lost Money in Unocoin: Buy, Use and Accept Bitcoin in India

[cyphos]

Hey @yaswanthnlr did uncoin gobble up your money? sue them or send email to Barry Silbert. unocoin is off late smelling fishy. Asking people to keep INR despoits with them and others.

Yes as always, uncoin guys wont come forward.

[dashingriddler]

Got it. I am just concerned, that if the Bitcoin prices fall too low, unocoin will shut shop & not sell until the prices goes up.

Or even if they sell, it will be at a high premium compared to international prices.

Can somebody from unocoin confirm on this please!

If they shut down & refuse to sell, it will be very sad. I hope it does not happen, with all the funding from Barry Silbert & others.

We do not foresee that happening. We usually have matching sell orders to cover the buy orders. I am not trying to promise we never do it, but we try our best not to lock down trading - it has not happened until today.

[cyphos]

am happy somebody from uncoin responded. thankyou. what if nobody wants to sell & everybody wants to buy at those cheap prices? where will the coins come from then? thankyou in advance.

[dashingriddler]

am happy somebody from uncoin responded. thankyou. what if nobody wants to sell & everybody wants to buy at those cheap prices? where will the coins come from then? thankyou in advance.

Hello cyphos,
I do not come to this forum very often. I am happy to reply if you can email me on sathvikv@unocoin.com or support@unocoin.com

Well it is more or less of a chicken and egg question I would say.
The price of Unocoin depends upon international exchange rates, our own buying and selling volumes in last few hours and our stocks. The weight-age of these parameters vary sometimes.
Now, it is a very rare situation that internationally there are both buyers and sellers for bitcoin (that is what decides the market price) at the rate XXX but in India only buyers exist. Also understand that the BTC price in India is usually 2-4% more than international market price. So for sure some one will see the arbitration opportunity and sell bitcoins in India and buy bitcoins else where. This should bring in some bitcoins that can be given to buyers.

[cyphos]

ok thankyou for that. posting on forum, helps everybody get there doubts clear. good for community. it is also more transparent.
so if i understand, unocoin will buy from international exchanges as per buying demand in India? correct me if wrong.

[dashingriddler]

ok thankyou for that. posting on forum, helps everybody get there doubts clear. good for community. it is also more transparent.
so if i understand, unocoin will buy from international exchanges as per buying demand in India? correct me if wrong.

No Unocoin do not do any fiat cross border transactions which means will not buy through international exchanges. I am saying the customers may find arbitraging opportunity themselves and this could help in bring bitcoins to unocoin.

[cyphos]

thankyou for the information dashingriddler.

[yaswanthnlr]

[/quote INR Payment InstructionsYou can maintain an INR balance in your Unocoin account that you can use to buy Bitcoins instanteneously. Complete the form above before you go ahead to transfer INR to our bank account. We do not accept cash deposits and you need to use NEFT/RTGS/IMPS. Once you transfer INR, come back to this page and update the REFERNCE NUMBER of your transfer against the deposit order you have created. Once we receive INR to our bank account, your DEPOSIT order processed with in 24 hours and usually it will happen with in 2 hours. We can only hold your INR for 90 days. If you do not completely use your INR balance for 90, then we will refund it back to your bank account. We have limits on the amount of INR you can hold in your INR balance. We have accounts with HDFC bank to which you can send INR payments.[/quote]
i am DEPOSIT money for inr balnce.

[yaswanthnlr]

i paid for inr balance. that amount you converted to buy btc order.

https://pbs.twimg.com/media/B7SjSmKCcAE8gjU.png
https://pbs.twimg.com/media/B7SFCc8CIAEH79q.jpg
https://pbs.twimg.com/media/B7Sm7aHCMAIVG7e.jpg
INRDeposit Receipt pending. no responce from unocoin help me.

i am TRANSFER money thru IMPS service provides instant transaction 24*7.
CONTACT NO HELP THERE HELP ME THANKYOU.
MMID:
9240844
Mobile Number:
9632720333

13 Jan
2015
13 Jan
2015
TO TRANSFERIMPS02/501308XXXXXX/XXXX0
333/-
13 Jan
2015
13 Jan
2015
TO TRANSFERIMPS02/501310XXXXXX/XXXX0
333/-

unocoin say that we discussed with our higher authority and according to our regulations, we processed your buy orders and cancelled your INR deposits for your deposit amount (6200 INR , 6000 INR) .

i am deposit for inr money unocoin

INR Payment InstructionsYou can maintain an INR balance in your Unocoin account that you can use to buy Bitcoins instanteneously. Complete the form above before you go ahead to transfer INR to our bank account. We do not accept cash deposits and you need to use NEFT/RTGS/IMPS. Once you transfer INR, come back to this page and update the REFERNCE NUMBER of your transfer against the deposit order you have created. Once we receive INR to our bank account, your DEPOSIT order processed with in 24 hours and usually it will happen with in 2 hours. We can only hold your INR for 90 days. If you do not completely use your INR balance for 90, then we will refund it back to your bank account. We have limits on the amount of INR you can hold in your INR balance. We have accounts with HDFC bank to which you can send INR payments.[/quote] that purpose hold money for waiting buy btc but the unocoin is fake me process the create of fake orders and loss of my money.
[/quote]

[yaswanthnlr]

Signin Error

You are blocked from unocoin. You cannot log-in. Please contact support.

[dashingriddler]

Signin Error

You are blocked from unocoin. You cannot log-in. Please contact support.

Hi,
I just checked the issue. You were blocked out of the system as you have been continuously putting BUY orders since a week without paying for them in spite you agree to pay for them in 8 hours from the time you place the order.

Regards

[aakashkumar]

Vouch For www.unocoin.com . Am using their service From jan 2014 and i never had a problem with their Payment.

Thanks to @dashingriddler