New wallet address: Subsequent to the issues our clients faced due to delay in recognition of bitcoin deposits into their Unocoin wallets, we have implemented an alternative module which uses BitGo as our service provider to process deposits. As a part of the change, we have generated a new bitcoin wallet address for our clients (users who got verified after August 3rd, 2015 already have a new bitcoin address – the bitcoin address for these users will not change). The way clients may distinguish an old address from a new address is that the old addresses started with “1” while the new addresses start with “3”. Moving forward, it is recommended that you use the new address to receive bitcoin into your Unocoin wallet.
Note: Your old bitcoin address will continue to work and you may receive bitcoin into your wallet until further notice. However, please note that there may be delays for deposits into old addresses.
Procedure to buy bitcoin: From August 17th, 2015, we will be retiring the option to buy bitcoin where you first order bitcoin and then send INR to Unocoin’s bank account via IMPS/NEFT. The procedure to buy bitcoin in the future will be such that clients must deposit INR into their INR wallet and then use the INR to buy bitcoin whenever desired. This enables our clients to buy bitcoin 24×7 as long as they have a balance in their INR wallet. Here is the procedure to deposit INR and buy bitcoin.
Since 7th July, some of you might be facing delays/issues with receiving bitcoins to their Unocoin wallet. Unocoin uses Blockchain.info’s Receive API to recognize the payments to your Unocoin wallet. On 6th of July, there was an attack on the bitcoin network which essentially increased the number of transactions per day to twice of what it ever was, and this has caused issues with their API and hence the trouble. This is completely different from your wallet transactions or confirmations you would see on blockchain.info. Also, Blockchain.info knows about the problem and are working to resolve the issue. We are in constant touch with their customer support to get this sorted out as early as possible.
The customers are assured that the bitcoins are safe and they eventually reach their wallet, and it is an automated process once the issue on blockchain.info’s end is sorted out. As we do not have the exact ETA from blockchain.info at the moment, kindly refrain from adding bitcoins to your Unocoin wallet till you notice the message on top of every web page in case those deposits are time sensitive. Our other services like sending bitcoins, buying bitcoin and selling bitcoins are working normally.
On the other hand, we have already considered alternative methods to receive bitcoin deposits to your Unocoin wallet and it is in development. You can expect the new method to go live in less than a week. At that time, you will be receiving an email and also your Unocoin wallet address will be changing. However, your present bitcoin addresses will continue to be active till further notice.
Unocoin anticipates your patience regarding the delays and support during the transition.
As a part of our attempt to increase the security of our verified customer accounts, we will be mandating the 2 factor authentication from 1st June 2015. You will need to go through 2 factor authentication during login and while sending bitcoins out of your Unocoin wallet.
If you have already setup 2 factor authentication though Google authenticator, then no action is required from your end. Else if you have smart phone, please install Google authenticator app and activate the 2 factor authentication on Unocoin. Once you login, use the SECURITY link on the left hand menu to start up with the procedure and follow the instructions.
If you do not enable Google authentication by 1st of June 2015, then your Unocoin account will automatically have 2 factor authentication enabled using SMS. In this case, you will be asked for the 6 digit code that is sent to your registered mobile number as an SMS while you are logging in and when ever you are sending out bitcoins from your Unocoin wallet.