Thank you for you patience, we’ve re-enabled withdrawals and deposits following the Bitcoin fork (or altcoin creation) yesterday.
Why were they disabled?
On August 1st, there was expected to be a fork in the bitcoin blockchain resulting in two versions of bitcoin. Due to the amount of conflicting information and the level of uncertainty over exactly what would happen with two similar but notionally incompatible blockchains, Solidi and many other exchanges took the decision to halt withdrawals and deposits to ensure the safety of funds.
As expected, yesterday an ‘alternative’ bitcoin known as Bitcoin Cash was forked from the main bitcoin blockchain. Depending on your point of view this is either another version of bitcoin or an altcoin. Here on we will call them:
- Bitcoin (BTC) (aka BIP91, Segwit, Segwit2x, UASF)
- Bitcoin Cash (BCC) (aka BU, Bitcoin ABC, UAHF)
Will Solidi support Bitcoin Cash?
The current plan is to support Bitcoin Cash in the near future, assuming the network continues to support it. There are no definite dates for this. When this happens you will get a Bitcoin Cash balance equivalent to the Bitcoin holding at the point of the fork.
Don’t hesitate to get in contact!
As some of you will know, August 1st is “Fork Day”.
Here’s a quick rundown of what is it and how it affects you as a Solidi customer.
What is happening?
On August 1st, there is a possibility that a competing and incompatible version of Bitcoin will activate, effectively causing a fork. The two versions of Bitcoin at this point will be:
- Bitcoin (aka BIP91, Segwit, Segwit2x, UASF)
- Bitcoin Cash (aka BU, Bitcoin ABC, UAHF)
For a more complete overview please see this article on Coindesk.
What is Solidi doing?
At Solidi we don’t want to take a position on which is the most “true” version or vision of Bitcoin, nor are we smart enough to know which will be the most successful.
From a purely pragmatic standpoint, Solidi currently runs on the original Bitcoin blockchain, we are not making any software changes and so we will remain on the original Bitcoin. Following August 1st we will monitor the situation as it develops to see if we need to add support for Bitcoin Cash.
However, with the level of uncertainty surrounding this event, reluctantly we have decided to halt withdrawals and deposits at 21:00 BST (20:00 UTC) on the 31st July.
Withdrawals and deposits will be re-enabled as soon as we believe market conditions are suitable.
What do I need to do?
In short, nothing. Your bitcoins will remain 100% secure in our cold storage solution.
However, if you want to be able to move funds during this event then you will need to withdraw them before the cut off time of 21:00 BST.
This early cutoff time is to allow us time to move your coins out of cold storage.
Don’t hesitate to get in contact!
Solidi is now open for anyone to signup and buy or sell Bitcoins. Using our platform, you can now buy and sell bitcoins in under 60 seconds! And we provide a cold storage wallet for you to store your coins – yes, all offline, completely secure.
And not only that, we’re also the cheapest in the UK, just ask Bittybot! Read More
As we get ready to launch Solidi P2P we decided it was about time we discussed some of Solidi’s features which set us out from the crowd. In this post, we’ve going to talk about Selling.
Buying into Digital Currencies has been getting much easier over the last couple of years. But selling has not improved much. Options have been limited and suffered from being complicated, slow and expensive. As many of the digital currency advocates we have spoken to have complained – you can sell, but then there are all sorts of hidden charges or paperwork in getting the money back to your bank account. Not to mention having to explain to your bank where the international transfer has come from.
Hassle free Selling
Solidi P2P Instant Sell changes all that. With a combination of our simple to use website and our tight banking integration, our users can now sell their digital currency as easily as they can buy it.
- Register an account
This is as simple as supplying your email address and clicking on the link in the confirmation email. Why do we need to know your email address? Simply to help us quickly resolve any problems which might occur.
- Upload your bitcoins
Simply scan the QR code and upload your coins. Coins appear in the Incomming Transactions list instantly and can be sold after the usual 6 confirmations.
- Tell us your bank account details
Your buyer can’t pay you without these.
- Place an order to sell
Enter the quantity you wish to sell. The price you get is the highest price being offered by any of the buyers on our market.
- Get paid
Once you have placed your order, we inform the buyer who will pay you immediately. Generally the money will arrive in your account in less than 60 seconds. In rare cases it can take up to two hours.
Once you have received your payment, please click the “Payment Received” button so that we can release the currency to your buyer.
From Sell order to cash in under 60 seconds. You can’t ask for more than that.
If you have any questions please contact us or leave a comment.