Tag Archives: USA

UPDATE about Gemini and Bitcoin Cash (good news)

Great news! August 23rd Gemini posted on their blog about probably allowing for Gemini users to withdraw their BCH within a few weeks. Great to hear about this Gemini & Cameron Winklevoss 🙂

We have been receiving a few questions regarding the custody of our customer’s Bitcoin Cash. Because of Gemini’s fiduciary obligations under the New York Banking Law, which we take very seriously, we are going to great lengths to ensure all of our customers’ assets on a forked blockchain, like “Bitcoin Cash,” are preserved. Under no circumstances will we capture those funds for our own use. Instead, as stated in our August 3rd blog post, we are focusing our engineering resources on (i) ensuring that our customers’ funds are secure and not susceptible to theft (e.g., replay attacks), and (ii) building a withdrawal mechanism.

In the coming weeks, we will open a facility to allow customers to withdraw (probably on an all-or-none basis) their BCC balances to an off-platform address of their choosing. This is conceptually what we did for the ETH/ETC fork as well, which you can read about in a previous post.

Read more about that on their announcement page here.

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No Gemini follow up about Bitcoin Cash

gemini-bitcoin-cash-nothing

Some of us bitcoin holders held bitcoin in Gemini exchange during the Aug 1 fork, we knew Gemini was not supporting Bitcoin Cash, but after the fork and BCH/BCC become quite a valueable coin 99% of non supportive exchanges have since announced they will distribute Bitcoin Cash for their users, some have immediately (Poloniex, Cex, etc), some announced they’ll be distributing later, like Coinbase announced they’ll be distributing in January 2018.

Surely every non-supporting exchange had pressure from users, hoping and requesting they get BCH, Gemini ended up posting this on Aug 3 addressing the BCH forking issue on their blog:

Since the “hard fork” on August 1st, 2017, we have been monitoring the situation closely. Currently, Gemini does not support trading or withdrawals of the newly forked chain (BCC / BCH / BCash). As we first wrote on March 20th, 2017, and later updated on July 26, 2017, we will make every effort to support withdrawals for the chain with less total difficulty (in this case BCC). As a result, we are currently working on a technical implementation for a one-time withdrawal of BCC for our customers. With that said, any modifications we make to our digital asset storage system (including support for a one-time withdrawal), are made with extreme caution and require extensive security review to ensure the integrity of our customers’ assets. We appreciate your patience and understanding as we take the next few weeks to build this functionality in a safe, secure, and responsible manner. We will post material updates when we have them. If you have any questions, please contact Gemini customer support at support@gemini.com.

So it seems like good news, but after emailing them at their above support email, asking for an update on this situation, they responded with this generic response:

Thank you for reaching out. Currently, Gemini does not support trading or withdrawals of the newly forked chain (BCC / BCH / BCash). We have been monitoring the “hard fork” situation closely and are currently working on a technical implementation for a one-time withdrawal of BCC for our customers.

Any modifications we make to our digital asset storage system (including support for a one-time withdrawal), are made with extreme caution and require extensive security review to ensure the integrity of our customers’ assets. We appreciate your patience and understanding as we take the next few weeks to build this functionality in a safe, secure, and responsible manner.

Material updates will be posted on our blog here: https://gemini.com/blog/update-bitcoin-hard-fork-bitcoin-cash/. Please let us know if you have additional questions.

It’s actually copy and pasted from their blog. 🙁

Gemini! It’s August 21! Can you please update us, many of us have been loyal customers and would appreciate an update on this situation.

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SEC decision on Winklevoss ETF is today!

The SEC is going to make their decision to approve or deny the Winklevoss ETF (exchange-traded fund) today.

Place your bets! Do you think they will approve, or deny?

SEC-approval-onehash

Winklevoss’s own the Bitcoin exchange called Gemini, NASDAQ: COIN.

Good luck to them, and to bitcoin for this monumental event!

EDIT: The SEC did not approve the ETF 🙁

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Coinbase adds instant Paypal buy/sell payment option

Coinbase adds instant paypal or debit card payment/selling options

Coinbase adds instant paypal or debit card payment/selling options

Today Coinbase announced they now allow instant sell bitcoins through Paypal at 3.75% sell fee. You can also instantly buy with your debit cards at a 3.75% buy fee. These are both instant. American citizens can still always buy with your verified US bank accounts for 1% buy/sell fees, with higher limits, but these usually take 4-5 days to complete.

If you don’t have account already, Join Coinbase here.

Good news to have more options, but Coinbase, myself and many other bitcoins are begging you, please let those fees become more comparable to Bitstamp and Gemini, more affordalble!

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Coinbase fees too high?

Bitstamp with 0.5% fee and then there’s Coinbase with 1% fee, I was wondering, why is this so high? and is this fair? I love bitcoin but really for an exchange to be taking 1% on all sells and all buys is just ridiculous imo. I love you Coinbase, love you bitcoin, but this really should be updated to a more fair amount.

The Winklevoss brothers are launching Gemini but it seems they have not yet released their fee amount. I emailed them already:

Hi, i’d like to know what kind of fees will Gemini have per transaction?
Coinbase has 1%, Bitstamp 0.5%
Where will you guys be at? I’m very interested, i’d love to see something lower than 1%, that is insane imo
Thank you

from TalkBitcoins.com

I am not the only one who thinks this way, here’s a thread on Reddit about it ->

I love you coinbase, and love your easy to use platform, but really, why the high fees?

UPDATE (Oct 18, 2015): Gemini replied that they have only 0.25% transaction fees! 🙂






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Mike Tyson Bitcoin ATM machine coming soon

Mike Tyson Bitcoin ATM

Mike Tyson is coming out with a bitcoin ATM machine this coming August 2015. The website doesn’t have much information of where it will be located or any other details, but you can subscribe to the MikeTysonBitcoin.com mailing list to get emails about updates, info of what is the dealy.

His website says:

“MIKE TYSON’S FASTEST KNOCK OUT IN THE RING WAS 30 SECONDS. THE MIKE TYSON BITCOIN ATM CAN TURN YOUR CASH INTO BITCOIN IN UNDER 20 SECONDS”

Good luck Iron Mike, I hope you can get your ATM machine out as planned! Checkout the website here (website now closed).

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