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Old 18th June 2019, 16:02   #391
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

They launched the white paper today. This will end most of the altcoins if it truly succeeds.

https://www.coindesk.com/facebook-la...w-libra-crypto
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Old 18th June 2019, 16:53   #392
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

Quote:
Originally Posted by alpha1 View Post
Well what do you mean by restricted usage?
Where will you draw the line?
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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Old 19th June 2019, 14:15   #393
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

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Originally Posted by jayguar View Post
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.
When you have the Indian rupees to do the same - why do you want an alternative?
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Old 27th June 2019, 17:32   #394
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

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:
The Cryptocurrency Thread (Bitcoin, Ripple etc.)-btcscreenshot_20190627171149.png

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.

Last edited by Rehaan : 27th June 2019 at 17:37.
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Old 27th June 2019, 18:25   #395
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

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.
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Old 23rd July 2019, 22:48   #396
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

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?
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Old 20th August 2019, 00:30   #397
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Default Re: The Cryptocurrency Thread (Bitcoin, Ripple etc.)

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.
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