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.
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 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.
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.
Bitcoin Alliance of India (BAI) is a not-for-profit association in India aimed to be “voice of bitcoin in India”. Even though it is an initiative by stakeholders of CoinMonk Ventures Private Limited, it is aimed to become a stand alone and self sustaining body. Lot of other bitcoin traders and bitcoin business/enthusiasts has also expressed their support and are willing to help BAI financially through donations to achieve its goals. You can read about developments of Bitcoin in India since mid-december at a Coindesk article.
BAI just completed a press conference headed by Nishith Desai Associates (NDA), the best legal and auditing firm in India, which has aimed to urge govt to declare that bitcoin is not illegal in India and this request is based on techno-legal analysis done by a Bitcoin practice group at NDA. This press conference did help to restore some reputation of bitcoin in India.
The next plans of BAI and NDA include a presentation to RBI and governing authorities about bitcoin and what possibly can be done to have govt encourage the use of bitcoins in India.
BAI aims to bring lot of other programs that will be beneficial to Indian bitcoin community as a whole in the long run. As BAI is working with the best of the class in every industry as this is not a time to compromise in quality nor take “no” for an answer, BAI is in need of huge funds to support itself and continue to be the voice of bitcoin in India. In an attempt to support BAI, Unocoin by default will be collecting 0.5% of trade value from the customers on every bitcoin buy and sell operations and Unocoin will be matching the same from its profits and hence donate 1% of trade value to BAI. We at Unocoin believe that you as being a valuable and knowledgeable customer will appreciate our efforts, love India more than you love Bitcoin and finally help India not to lag behind technology.
Addition: You have an option donate up to 2% or even to opt-out of donations by visiting Settings page on Account-settings menu. What ever you opt for, Unocoin will continue to donate 0.5% towards BAI.
– Unocoin Team