance, can be combined with other vouchers and will have the validity of 1 year. Obviously, our customers can gift the voucher themselves and use it on BookMyShow website or on their mobile app.
(Re-introducing Crypto Basket from June 2018)
Although many cryptoassets failed to succeed yet, it is always nice to have a wide range of choice around you when you look to make a decision. Now with Unodax providing user the freedom to pick and choose their investments through a multi-crypto exchange — there’s plenty to choose from — Bitcoin, Bitcoin Cash, Bitcoin Gold, Ripple, Litecoin, and Ethereum. Buy them, sell them or transfer them into and out of your wallet, all through the app or web platform in a matter of seconds.
This is an open order book exchange — which means the buy and sell prices are set by the users themselves. Users set the prices as well as can to see all the orders in the book.
Now, Unodax is going a step further on customer delight, introducing weighted basket orders. Presenting ‘Crypto Basket’. Unodax is trying to save you the trouble of having to do large amounts of research before you pick your coin. Based upon the ratio of the market cap of the asset and the volume traded on the platform, Unodax let’s you invest in all of them with a simple click! No more FOMO (Fear of Missing Out) on the next crypto to boom!
In simple words, the basket order helps you to place orders for multiple cryptoassets with a fund distribution model of your choice. You can let Unodax set the distribution for you, or choose your custom distribution model as well!
How Can You Get Started?
The first step is setting a fixed amount of investment that you want to make.
- For example, let’s say you decide to make an investment of ₹6,00,000. Now this whole sum would be divided among multiple cryptoassets. If you wish to put your money in Bitcoin, Ripple and Ethereum, it could be distributed in a ratio of 50% in Bitcoin, 25% in Ripple and 25% in Ethereum. Hence, you now hold ₹3,00,000 in Bitcoin ₹1,50,000 in both Ripple and Ethereum.
Now, there can be two ways of trading these cryptoassets:
- You either wait and hold for the prices of these cryptos to increase so that you may sell your holdings at the market price. However this process reduces the liquidity of the system, as there is no extra money input into the system. It is therefore a ‘taker’ transaction.
- Or, you put up a negotiable order on the order book where you specify your price to execute the trade at. Interested buyers may then place their orders, and the transaction goes through. This is the ‘maker’ model, where there is an inflow of money. This increases the liquidity of the system.
When placing orders via the Crypto Basket, these orders would be placed on the order book as a limit order for Latest Trade Price (LTP) of the cryptoasset.
The launch of Crypto Basket and its newer updates, with Unodax’s existing trading services, further strengthens the crypto-market in India. Download the Unodax app, and fire up the experience of cryptoasset trading the way it is meant to be done.
In December 2015, we introduced this feature to enable our customers to avoid being online when they want to sell the bitcoin at the same time when the deposit happens to their wallet and get INR to their bank account. This was extensively used by freelancers who choose to accept bitcoin as a mode of payment but don’t want to be exposed to bitcoin price volatility. Due to the banking issue in 2018 and 2019, we had to pull down this feature but now it is enabled again as we can now pay out INR to customer’s bank accounts.
To enable this feature, the web users would go to Settings -> Wallet Utilities and choose Auto Sell there. The app users would go to More -> Wallet Settings -> Auto Sell. The sell of bitcoin that happens though this feature do not attract any transaction fee (happens for 0% transaction fee). The sell operation happens at the current SELL rate at the time the deposit of btc gets confirmed.
We are excited to announce our integration with IntoTheBlock.com – They provide analysis based on the transactions happening on the blockchain. Our customers will now see this screen when they are buying BTC/ETH/USDT on Unocoin and there is a separate section on Unodax to show the analysis of all the listed coins. The integration with Unodax and mobile apps is now complete and the icon beside the graphs would lead to this analysis.
About IntoTheBlock: IntoTheBlock is an intelligence company that leverages machine learning and advanced statistics to extract intelligent signals tailored to crypto-assets. IntoTheBlock aims to tackle one of the hardest problems in crypto: to provide investors with a view of a crypto asset that goes beyond price and volume data. The company has built a robust infrastructure that is capable of hosting blockchain and other data sources, run machine learning models on top, and deliver indicators in a way that can be understood by the average investor. IntoTheBlock has partnered with the largest pools of crypto users, namely exchanges, data providers, and news sites to deliver its data to the largest number of people possible. For more information, visit intotheblock.com/ or follow the company on Twitter @intotheblock and Medium https://medium.com/intotheblock.
May 2020 is the month where bitcoin will be undergoing its third halving. It is also the month that Unocoin’s exchange Unodax is offering 0% transaction fee for both makers and takers. Download Unodax app today or visit www.unodax.com and get started with crypto exchange. Now you can place bid and ask orders for just that single paise difference and that difference is yours!