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Sep
21
Announcement for UK traders: GBP to DKK/EUR to GBP
Posted by Coinify on 21 September 2017 04:00 PM

Dear traders, we have seen an increase of trade from traders using UK banks and along with this an issue which results in us receiving less money than the trader intended to send.

When a trader makes a bank order for Bitcoins and chooses to pay in Great British Pounds (GBP), we will give him the details of our GBP account and we expect a transfer in this currency.

The issue is that some UK banks automatically convert the trader’s transfer to us in Danish Kroners (DKK) or Euro (EUR). Therefore, despite the fact that the trader initiated a transfer of GBP, his/her bank converts the GBP amount to either a DKK or EUR amount. This means that we receive a transfer to a GBP account in a currency other than the intended one. Our bank then automatically converts the DKK/EUR amount back to GBP.

We call this issue: GBP to DKK/EUR to GBP.

These two conversions result in us having less money available to use in relation to the trader’s order. And although we will use all of that money, the difference can be noticeable.

The solution to this problem is simple. When you make the GBP transfer to us, make sure that the transfer is set up so it does not get converted. Otherwise, if you cannot do this yourself manually, please contact your bank and ask them if they can disable the conversion of your future transfers to us.


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Sep
19
Customer Support Update: Delays in Resolving Customer Support Tickets
Posted by Coinify on 19 September 2017 12:16 PM

Dear customers with open and pending support requests, we have detected a technical issue blocking customer replies in several support ticket conversations from reaching us. This issue has been resolved now, meaning that the emails in transit now reached our inbox. We are aware of the delays this has caused and want to apologise for the inconvenience. Thank you for your patience and understanding while we are working on minimising the backlog.


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Aug
2
August 2: Coinify services are re-enabled and running as usual.
Posted by Coinify on 02 August 2017 10:25 AM

Dear customers, please read this recap on the latest developments in bitcoin scaling process:

 

The anticipated ‘hard fork’ event happened at around 22:00 CEST on August 1, when the first block of new currency Bitcoin Cash was created. This means that from now on, two separate bitcoin blockchains exist: Bitcoin Classic (BTC/BTX as the original currency) and Bitcoin Cash (BCC/BCH as the new currency). As we have previously informed you, Coinify will continue to provide services with the original currency Bitcoin Classic and will consider implementing Bitcoin Cash in the near future.

 

Coinify has previously announced plans for temporary downtime during this uncertainty period in order to protect its users from possible risks. After assessing the situation this morning, we decided that is is safe to enable our services again. We are aware that this downtime could cause some of you inconvenience and can lead to some service delays, for which we want to apologise.

 


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Jul
28
Coinify Statement on Bitcoin Scaling
Posted by Coinify on 28 July 2017 09:55 AM

Bitcoin scaling statement

What is Bitcoin Scaling?

A public debate over the future of Bitcoin and its transaction capacity, often referred to as the ‘Bitcoin Scaling’ debate, has now been going on among the various actors in the Bitcoin community for over two years. Unfortunately, disagreement between Bitcoin miners and Bitcoin developers over how to best to implement a code change that would allow the network to handle more transactions became, ironically, a major hindrance to reach consensus.

 

The events of summer  2017 turned out to be pivotal for Bitcoin scaling to progress. The mining community has already come to a consensus to lock in SegWit on July 22. Still, several days remain until the activation of SegWit, and this period of uncertainty leaves room for potential risks. The possibility of ‘hard fork,’ network split that will result in creation of a new Bitcoin blockchain and associated altcoin Bitcoin Cash (BCC/BCH), is still present. The Bitcoin scaling debate is not over yet, nor are the outcomes of the Bitcoin scaling clearly outlined and definite.

 

 

Coinify Anticipations Regarding Bitcoin Scaling

Coinify is a Bitcoin 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 Bitcoin scaling will affect the way Bitcoin transactions are confirmed and registered on the Bitcoin blockchain network, the anticipated Bitcoin scaling event represents a period of network instability that may affect safety of our customers’ funds.

 

As a part of our contingency plan, we anticipate the need for a downtime of our services for a short period(s) around August 1. We want to stress that we will make sure that the downtime, if implemented, will be as short as possible while still keeping our customer funds safe.

 

In case of emergence of a new Bitcoin blockchain and associated cryptocurrency, we will continue operating our services with Bitcoin. Shall the customer demand for this new currency grow significantly, we will consider implementing it in our services.

 

 

Please Keep a Lookout for Updates

We will be watching the ‘Bitcoin Scaling’ developments closely and will provide you with updates in this Knowledge Base section.

 

UPDATE 22:00 CEST, July 31: Dear customers, please note that our services have been temporarily disabled. This precaution is being implemented with intent to protect our customers funds during the uncertainty period regarding ‘bitcoin scaling’ currently affecting the entire bitcoin industry.

 

Please read in more detail how this will affect our specific services in the following article: Why are Coinify services currently unavailable?

 

We will strive to re-enable our services, as soon as we consider stability has been restored to a level that satisfy our customers needs. We apologise for the inconvenience this might have caused you and thank you for your understanding.

 

Once all services are back to normal, we will provide you with an update in this section.

 

 

UPDATE 10:00 CEST, August 2: Coinify services are re-enabled and running as usual.

 

Dear customers, please read this recap on the latest developments in bitcoin scaling process:

 

Anticipated ‘hard fork’ event happened at around 22:00 CEST on August 1, when the first block of new currency Bitcoin Cash was created. This means that from now on, two separate bitcoin blockchains exist: Bitcoin Classic (BTC/BTX as the original currency) and Bitcoin Cash (BCC/BCH as the new currency). As we have previously informed you, Coinify will continue to provide services with the original currency Bitcoin Classic and will consider implementing Bitcoin Cash in the near future.

 

Coinify has previously announced plans for temporary downtown during the this uncertainty period in order to protect its users from possible risks. After assessing the situation this morning, we decided that is is safe to enable our services again. We are aware that this downtime could cause some of you inconvenience and can lead to some service delays, for which we want to apologize.

 


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