A new version of CoinJar Touch


We’re proud to bring you a new version of CoinJar Touch! We’ve taken the most requested app features to make using your CoinJar a more seamless digital currency experience. The update is available on the App Store for iOS users. Android users are not far behind and will be receiving the update in the near future.

If you haven’t already downloaded the app, you can get it now:

Download

New features include:

• Track Bitcoin’s price against the Australian Dollar, US Dollar, British Pound and the Euro.
Our live, interactive charts will help you make quick decisions without the visual noise in an easily accessible mobile format.

• Set daily alerts for Bitcoin’s performance over 24 hours.
Don’t want to be glued to the price all the time? This simple alert is all you need. A casual glance will update you with essential daily price movements.

• Get notified when Bitcoin reaches a certain price.
Don’t miss a buying or selling opportunity again! Set a price threshold and receive a push notification when a price is reached.

Fixes:
• Fixed Bitcoin address bug.
• Fixed cases where ID status was incorrect.
• Fixed Bitcoin transaction fee bug.
• Fixed a search icon bug.

Top 5 CoinJar FAQs for 2017

CoinJar receives a large number of questions everyday from new and seasoned users of digital currency. In this post, we break down the Top 5 Frequently Asked Questions which will hopefully save you some time looking up the answers on our Knowledge Base.

 


 

Why does it take so long to get verified/reply to my Support ticket?

As most readers know, we’ve seen huge growth in interest due to the price increases across digital currencies. To remedy this, by the middle of July we will have tripled the size of our Support team. Growing a Support team entails hiring new members and sufficiently training them which necessitates some lead time. We’re glad to have covered most of that ground already. With the upcoming changes to our Support Team you can expect decreased times for verification (presently 4-5 business days) and replies to Support requests (presently 3+ days) in the coming weeks.

 


 

How do I buy Ethereum/Litecoin/ICOs/Z-Cash other altcoins?

At this moment, CoinJar only supports Bitcoin exchanges and transfers. We believe in a healthy ecosystem of digital currencies and assets, at the same time we are also extremely cautious about providing services to other networks/blockchains which may not be as robust and tested as Bitcoin.

Although there has been plenty of enthusiasm over the Ethereum and token sales on the network, it is well documented that many ETH wallets don’t play well with the high volumes generated by a rush to purchase ICOs (initial coin offerings). We wish to be as cautious as possible when implementing these new technologies.

We’re working on solutions for users who want to gain exposure to new digital assets, and that includes getting the most out of features in any specific digital currency or token (privacy, smart contracts, speed of transfer). In the interim, there are many third-party sites like Shapeshift.io which enable you to swap your bitcoin to other digital currencies easily.

 



Why is your price so high/low compared to another exchange?

To calculate current bitcoin buy, sell, and spot prices, CoinJar takes a weighted volume across a series of global exchanges, then measures CoinJar’s own liquidity, availability and other market factors to determine the rate at which bitcoin can be exchanged. This process is largely automated.

In order to allow you to purchase and sell bitcoin instantly and seamlessly, CoinJar plays the role of both the buyer and seller simultaneously and provides a price that will ensure a balance. While we try to provide the best price possible – it’s ultimately up to each company to decide on what they can offer in terms of pricing.

If you’re interested in a comparison between some of the bitcoin exchanges available in Australia, the following website provides a comprehensive price comparison: https://blockcoin.com.au/

Find out more here: Understanding CoinJar’s transfer (exchange) rates

 


 

I have deposited money why has it not yet been credited?

Typical Bank Transfer Time Frames Graph

CoinJar does not have control over the time it takes for your bank to send your bank deposit. Some banks take up to three full business days to send deposits. If you haven’t seen your deposit displayed in your Cash Account by the 4th business day (weekends and public holidays don’t count), we recommend contacting your bank to confirm the status.

In our experience, most customers’ deposits are received during the morning of the next business day, providing the transfer was completed before that bank’s cut-off time (usually 5pm). As part of our fraud prevention initiatives, we then review deposits before the funds are fully released into your Cash Account. These deposits will remain in a Pending state until approved, at which point you’ll receive a notification that the deposit is available.

Find out more here: Understanding bank deposit and withdrawal time frames


 

How can I make an instant AUD deposit to my CoinJar?

If you’re REALLY in a hurry to make a deposit, there are two ways to do this quickly — POLi and Blueshyft newsagents.

POLi offers an online debit payment method and is owned by Australia Post. When you initiate an instant POLi Transfer, CoinJar does not receive the funds immediately. However we may allow you to access these in-transit funds given:

  1. Before starting the deposit, you must have a verified account and a supported bank for POLi.
  2. Any previous POLi transfers have now completed bank reconciliation and arrived at CoinJar.
  3. Your transfer is below or equal to A$2,500 AUD and your daily limit for POLi transfers is not exceeded.
  4. You are not transferring from an ING Direct or IMB Bank account.

If cash still rules everything around you, Blueshyft allows you to deposit physical cash into your CoinJar from over 1,200 newsagents in Australia. These cash deposits do require a Blueshyft payment processing fee of 2.5%, however they allow you to make instant cash transfers into your CoinJar.

Find out more here: Depositing funds from your bank account to CoinJar

‘Double GST’ No More

Many in the Australian digital currency ecosystem were pleasantly surprised when in this year’s Budget the Australian Treasurer announced an effective date for the removal of ‘double GST’ on digital currency transactions. Effective 1 July 2017, the purchase of digital currency will no longer be subject to Australian GST. In effect, this will result in digital currency being given the same GST treatment as money.

However, more importantly, this would make Australia only the second country (the first being Japan) in the world to make actual amendments to their tax laws to accommodate digital currencies.


But What’s The Big Deal?

As it currently stands, when a consumer purchases an item using digital currencies they bear GST twice – once when they purchase a digital currency and secondly when they purchase the good or service which is subject to GST using a digital currency. On this basis, digital currencies are at a disadvantage as compared to fiat currency when it comes to using them for transactional purposes.

Although, much of the initial debate surrounding the GST treatment of digital currencies revolved around bitcoin, the provisions are broader and will likely include other similar digital currencies (Etc, Zcash etc). This is especially important to note given the recent and persistent rise of ICOs (initial coin offerings). In effect, these changes allow for innovation in the digital currency space without the unintended application of GST to transactions involving them.


A Long Time Coming – But Likely Worth The Wait

In the Government’s ‘Backing Australian FinTech’ statement made on 21 March 2016, they committed to fixing this impediment to the growth of the Australian digital currency ecosystem. After this, a discussion paper was released in May 2016 regarding the possible amendments that could be made to the GST Act to remove ‘double GST’ on digital currencies. This paper called for submissions from industry participants on a number of technical implementation issues. After submission closed much of the digital currency community has eagerly awaited the implementation date.

As someone who’s been involved with petitioning government for these changes, it is positive to see them finally commit to an effective date for the amendments. This again highlights the progressive thinking the Australian Government is showing in the fintech space to ensure that regulatory impediments to industry growth are removed.


So That’s It?

What has been released so far by Treasury is an effective date for the amendments. However, the draft legislation has not yet been released. This means that there are a number of important tax technical questions that still need to be answered. Specifically, how will digital currency be defined? How has treasury chosen to actually make the amendments to the Act (the so called input tax vs money treatment)? These are still unknown.

Having said this, these are all things that will likely be resolved in the next few months. The important thing to remember is that effective 1 July 2017 Australians will not subject to ‘double GST’ on digital currency transactions in Australia – which is great news for the future of the industry.

 


Alan Tsen (http://alantsen.com) leads Fintech Victoria, a Victorian government seed funded organisation. Its goals are to help amplify, grow and connect the Victorian fintech ecosystem. Alan led and wrote FinTech Australia’s Digital Currency and Blockchain technology industry submission to the Australian Treasury.

CoinJar bases its operations in the United Kingdom as part of its global strategy. Incorporated as a UK company, CoinJar UK Limited. HMRC (Her Majesty’s Revenue and Customs) in the UK exempts digital currency trading from value added tax (VAT), so new and existing CoinJar customers are not be levied any VAT related taxes.

Bitcoin transaction confirmation time and fees

The landscape for Bitcoin continues to intrigue and be unpredictable. This is especially true when it comes to Bitcoin transaction confirmation time and fees. We’ve had a lot of feedback over these past months as transactions sometimes have not been as close to instant (~10 mins) as one may have hoped when sending payments over the Bitcoin network. Industry pioneer, Erik Voorhees sums up these points in his excellent blog post.

The source of increased fees and confirmation times is a result of the popularity of Bitcoin — this is evident both in the rising price and number of bitcoin transactions. It is clear that balancing growth and sustainability of the Bitcoin network is still a work in progress. How this scaling debate plays out between software developers working on the protocol, miners, and vested interests is yet to be seen.

For CoinJar itself, our part in the industry landscape is that of on-boarding users and providing them an interface to Bitcoin. A practical and user friendly a solution increases the participants in the digital currency economy making it more diverse and resilient. One enabling factor CoinJar has made to achieve this is the ability to send bitcoin transactions completely free of charge by completely subsidising it. Inputting fee amounts, estimating them based on network congestion, and hoping you do not make an error, further steepens Bitcoin’s learning curve.

From April 3 2017, we will begin charging a transaction fee for sending on-chain Bitcoin transactions with CoinJar Points. The trifecta of a strong rise in the bitcoin price, the cost of relaying transactions, and the increased number of transactions has seen a massive spike in covering costs. While this current increase is not indicative of how Bitcoin’s fee structure will look like in the future, what it does reflect is that totally subsidised transactions on CoinJar are unsustainable for the company (and most wallet services) at this point.

Irrespective of proposed solutions to scale Bitcoin, the graph below presents factually what our company has been doing to completely subsidise transaction fees.

Denominated in $

CoinJar will charge a fixed 25 CoinJar Reward Points or a 0.0005 BTC fee per transaction. This enables us to continue subsidising fees at a more sustainable rate while being competitive in the fee market. This will result in quicker turnaround times when sending Bitcoin.

To help transition, new and existing users with CoinJar Rewards activated by the April 17, 2017 will receive a one-off 100 Points bonus. This is equivalent to four free Bitcoin transactions.

If you already use our exchange services or CoinJar Swipe, by activating your Rewards account you should be able to continue sending Bitcoin transactions at a fraction of the cost it normally would. By buying your workday morning coffee with CoinJar Swipe, you can earn 25 Points or 1 free Bitcoin transaction every week.

We strive to solve user experience hurdles with creative approaches in the digital currency space. CoinJar’s vested interest in the Bitcoin scaling debate is to advocate for the end consumer. A large and diverse user base of digital currency holders is just as an important part of the bitcoin infrastructure as Bitcoin code and mining.

The following Knowledge Base article provides more information on the mechanics of the new changes.

How To Receive A Holiday Season Reward

There are some things that are part and parcel of the Australian holiday season: barbeques, hot weather (unless you’re in Melbourne), and bank delays. If you’re looking to make an instant CoinJar deposit over the festive period, you can visit one of over 1200 local newsagents to do this.

Full instructions on how to make a cash deposit can be found on this Support page.

In addition, you’ll be rewarded with 500 CoinJar Points for your first cash deposit made between 19 December and 3 January 2017. Simply deposit the $50 minimum at any cash deposit location and we’ll credit your CoinJar Rewards account.

What do 500 CoinJar Points get you?

500-points

  • Fee-free Transfers: 500 CoinJar Points allow you to exchange 1 BTC without fees
  • Doge Cards: Greeting cards for that special someone who deserves more memes in their life
  • $5 Windows Store (Australia) Giftcard: Works for Xbox as well
  • CoinJar Die-Cut Sticker: Perfect for desecrating your local bus stop

CoinJar’s services will continue to operate during the holiday period with reduced Support hours. Please refer to our Knowledge Base for the full list of operating hours and bank transfer timelines over the festive season. Cash deposits made at newsagents will continue to be instant — just check that they’re open!

Brave Browser Review

Brave logo

 

Brave is an adventurous attempt at a new web browser, one which focuses on rethinking the overall advertising model of the internet. As of October 2016, Google’s Chrome browser continues to be the most popular choice with over half (63%) the usage share of all browsers. Although Chrome is freeware (as is Brave), it is developed by Google which derives the majority of its revenue from advertising. Some think this may lead to conflicts of interest when it comes to privacy and security.

Brave proposes a new model for internet browsing, one where users pay for their time online to remove ads and fund sites.

The team behind Brave is no less impressive than their mission. The browser is developed by Brave Software, the CEO of which, Brendan Eich, co-founded Mozilla, the company responsible for Firefox. Among other accolades, Eich is also the creator of the JavaScript programming language.

Hardware Wallet – TREZOR Bitcoin Wallet Review

Released in 2014, the TREZOR marked the beginning of the Bitcoin hardware wallet. Produced by Satoshi Labs, the TREZOR could not only store Bitcoin independently of your computer, but could do so while maintaining the functionality of a traditional web wallet. Thus, the TREZOR was the precursor to the many different hardware wallets we now see on the market.

The maturity of the TREZOR is reflected in the depth of engineering documentation, community involvement, and third-party compatibility of the device. For these reasons, the TREZOR remains one of the most secure ways to hold your Bitcoin.

Earn CoinJar Points when you invite a friend to CoinJar

When you invite a friend or family member to join CoinJar, you’ll both be rewarded with 500 CoinJar Points.

500CJP_Gold

Simply sign in to your CoinJar for your personalised referral link and share this with a close friend or family member. For each of your invitees who opens a new CoinJar using your personalised referral link and completes ID verification, you’ll both earn 500 CoinJar Points.

CoinJar Points can be used to cover fees during new currency exchanges, or redeemed for goods at the CoinJar Rewards Store.

ReferralLinkButton

RedeemPointsButton

CoinJar Points themselves are also receiving an update soon – with adjusted redemption and earning rates for currency conversions. These changes will be rolled out over a 30 day transitional period throughout September 2016. For further details on these updated rates, please refer to our Knowledge Base article.

Hardware Wallet – Ledger Nano Review

The most common way to store and interface with the Bitcoin network is either by using software running locally on your computer or provided by a web service like CoinJar. Web-based bitcoin clients allow for greater flexibility around multiple devices and locations, and may come bundled with additional features such as customer support, digital currency exchange or even a debit card.

There is a trade-off between features when choosing your preferred form of storing bitcoin, and you should choose depending on your own personal circumstances. One possible step to take charge of your own bitcoin security is using a hardware wallet, a physical device which stores your private keys. We’ll be taking a look at a couple of hardware wallets available from the CoinJar Store starting with the Ledger Nano.

Updated: Bank account deposits using POLi

POLi deposits have proven to be a useful ‘Quick Deposit’ mechanism since we introduced it late last year. We have had many requests to extend the number of banks we support for POLi deposits and also to increase limits for instant deposits.

Verified Australian CoinJar users can now make bank account deposits of $2,500 and under instantly using POLi. Transfers above $2,500 will typically take 1-2 business days to be processed. You can access POLi deposits as an option in the ‘Quick Deposit’ page.

CoinJar can accept POLi transfers from the following Australian banks:

  • Bank of Melbourne
  • BankSA
  • BankWest
  • Bendigo Bank
  • Bank of Queensland
  • Commonwealth Bank
  • Citibank
  • CUA
  • IMB
  • ING Direct
  • Peoples Choice Credit Union
  • St. George Bank
  • Suncorp Bank
  • Westpac

Make a deposit now

POLi cash deposit screen

Make a deposit using POLi from your Quick Deposit screen

For more information, visit our Knowledge Base article on cash deposit options.


Frequently Asked Questions

What is POLi?
POLi is an online payment option which facilitates a Pay Anyone internet banking payment from your bank account to a merchants. You may have used POLi before on Jetstar, Qantas, Etihad and OzForex. POLi Payments is a fully owned subsidiary of Australia Post
How does it work?
Choose to pay with Internet Banking wherever you see the POLi payment option, select your bank and click proceed with payment. You’ll be asked to log in directly to your bank. Follow the prompts to complete the Pay Anyone transaction and complete the payment. POLi cash deposits can take 1-2 business days to appear in your Cash Account.
How much is it to deposit using POLi?
There are no fees for depositing using POLi.