Welcome to our new Friday LIVE Blog - keeping you up to date with payments, Bitcoin news and answering your questions! News below are setup to be latest first, and should automatically convert to your timezone!
If you have a question you would like us to answer - contact us on:
We've had problems with XAPO all day - and we've just been notified they won't be fixed till tomorrow. If you are still waiting for your XAPO payment - wait another 24 hours!
Our transactions to the 3 payment systems we use externally are nearly processed - as soon as they have 5 confirmations, we'll send the payments out to everyone!
XAPO are having problems with their API. If you have a pending payment with XAPO - please note we will start payments again AS SOON AS POSSIBLE. We are not in control of the XAPO system, so we do not have an ETA for this.
As we mentioned below - we are still waiting on the BTC Blockchain to finalise our transactions so we can get the Bitcoin to our wallets to pay people out. We reckon it'll be a few hours still. Be patient, we'll get all payments out by 6pm GMT!
Now we are ready to start the actual payment side of things! Firstly, we check our third party wallets (Coins.ph, Coinbase and XAPO) and then calculate how much to send each one. Then we'll look to move Bitcoin out of our Cold Storage devices across to these wallets. This process can take upto 3 hours on days when the BTC Blockchain is slow!
The fraud team have finished with the second checks they make, and we are now emailing each user to let them know of why we are banning them. We try to reply to each user who sends back a message - and on a usual Friday, we unban around 50% of the users we ban.
Bitcoin plunged to its lowest price in 2 months today - sitting at $8,400 as we speak! Why do you think that is? Is it to do with India cracking down on illegitimate activity? Maybe. Did you know that this time last year - 1 BTC was $950?
What do you think the price of Bitcoin will be next week? Next month? Let us know via Twitter, and we'll post the best guesses here.
Early indications are that we are going to be paying out around 30k users today around 11BTC in total. We are about to process all users who have failed the first stage of the fraud systems - did you know we double check EVERY account that fails before we ban them? Thats why this process can take a little while!