Team-BHP
(
https://www.team-bhp.com/forum/)
Quote:
Originally Posted by alpha1
(Post 4602210)
Well what do you mean by restricted usage?
Where will you draw the line?
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By restrictions, I meant part centralization with few things like declaring and taxing cryptocurrencies, proper and specific license for running exchanges, non-cash transactions when buying / selling cryptocurrencies, and action against illegal trades.
Quote:
Originally Posted by jayguar
(Post 4606349)
By restrictions, I meant part centralization with few things like declaring and taxing cryptocurrencies, proper and specific license for running exchanges, non-cash transactions when buying / selling cryptocurrencies, and action against illegal trades.
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When you have the Indian rupees to do the same - why do you want an alternative?
What's the best way to convert BTC to INR now that the RBI has imposed restrictions?
Bitcoin is shooting up again. It's approaching 2017 levels:
Before the RBI restrictions, it would have been easy to cash out at the right time, and then have the money transferred from the exchange to your Indian bank account.
Since that's no longer possible, what are the best options to achieve something similar?
I'll break it up into 2 goals:
Part 1) Unlinking your 'investment' from the volatility of the crypto market
The aim of this is to get out when things are looking good, so as to prevent your money from losing value when the markets fall in the future.
It has to be a relatively fast process (ie. can't be something that takes days of waiting/approvals etc).
It's an interim step, to protect the value of your investment - and will have to be followed later by actually getting it as cash in hand.
- Sell to a stablecoin like USDT or TUSD (Is it safe? What are the drawbacks?)
- Sell back to INR in the UnoCoin/ZebPay wallet (and later buy a stable coin the exchange offers and transfer elsewhere to cash out)
Part 2) Getting the actual cash in hand
Once you have got your investment to a place where you aren't terribly worried about it crashing overnight, then you can work towards getting it as actual money in your bank account. No real hurry here.
- Use an Indian P2P sale platform (Paxful, WazirX, UnoCoin P2P, etc)
- Send to a friend/family member in another country (big favour with big amounts)
- Buy something on Newegg / Expedia etc that accept BTC
- MisterTango (I've not looked into this in detail)
- AirTM (I've not looked into this in detail)
- Purse.io (I've not looked into this in detail)
Keen to know your thoughts, and if you guys have any other suggestions...
I'm mostly concerned with Part 1 - the best way to "sell my BTC" quickly and for a good price when the right time comes.
Members may want to exercise discretion on discussing how to bring Cryptocurrency proceeds into India given RBI's rules on it. TBHP is too public a forum. Just one man's views.
With the proposal of ban/fines now being published, how are members planning to deal with this situation? Wait and watch, or exit? Or emigrate for those who can?
Finally
someone wants to use Cryptocurrency for actual transactions, instead of investing. Apparently, they want to buy outside of big bad government oversight, not just to avoid taxes, but to avoid monitoring and detection.
Look at this
scam!
The bummer of this story is that all those investors invested in this Crypto Currency even without knowing that it is just a SQL Database server! This shows how greedy and stupid people can be!
Quote:
Originally Posted by Warwithwheels
(Post 4835137)
Could this be true?
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Indeed true, if you can visit 2010 now.
In case you can, in 2010 any decent desktop would have churned at least 10 bitcoins if left powered on overnight. That value would be 70 lakhs now (for forgetting to shut down the system before bed :))
Quote:
Originally Posted by msdivy
(Post 4835159)
Indeed true, if you can visit 2010 now.
In case you can, in 2010 any decent desktop would have churned at least 10 bitcoins if left powered on overnight. That value would be 70 lakhs now (for forgetting to shut down the system before bed :))
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OMG!
But how did they arrive at the 50 crore figure?
Quote:
Originally Posted by Warwithwheels
(Post 4835137)
Could this be true?
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Of course, just like any other startup - the earlier you shove in money, the greater are the return, but equally greater is the probability of losing all that is invested.
This is just the power of hindsight used by Bitcoin lovers. I remember my friend calling me in 2011-12 and discussing this. He proposed we buy around INR 5000 worth of bitcoin (which would be >$300K today) and then enjoy their fruits later. At that time Bitcoin was nefarious for illegal usage (or at least we read that) and so we passed. Was that a good decision? At that time it seemed yes. But ask people who bought bitcoins at the height of $20K; they are still crying and hoping.
PS: Reminds me of an old tale. If you would have bought a Rs.50,000 Royal Enfield in 1990, today you would have a 30 year vintage bike. Had you invested the same amount in Eicher Motors share, you would have ~Rs.10 cr
Quote:
Originally Posted by Warwithwheels
(Post 4835165)
OMG!
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In fact in 2010, the bitcoins were pretty worthless - just like mobile game points now. Someone negotiated to exchange their 10,000 bit coins for $41 pizza.
Check this out:
https://en.bitcoin.it/wiki/Laszlo_Hanyecz
BTW current value of 10,000 bitcoins is 700 crores rupees and at peak value in 2017, it was 1,500 crores rupees.
Don't look, but Bitcoin value just hit all time highs.
1 BTC = Rs. 15 Lakhs :cool:
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