Bitcoin Forum

Bitcoin => Bitcoin Discussion => Topic started by: GarrySingh on February 05, 2018, 05:40:28 AM



Title: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: GarrySingh on February 05, 2018, 05:40:28 AM
When you invest in a stock of a company there is a paper trail and your shares are securely held in your demat account. Crypto tokens, on the other hand, are stored in wallets which arenít overseen by any central regulatory authority. Meaning you alone are responsible for the safety of it.

If your wallet, platform or an exchange is hacked there is no recourse to seek recompense. There are no investors protection funds, unlike capital markets and, hacks are common. So how do I guarantee the safety of my accounts in this case?


Title: Re: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: BillCoin on February 05, 2018, 05:45:58 AM
As you said by yourself, the platform(exchange) that you bought the coins on could be hacked and your coins can be stolen.
That's the reason why you shouldn't store the coins on the exchange and transfer it into your wallet instantly after you bought the coins.
There is nothing different from storing the coins in India from storing it in a western country, all you need to do is to have the coins stored on a physical offline wallet, and if you do that correctly, then the only way that someone would steal your funds would be by accessing the physical wallet.


Title: Re: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: BeManga on February 05, 2018, 05:51:57 AM
When you invest in a stock of a company there is a paper trail and your shares are securely held in your demat account. Crypto tokens, on the other hand, are stored in wallets which arenít overseen by any central regulatory authority. Meaning you alone are responsible for the safety of it.

If your wallet, platform or an exchange is hacked there is no recourse to seek recompense. There are no investors protection funds, unlike capital markets and, hacks are common. So how do I guarantee the safety of my accounts in this case?
just dont store your coin in exchange you can use hardware wallet and backup it offline
in crypto you are responsible in your coin if you dont want to use hardware wallet just split your coin in different exchange
if other get hacked you still have some of coin in other exchange and you will not lose everything


Title: Re: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: Meysa_richa on February 05, 2018, 06:06:00 AM
That's one of our highest risks in investing in bitcoin, but we can accurately provide 2FA security in our account and store our bitcoins in our physical wallets, when our bitcoins are large.


Title: Re: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: BrewMaster on February 05, 2018, 06:08:48 AM
If your wallet, platform or an exchange is hacked there is no recourse to seek recompense. There are no investors protection funds, unlike capital markets and, hacks are common. So how do I guarantee the safety of my accounts in this case?

stop using third parties for holding your bitcoin and you will never again lose any of it. and for trading start using decentralized exchanges and take other security measures to prevent scams.
exchange getting hacked or running away is like saying the stock broker you used scammed you!

and none of these have anything to do with India!


Title: Re: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: jjacob on February 05, 2018, 06:12:12 AM
When you invest in a stock of a company there is a paper trail and your shares are securely held in your demat account. Crypto tokens, on the other hand, are stored in wallets which arenít overseen by any central regulatory authority. Meaning you alone are responsible for the safety of it.

If your wallet, platform or an exchange is hacked there is no recourse to seek recompense. There are no investors protection funds, unlike capital markets and, hacks are common. So how do I guarantee the safety of my accounts in this case?

Convince yourself that the exchange is reasonably well-established and is not going to run away with your money overnight. Then transfer money, buy your bitcoins and transfer them to your wallet immediately. If the exchange is then hacked, you really don't care.

I would advise users of all exchanges to do this, not just the ones in India.


Title: Re: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: wolf one on February 05, 2018, 06:18:49 AM
There is such a situation in any country. It has nothing to do with India. It does not mean India is not safe. You can decentralize the storage of bitcoin,you shouldn't put bitcoin in the exchange and you should immediately switch to your wallet. A lot of security measures, you should always be vigilant, beware of computer viruses.


Title: Re: Is it safe to invest in Bitcoin or other cryptocurrencies in India?
Post by: magneto on February 05, 2018, 06:52:08 AM
When you invest in a stock of a company there is a paper trail and your shares are securely held in your demat account. Crypto tokens, on the other hand, are stored in wallets which arenít overseen by any central regulatory authority. Meaning you alone are responsible for the safety of it.

If your wallet, platform or an exchange is hacked there is no recourse to seek recompense. There are no investors protection funds, unlike capital markets and, hacks are common. So how do I guarantee the safety of my accounts in this case?

There are two options.

If you have an outdated, insecure computer that you know is full of viruses and you are physically and intellectually incapable of securing your own private keys, then you're probably better off storing the coins on a regulated exchange, such as Unocoin in India's case. Enable 2fa and all that. The risk of your account getting hacked is still there and I can assure you that it's much more risk of losing your money by storing on an exchange than storing on your own wallet.

Otherwise, store it on your own. Download electrum, and set it up. Takes like 1 minute. Or if you're storing a larger amount, use a hardware wallet.

Your funds if hacked will obviously be unrecoverable, but by using a desktop/hardware wallet the chances are close to zero, if you secure your computer well.