How to buy Bitcoin and/or Etherium coin in India ?

Anorion

Sith Lord
Staff member
Admin
Which game developer ask for bitcoins?
Bitcoin is mostly banned by majority of the central banks, so how is it a legit source for trade?
oh meant for items between players, although the practice is often against the ToS of the games themselves.
However, ETH gas is used for a whole bunch of dapps, many of which are games (some not so savoury), which give you control of the in game assets. If you have been investing in BTC for a long time, it is easy to get more value for your money by buying gas with accumalated BTC rather than paying the price up front.
 

Anorion

Sith Lord
Staff member
Admin
why developed countries like European union countries and USA not banning these cryptocurrencies ?
the real question is why they were banned here

first, there were a series of scams, GainBitcoin, DietBitcoin, OneCoin, MTC, RippleFuture, NCRCoin, ATCCoin and so on. There are many more, also ICO scams. Most, if not all of these are ponzi schemes disguised as cryptocurrencies.
the Ministry of Finance could not make that distinction, between cryptocurrencies such as BTC, and the other ponzi schemes.
RBI banned Indian Banks from dealing with cryptocurrencies because of "associated risks", read that in any way you will.

While exchanges and apps are folding, some are still fighting for more reasonable regulations for BTC.
A little bit of BTC can buy a lot of gas, which can be used for fun stuff such as CryptoKitties
 

Anorion

Sith Lord
Staff member
Admin
Around the world, Bitcoin is actually treated as different things. In China, the regulations are similar to those for in game items or in app purchases, but bitcoin is illegal in China (legal in HK). In the UK, there are many private or complementary currencies such as Stroud pound and Bristol pound. The idea is to encourage town level local economies, with currencies that are accepted only in that town. Cryptocurrencies are considered under the same category. In the US, private currencies are banned, but cryptocurrencies are considered private property, and attracts taxes the same as sales of land. Legal in Canada, but banks are banned from dealing with cryptocurrencies (this could be the case in India as well, according to some interpretations). In the EU, it is pretty complicated with multiple bodies regulating certain aspects of cryptocurrencies across EU, and individual countries having their own regulatory bodies as well. So depending on the mandate of each regulatory body, there are regulations covering those specific aspects about the cryptocurrencies. For example, the European Insurance and Occupational Pensions Authority (EIOPA) looks into how cryptocurrencies interact with the insurance sector only. But by and large, cryptocurrencies an be considered unregulated in the EU. Some countries tax mining of BTC, in others, those dealing with BTC have to comply with anti money laundering norms. It is incredibly complicated. In Australia, Russia and India, they are considered virtual currencies, which by default implies that the currency is controlled by developers, is unregulated, and is used by members within a virtual community among themselves. India has banned it (although there are various interpretations about exactly what the ban means), Australia says it is none of their business what individuals do with cryptocurrencies, and Russia has banned it as it is also considered a surrogate currency which is illegal in Russia. So the regulations around the world are not really uniform, and every regulatory authority is finding it a challenge to keep up with the changing landscape. For example, there are few, if any regulations on non fungible tokens (in BTC, a single BTC is the same as any other BTC, and it can be broken up into smaller parts for transactions. NFTs are blockchain based assets that are individually unique, cannot be broken down into smaller parts, and are not the same value as another) and futures contracts (payment contracts embedded in the blockchain depending on certain conditions to be met in the future). One of the few countries to actually call it what it is is Bangladesh, where it is a crypto currency, and where it is banned. More info here.

Now cryptocurrencies are not bad by default. It is prudent to have a store of value that is not tied to the value of your country's currency. In case there is hyperinflation, your investment in something like bitcoin can tide you over. Many colleges and elearning courses across the world accept cryptocurrencies as payment.
 
OP
RageshAntony

RageshAntony

In the zone
T
Around the world, Bitcoin is actually treated as different things. In China, the regulations are similar to those for in game items or in app purchases, but bitcoin is illegal in China (legal in HK). In the UK, there are many private or complementary currencies such as Stroud pound and Bristol pound. The idea is to encourage town level local economies, with currencies that are accepted only in that town. Cryptocurrencies are considered under the same category. In the US, private currencies are banned, but cryptocurrencies are considered private property, and attracts taxes the same as sales of land. Legal in Canada, but banks are banned from dealing with cryptocurrencies (this could be the case in India as well, according to some interpretations). In the EU, it is pretty complicated with multiple bodies regulating certain aspects of cryptocurrencies across EU, and individual countries having their own regulatory bodies as well. So depending on the mandate of each regulatory body, there are regulations covering those specific aspects about the cryptocurrencies. For example, the European Insurance and Occupational Pensions Authority (EIOPA) looks into how cryptocurrencies interact with the insurance sector only. But by and large, cryptocurrencies an be considered unregulated in the EU. Some countries tax mining of BTC, in others, those dealing with BTC have to comply with anti money laundering norms. It is incredibly complicated. In Australia, Russia and India, they are considered virtual currencies, which by default implies that the currency is controlled by developers, is unregulated, and is used by members within a virtual community among themselves. India has banned it (although there are various interpretations about exactly what the ban means), Australia says it is none of their business what individuals do with cryptocurrencies, and Russia has banned it as it is also considered a surrogate currency which is illegal in Russia. So the regulations around the world are not really uniform, and every regulatory authority is finding it a challenge to keep up with the changing landscape. For example, there are few, if any regulations on non fungible tokens (in BTC, a single BTC is the same as any other BTC, and it can be broken up into smaller parts for transactions. NFTs are blockchain based assets that are individually unique, cannot be broken down into smaller parts, and are not the same value as another) and futures contracts (payment contracts embedded in the blockchain depending on certain conditions to be met in the future). One of the few countries to actually call it what it is is Bangladesh, where it is a crypto currency, and where it is banned. More info here.

Now cryptocurrencies are not bad by default. It is prudent to have a store of value that is not tied to the value of your country's currency. In case there is hyperinflation, your investment in something like bitcoin can tide you over. Many colleges and elearning courses across the world accept cryptocurrencies as payment.

Thanks for the detailed explanation
 

billubakra

Conversation Architect
Around the world, Bitcoin is actually treated as different things. In China, the regulations are similar to those for in game items or in app purchases, but bitcoin is illegal in China (legal in HK). In the UK, there are many private or complementary currencies such as Stroud pound and Bristol pound. The idea is to encourage town level local economies, with currencies that are accepted only in that town. Cryptocurrencies are considered under the same category. In the US, private currencies are banned, but cryptocurrencies are considered private property, and attracts taxes the same as sales of land. Legal in Canada, but banks are banned from dealing with cryptocurrencies (this could be the case in India as well, according to some interpretations). In the EU, it is pretty complicated with multiple bodies regulating certain aspects of cryptocurrencies across EU, and individual countries having their own regulatory bodies as well. So depending on the mandate of each regulatory body, there are regulations covering those specific aspects about the cryptocurrencies. For example, the European Insurance and Occupational Pensions Authority (EIOPA) looks into how cryptocurrencies interact with the insurance sector only. But by and large, cryptocurrencies an be considered unregulated in the EU. Some countries tax mining of BTC, in others, those dealing with BTC have to comply with anti money laundering norms. It is incredibly complicated. In Australia, Russia and India, they are considered virtual currencies, which by default implies that the currency is controlled by developers, is unregulated, and is used by members within a virtual community among themselves. India has banned it (although there are various interpretations about exactly what the ban means), Australia says it is none of their business what individuals do with cryptocurrencies, and Russia has banned it as it is also considered a surrogate currency which is illegal in Russia. So the regulations around the world are not really uniform, and every regulatory authority is finding it a challenge to keep up with the changing landscape. For example, there are few, if any regulations on non fungible tokens (in BTC, a single BTC is the same as any other BTC, and it can be broken up into smaller parts for transactions. NFTs are blockchain based assets that are individually unique, cannot be broken down into smaller parts, and are not the same value as another) and futures contracts (payment contracts embedded in the blockchain depending on certain conditions to be met in the future). One of the few countries to actually call it what it is is Bangladesh, where it is a crypto currency, and where it is banned. More info here.

Now cryptocurrencies are not bad by default. It is prudent to have a store of value that is not tied to the value of your country's currency. In case there is hyperinflation, your investment in something like bitcoin can tide you over. Many colleges and elearning courses across the world accept cryptocurrencies as payment.
Any changes in its status as of today? They are not illegal in India as per the last judgement.
And are cloud mining companies good for the same?
 

whitestar_999

Super Moderator
Staff member
Too risky as in? There's risk in everything. I agree with you, just asking.
Yes there is risk in everything but the degree varies. Cryptocurrency have inherently no value,aka their value is solely determined by the people & you should know how irrational public can be sometimes. Just check the price chart of bitcoin for last 1-2 years.
 
OP
RageshAntony

RageshAntony

In the zone
Too risky as in? There's risk in everything. I agree with you, just asking.
@whitestar_999 is correct

There are lot of concepts that make the share market , so you able to predict the price and profit

For example, for now , paramedical companies are increasing

But crypto currencies are just controlled by demand and supply chain and that highly centralized by powerful mining pools

So crypto currencies are not good for large amount of investment

Invest below ₹20K in crytos
 

billubakra

Conversation Architect
@whitestar_999 is correct

There are lot of concepts that make the share market , so you able to predict the price and profit

For example, for now , paramedical companies are increasing

But crypto currencies are just controlled by demand and supply chain and that highly centralized by powerful mining pools

So crypto currencies are not good for large amount of investment

Invest below ₹20K in crytos
Some Cloud mining companies have a registration fee of $200 or less and then they take share from the payout. But no idea whether those can be trusted or not.
 

billubakra

Conversation Architect
I think you highly obsessed with crytos

No problem. Learn them well and start investing
Buying or selling is not something which intrigues me, what does is those cloud mining companies. See the gpu mining thing went down long back. Now people are paying these professionals like Home - Smartcryptomining , just one of the mining companies, not sure whether its legit or not. They take a registration fee and do the work for you, when you generate some BTC's they take some commission and send the remaining back to your wallet. This is about what I was asking about.
 

TigerKing

Cyborg Agent
Earlier it was fun as bitcoin prices were super low.. Those who have it are super rich now. I think Amitabh Bachchan own some.
I already have bitcoins and other cryptocurrency.. ;)
I use zebpay, coinbase. Mining was difficult and was giving alot now its very hard to get.
You can earn it buy doing freelancer work, playing games, white grey black marketing..
 
Top Bottom