Faster withdrawals

We’re making withdrawals work faster as Solidi to reduce delays. To enable us to do this, we’re providing FREE Immediate (in 10 mins) withdrawals on all purchases £100 or more and FREE High priority (in 2 hours) on all purchases £20 to £100. Purchases under £20 will still benefit from FREE 8 hour withdrawals and will most likely go much sooner when batched together with Immediate and High priority withdrawals.

Background – Network fees continue to rise 😦

Over the last three months the bitcoin network fees have experienced a dramatic and sustained rise.

Screenshot 2019-07-23 at 21.31.022222

This has resulted in some withdrawals from Solidi taking longer than normal to get confirmed. Additionally, if all previously sent transactions are unconfirmed, our hot wallet is unable to send another transaction as it needs the ‘change’ from the previous transaction(s), resulting in transactions showing as ‘Pending’ in Solidi.

This is not the experience we want for our customers and we’ve been working hard over the last month to provide a solution that speeds up withdrawals without the need to start charging.

Free withdrawals forever!

We want to make crypto as easy as possible to use by removing as many barriers as possible, so free withdrawals will remain. We’ll still be providing free Immediate withdrawals for all purchases of £100+ and High speed withdrawals for all purchases of £20 to £100.

These changes will reduce the total number of withdrawals daily from Solidi by batching the smaller transactions up. This reduction in the total number of withdrawals will enable us to pay higher network fees ensuring that transactions are not getting stuck.

Transaction Chaining

In addition we will shortly begin chaining transactions in an automatic child pays for parent (CPFP) transaction. This will ensure that any transactions which get stuck (e.g. the network fees rise after the transaction is sent, but before it is confirmed) should only get stuck for a short period.

Buying less than £20?

If you’ve buying less than £20 then you will still be able to use free withdrawals which will be sent in a maximum of 8 hours. In general, most free withdrawals will go out at the same time as the next high priority or immediate withdrawal, so usually you won’t wait more than a couple of hours.

Alternatively, while not keep the crypto in your Solidi Cold Storage wallet? It’s free and 100% secure.

Questions, Comments, Suggestions?

Let us know in the comments, email or tweet us!

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