Bech32 address format is now supported

We have implemented support for the Bech32 address format (Bitcoin addresses with the prefix bc1...). Now it is possible to use this address format in exchange transactions. You can read more details about Bech32 in the BIP-173 document.

QR-code added

Now with mobile wallet applications you can scan the QR-code on the exchange transaction page and process the payment easily and without unnecessary copy/paste.

We reduced our default commission fee to 4%

Through some internal optimizations, we have reduced our default commission fee from 4.5% to 4%. In some cases, depending on demand and the amount in stock, our fee may even drop to 0%. This makes our exchange service the safest and cheapest in Cambodia.

API for exchange rate information

To better integrate our exchange service with other information systems, we have implemented an API that allows automated access to exchange rate information. The interface URL is https://bitcoincambodia.com/api/exchange_rate/ and the information is provided as a JSON-string. We are planning to add additional APIs in the future.

The maximum amount per transaction has increased to 1000 USD

In recent months, we have seen that many customers are interested in transactions with larger amounts, and that the limit of 500 USD per transaction is often reached. To eliminate this limitation, we have decided to increase the maximum amount per transaction to 1000 USD. Of course, higher amounts can also be exchanged, but this requires several transactions.

Some technical improvements

We have integrated some technical improvements into our website. When an exchange transaction is created the amounts are now calculated without a time delay, even when the Internet connection is slow. We have also further optimised the layout in some places for mobile devices.

How we plan to respond to SegWit2x

To prevent payment risk for our customers and for our service during the SegWit2x protocol change, we will suspend our exchange service 24 hours before the protocol change begins.

The exchange service will continue to be unavailable until we are sure that payment risks have passed.

In the event of a hard-fork, we prefer to follow the Bitcoin-Core chain.

Because of the SegWit2x-related update, our exchange service will be unavailable from 31st July until 4th August

Nowadays, the Bitcoin community offers different solutions for the known problem of the limited block size in the Bitcoin network. Important decisions will take place on 1st August. On this date SegWit2x will be activated, which will change the block size to 2MB (where before it was 1MB) and implement new optimizations, making it possible to store higher amounts of transactions. In addition, the "Lightning Network" feature will be activated. With this feature, Bitcoins can be transferred much faster and without a transaction fee. However, during this update, there is a risk that the Bitcoin blockchain will be split into two different versions (called "Hard Fork").

The Bitcoin core developer team recommends to stop sending and receiving Bitcoins before 1st August until the situation is cleared up:

If you accept bitcoins as payments, we recommend that you stop accepting Bitcoin payments at least 12 hours before Tue Aug 01 2017 02:00:00 GMT+0200 (CEST), although 24 to 48 hours earlier may be safer. This will give time for all pending payments to confirm on the Bitcoin block chain before the event.
(source: https://bitcoin.org/en/alert/2017-07-12-potential-split)

To protect our customers, we will stop our exchange service from 31st July until 4th August. The activation date on 4th August may change depending on the situation.

4.5% commission fee

Today we reduced our commission fee to 4.5% (before was 5%), and in rare cases, we will offer even better conditions. On the homepage you can see the current Bitcoin buying- and selling-price, including the commission fee.

To make this change possible, we reduced the time for the payment transfer. Now we provide 12-hours (previously 24 hours) for our customers to transfer USD or Bitcoin amounts. From our previous experience we can confirm that this will be more than enough time for most customers.

Integration of member accounts and other improvements

With today's update, we have reworked bitcoincambodia.com.
One of the most important changes is the integration of member accounts. Prior authorisation of the member ID will therefore be completely replaced. Unfortunately all members must now re-register with any new username. But this is a step which requires one minute at most. The integration of member accounts is especially important for further development. In the coming months we will integrate further functionalities which require the member accounts.
In addition, we have implemented various small improvements in the software.
The blog site has been introduced and is accessible via https://blog.bitcoincambodia.com/ We will publish service-relevant news there.