Delay in recognition and confirmation of deposits

Since 3 days we have seen delays in recognition and confirmation of deposits to your Unocoin wallet especially if your address has got affected with dust transactions (intruder trying to send 0.00000001 btc which would take a long time to confirm). However be sure that all of your deposits eventually show up and your bitcoins are safe. The dust transaction attack and DDoS attack do not affect the security of bitcoin transactions or bitcoin itself and all it can do is delay the confirmation of transactions. With what we have seen, the delayed transactions has got itself sorted out in about 12 to 24 hours. If your transaction takes more than this time, please contact us so that we can investigate your case. However we wont be manually able to tweek your Unocoin wallet balance to reflect your affected deposit. The entire issue is expected to sort out itself with in next few days after which you can expect to see your deposits in your Unocoin transactions with in 30 seconds since deposit and it should get 6 confirmations in about 1 hour as it used to be. After those 6 confirmation you can send the bitcoins to other users/bitcoin-addresses or sell your bitcoins.

Discontinuation of BAI donation collection

Unocoin has been collecting donations for BAI since Unocoin restarted its operations on 8th of Jan 2014. Since the start of January, there has been many developments in the organization structure and creation of governance charter for BAI. As the process is taking longer time than expected, Unocoin had to stop accepting donations for BAI from today 5th of Feb 2014 till further notice. Regarding the donations we have collected till today, it is near to impractical and time consuming to collect all the customer’s account number and refund the donations where many of them are single digit amounts while the number of customers is in couple of hundreds. So CoinMonk Ventures Private Limited has decided to donate the same to a charity possibly the one which may be inclined towards research and innovation. The total amount donated will also include the 0.5% that Unocoin has promised to donate from its profits for every successful trade on Unocoin. More details regarding the total amount, name of charity and an update on the payment will follow once we finalize our accounts of BAI donation collection till now which could take us a couple of days. If you have a suggestion for us regarding to which charity we need to donate, please let us know through Contact Us form or by emailing us. We hope you appreciate our step regarding the same.

January 2014 Update Newsletter

While saying that January 2014 was a good month for Unocoin, this letter is also brining some updates
SSL Security: Recently you might have noticed now Unocoin is running under Extended SSL encryption (like online banking where you will see green browser bar) and hence communication between your browser and Unocoin server is secure.
End of Trial mode: We just came off trial mode on today – the Feb 1st. Now we call it as Unocoin is offically launched.
Campaigns: Verified customers who have a lot of bitcoins to buy or to sell can take advantage of this feature where Unocoin itself cannot honor such huge buy or sell. Campaigns usually run for 7 days. Customers who are willing to buy bitcoins need to consider a fixed price per bitcoin for duration of campaign and we list the campaign for them. We will fulfill the order as we continue getting the counter party. The price will also be fixed for the counter party who needs to buy/sell atleast minimum number of bitcoins and this includes the transaction fee and service tax – so the price seen on campaign is what gets paid at the end. Unless the cicumstances really mandate cancelling an ongoing campaign, we do not encourage the customer to cancel the campaign listing as there will be lot of counter parties who will be trying to arrange bitcoins of INR to participate in campaign which is supposed to run for 7 days. How ever also possible that the campaign gets closed as it achieved the goal before 7 days. Listing and participating in campaign is not possible over your account directly. There will be a conversation with customer and the counter-party customers over phone and then the orders will be executed on behalf of customers by Unocoin team.
Merchandize: We have introduced Merchandize section on Unocoin.com where you will be able to buy bitcoin related articles and souvenirs using bitcoins in your Unocoin wallet. The first item available for now is 5X physical bitcoin by CoinMonk that holds 0.01 BTC each and will be shipped to you anywhere in India free of cost. This is a great and sweet way to introduce someone to bitcoins. The product comes with a bitcoin wallet (paper wallet) of its own along with introduction to bitcoin and its advantages in a leaflet nicely packaged that is surely giftable. Check it out. You can reach Merchandize section through the left menu after you login.
BAI and donations: As you know we started collecting donations for BAI. As some people have expressed their willingness to donate more while few have wished to opt out of donations, we have created an option where the user can himself set how much donation they want to pay between 0% and 2%. Visit Settings page under Account-Settings menu to adjust your settings.
Accepting testimonials: Unocoin is accepting testimonials from customers who have done successful transactions. We prefer the testimonial to be with in 2 or 3 sentences. We will be displaying it on the Unocoin website. You can send your testimonial if you are willing to contribute one to [email protected]

Unocoin Campaigns – buy and sell BIG

Unocoin Campaigns are there to connect bitcoin buyers and sellers. These campaigns are meant for large bitcoin buy and sell orders else they can be bought and sold on normal buy/sell service directly for small orders. When ever a verified user approaches us to offer his order on a campaign, we will not accept the order directly but instead create a campaign for him which will be visible to registered users. When the counter party approaches us that they want to participate in a perticular campaign, we make sure they are a verified user as well and facilitate the trade. To put it in simple words, campaigning is like escrow service where the second party will never be known to the first party and is also unknown to us till they turn up themselves. To list a campaign, you wont be able to do it directly through your account and you need to call us and discuss with us about your plans. To participate in the campaign as well, you need to call us and inform the campaign id before you fund your unocoin wallet or our bank account. The good thing about campaigns is that, it runs on fixed prices. From the first party we accept to list the campain while agreeing to a fixed price as decided by the first party. We will add a small commission(that includes the transaction fee and service tax) and again offer that in campaign here for a fixed price. The price for a perticular campaign never gets changed. The phone numbers to call to get a campaign listed or to participate in the campaign are provided on the campaigns page that is accessible after the user logs in.

Merchendize section on Unocoin

physical-coincoin2

We just introduced Merchandize section on Unocoin.com where you will be able to buy bitcoin related articles and souvenirs using bitcoins in your Unocoin wallet. The first item available for now is 5X physical bitcoin by CoinMonk that holds 0.01 BTC each and will be shipped to you anywhere in India free of cost. This is a great and sweet way to introduce someone to bitcoins. The product comes with a bitcoin wallet (paper wallet) of its own along with introduction to bitcoin and its advantages in a leaflet nicely packaged that is surely giftable. Check it out. You can reach Merchandize section through the left menu after you login.

-Unocoin Team