Once the app is launched, U. Archived from the original on December 22, In Januarythe bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. But the issue is super urgent to me. Until now I am very happy with luno. Retrieved 4 November
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In March , the number of GitHub projects related to bitcoin passed 10, As such, when the company changed their name from BitX to Luno, there was speculation that they were planning to introduce supporting services for other digital currencies in a bid to improve their market share. Archived from the original on 1 September The network's 'nodes' — users running the bitcoin software on their computers — collectively check the integrity of other nodes to ensure that no one spends the same coins twice. Since that differs markedly from fiat currency, which is managed by governments who want to maintain low inflation, high employment, and satisfactory growth through investment in capital resources, as economies built with fiat currencies show signs of strength or weakness, investors may allocate more or less of their assets into Bitcoin. As of now taxation of Bitcoin falls under the same guidelines as the rest of Europe.
Respectfully, Werner at Luno. The article also stated the currency would be accepted in bitcoin locations, including the and desk and certain restaurants. Either you get it in receipt form from the exchange and but or trade at the exact market price, or on the quick option, they incorporate this charge automatically, hence instead of buying volatility 65 you buy at Retrieved 2 September Finney downloaded the bitcoin software center day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction. It takes decades to get your reply. Rate look into this ticket exchange
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News events that scare Bitcoin users include geopolitical events and statements by governments that Bitcoin is likely to be regulated. Bitcoin's early adopters included several mal actors, producing headline news stories that produced fear in investors. However, Bitcoin-friendly investors viewed those events as evidence that the market was maturing , driving the value of Bitcoins versus the dollar markedly back up in the short period immediately following the news events.
One reason why Bitcoin may fluctuate against fiat currencies is the perceived store of value versus the fiat currency.
Bitcoin has properties that make it similar to gold. Since that differs markedly from fiat currency, which is managed by governments who want to maintain low inflation, high employment, and satisfactory growth through investment in capital resources, as economies built with fiat currencies show signs of strength or weakness, investors may allocate more or less of their assets into Bitcoin.
Bitcoin volatility is also driven in large part by varying perceptions of the intrinsic value of the cryptocurrency as a store of value and method of value transfer. A store of value is the function by which an asset can be useful in the future with some predictability. A store of value can be saved and exchanged for some good or service in the future. A method of value transfer is any object or concept used to transmit property in the form of assets from one party to another.
Since these two drivers of the current spot price of Bitcoin vary against the dollar and other fiat currencies, we see that Bitcoin's value can swing based on news events much as we observe with fiat currencies. Bitcoin volatility is also to an extent driven by holders of large proportions of the total outstanding float of the currency. Bitcoin can also become volatile when the Bitcoin community exposes security vulnerabilities in an effort to produce massive open source responses in the form of security fixes.
This approach to security is paradoxically one that produces great outcomes, with many valuable open source software initiatives to its credit, including Linux. Bitcoin developers must reveal security concerns to the public in order to produce robust solutions.
Bitcoin and open source software development are built upon the same fundamental premise that a copy of the source code is free for users to examine and modify at will.
This concept makes it the responsibility of the community to voice concerns about the software design, and when the community does so, the value of Bitcoin reflects the level of confidence in the protocol design as a whole.
It is only natural then that the value would fluctuate with news events about security breaches. It is worth noting that these losses and the ensuing news about the losses had a double effect on volatility.
They reduced the overall float of Bitcoin by approximately, producing a potential lift on the value of the remaining Bitcoin due to increased scarcity. However, overriding this lift was negative effect of the news cycle that followed. As early adopting firms are eliminated from the market due to poor management and dysfunctional processes, later entrants learn from their errors and build stronger processes into their own operations, strengthening the infrastructure of the currency overall.
That being said, the near frictionless transfer of Bitcoins across borders makes it a potentially highly attractive borrowing instrument for Argentineans, as the high inflation rate for peso denominated loans potentially justifies taking on some intermediate currency volatility risk in a Bitcoin denominated loan funded outside Argentina. Similarly, funders outside Argentina can earn a higher return under this scheme than they can using debt instruments denominated in their home currency, potentially offsetting some of the risk of exposure to the high inflation Argentine market.
Recent announcements by the IRS stating that the currency is actually an asset for tax purposes had mixed effects on volatility. On the upside, any statement recognizing the currency has a positive effect on the market valuation of the currency. It should show all your messages and their responses. I transfered money a week ago. I made an error with the reference number. I have logged quiries I got no feedback. Not sure what to do. They helped me too. I contacted them too they helped me. If you are still condisering use this service, I implore you to seriously reconsider.
There are three main issues with this business, namely:. They are absuing their position as the only South African exchange to charge people far more than what they should. What this means is that when you purchase currencies through this platform you are paying considerably more for the coin that what an investor in the US, UK and Europe would pay. From the moment you purchase through their exchange you have lost money as you paid more than what the going rate actually is for the currency.
Luno has published two articles which refer to local supply and demand in this respect, however, it would be wise to treat these articles with circumspection. This company has no contact details.
There are no landline numbers or physical addresses listed on their website or any other web address for that reason. If you ae able to get a response with regard to any query you might have then count yourself luky.
Personally I have sent this email 5 qeury mails in the past, to which I received no reply. This company has taken every measure to ensure that you are unable to contact it. It leaves all customers that are able to discern what is really going on with the inablity to get hold of anyone.
These actions are in total breach of the consumer protection act, but not to be unexpected from a group of people that have something to hide and dont want to come out. This company will flat out steal from you. To put you in the picture, I set up a recurring payment from my bank account to Lunos accountevery Friday afternoon sothat I could automate my investments.
It was working smoothely until I found out how much they hiked their prices by when i compared the price i was paying for a coin to numerous other exchanges. However, I forgot to cancel my weekly scheduled payment to Luno. The Friday morning following that mail my payment was deducted from my checking account and subsequenlty transferred to Lunos account this is instant because we both bank with FNB and I received my normal sms. Lo and Behold that money never reached my Luno wallet, although they took my money they felt no need to allocate it to my account — that money has still not been allocated to my account to this day and has not been returened to my account.
There are numerous other issues with this company, but those are the three most notable ones I would other inquisitive investors to be aware of. Please do not consider this exchange, you will truly be doing yourself a disservice. Furthmore, you will allow this unethical company filled with immoral people to grow bigger without consequence. If you want to begin investing in the digital economy then i could suggest the follwoing global sites that will allow you to purchase and hold Bitcoin and Ethereum using your credit or debit card:.
These are all reputable exchanges that you will be able to find with a quick Google. I believe it is just a matter of time before you hear about them in the news for finacial misconduct and consumer abuse. Best of luck with your endeavours. Oh, and if anyone from Luno is reading this, how does it feel good to be a criminal? Let me know, would be nice to hear from you.
True and must read. Luno will charge a ridiculous fees and some fees are hidden people must be aware of this. I will definitely use Localbitcoins for my wallet and exchange. Having a problem signing into luno. This has never happened before. How do I retrieve my money or check current Bitcoin now?
A certain amount of bitcoins was transferred to my bitcoin address earlier today. Without so much as a notification on my own account. Kindly resolve this issue ASAP. I find it disconcerting. And improve your customer service. Sometimes we want quick response and someone to talk to from your end. Its been almost 2 weeks since I deposited the money into my account but its still not reflecting. I never encountered this problem the fist time I used your platform, its great platform but just try to improve your customer service.
Hello Luno team, seeking your urgent attention to look into my ticket reference It has been almost 2 weeks since I deposited the money to my Luno account but it is still not reflective yet. At the same time, my account is still under review for about 2 weeks, exceeded the promised timeline. I have sent my 0. I have open ticket but received no feedback at all. Please help to check on my issue and revert soonest possible.
This is very worrying. Not sure is it scam or not but I withdraw money to my local bank from 7 December until now not yet been reflected yet. I open ticket at help center on December 8 no single reply and it auto make as resolve on 14 December. Also also ticket number also no single reply. While my few thunsand ringgits money just gone like that.
I feel like I am being cheated. In conclusion, i find the platform super easy to use. It was the easiest way for me to enter the cryptocurrency market. Thanks so much for the feedback, Caryn! It is funny to see how quickly you respond to someone writing something positive about you, wish you would do the same to people not getting any response from you.
Yes you should be delighted, but that should be about every client. Clients are hard to come by, in your case they are falling into your lap. This will pass and with the service we get at this moment, you might be begging people to use your service in future. So should you be happy about every customer and not only about those who have a positive experience. You are the problem of the complaints, negative reviews and reports from your clients.
Transferred money to luno direct bank transfer two weeks ago Bitcoin still not in my wallet and had zero reply from two emails and a ticket I opened with them. Awful customer service and long transfer times of Bitcoin. Seems like they are holding money and not giving people the bitcoins.
Luno sucks to the max i swear. If i have gotten into this fucking website earlier i wouldnt have choose to use LUNO. Bullshits website where depositing money instantaneously into their fucking account need to take fucking long to verify. Dont do business if you dont have the manpower and self claimed efficient depositing and withdrawing team. Transfered btc to my Luno wallet 3 days ago…. Still waiting for it to reflect. Hi Luno, money still not transfer in my account. Hi am not happy with Luno I withdraw money from my wallet the it did not go to my bank account the back said they can not see nothing.
Am from South africa and my Email Is Kingmusa 5 at gmail. I tried Lino for a few days and now I will send bitcoin to another wallet but thuis is moet possible. Sometimes he asks to deposit money before send OR sell. However, this morning I received an email from Luno 7: Ticket no still no access to luno or money. Blocked for two weeks now. No reply from helpdesk at all. I keep getting this message when I tried to buy Ethereum. Emailed many times but no reply. I am thinking of pulling all my fund out.
My guts tell me its scam. Absolute nightmare do deal with. Support ticket not replied. Basically after they received your money they just forgets about you.
Replying is slow, no live support, no phone number to dial. Imagine this, you have withdrawal 10K RM worth of bitcoin and it did not arrive in your bank and you have no means of contacting Luno.
So do yourself a favour. I agree fully have the same problem. No support from Luno, My account is locked due to them needing to verify it. Absolutely no response for weeks now. Have no problem with them. For fastest help, please visit: I have been waiting for my deposit over 7 days ago, and my old ticket has been close without any update and response!!
And right now i have raise another new ticket for the issue, please help me to take a look thanks you luno support! Make a withdraw for a week until now but my money still not transfer in my account. I was linked to a guy here on luno after being scammed twice by all these sites. He sold his coins for me at a discount and today all my friends now buy coins from him via [email removed].
Its been 7 hrs waiting and transaction pending in Luno and tx is not even in etherscan yet. Cant even have an instant ETH transfer? Common what needs to be pending for ETH transfers?
I made a deposit of RM, until now the deposit never arrive at my luno wallet… deposit was done on 18th Nov,. There is support ticket open but there is totally no response from luno team! Feel so insecure as there is no response from luno. Already pass the time limit as mention in help section.. I have tried to withdraw my money since last week. Including today, it has been 4 failed withdrawal with fees charge every 4 transaction. Have submitted my report with ticket number Was planning to give another 2 days for them to solve this then I want to go make a police report if not solve.
Is Luno a scam? I have transferred RM since 11th Nov , and it has not been reflected in my wallet until today!
I have submitted my first ticket on the 15th of Nov and second ticket today and have not gotten a reply from your support staff either. My ticket number is Appreciate if your response team can take immediate action soonest possible. I transferred RM10, to Luno the 14th November, with all the correct reference codes. Funds were confirmed transferred to Bitx Malaysia by my bank.
I issued ticket the 16th Nov. No reply, not even a mere acknowledgement. And still no money in my wallet. And of course no phone line to call. Beyond the appalling customer service, I worry about the necessary reactivity when one want to trade efficiently. Luno please take care of my case urgently.
Matter resolved today, after 8 days. Reason for delay is that my reference number was not in all the fields. I put it in the reference area, but not in the additional optional field. Sounds like bullshit excuse to me, I am a banking officer, and I never saw any client using such a story to delay acknowledgement of payment.
But at least My money is not lost. Nothing showing in my account. From my capitec account. No1 is getting back to me. Are they bias or think foreigners living in Europe are All criminals. What is alll this!!!!! I sure hope you guys read this! Until now I am very happy with luno. EASY to use, and I do my trading a lot. Deposit fund no problem at all.
Withdraw to send to my bank also no problem. Understand that Luno also can use in Singapore right? My ticket is It takes decades to get your reply. We never heard reply from luno for my ticket swhich already 6 days and the count still going on.
As a member who facing problem with my account, we feel very nervous and insecure. Does LUNO actually receive our ticket? Are they actually handling our case? Well, to LUNO it may just a support case, but to us, it is our hard earn money that lock in the account.
Lastly, we strongly suggest LUNO to implement live chat support or support phone to increase the efficiency to solve member problem. In the world of cryptocurrency, it changes every second, respond time is ultra important. The support team will look into it for you and somebody will be in touch as soon as possible.
Thanks for your patience and understanding. Hi please will you help me! I bought 20 ether this morning but only 15 coins are reflecting in my wallet.
Thus equates to R30 approximately. I have contacted the help centre but no response yet. I am very concerned but trust that this will be sorted out.
Their platform is so user- friendly. I trust their service and will continue using it. Hey Luno, please respond to ticket Again, apologies, and thanks for your patience.
After three attempts with different email addresses, eventually managed to go through the process, albeit the BTC price had gone through the roof. So far the transaction process has been quick and efficient but it is a bit disappointing that there are no contact details if you have a problem… eg: The platform is easy to use and straightforward. My only concern apart from the battle to open an account is the apparent difference between the Luno exchange rate when depositing ie: Would appreciate an explanation for this…but of course there is nobody you contact or email!!
You can contact our support team by submitting an email ticket via this link: Luno is a platform that connects demand people who want to buy digital currency and supply people who want to sell digital currency. Since it is a new currency and a lot happening in a short amount of time the price can fluctuate up and down a lot in a short amount of time. You may sometimes see that the price of Ethereum or Bitcoin appears to be slightly or very different on different platforms or the price you might see on Google.
We wrote an article to explain this in detail, here: Hi all, anyone have problem with withdrawal due to name mismatch? That is the way name is given and written at least in some countries. Will this be a problem?
Hi Willie, at the moment we provide digital support only. Do you have a ticket number we can look into? Email to support 3 times — my first ticket asking Luno to expedite the deposit. Hope, to see this deposit appear soon. I will take all necessary steps, to get my deposit money still not in my Luno account. I have done the deposit before this and no problem encountered. Pls expedite Mr Luno- Bitx Malaysia — failiing to do so, will proceed with police report and submitted to my bank for investigation and get back the money.
This transaction ie from my bank to Luno- all required — Reference no- done. But wondering why Luno is delaying This important action their customers.
Hope to get the response soon. Firstly, thank you for your patience. We will get the support team to investigate and somebody will be in touch with you ASAP. Again, apologies for the delay. Did you get credited into your account? Their customer service is so bad that there is no reply at all.
Can you advice what can i do if there is still no reply from them? Hi Jason, as mentioned, please share your ticket number so that we can look into your issue. Again, thanks for your patience. Deposited 11k still not reflected. Could someone please respond to my issue?
While waiting bitcoin already went up over the past few days. Somebody will be in touch. Hi Rick, thanks for alerting us. Do you have a ticket number you can share with us so that we can look into this for you? Hi Wong, thanks for alerting us. Because I read their terms and condition like any normal, rational individual would when it comes to matters that involve large amounts of money. Also, impressive customer service Luno. I very nervous and worried on this matter. Kindly help find out as soon as possible.
Thanks My ticket I lost my Google authenticator app details, have been unable to get login keys for my Luno account… have requested 2FA be removed from my account on the 29th September via Luno website, ticket , and still not response from Luno. Email reply stated 4 days max to resolve issue… its now been 16 days!
Yes Luno is not a scam. Luno tends to sell BTC high to you. Eg if the current market price is R per BTC listed on their site even when you instant buy the price spikes magically to R and you actually pay way more for the BTC than you should have thats market indicative.
Secondly when you actually want to sell again and you want to convert it back to Rand then you only get R per BTC. There is also no indication of what the current buy vs sell orders are on Luno. There is also no listing of ask prices so you know what you can specify what the price should be or what you want to sell at.
Their reasoning that if you are willing to wait for the BTC or Fiat then it will be market related BUT that process at time of transfer is so hidden and unclear that they dont want you to do that. In my honest opinion they are being scaly in their exchange practices and manipulating the users due to some users not knowing better. Unfortunately we in SA dont have alternatives and you know what happens when someone has the monopoly over a certain process….
They take full advantage. Whether you buy and or sell on the exchange, or use the quick link, the charge remains the same. Either you get it in receipt form from the exchange and but or sell at the exact market price, or on the quick option, they incorporate this charge automatically, hence instead of buying at 65 you buy at The charge, or difference, remains the same.
I agree with you, as much as Luno is convenient for me to use, they sell their BTC at a very high price and buy at a lowest price they can get. The buying and selling price you see is just an estimate, it is only when you actually initiate the sale that you get to see the real price. Hi there, Hopefully this breakdown of the fees will shed some light on things and provide some insight:. A little complicated, but 0. See this as the equivalent of buying forex at the airport: Not the same as buying and selling.
Market maker orders will only execute if someone agrees to that price, but there are no fees involved in those transactions but, of course, your transaction is not guaranteed. This is a major concern to me! Please explain what im missing? The alternative is that luna is charging more than the global current price. Hi Luno Is it not time to perhaps review the taker fee structure? It is apparent that this fees structure was arrived at when BTC was at a much lower pricing levels.
Can we expect Luno to review this anytime soon? I am still new in Luno ,first time facing this kind of problem. Hi Chang, thanks for alerting us here.
Money is not in for few days. How long does it take to get this rectified or a response? Hey, Miracleshots, thanks for alerting us here and for sharing your ticket number. Sorry for the delay and thank you for your patience.
Been trying to login to account for two weeks now and no luck. When requesting password via e-mail I receive the password e-mail two or three hours after request an by then my session has expired.
No support or contact and looks like this is the only platform for feedback? Hi Ian, do you have a ticket number so that we can look into this for you and help you sort this out? Can you help to update the status please? While the site is a self help, there are times you need to speak to someone. Very dodgy that no telephone numbers listed. I will advise the person that referred me to your company that I feel hopeless and will look for another avenue to invest.
Sorry to hear about the issues there. The exchange rate differences in other platforms are only within RMRM more or less. While your current exchange rate is RM17, I have monitored your exchange rate in one to two weeks, it turns out that your difference with the others is about RMRM Hi Abuhasheem, this article on our blog will give you more insight: Me and my wife had submit my support ticket and and it takes decades to get your reply.
We never heard reply from luno for my ticket since 20th September, which already 6 days and the count still going on. We are currently working on improving these services. Our support team will make out bound calls if necessary. We send the ticket numbers to the team who will look into your issue.