Unocoin: Buy, Use and Accept Bitcoin in India

[shahadil]

Damn, havent been using you guys for a while. If you all process INR withdrawls late in the evening, it would be so much easier.

Um, I can see you did some trading recently. We process INR withdrawal multiple times in a day and our last batch is at 7pm. What is the exact issue you are facing ?

Well the reason i stopped trading some time back was because you took 2-3 days to for the withdrawl of INR. and also on top of that there were 4 withdrawls which were pending, 3 of small amounts and 1 of big amount and the big amount transaction had been done first. However, you all processed 3 small withdrawls after 2 days, and when i called i was told that they wanted to clear more transactions (not more amount) thats why the smaller ones were cleared first, and the next one was finally cleared after opening a ticket. The issue being, i trade mostly at night, and it would be great for Imps withdrawls from your end by 9-10 Pm. Waiting for next day kind of puts me off trading completely. Also do you all process on weekends?

Oh, ok yes i remember this. It happens when we run out of INR liquidity due to high sell volumes. No matter what, the maximum time we take is 3 working days but most of times it is the same business day or next business day. We do not do IMPS but we use NEFT. The number of orders we process every day is humongous and we do not do it by manually entering every order but upload an excel sheet that gets generated by our server to bank website and get it processed. As per my discussion with the bank, the rules/regulation of IMPS does not allow this kind of business purpose.
NEFT only works up to 7pm and it is when we stop processing orders as well. So we cannot process withdrawals and send money at 9-10pm nor we can process it during weekends as we pay through NEFT only. We are in the process of exploring a different possibility with one of the nationalized banks and if it works, we will be able to process and send money with in 1 hour.

so that is the reason. i was thinking you guys are just plain lazy. will be selling some today. hoping for same day processing.

[dashingriddler]

Lazy ?? We have difficulty in knowing when to take rest lol

Sure we are processing order on same day or next day. Most likely you will get payment today itself if you sell with in 5pm.

[shahadil]

Added money to unocoin before being able to purchase, said deposit will take between 2 hours to 24 hours. i was okay with it. price was 20600, eventually had to buy when price was 21200. no problem. exactly what your website said happened and i was fine.

bought 1 btc at 21200, website said immediate transfer to address mentioned. and just like it said, 1 btc showed up in my wallet. perfect.

so i spend the rest of my money, buy approx 5 btc, and expect transfer to happen immediately, like your website says. but it didnt. not for the next 8 hours.

This is not what is said on your website. btc price fell 15 usd in the meanwhile. Not acceptable.

[dashingriddler]

Added money to unocoin before being able to purchase, said deposit will take between 2 hours to 24 hours. i was okay with it. price was 20600, eventually had to buy when price was 21200. no problem. exactly what your website said happened and i was fine.

bought 1 btc at 21200, website said immediate transfer to address mentioned. and just like it said, 1 btc showed up in my wallet. perfect.

so i spend the rest of my money, buy approx 5 btc, and expect transfer to happen immediately, like your website says. but it didnt. not for the next 8 hours.

This is not what is said on your website. btc price fell 15 usd in the meanwhile. Not acceptable.

Hello Shahadil,
The reason why your second withdrawal was pending because you had tried to withdraw more than 5 btc in 24 hours time and also that our server was running low on bitcoin to process this transaction. When the large withdrawal happens during mid night or during our non working hours, there are less resources who could approve your withdrawal till morning.

[polynesia]

The Unocoin website has the following text


The value of bitcoin has gone up more than 7,000% over the past 2 years.
As the number of bitcoins are limited, the value is expected to grow significantly over the long term.


You might want to update the text on price movement during the last 2 years. 

[dashingriddler]

The Unocoin website has the following text


The value of bitcoin has gone up more than 7,000% over the past 2 years.
As the number of bitcoins are limited, the value is expected to grow significantly over the long term.


You might want to update the text on price movement during the last 2 years. 

Yo yo, thank you for pointing out. Will get it done