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Old 25th May 2017, 14:34   #16
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

I am also considering putting some money in Cryptocurrency.
Are there any other service providers other than Zebpay?

what are the currencies you people are investing off late.
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Old 12th June 2017, 12:05   #17
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

Some more questions, please shed some light on the following:

- If bitcoin legal status is not known for India, how do we get the money back to our accounts and what is the taxation applicable on it ?
Lets say I invest 1L today which grows up to 5L in a year. Will I be able to transfer this money back to my account ? And if yes, what kind of capital gain tax do I incur ?

- What are the factors that are controlling bitcoin value ? Is it market situation/political situation or independent of that ?

- Its status quo for bitcoins in India but they can be declared illegal very soon like they are for few countries. How high is the probability for India to declare it illegal ?

- Since early 2017 the bitcoin rates have spiraled like anything. What is the general advice now ? Is it a good time to invest or are the rates expected to crash or normalize in near future ?
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Old 25th June 2017, 17:13   #18
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

Quote:
Originally Posted by chandras View Post
I've been using ZebPay for about an year. But feels that the rates are not favorable due to high commissions.
1. Is there any other bitcoin wallet/exchange that I can use?
2. Can I transfer my existing bitcoins from ZebPay to another overseas wallet (say Coinbase)? Is there a cost associated to that or the transfer is free?
Hello.
You may have gotten an answer for your questions by now but here are my two cents.

1. In India, as of now, there are not many exchanges via which you can buy or sell cryptocurrencies. ZebPay seems to be the best because it not only has the highest number of users in India (user base has crossed 5,00,000 users) but also because it has good customer service and app UI.
Other than ZebPay, there is Coinsecure and Unocoin. I personally prefer ZebPay because it is faster and gives the cheapest bitcoin rates in India at the moment compared to the rest.

2. Yes, you can transfer your bitcoins to any wallets, in India or any other country in the world. There is a transfer fee that will be charged to you by your local wallet (ZebPay in this case) which varies as per the bitcoins you are transferring. You can find the exact rates in the ZebPay app as well.

In other countries (specially USA and others) the transfer charges and brokerage charges are low because there are a lot of wallet service providers already. Soon it will be the same case in India but we will have to wait for that.

Quote:
Originally Posted by xingamazon View Post
I am also considering putting some money in Cryptocurrency.
Are there any other service providers other than Zebpay?

what are the currencies you people are investing off late.
Please read my answer above, it can help you with some clarity on the same.
I am investing in Ethereum and Bitcoin all the way. I guess it is going to go in the same footsteps as Bitcoin has gone in the past few years.
Litecoin is also another investment opportunity but according to me, it will take some more time to stabilise.

Quote:
Originally Posted by skoda0505 View Post
Some more questions, please shed some light on the following:

- If bitcoin legal status is not known for India, how do we get the money back to our accounts and what is the taxation applicable on it ?
Lets say I invest 1L today which grows up to 5L in a year. Will I be able to transfer this money back to my account ? And if yes, what kind of capital gain tax do I incur ?

- What are the factors that are controlling bitcoin value ? Is it market situation/political situation or independent of that ?

- Its status quo for bitcoins in India but they can be declared illegal very soon like they are for few countries. How high is the probability for India to declare it illegal ?

- Since early 2017 the bitcoin rates have spiraled like anything. What is the general advice now ? Is it a good time to invest or are the rates expected to crash or normalize in near future ?
Judging from your questions, I guess you are well versed with what is going on in India regarding cryptocurrencies and the legality of it.
Just before June 2017, the Government of India had set a special committee to understand the pros and cons of cryptocurrencies, for which even citizens could submit their own views.

The Government basically had 3 options regarding this, first, to make cryptocurrencies illegal in India because of which no citizens can legally buy or sell cryptocurrencies. Second, to let it be as is. Which means to not interfere with private exchanges/wallets operations and let them decide the prices. And third, to regulate it. By regulation, the Government wants to not only educate the average citizen about cryptocurrencies but also wants to step in the make sure that private companies aren't setting their own prices for their own benefits (which is exactly what is going on in India as of now). Regulation and stepping in of the Government will not only reduce the difference of price of Bitcoin in India and in other countries, but will also give us more options in exchanges and wallets to choose from. This indirectly will also reduce the transaction charges we have to pay as of now because competition will increase.

The good news is that just in the middle of this month, the Government has accepted the committee's plea to regulate cryptocurrencies in India. The committee will be submitting a plan by this month end which will be put in place and tested for a span of 6 months and then the permanent call will be taken by the Government about to future of cryptocurrencies in India.

Our Government seems to understand the prospects of cryptocurrencies and wants more clarity to be present among the citizens.

About the increase in prices of Bitcoin, I do not think that it will reduce in the near future. As I have said earlier, Etheruem seems to be an interesting investment and so does Litecoin. Ripple will take some time but will soon join this list.

Disclaimer:- All these views are my own, I do not take any responsibilities for any actions taken by others.
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Old 25th June 2017, 17:38   #19
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

Quote:
Originally Posted by Luv_Jaiswal View Post
Our Government seems to understand the prospects of cryptocurrencies and wants more clarity to be present among the citizens.
Government will have a vested interest because of the tax angle. If somebody living in India is earning in bitcoins and spending in bitcoins, such a person must pay income tax and sales tax (soon GST) on it.

Until bitcoin exchanges make it possible for the government to collect tax, it will remain outside of the law. Next comes monetary policy. How will the RBI control money supply when bitcoins come into play?
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Old 26th June 2017, 00:19   #20
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

Quote:
Originally Posted by Samurai View Post
Government will have a vested interest because of the tax angle. If somebody living in India is earning in bitcoins and spending in bitcoins, such a person must pay income tax and sales tax (soon GST) on it.

Until bitcoin exchanges make it possible for the government to collect tax, it will remain outside of the law. Next comes monetary policy. How will the RBI control money supply when bitcoins come into play?
I share the same concerns as yours.
This is the reason why the Government will lay a rough plan and observe for the next 6 months. Only after that will a permanent decision be taken. Time will tell, and I hope there aren't many terms or conditions to it.

Many Governments of other countries are flexing rules and regulations to make cryptocurrencies easier to deal in.

Let's hope for the best.
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Old 26th June 2017, 06:38   #21
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

Quote:
Originally Posted by Samurai View Post
Government will have a vested interest because of the tax angle. If somebody living in India is earning in bitcoins and spending in bitcoins, such a person must pay income tax and sales tax (soon GST) on it.
The exchanges already collect service tax on their service fee.

If you're buying/selling significant amount of cryptoassets, it'll anyway raise a red flag unless you're paying some form of tax (either Capital Gains or tax on income from business) on the profit.

But I agree that our bureaucrats probably realize that the only way to prevent another black market forming is to regulate cryptocurrencies.
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Old 6th July 2017, 13:19   #22
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

Here is a nice article explaining blockchains.

https://www.linkedin.com/pulse/block...-mohit-mamoria
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