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

Issue with transactions

Dear Users,

Yesterday, 6th August 2017 at 18:30 Hrs we were informed of some small unauthorised transaction(s) happening from few of our user wallets. At a moment’s notice, we looked into the matter and stopped all pending transactions and blocked access to our website. We have investigated and this does not a look to be a server compromise.

Due to our security protocol, just after a few transactions our server identified the pattern and stopped the subsequent transactions by marking it as pending. We are now working on cancelling the pending transactions to users. Unocoin has taken the responsibility to refund the few transactions that happened to get processed.
We will soon enable user Logins shortly. The Send feature will be enabled once our security experts feel that it is perfectly safe to do so.

Rest assured, we are working round the clock to fix the issue and resume to normalcy.

Sathvik Vishwanath

Co-Founder and CEO, Unocoin

 

[Update (11th Aug 2017) : We identified that our error logging configuration was logging the error messages including the access token that eventually was getting stored in an external device but with wrong permissions on it and this was used to create unauthorized transactions. Now, we have cancelled all the transactions. We have fixed the issue and have returned to operations.]

Information on the ongoing event of Bitcoin Hard fork

Chronology of foreseen events:

  • July 31, 2017: Suspended bitcoin related operations

  • August 1, 2017: The event of hard fork and chain split (resulting in two tokens “Bitcoin” and “Bitcoin Cash”)

  • After August 1, 2017 (hours, days, or even weeks): Unocoin will resume their services after there is a clear majority in support for the Bitcoin and reduced chance of confusion between the two chains.

Dear Unocoin users,

Unocoin would like to bring to your notice about the stance we have taken in the light of an ongoing hard fork (chain split) in the bitcoin network (initiated on August 1st).

We have already suspended a greater part of services pertaining to bitcoin transactions (such as sending, receiving bitcoin) on our platform from 31st July. This means, the coins stored in your Unocoin wallet are absolutely safeguarded from the ongoing network discrepancies and will be available to transact once the ambiguity of network support is attained.

In the current situation, Unocoin is technically not equipped to support both “Bitcoin” & “Bitcoin Cash” simultaneously and is looking forward to extend the support for “Bitcoin” only.

As Unocoin has no control over the happening Bitcoin fork, there is no way of predicting when Unocoin will be able to resume the services again. Our services will be re-enabled when the network has been deemed safe (ie when the results of the fork are clear and significant).

Users are advised to stay up-to-date with more updates on Unocoin services by following us on Twitter & Facebook

Thank you for your patience and understanding during a time of critical update in the network.

Unocoin Team

Unocoin Enables Users to Convert Blockchain Assets into Bitcoin

Powered by Shapeshift

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March 15, 2017 – Bangalore: Unocoin, India’s leading bitcoin company, now allows users to convert blockchain assets into bitcoin. To make this happen, they partnered with Shapeshift, the safest, fastest asset exchange on earth. This partnership, which uses Shapeshift’s API, will enable Unocoin users to convert popular blockchain assets such as Ethereum, Monero, Zcash and Dash directly into Bitcoin and then if desired, into INR.

Prominent bitcoin evangelist and ShapeShift founder, Erik Voorhees shared, “when I first got involved with Bitcoin in 2011, it was mostly a Western community. It’s been tremendously exciting to see UnoCoin help bring this technology into India. ShapeShift is very proud to partner with them for digital asset exchange.”

There’s an emerging range of blockchain based digital assets that serve different purposes; i.e. enabling smart contracts, enhancing financial privacy, etc. What is common among all of these blockchain assets is that they all run on open mining algorithms. In India, there has been very little interest in alternative blockchain assets due to it being difficult to convert digital assets into bitcoin and INR. Unocoin is taking the the first step towards solving this problem.

“Many view bitcoin as digital gold and we’re always looking for ways to make it easier for people to get into bitcoin. Many people learn about bitcoin through other crypto currencies and once they do, we’d like to give them an easy way to convert their blockchain assets into bitcoin. In the meantime, we’re keeping a close eye on the open blockchain ecosystem and may or may not introduce deeper integrations in the future.” shares, Sunny Ray, Co-founder and President of Unocoin.

This integration now enables users to trigger immediate conversion of their altcoin holdings such as Ether, Monero or Zcash right into bitcoin directly from within the Unocoin platform. Converted bitcoin may then easily be withdrawn to the user’s bank account. By enabling users to convert popular crypto currencies into bitcoin and INR, this integration both supports the blockchain community and serves Unocoin’s mission: “Make Money Simple By Bringing Bitcoin to Billions”.

Harish B V, Co-Founder and COO of Unocoin, shared that “by being an industry leader, we wanted to provide a solution to the long standing challenge of being able to convert crypto-currencies into bitcoin in India. Unocoin’s Shapeshift integration will enable users to convert their altcoin into bitcoin and then sell it for INR. We expect this to be yet another popular offering.”

Demand for bitcoin is on the rise both globally and across India. Overall, this partnership will drive more interest into the blockchain ecosystem and help drive user adoption for the emerging cryptocurrency space within India. More and more people are becoming interested in bitcoin via blockchain assets and an integration like this will help drive greater bitcoin adoption in India.

Unocoin Launches Bitcoin Mobile App on iOS and Android

New mobile app allows users to buy, sell, send, and receive Bitcoin on the go

Unocoin-Mobile-App

Bangalore, India – November 28, 2016 – Unocoin, India’s leading Bitcoin company, has announced the launch of its new mobile app for both iOS and Android devices. Developed by Unocoin, the app will allow consumers to buy, sell, send, receive and store bitcoin all in one place, from any remote device. Unocoin becomes the first company in India to offer a full featured mobile bitcoin app, with 24/7 access to real-time bitcoin market prices and instantaneous trading transactions. The implementation is timely because bitcoin adoption is rapidly ascending in India, coupled by government’s decision to demonetize 500 and 1000 Rupee notes. The implementation of a mobile app aligns with Unocoin’s mission in enhancing mainstream adoption and help bring bitcoin into the hands of billions. Unocoin’s app is currently live and is expected to accelerate demand for the world’s most valuable cryptocurrency, particularly in a mobile-heavy market.

Abhinand Kaseti, Co-Founder and CMO of Unocoin said, “As of now, there are more than 1 billion Indians who use mobile phones. More than 300 million use their phones regularly for accessing the internet. This trend is expected to go up by 56% per year. We focused on creating a design and interface that provided a seamless user experience on mobile. Customer satisfaction, easy navigation and user simplicity are the most important tenets to us, and we wanted to provide an even more convenient way for users to access and manage their digital currency portfolio when a home or work computer is out of reach.”

After raising a national record 1.5 million USD in October, Unocoin has released its app just weeks after implementing a robust new API. The company, whose mission is to “Bring Bitcoin to Billions,” designed the app to include every feature already embedded into the company website. The app will include the buy and sell pairing for BTC/INR, mobile/DTH (Direct to Home Satellite Program) recharge, SIP (Systematic Investment Plan) access. Unocoin has also released its POS (Point of Sale) app on both App Store and Play Store to enable physical stores to accept bitcoin as a mode of payment about six months ago.

“We built this app from the ground up, using our very own public API, to ensure security and ease of use. It is secure with TouchID for iOS devices and password access for Android devices, and boasts a one touch button for buying and selling bitcoin, complete with inbuilt conversion. The dashboard displays the users BTC wallet, with the option to send and request bitcoin, and the INR wallet, with the option to add and withdraw Indian Rupees. The dashboard also features a 24 hour price graph, address books, messaging capability and transaction progress and confirmations,” Kaseti said.

The Unocoin wallet app requires iOS 7.0 or later for iPhone, iPad and iTouch users, and Jelly Bean or later for Android users.

Scan the below QR code from your Android phone or iPhone to download the app and start using it.

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