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WazirX is owned by Binance, one of the leading exchanges in the world. I have found wazirx UI easy to work with. But yeah , it was unavailable for many hour's recently when BTC nosedived. So you can expect crashes and downtimes. But your funds don't get affected. Being a newbie to crypto, i thought ill just use WazirX for now before exploring other exchanges.

https://support.wazirx.com/hc/en-us/...Best-Practices

Just to add more on this, there's currently a very good chance that BTC (and therefore the entire crypto market) is going to dip a lot further in the coming days / weeks.

How long that lasts for is anybody's guess.

But if you've already made up your mind to enter, don't jump all-in just yet. Wait for a better entry, or start DCA-ing in slowly. A lot of veterans of the charts are calling for anywhere between $13k - $28k BTC in the near future.

It's no less safe than any of the others. I haven't used them, but it seems WazirX is the most technologically advanced of the options.

Just ensure you follow all the best practices of security - don't cut corners, and most definitely have 2FA enabled for all your accounts.

This just in today,

WazirX Served Show Cause Notice By Enforcement Directorate for Cryptocurrency Transactions Worth Rs. 2,790 Crore
ED says Chinese nationals used WazirX to launder gambling proceeds worth Rs. 57 crore.

https://gadgets.ndtv.com/internet/ne...dtv_topstories

That is nothing but Hawala. And WazirX enabled it?

Then these guys are in real trouble.

China is shutting down energy sucking crypto mining centers.

https://gizmodo.com/bitcoin-plunges-...g-o-1847139438

Umm, is it even possible to track a wallet address? I mean you can track our transactions, but anybody can make a wallet anywhere on a computer and transfer crypto.
So every crypto is like "hawala". However unlike Hawala where cash has no tracking, Bitcoin is fully trackable, and FBI has shown that. IF black money moves to bitcoin, it can be tracked, and I am not sure many politicians would want that rl:

This is good news contrary to what most think. It moves mining out of China where it was quite centralised and its NOT because of any energy related reasons but for the fact that china wants to push its digital yuan to enforce govt supremacy which is natural.
Moving mining out means miners can now find more efficient places like El Savador or now its Khazakstan, it will be good long term imho. Short term its not good maybe as hash rates will fall and have fallen, miners may have sold also to fund for the high cost of moving themselves.

That FBI tracking transactions is false and partial news. They could find the private keys it seems. Its impossible to track the transaction over the blockchain. Blackmoney moving to BTC is possible but at first you have to open an account with an exchange and that needs KYC. Any exchange can track who actually moved the money, to who it goes may not be possible to trace. That said, people who hoard black money have more than one innovative ways, they don't need blockchain tech i guess :)

https://economictimes.indiatimes.com...w/84539433.cms

Now WazirX has to explain to ED how they are not breaking FEMA, by allowing their customers to transfer money outside of banking channels.

Can you explain this a bit, you can get technical. I do fair amount of cryptography programming (openssl), so I should be able to follow.

I am familiar with the general principle of blockchains. Each transaction block is sealed by majority of the miners, so it will be public. And it can't be unsealed or modified because all the subsequent blocks are built on the previous sealed blocks. But one can look back at previous blocks and track them if one has the wallet address. Only Monero is anonymous because it doesn't use public address. It uses a new address for every transaction I believe.

One can follow the money. If you send money to any wallet address from your WazirX account, the local authorities can ask you why did you send it, to whom did you send it.

Suppose you are the recipient of such anonymous money. Unless you are spending only in crypto, you will one day try to convert it into local currency, and that is when the authorities can catch you.

I’m curious about how the crypto market is going on. I’m thinking of just “investing” 1 or 2k INR and forget about it. Do I have any options for doing something like this?

Since you want to limit your investment to that amount, you can even consider mining ETH or the likes to earn payment in BTC. You'll need a good graphics card though.

I have a friend who is using Nicehash, as he says it's the easiest to set up and leave running. You should be able to earn your investment amount within a month (depends on your system specs).

If you do it this way, you won't have to go through the headache of dealing with banks, Indian exchanges, etc. and the fees and possible KYC & tax complications associated with each.

Thanks for the suggestion but I’m not planning to go the graphics card or purchasing other hardware route. That’s too much work for something I’m not even serious about.

In general, when folks talk about investing in crypto, what kind of investment are we talking about? I know every situation is different but are people investing 1L or 10L or even bigger amount?

For the past few days, I keep getting added to some "Get rich using BitCoin" type of WhatsApp group. I report and exit the group but I am part of a similar-sounding group the next day. Don't know how to find who is behind this and how to report them.

Under the whatsapp privacy settings for groups, you can select to allow only your contacts to be able to add you to groups. If someone in your contact list is adding you, block that person or call them and tell them to stop. (I use this feature a lot! Hate being added to random groups. Even blocked an uncle of mine because he kept pulling me into one of those 'good morning/inspirational quotes' groups!)

Well, I learnt two new words today (thanks to a crypto whatsapp grouo)

- Proof of Burn
- Coin Burning

This might be unrelated, but wanted to highlight how Crypto is still a baffling proposition in regular life, in absence of clear rules.

I work with a media conglomerate and we recently locked a sponsorship deal for a programme with CoinSwitch Kuber. The amount of hurdles that our Legal & Regulatory team put us through, even in basic elements of promoting the brand, were monstrous. A firm disclaimer that "Cryptocurrency is an unregulated digital currency and not a legal tender" had to be added to every creative with the CoinSwitch logo that went up on air. Also, we were not allowed to include the actual salient features of the brand communication, since we were told to play safe. This became a royal p-in-the-a and the whole campaign turned into a ridiculous affair. We somehow managed to get through and mollify the brand at the end of it :p