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DDos attack is illegal, for sure! But for the first time Ordinals are getting a taste of their own medicine. These ordinals have spammed the entire Bitcoin network with there nonsense NFTs which pushed the transaction fees to a level where commoners like us have stopped transactions in Bitcoin. So Ordinals are bad for the future of Bitcoin.
Couple of weeks back I was seeing some discussion that Bitcoin Devs are planning to push out Ordinals from the Bitcoin network. Eagerly waiting for this to happen!
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As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.
So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.
Please help I am unable to find any way through out internet and really wanted to start the crypto journey
I would not suggest you to avoid tax unless you want to get into legal troubles. The only way to avoid tax is to trade your Bitcoin for cash. But in reality it is extremely difficult to find a trustworth be trader who would do that for you. Also if you want to trade smaller amounts then cash trading might be beneficial for you. But for big amounts, cast trading is not at all recommended. So instead of finding other route to avoid tax, try to pay it and stand at the right side with the law. I understand the consequence of avoiding tax but If you are in India and pay 30% tax and 1% TDS on every single trade then no one would be able to make even a single penny but rather end up paying taxes without any income. Indian government has just killed crypto industry in India and Indian exchanges as well. That is correct! That's exactly what the Indian government wants. They honestly want to kill the crypto ecosystem in India. But instead of cracking down like US, they are simply taking a wiser route where they will effectively discourage people to invest in cryptos and fill their own coffers at the same time! A typical Indian brain. But I would not suggest you to avoid taxes at any point of time. You really do not want to get in to legal troubles in India. |
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Decentralized exchanges will eventually be banned by all governments. We have started seeing this actions from the United States and slowly other allies of US will start following the same. So there is no question whether the decentralized exchanges will be banned or not. We need to consider that it will be banned and all crypto users will have to follow usual KYC guidelines for using centralised exchanges.
I think it is better to be mentally prepared for the inevitable. Because I do not see governments allowing unidentified transactions in cryptocurrency ever in the future. They have slowly started implementing it and the ban on crypto mixers is just the beginning of it.
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What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?
The biggest misconception about cryptocurrency is that people think cryptocurrency is a get rich quick scheme. That's why criptocurrency is our more used as an investment rather than a currency system. I have seen people in 2017 rushing towards cryptocurrency to get rich quick. Some of my friends have even used their credit cards to buy cryptocurrency. So I believe this is the biggest misconception here in the crypto market. It is a great investment and there is no doubt about it. But it cannot make you rich overnight. In order to make money from cryptocurrency you need a stable source of income where you can average out your buying price. Pretty similar to any other investments. |
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Fictional money, a shot at inordinate riches and a good chance of landing in jail at some point. That, in a nutshell, is the popular board game of Monopoly. Entire article is here: https://www.economist.com/finance-and-economics/2023/11/22/another-crypto-boss-fallsNot only Changpeng Zhao, head of Binance known as CZ has to pay a fine, he most likely has to do some time (in Jail). What they (He and his management) did was what had to be done to become the most popular exchange. A construct which replaces the middleman. Also at least co-responsible that many people believe trading to be synonyms for Crypto, even Bitcoin. Getting rich or die trying is the credo of many people living in Ghetto-like circumstances. It would not have been possible without his management, the people he put in place to manage the accounts, among others. The article paists a nice picture of the venue Binance if you cannot get to the info past the paywall use https://www.removepaywall.com a gift from Elon ,) The entire incident of binance is very unfortunate. We all need to understand that finance is the biggest cryptocurrency exchange in the world. Now US government wants 100% surveillance right on Binance. So they are constantly disturbing the operations by filing multiple litigations against the top Boss. This is very unfortunate. I am wondering why binance is not moving out from US and go to Singapore! At least they will have a supportive government who will not try to shutdown their operations using litigation. Let me tell you that United States will slowly become the most hostile territory to conduct a cryptocurrency related business. |
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I disagree with the thought that EPF will destroy Bitcoin. There is no way Bitcoin can be destroyed just because a centralised ETF is available in the market. Every precious metal has multiple ETFs, did it destroy the physical precious metal market? Not at all! Rather the most concerning issue is the height transaction fees. If that isn't fixed soon enough, Bitcoin will surely suffer from decreasing adoption rate. Bitcoin is mainly used as an investment but some people definitely use it as a payment method. The transaction fees is a pain right now. That needs to be fixed on priority by expelling the ordinals from the network. |
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What brought you to Bitcoin? How much of it have you accomplished. For me, it is the desire to earn a living off the internet without the encumbrances of a 9-5 job and having clients from all over the world pay me for my services without the limitations and regulations of fiat (a pity Bitcoin is being fiercely regulated too). I wouldn't say that I have accomplished that since I still support my earnings with "regular" jobs. I like the liberty of being in control of my time and how I work though I still have not gained that liberty completely. Nevertheless, I believe that with the plans I've implemented, being completely free from a 9-5 or "regular" is possible in 2 years.
What brought you to Bitcoin and how much of it have you accomplished?
When I had joined the bitcoin bandwagon, I never had a plan to get rid of my day job. I know different people have different aspirations. But I really like my job. Especially after the COVID when it has become a remote job and I do not need to travel to office daily. Also I think it's a stupidity to rely on a single source of income. So Bitcoin has become my 2nd source of income which I use to travel within and outside my country. So personally if I look back, Bitcoin was able to provide me with a solid 2nd source of income which is helping me to achieve my travel goals. |
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I have come across a lot of people doing pretty good and making money online
I ask them to help me teach me but no one has really given me the time, they are always claiming to be very busy.
They told me guy all this money we have is from web3 and I don't really understand what this web3 is all about.
Please I need someone to help explain it in a simple way so I can understand
Dude, making money online is not an easy task! You can see those people but you can't see the blood and sweat in the background. So you also need to go through this process. No one will guide you here. In web3, you mostly need to invest money to earn more. But outside web3, there are ways to make money without investment as well. But no one is going to tell you about it. So it's best for you to start using internet effectively to gather knowledge. Don't expect an easy answer. There's no step-by-step guide available on how to make money online or from Web3. |
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Well! Good for Bitcoin and for the long term investors like me!
For a country with approx. 600,000 population, it might bring in some sort of financial inclusion in their own society. But for me, it is a better news than an ETF approval for sure. Even though I completely understand that they will probably have a centralized wallet service provider similar to El-Salvador. But still it will bring in some volume and capital into Bitcoin.
Also it will greatly help skeptical people around the world to trust Bitcoin and possible make them intrigued about this tech.
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Lol! This is nothing new! Every Bank around the world borrows money from the central bank to meet their statutory liquidity ratio. It is around 6 to 10% of their total deposit received from the public. Also banks can borrow money for many other reasons as well. Now once they have borrowed these money, they can park it in another account with the central bank because they may not need the money to circulate in the market right now. So they earn interest on it. It is called money market and many banks participate in such money market instruments. Even multiple mutual funds are created to land money to the banks. It seems FED is just doing it on a large scale. Nothing really new in it. |
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HODL has become inherent among investors, for HODL is the power to keep adding to bitcoin holdings. I still find it difficult to understand the graph here https://hodl.camp I am more another DCA calculation calculator as mentioned above, even so, I always record every bitcoin purchase on Coinmarketcap so that I know the average price purchased and the ROI I get now, so this is not too much of a headache for me.  Yeah it's better to not get into all this technical staffs unless you really want to learn it. HODL should be simple. Just keep on accumulating and forget about them unless you have an emergency and you need the money at once. Don't ever check Bitcoin price on a regular basis. That creates a FOMO and people usually fall for it. Bitcoin is like bluechip stocks. The longer it stays in your account, the better return it gives. You can use any simple portfolio apps simi6to the CMC one. Keep it simple!; |
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Not sure why people always choose the extremes! Some say sell all and choose only Bitcoin, and some says choose fiat and never invest in cryptos. These are two different poles and doesn't really go well with the basics of investment.
The basics of investment says - never put all your eggs in one basket. That's very true and it is always expected to have a mixed portfolio which will include Cryptocurrency, precious metals, bank deposits, stocks, bonds and mutual funds. That's an ideal investment portfolio. Anything else is riskier.
People who had survived 2008 meltdown and 2020 COVID meltdown, will know why I am not supporting to move everything under one bucket.
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Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers
It is probably El Salvador or Singapore. I know Singapore has very business friendly policies. Please check the immigration rule to find out how much money you can take out from Singapore. It is the world's costliest country so the amount should be higher than anywhere else. There are multiple crypto exchanges operating from that country so it will be great if you can get some contacts over there and possibly ask for a better pricing than the market one. You can also think of Dubai because registeredding a business in Dubai is very easy and it takes less than a week. You would need such credentials before you can bring millions of dollars in your own country. There are multiple ways but it will be best if you can have someone providing you legal assistance. |
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Who are pumping them? I do not want to believe it is not bitcoin people.
I smell a rat here! The pumping can be done by mostly the speculators. But it can be done by the supporters of bsv token and other competitors. No one really knows! But one thing we all know that, if this madness is not stopped, Bitcoin is going to lose any competitive advantage it has gained so far. Because those who transact regularly using Bitcoin, they would obviously look for cheaper options for their daily cryptocurrency transaction. Bitcoin will remain as an investment only. |
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As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.
So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.
Please help I am unable to find any way through out internet and really wanted to start the crypto journey
I would not suggest you to avoid tax unless you want to get into legal troubles. The only way to avoid tax is to trade your Bitcoin for cash. But in reality it is extremely difficult to find a trustworth be trader who would do that for you. Also if you want to trade smaller amounts then cash trading might be beneficial for you. But for big amounts, cast trading is not at all recommended. So instead of finding other route to avoid tax, try to pay it and stand at the right side with the law. |
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From memecoins to nft's etc what do you think will be the next hype of 2024 or 2025? I personally think of real utility and true privacy. I think CBDC's and constant blockchain tracking will scare a lot of people and they will want true privacy something that monero can bring. Privacy by default is what will be highly desired and needed in the coming future as it will be highly beneficial. Nobody wants to be tracked 24/7 of everything they do.
What do you think?
Privacy is not a hype. It was never a hype. Privacy is a big concern and the entire existence of cryptocurrency is probably based on privacy. Otherwise why do you think that human population suddenly want to have a separate and parallel current system to exist? Hype is a different thing. Hype is created by clever marketing people where as privacy is a concerned that is created by human need. In New year anything could become a hype. But I am sure the existence of that hype will be shortened. I don't think NFT will come back in a new avatar. People are really pissed about these nonsense. Personally I feel that it is high time for the cryptocurrency issues to look for utilities. I hope it become a trend in the crypto market in 2024. |
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my mum want to make a lot of money, money can fix everything, me hurt not important.
So the truck is broken, the coolant is leaking the tyres is flatten and it is overloaded and dangerous to maneuver, but mum keep nagging must drive the truck for one last time and make the one last time money, must make a lot of a lot of money, money can fix everything, she said it, must drive the truck, she order me to drive the truck, it is she tell to do, but the one who would drive the truck is not her it is me, she want to make a lot of money but the one who would go and earn that hard earned money is, I need to work for that money not her, how is it even fair? Is it a priviledge? What is up???
Unless and until you have the money to buy a new truck and if you do not have any other source of income, you must drive the old truck and make money. Money is important and probably the most important thing in the world. If you have it you are the king, if you do not have it, no bloody one is going to think about you. Your mom has seen more realities than you. So trust her when it comes to money. The moral of the story here is, money is important and money can fix most of the things. |
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https://www.circle.com/executiveinsights/latam-fintech-companies-embrace-digital-finance"Stablecoins and tokenized data on open blockchains are unleashing a new wave of global commerce, making it significantly easier for people and businesses to move, store and own value locally and around the world. Last year(2022), global stablecoin settlement exceeded $7 trillion compared to $14 trillion settled at Visa and Mastercard. Around the world, 1.7 billion people are underbanked, yet two-thirds of these people own a smartphone.4 Much as the original internet democratized access to information, public blockchains can turn these internet connected devices into compliant endpoints for both traditional finance and innovative new financial services that are completely disrupting traditional process and bureaucracy. " At this rate, in 5 years the whole world will be using stablecoins instead of payment systems. Stablecoins are good but not the best! However it comes with its own benefits and a lot of people who are actively trying to avoid banking rout for borderless payments, are adopting cryptocurrencies, and more specifically stable coins. But when the question comes whether the stable coins can eradicate the need of banking or not, I think differently than many other fellow members. Banking system has a very strong foundation within the society. The usage of banking is more psychological than anything else. Otherwise when we already have a robust system available why people are not using it? Banking can never be eradicated. But we will see a growth in cryptocurrency payment settlements. Both will coexist. |
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We have cryptocurrency you still use Banks ?
Yes and why not? There is no good reason to shift to Bitcoin completely. Bitcoin transactions are slow and expensive compared to banks. Bitcoin does not provide me access to traditional stock markets. Bitcoin does not provide me access to precious metals. Bitcoin cannot bring the banks down. Not sure why people always want to start a war between Bitcoin and Bank. But Bitcoin was not created to make banks look out dated. Especially the current scenario makes Bitcoin Look outdated. |
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Just a breif: The Lightning Network was literally the technology needed to enable Bitcoin to be adopted as legal tender at nation-state level. It is integral in Bitcoins evolution as a monetary asset from a store of value to both a medium exchange and unit of account. It is a game-changer homies and if it can get even more adoption, it can create further waves in many nations, especially those with truly decimated centralized national Fiat currencies. So why did we forget about it so soon and its not been talked about much in the forum. This is a thread that has all the lightning network threads all together. Let's go through it nd enjoy the ride - https://bitcointalk.org/index.php?topic=5345664.0 In order for a technology to become a part of our daily life, it needs to be simple and easy to understand. Lightning network is a complex bit of technology and a lot of people are still unsure how to use it. There are many flaws and bugs in it as well. LN is useful but the developers need to Dig deeper to find out why people are not using it! LN has a long long way to go. |
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