Unocoin introduces Systematic Investment Plan – 0% Fee

Systematic Investment Plan (SIP) is a new and exciting way to acquire bitcoin – the first of its kind that is introduced by Unocoin. This is a more conservative approach to investing in bitcoin than spending all your money on bitcoin at once. This technique allows you to commit to a fixed INR amount on bitcoin on a regular schedule regardless of the price. You can invest as little as 50 INR per interval. You need to fund your INR wallet and schedule the orders below to start with SIP. This feature helps with financial discipline by averaging out your cost and there by reducing risk resulting in generating better returns.

Whats more? Enjoy 0% transaction fee till 30th April.

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Unocoin Enables Instant Bitcoin Trades With New INR Wallets

Unocoin proudly announces INR wallets for customers in India. This will allow users to store rupee balances and also make instant bitcoin purchases without waiting for bank transfers.

The only way Indian customers could previously acquire bitcoin through Unocoin was to place a buy order in advance, make payment within 8 hours and get the bitcoins at the locked-in rate.

With the new wallet service, users can add INR whenever they wish and use that balance for instant trades at a later time. Important to note that clients may not use the INR wallets to store proceeds from bitcoin sales. Instead, proceeds from any bitcoins sold will be deposited directly to the user’s bank account. The flow is designed this way as an effort to self regulate and make sure that every rupee used to trade bitcoin goes through appropriate banking channels and do not circulate within Unocoin’s wallet.

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Cooperation with regulators
Unocoin has worked with its accounting team and legal representatives to assess whether its INR wallet is a regulated activity.

Unocoin has so far offered customers the options of a bitcoin wallet, bitcoin trading and merchant gateway services. Customers in India who have verified their accounts may access INR wallets immediately.

Merchant Gateway Integration and Limits

Merchant Gateway Integration service has been launched. This allows any online merchant to accept bitcoins as one of the types of payments during checkout. If the merchant has chosen to get INR to his bank account instead of holding the invoice value in bitcoins, Unocoin will sell those bitcoins on behalf of the merchant for the same exact invoice value and sends the INR to his bank account in 3 working days – So 0% risk to the merchant.

Visit https://www.unocoin.com/merchants.php to know more.

As per the request of lot of customers, Buying and Selling limits for verified user has been increased from 2 BTC to 5 BTC per 24 hours !

Mandatory Action Required !

Post patching the Heartbleed vulnerability bug as mentioned in our previous news post on the day before yesterday, today we have re-keyed our SSL certificates. Incase if you are not seeing the green browser bar, you will have to clear your cache and try again.

As the last phase of rolling out the patch and securing our server and services, we have reset all the passwords on our server end and we do require the same thing to be done by you as well. We have disabled the passwords of all customer accounts and the customers are needed to reset their password before logging in. To reset your password please enter your email id in the login form and hit the “?” button at the end of password text box and follow the steps. Although we have not really reset your secondary passwords it is advised that you disable it and re-enable it. As we need all customers to change their passwords, we have taken this opportunity to store the passwords in a more secure way than we were storing.

Thank you

Security patch applied to heartbleed vulnerability

The Heartbleed Bug is a serious vulnerability in the popular OpenSSL cryptographic software library. This weakness allows stealing the information protected, under normal conditions, by the SSL/TLS encryption used to secure the Internet. SSL/TLS provides communication security and privacy over the Internet for applications such as web, email, instant messaging (IM) and some virtual private networks (VPNs).

The Heartbleed bug allows anyone on the Internet to read the memory of the systems protected by the vulnerable versions of the OpenSSL software. This compromises the secret keys used to identify the service providers and to encrypt the traffic, the names and passwords of the users and the actual content. This allows attackers to eavesdrop on communications, steal data directly from the services and users and to impersonate services and users.”

Bug was introduced to OpenSSL in December 2011 and has been out in the wild since OpenSSL release 1.0.1 on 14th of March 2012. OpenSSL 1.0.1g released on 7th of April 2014 fixes the bug.

You can read more info and the extent of effect this issue could cause on HeartBleed. Summary and vulnerability of the bug can be found on National Vulunerability Database website maintained by US govt.

Unocoin was exposed to such vulnerability as we use the same OpenSSL library to provide SSL security (that makes Unocoin run on HTTPS with a green address bar instead of HTTP). A security patch has been applied to our server on 8th April 2014.

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