[Torq]

Originally Posted by AZT

Coinswitch Kuber and Coin DCX

I have accounts opened with both in Jan this year. Loved the UI with Coinswitch. DCX is not user-friendly but has certain more features for the 'trader'.

Having invested 10k INR and then subsequently withdrawn the initial "seed" money, I am now letting my profits run. (Approx 35k). Have diversified in lot of cryptos, with majority in eth and bitcoin.

Originally Posted by msdivy

Are you able to encash it?

This sounds like 'Pyramid Scheme'.

And that's where the basic trading trading principles of stock market could be useful. If you are happy with your profits,withdraw. If it's good for a screenshot, it's good to be withdrawn. If the returns are above your expectations,book half of the profits. Unrealised gains are just that, unrealised. In such a fluctuating market, I'd rather keep booking profits.

[woodstock3001]

Originally Posted by msdivy

Are you able to encash it? I mean are you able to sell it & get cash in your bank?

Yes. I encashed 5000 INR and it came in my ICICI Bank instantly. That's why I'm bit confident now & waiting for some good gains .

I would have warned everyone had it been I'm unable to withdraw it. I'm using WazirX & would not recommend any other app.

Another thing to note is, there are 100s of more apps and there are lacs of Crypto coins. What i've learned is WazirX offers limited but genuine coins, though I'm not sure till when these coins are genuine.

Originally Posted by msdivy

This sounds like 'Pyramid Scheme'. It will fail when it is unable to attract new investors to pay off earlier investors.

I don't know about it & that's why will only recommend investing small amount.

[Samurai]

Originally Posted by woodstock3001

To give you all a perspective, 20K INR invested in Shihba Inu on 2019 Dusshera would have been 17 CR 2020 Dusshera.

Shouldn't that be infinity, considering Shiba Inu was created in Aug 2020? It's value in 2019 would be zero.

Originally Posted by msdivy

This sounds like 'Pyramid Scheme'. It will fail when it is unable to attract new investors to pay off earlier investors.

No way! Shiba Inu is created by an anonymous person. In the crypto currency world, that is the ultimate legitimacy.

[woodstock3001]

Originally Posted by Samurai

Shouldn't that be infinity, considering Shiba Inu was created in Aug 2020? It's value in 2019 would be zero.
No way! Shiba Inu is created by an anonymous person. In the crypto currency world, that is the ultimate legitimacy.

Sorry my bad. I think in the excitement i mentioned wrong years.

20K INR invested during 2020 Dusshera would have been around 17CR INR in 2021 Dusshera.

I invested 20K INR on Sep 19th 2021 and my today Shihba Inu value is around 55K INR. It was more than 90K in Oct 2021.

And Yes, you're right. Shihba Inu is just a year old Crypto and is ranked 11 at the moment. In 1 year, it has given some 1,07,77,015% returns and i dont even know how to calculate it.

PS : I still not recommend investing in Crypto as it is very volatile & I'm doing it only to learn how it all works and investing amount i will not regret.

[AZT]

Originally Posted by Torq

I have accounts opened with both in Jan this year. Loved the UI with Coinswitch. DCX is not user-friendly but has certain more features for the 'trader'.

Thanks. I understand Coinswitch has some hidden charges while DCX is upfront about everything, have you found that too. Also, is the price of BTC same across both platforms, is it more expensive on Coinswitch.

[Jaguar]

Originally Posted by woodstock3001

Yes. I encashed 5000 INR and it came in my ICICI Bank instantly.

How are you loading funds into Wazirx? I registered but don't see any popular/big banks in the list of supported banks. So couldn't invest anything yet.

[Fuldagap]

Originally Posted by Jaguar

How are you loading funds into Wazirx? I registered but don't see any popular/big banks in the list of supported banks. So couldn't invest anything yet.

You have to go with P2P transfers or using Mobikwik in WazirX. I have done quite a lot successful transactions since May '21. The number of banks supporteed are very low.

Bankers are generally averse of cryptos due to RBI being their mai-baap. There are no clear guidelines in India for operations of crypto exchanges, so bank MDs/CEOs do whatever they can, to please RBI.

However, I find P2P buying in Binance better than WazirX. Binance is the world's largest CEX (centralised excange) in the world which owns WazirX (India's biggest excange). Transfers between Binance and WazirX are, as of now, free of cost.

Many cryptos are listed on WazirX, Coin DCX, Coinswitch Kuber, Zebpay etc.
Even more are listed on Binance.

Many newly introduced cryptos take a lot of time for exchanges like Binance and WazirX to give them a spot. So to buy such cryptos one has to buy on platforms like Uniswap, Pancake Swap etc or in wallets like TrustWallet, Hotbit etc.

Buying, selling, withdrawing, depositing on exchanges or platforms or wallets attract fees. Some are ridiculously high while some are low. One has to do a lot of reading before diving into exchanges or platforms or wallets.

For example, buying USDT on WazirX for say 10,000/- will give as much USDT as equivalent to approx 9,300/- INR as of today.

There is a crazy amount of jargons and ways to trade cryptos. As they say in the crypto world DYOR (do your own research) before plunging into any crypto.

But returns are crazy as hell. There is no iota of doubt about it.
My Shiba Inu investment in May this year got me a jolt that will never let me get out of this world now. It is indeed the future. As far as I have experienced till now, Indians are very less aware of this world compared to the 1st world countries.

[speedfreak01]

How would the experienced traders rate Bitbns and Vauld ? Is it safe to start investing in it ?

[woodstock3001]

Originally Posted by Jaguar

How are you loading funds into Wazirx? I registered but don't see any popular/big banks in the list of supported banks. So couldn't invest anything yet.

So this has been my biggest pain area while using WazirX. Loading money into WazirX is not an easiest of task (atleast for me). I use Mobikwik to load money and then it get's added into WazirX wallet.

However, Fuldagap has rightly answered majority , that there has been 'N' number of charges / commissions to load money.

Note : Money added into Mobikwik via credit card will not get transferred into WazirX wallet. You need to add money via Debit Card / Online banking only.

On the other hand, bringing money back is easy peasy & is direct into your account.

[Jaguar]

Originally Posted by speedfreak01

How would the experienced traders rate Bitbns and Vauld ? Is it safe to start investing in it ?

Since I couldn't load money into Wazirx, I started using Vauld. It has been only a couple of weeks, so far so good. Loading money is very easy. You can do IMPS or NEFT from your bank account and it gets deposited fairly quickly. No charges as well.

Originally Posted by Fuldagap

You have to go with P2P transfers or using Mobikwik in WazirX. I have done quite a lot successful transactions since May '21. The number of banks supporteed are very low.

However, I find P2P buying in Binance better than WazirX. Binance is the world's largest CEX (centralised excange) in the world which owns WazirX (India's biggest excange). Transfers between Binance and WazirX are, as of now, free of cost.

I don't use Mobikwik and don't want to register for another service just for the sake of using Wazirx.
How do you load funds to Biance? I saw SWIFT transfer option but have not tried it.

Originally Posted by woodstock3001

So this has been my biggest pain area while using WazirX. Loading money into WazirX is not an easiest of task (atleast for me). I use Mobikwik to load money and then it get's added into WazirX wallet.

On the other hand, bringing money back is easy peasy & is direct into your account.

A friend suggested buying some token on Vauld and then sending it to Wazirx and then selling it there. But this also involves fees and one needs to find a token that charges low transfer fees and is supported by both platforms. Good to know withdrawals are easy.

[Fuldagap]

Originally Posted by Jaguar

How do you load funds to Biance? I saw SWIFT transfer option but have not tried it.

I use P2P in both WazirX and Binance to buy cryptos. In Binance, P2P is fairly simple and comparatively quicker than WazirX and also provides chatting feature for the seller and buyer to communicate with each other.

How P2P works is, suppose you have to nuy USDT, you go to the P2P option, find and select a seller of your choice, transfer INR to his bank account directly using IMPS/GPay/PhonePe/NEFT/ or any other method that is allowed by that particular seller.
As soon as you transfer the funds, the seller gets a time limit within which you will receive your USDTs, in this case, in your Binance or WazirX account.

Never faced any issue with P2P.
Mostly it used by me to buy USDT so that I can go on Hotbit and buy some currency that is not present on WazirX or Binance.

[alpha1]

Anyone here "invested" or exploring Non Fungible Tokens? (Powered by blockchain technology of course)

Originally Posted by alpha1

How do these cryptocurrency plan to remain functional perpetually?
I remember reading that each transaction in cryptocurrency requires extravagant computation whose complexity and power consumption only increases with time.

In such case, isn't it possible that we will run out of electricity and thus the computing resources to do any further transactions using cryptos - eventually bringing the entire system to a grinding halt?

Any answers anyone? By someone who is actually into algorithms and blockchains.

[ashokrajagopal]

Originally Posted by alpha1

Any answers anyone? By someone who is actually into algorithms and blockchains.

Let me take a stab. And yes I work with algorithms, and no I dont work with blockchains.


There is no other technology in the world that is more hyped up that Blockchains and Cryptocurrencies.
There are NO complex calculations or problems in cryptocurrency. They are rather very simple ones done a billion times.
I will try to be as concise and use as much human language as possible.


Block chain is built on 40 year old technology in programming parlance.

The Block in block chain is a structure called Merkle tree ( slightly modified) developed by Ralph Merkle in 1980.
Its a structure created by organizing data with cryptographic hashing done at specific locations.

A cryptographic hash function is typically built to encrypt stuff in such a way that y=f(x) and from Y a reader shouldn't be able to find X.


So, the system takes a set of information, does its set of hashes and then creates a block.
This is the supposed "immutable" stuff in block chain.


To the point of these complex algorigthms etc --- there isn't really anything complicated. It's like a lottery, that's all.

The crypto transaction pool gets all the transactions pouring in.
The validating nodes pick up X number of transactions.
They validate the transactions and prepare a block.

But there are so many nodes doing the same thing. Who gets to create the block?
They run a lottery.


There is an arbitrarily chosen Difficulty value for the system.
The nodes generate a dummy value.
The nodes hash the dummy value + the block.
If the generated hash is LESS than the Difficulty value, they get the block.
If the generated hash is MORE than the Difficulty value, the nodes get back to generating the next dummy number.


The complex algorithm that media hypes up is in reality a loop that keeps generating hash with a dummy number regenerated.

This is the much talked about proof of work algorithm. If we were to call spades as spades, it should be called Proof of wastage of electricity.


Crypto only need electricity to produce. Mining etc are euphemisms.
And yes, as the network gets wider, the lottery gets more and more crowded and the awarded coins fewer and farther spaced.
So, yes, this is a huge energy wastage.



PS; Ethereum keeps proposing another strategy called Proof of Stake and keep postponing actual rollout.
There is no way that can qualify as "Decentralized" as much as I see the documentation.

[am1m]

Originally Posted by ashokrajagopal

Let me take a stab. And yes I work with algorithms, and no I dont work with blockchains.

Concise, easy to understand explanation, thanks! (Had to login to say thank you- the thanks button wasn't enough for such a useful post!)

[Fuldagap]

A must read article by Moneylife for whoever is a trader or investor in cryptos:

https://www.moneylife.in/article/cry...nce/65579.html