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 !

Newsletter – Action required and some announcements

Here are a couple of important announcements from Unocoin:

1. ACTION REQUIRED: As a part of Security patch applied to heartbleed vulnerability, we require all users to change their passwords (mandatory). When you are about to login you get a prompt to reset your password and follow the instructions. More info

2. Invoices and acknowledgements for financial year 2013-14: Invoices for bitcoin purchases and acknowledgements for bitcoin sales, bitcoin holdings and total service tax paid will be printed and posted/couriered to individual customers to help customers with their accounting needs. We will be calling every customer on their registered mobile number and will be confirming that they wish to receive these accounting sheets before we print and courier them. You can expect the calls between this week and next week.

Here is an exciting surprise gift to customers who have bought or sold more than 1 BTC in the financial year – A physical bitcoin by CoinMonk that holds 0.01 BTC. As long as your Buy+Sell crosses 1 BTC you are eligible for the gift and it will be shipping along with your accounting documents 🙂

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.

3. Coming soon – merchant gateway: An easy and simple way for any online merchant to accept bitcoin as a payment is under development. This page gives you a brief glimpse of what you can expect when this module goes live! Expect this to be in action by the end of May 2014. More info

4. 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]

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.

heartbleed-test

Closing of accounts for the financial year

Buying and Selling of bitcoins will be disabled between 29th March 2014 to 1st April 2014 to finalize accounting for the financial year 2013-14. If you have any pending orders for which you need to pay, please pay with in 29th March or else they will be cancelled. Invoices for bitcoin purchases and acknowledgements for bitcoin sales along with total net-profit/net-loss, holdings and total service tax paid will be printed and posted/couriered to individual customers to help customers with their accounting needs. If your address on your profile has been changed or inadequate, please contact us using the Contact Us link above and let us know. We will be calling every customer on their registered mobile number and will be confirming that they wish to receive these accounting sheets before we print and courier them.

CoinMonk Ventures and Unocoin wishes all its customers a very happy Ugadi and a very happy New year (or what ever equivalents you celebrate in your community).

Many Indian Banks will be closing books and finalizing accounts on April 1st and do not process any deposits or withdrawals and on the other hand it is declared as holiday for other banks. So Unocoin buying and selling of bitcoins will be back on April 2nd 2014.

Thank you