News New Site / Relaunch

New Site Launched! 

Welcome to the new site, We have taken some much needed time to revamp our site to be able to serve our customers better.

Please note, legacy accounts will not be accessible and we ask you recreate your account on 

New Features:

We have committed ourselves to planning many new features

  • Segwit Addresses for all receiving addresses – We have been committed to segwit and implementing segwit since it was available, unfortunately our legacy systems were not compatible with the technology. We have now moved to a more robust payment system which allows for segwit addresses to be generated.
  • Lightning Ready – We are committed to second layer technologies which will allow for faster payments and lower fees. We believe the introduction of the Lightning Network will add improvements which will propel bitcoin to once again be an everyday usable currency as well as a store of value. Our newest integrations will allow for fast deployment of the Lightning Network as soon as its deemed stable.
  • Greater Selection of Lower Denominations – We are committed to offering the best selection available. With this, we have put systems in place which will allow us to offer many of our cards which previously had minimum amounts in smaller denominations. This will allow for a greater selection of gift cards in a single cart for many customers.
  • Tracked Shipping available on more items – As we grow our selection of items, we are moving more and more items to be shipped directly from our office. This allows for better internal controls as well as the ability to offer more shipping options. We will now have an expanded selection of cards which are able to be shipped with tracking, including orders under $100. We will also be implementing a fee for shipments under $100 as well as vendor specific shipping charges for vendors who ship directly but also charge a shipping fee.

Roadmap – Still to come:

  • Litecoin Integration – As bitcoin fees have drastically increased in the last few weeks we have seen challenges with smaller payments not being processed in a timely manner. To help alleviate this, we have put direct Litecoin integration on our roadmap and will be implementing this as soon as possible. This will allow users to use Litecoin as a payment method without having to first convert to bitcoin, or allow users to use a service such as Changelly / Shapeshift to send funds in LTC.
  • Altcoin Integration through Changelly / Shapeshift – We are currently working on bringing back integration for easy Altcoin payments. Unfortunately with the state of the bitcoin network, these payments often take days to process and are currently not compatible with our systems. We hope to have one of these two solutions back online within 1-2 weeks.
  • “Instant Delivery” of Specific Gift Cards – We are currently working on a new backend system which will allow for instant delivery of some of our catalogue as soon as confirmations are completed. We are still about 3-6 months away from being able to implement this system but it is something we continue to work on.

Other Various Changes:

  • Transaction Time Limits / Proper Fees – relies on Bitcoin transactions to be completed in a timely manner, in order to exchange the funds needed to cover the goods purchased. Often customers will send extremely low transaction fees which do not confirm until weeks later. When an order does not complete within a certain period, bitcoin price volatility often creates a loss for Coincards. All orders will now be required to have at least 1 confirmation within 6 hours of purchase. Any orders which are not confirmed within 6 hours will be considered invalid and the purchaser will be contacted for refund arrangements.
  • Convenience Fee Taxable (GST/HST) – has always worked within the legal guidelines set out by both FINTRAC and the Canadian Revenue Agency. Unfortunately neither agency has been able to give a proper explanation on the “Taxation of a service related to Bitcoin Exchange”. Since there is no specific ruling, has always paid these taxes to avoid future penalties. This tax has always been built into our convenience fee. Unfortunately we are no longer able to sustain this tax as part of our fee, and will be adding it to the total of goods. Please note that Gift Cards are always TAX EXEMPT, and only our 5% Convenience fee is a taxable item. Example – 1 x $100 Gift Card would have a convenience fee of $5, as well as an additional $0.25 in GST.