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Oct
27
Coinify Statement on Segwit2x Hard Fork
Posted by Coinify on 27 October 2017 01:23 PM

Segwit2x

 

Please note: this statement contains status updates on Segwit2x located at the end of the post.  

 

What is Segwit2x?

Following this summer’s activation of the code upgrade to SegWit (resulting in creation of 2 chains Bitcoin and Bitcoin Cash), the bitcoin network is preparing for another change: Segwit2x, a ‘hard fork’ with the intention of further expanding Bitcoin’s transaction capacity by increasing its block size from 1MB to 2MB. Read more about what blockchain forks are, why they happen, and how to deal with them in non-technical language.


Segwit2x is a continuation of the ‘Bitcoin Scaling’ debate, which we have addressed in the past (see our statement on Bitcoin Scaling). The 2x ‘fork’ is planned to take place during Bitcoin block number 494784, and at the current speed of blocks being processed, the latest estimate is that it will happen on November 15th (follow the real time countdown). The debate is not over yet, nor are the outcomes of the Bitcoin scaling clearly outlined and definite.

 

Coinify Anticipations regarding Segwit2x Fork

Coinify is a virtual currency transaction company with Bitcoin users at its core, and our key focus and priority is to act in the best interest of our users. As the Segwit2x fork will affect the way Bitcoin transactions are confirmed and registered on the Bitcoin blockchain network, we will take the necessary measures to protect our customers.

 

As a part of our contingency plan, we anticipate the need for a downtime of our services for a short period(s) around November 15th. We want to stress that we will make sure the downtime is as short as possible while still keeping our customer funds safe until the Bitcoin network is stable again.

 

Regarding the (insofar unclear) outcome of Segwit2x:
We shall continue supporting the most popular chain (the chain that will have the most hash power) and we will continue calling this chain Bitcoin (BTC). Shall the event result in 2 chains, we will call the minority chain (the one with less hash power) a new name, depending on the size of the block it uses (BC1 or BC2).

 

Coinify does not hold customer funds in Bitcoin, with the exception of Merchants with an active balance who have chosen to be paid out in Bitcoin. We will contact all these Merchants and suggest them to request Bitcoin payouts no later than 12:00 PM on Monday, November 6th (CEST).

 

More specific implications of the outcome of the Segwit2x fork will be communicated to our customers shortly. Please be on the lookout for updates in the following section.

 

Latest Updates

8.11.2017

At the present rate of blocks being processed, the current estimate for the Segwit2x fork is Thursday, November 16 (check the latest date here).

 

As anticipated before, there will be a need for a downtime of our services (buy, sell and pay with bitcoins). This will be implemented roughly 24 hours before the fork.


All transactions to be processed post fork will be done on the chain with the largest hash power as default. This applies to buy bank orders which payments reached Coinify bank account during and after the downtime.

 

14.11.2017

Even though there have been statements that report SEGWIT2X being suspended, this is not 100% sure yet and there still might be a minority SegWit2x fork. Having your best interest in mind, we adhere to our protocol of calling a service downtime only if necessary. 

17.11.2017
Dear customers, as we informed earlier, the Segwit2x was officially suspended but a chance of minority Segwit2x Hard Fork was still present.

We have been following the developments around the block 494,784 (when the fork was originally planned to occur) very closely. There has indeed been an attempt to execute Segwit2x fork, yet it turned to be unsuccessful. This means that the no chain other than the Bitcoin blockchain has been created and everything continues as usual.

Our Trade platform on coinify.com has been operating normally. However, if you were trading inside blockchain.info wallet, you have experienced the services temporarily unavailable. Blockchain.info has already reenabled their services.

No action is needed from your end. Shall you have any questions, you are welcomed to reach out to our Customers Support team at https://support.coinify.com/Tickets/Submit


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Oct
23

Dear Coinify Customers and Friends,

 

We became aware of the existence of a company that allegedly registered in the UK under a name that is practically identical to ours. This company, “Coinify Limited,” went live on a domain using our name and .pro ending.

 

Our company, Coinify, incorporated in early 2014 and ever since we have built a successful brand earning significant goodwill. We have registered our trademark as a precaution to protect our business.

 

Nevertheless, the success of one company might attract others to attempt to exploit it. We acknowledge the imitation and are taking legal actions against “Coinify Limited,” and in the meantime issuing this warning to protect anyone from being misled or cheated by them. Several online portals have classified “Coinify Limited” as HYIP based on a Ponzi scheme.

By sharing this information, we want to maintain your confidence in Coinify as a trustworthy company and ensure that you feel comfortable about using our services, while being aware of the the risks from wrongdoers out there.

 

Please, always feel confident about second guessing if any company claim feels suspicious or too good to be true. Protect yourself from being cheated by companies/services that offer you unbelievingly fast and high gains from little investment.

 

Although Bitcoin brings a lot of advantages as a payment system and a currency, you will need to know that bitcoin transactions are irreversible. For that reason, we strongly recommend that you only send your bitcoin to the third party you trust. Whenever you place an order with Coinify, you do so while being logged in at our website coinify.com or platforms of our official partners (such as Blockchain.info wallets). We always communicate the payment information via official channels, therefore if you suspect something not feeling right, please let us know directly here.

 

Thank you for using Coinify services. Our efforts to bring you secure and reliable services are growing ever stronger, because we use each instance to learn and improve.

 

Kind Regards,

Coinify


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Oct
5
Please Note: Postbank Transfers no Longer Accepted by Coinify
Posted by Coinify on 05 October 2017 04:08 PM

 

Dear traders, please note this important customer announcement:

If you have a bank account with the German bank Postbank, you will not be able to use this account for buying Bitcoin via bank transfer with Coinify anymore.

 


How will this work?

This change is in effect from October 2nd, 2017. Any transfers from Postbank accounts received by Coinify after the 1st of October will be returned to the sender account.

 


Why does Coinify no longer support Postbank transfers?

We were notified by Postbank on several occasions that some of its customers’ bank accounts were being fraudulently used to send money to us.

First cases appeared in May 2017 and shortly after, we took action by introducing additional one-time verification. By doing this, we managed to catch a few cases of fraud and we returned the money back to the bank.

However, it seems that the problem experienced by Postbank is ongoing and we cannot keep performing checks and deal with the risk of being implicated in fraud. In addition, performing checks on Postbank transfers was also negatively affecting our relationship with traders since the processing time of these orders was longer than usual.

One of our goals, as a company, is to increase the overall trust in Bitcoin and this means we need to fight fraud in any way possible and this decision was a result of mentioned objective. We are sorry it has come to this and we appreciate your business.

 

 

Are there other ways to trade with us?

You are more than welcome to continue purchasing Bitcoins from Coinify with a bank order if you have an account with a different bank. We will gladly process your orders. If you have any questions, do not hesitate to reach out to our Customer Support team at https://support.coinify.com/Tickets/Submit.

 

Regards,

Coinify


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Sep
26

Dear Coinify traders using Coinify.com platform or platforms of our trading partners (Blockchain.info, etc.), please be aware of this important customer announcement: from the 1st of October 2017, Coinify bank orders (buying and selling Bitcoins) will be processed with a 0.25% payment fee.

 

How will this work?

When you make a buy/sell bank order on the 1st of October and afterwards, the payment fee will be automatically calculated for your order and the interface will show you its actual monetary value. This information will also be available in the confirmation email we send after you place a buy bank order or in the email you receive when your sell bank order is completed.

 

Please read carefully:

  • New bank fee applies to: bank orders placed before the 1st of October which will be processed on the 1st of October or after.
  • New bank fee does not apply to: bank orders processed before the 1st of October.

 

Examples: 

  • Buy bank order: if you buy €100 worth of Bitcoins you will be required to send a bank transfer of €100.25 (€100 plus 0.25%)
  • Sell bank order: if you sell €100 worth of Bitcoins you will be paid out, by bank transfer, €99.75 (€100 minus 0.25%)

 

Why is there a fee?

The exponential growth of the interest in Bitcoin and other cryptocurrencies in the past months prompted companies like ours to onboard and serve more customers in a shorter time frame. We want to continue serving our current customers and welcome new traders. For years, we have provided bank orders without payment fees, but the costs of this payment method have significantly risen and covering them on behalf of all customers would be unsustainable. Introduction of the fee for bank orders is therefore a decision based on our company’s scaling needs and the market developments in general.

 

If you have any questions feel free to contact us at: https://support.coinify.com/Tickets/Submit. We will happily answer your questions.

 

Best regards,

Coinify


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