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.

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

Discard the email regarding UNOCOIN ICO

Dear Unocoin Customers,

A message was sent out to our customers about an ICO (initial coin offering) that Unocoin is undergoing on 12th August 2017. Please note that this was NOT sent out by our team and is an attempt to steal customer funds. Please ignore that email.

Sincerely,
Team Unocoin

Our revised stance and you can now have your BCH (Bitcoin Cash)

Dear Users,

As you already know, the Bitcoin’s blockchain network went through a fork on August 1, 2017, and a new digital asset, Bitcoin Cash, was created. Users who had Bitcoin on Unocoin wallet as on Aug 1, 2017, now have an additional equivalent amount in Bitcoin Cash as well. In our last update https://news.unocoin.com/?p=762 prior to the fork, we had announced to our users that Unocoin will not be supporting Bitcoin Cash on its platform as there are technical hurdles in supporting multi currencies in a single currency trading platform and had requested our users to move their Bitcoin from Unocoin wallet and store it in a wallet where they control the private keys.

This was done, keeping in mind, the security of our customer funds. What we want our users to know is that, as a company, we would always want our users to benefit the most out of such situations but there are certain aspects in terms of stability, technicality and security that needs to be looked into before adding support to a new digital asset like Bitcoin Cash.

However, a lot of our users continued to hold their Bitcoin in our wallet and hence their Bitcoin Cash is now with Unocoin. Taking into consideration the recent developments around the fork and the interest shown by users towards Bitcoin Cash, users can now claim their Bitcoin Cash within August 28, 2017, by providing their BCH address to which they want to claim all of their BCH on Unocoin Dashboard page as soon as you log in from the browser. This option does not exist on the mobile app. The BCH withdrawals are processed manually and the first withdrawal processing is scheduled for the week of August 21st and the second one in the week of August 28th. As this involves manual work for every transaction to be processed, we will only be doing this twice as per the above schedule and hence you are requested to submit your BCH address with-in August 28th.

NOTE: We might consider adding support to BCH in the future but we don’t intend to do so as of today for the reasons mentioned above.

Regards,

Sathvik Vishwanath

Co-Founder and CEO, Unocoin