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Bitcoin is always a remarkable achievement and invention ever introduced by Satoshi but at the time same time, we(peoples) are moving in a wave that is always flying high than ever to exist.
I am still wondering about bitcoin as learning it since its origin. But never bought Bitcoin, because of the many schemes types online businesses were making the hike. So can't believe in Bitcoin as I am knowing its price was $100 around something, at first glance. But later on, get involved.
I personally think that media, news, and other interacting platform plays a major role in all taking Bitcoin to the next level. Due to today's technology, many innovative things are working together. And many innovations with blockchain technology are still coming. Due to this new users are getting involved in the coming new era of finance and economics. This thing makes crypto more valuable. And as we all know that Bitcoin is the master/prime currency of the crypto market.
Whenever we mention or talk about bitcoin, we never forget to recognize satoshi as the pioneer of Bitcoin. As Satoshi Nakamoto gives a revolutionary and innovative platform made with blockchain and cryptography technology, that has already created history.
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To date, the Indian government hasn't legalized crypto in India.
And still, charging 30% tax on crypto trading.
I personally think that the Indian government should focus on its own fiat currency INR, rather than making crypto taxable.
The second important thing is as we all know no one control Bitcoin's Price, Bitcoins Production, and even Bitcoins distribution, in such a scenario how any government can charge this much amount of tax for no reason.
The Indian government has no solid-state framework for Crypto regulations. So the government is trying to increase taxes so that users cannot get into crypto.
But this is much more dangerous for the upcoming generation. As crypto is changing the ways of financial activities, it is very hard for any government to monitor, at the same time due to the fundamental specifications of crypto it is hard to ban it.
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#Proof Of AuthenticationBitcointalk username: Digitalbitcoin Bitcointalk profile Link: https://bitcointalk.org/index.php?action=profile;u=449709Telegram username: @cry_pto Participating Campaigns: Article, Discord, Signature, Twitter, Telegram BEP-20 address : 0xaB33C0559B02A9DCd8115D2230F7141d9c5728d6
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There is only one world application of blockchain technology that has actually proven to be overall useful and adopted, and that is Bitcoin! The original and nothing else. The rest of the projects that have been completed to date have proven nothing, absolutely nothing on a large scale. While Defi was indeed promising on paper and there are user case situations where it would theoretically make sense there is nothing about it to claim it could drive the entire world in a new direction.
To date, there is no working example of the implementation of blockchain technology, but many industries are testing possibilities for better accountability, services, and transparency. Crypto and blockchain technologies are a bit more complex to understand. Bitcoin is the first successful application ever used in the world using blockchain technology, but we should not have to ignore Ethereum and its forks. As the post is about the crypto bills in India, it's very hard for the government to keep watch on every transaction, so the government trying to make a blanket rule by charging a 30% tax on crypto trading against fiat. but it is completely unfair considering bitcoins current status under regulation and legal conditions. |
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There is no World Government that ever existed. But Bitcoin is a great example of global financial transactions and engagements, without any barriers, limitations, or restrictions.
If Bitcoin is accepted globally, then many problems get solved about business and financial sectors, but at the same time, many issues will be raised by local entities because of transparency and control over the asset.
For a few seconds imagine how would be the World with the sentence 'One World, One Bitcoin'. It will open new doors for many businesses including B2B, B2C, and C2C.
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Banning is not possible in a legal manner? How do you say that? What is legal or illegal is decided by the parliament itself and if it wants to declare something illegal it definitely can. Nothing can really stop that unless you are violating the constitution itself which too anyways can be ammended. I think you didn't get my point. My point was if government is going to levy TDS on every crypto transaction they are indirectly making trading futile exercise hence banning bitcoin in an indirect way.
My views are on the government's role. As laws are made or changed in parliament only. So considering the government's stance on crypto, they have no proposal for legalization. But at the same time government knows how big volume assets are involved in crypto. Many countries including India, have no control over Bitcoins production, no control over Bitcoins distribution, even no control over Bitcoins Price fluctuation, still countries like India trying to bring it under taxation. What to say? Already there are other ways to reduce taxes on crypto. But according to laws for fiat, persons have to pay taxes accordingly. Care to show me one revolutionary example of a blockchain application that has taken the world to a new height?
Legit working already put in place accessible to the population, not pipedream no Ico no empty promises project?
There are tons of projects, maybe 1% of them would qualify for the above but I can hardly find one that could claim it had such impact.
Exchanging Fiat against Cryptocurrencies on exchangers is booming nowadays. Every exchanger is a working example of a blockchain-based application, but they are still centralized. So, in addition to it, Dex and Defi are the new trends in the crypto industry. |
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Yes, Definitely.
Bitcoin is the first cryptocurrency ever to exist with its PoW mechanism with the sha256 algorithm using blockchain technology to store its data as an open-source ledger. And working according to specifications mentioned in Whitepaper by Satoshi Nakamoto.
CBDC will be a much more altered version which only controlled by Central Authorities. Everything will be on blockchain but still against bitcoins specifications.
Bitcoin's very important specification is anonymous accessibility within the network.
CBDC cannot compete with Bitcoins fundamentals. Ultimately it will increase the price of Bitcoin.
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Recently India has passed a crypto bill to tax crypto income by 30% but at the same time claiming that taxing cryptos doesn't make them legal and states it's country's sovereign right to tax crypto and this atrocity doesn't stop here as they have mentioned that the decision about banning crypto or legalizing it will taken after further consultation. Can they tax something which is not legal? How can a country tax something which is not legal? Moreover they still have plans of banning crypto since they are not clear about their stands on legalization. Not sure if it's an attempt to unofficially break the crypto market in India or what's going on. Share your thoughts on this. Source: https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cmsYes, they have always been taxing what is not legal. Gambling they tax heavily and gambling is not legal within the territory of India but yet from the very start gambling income is taxed heavily in the country. Even though I don't agree with this sort of draconian law on crypto but still 30% tax is still bearable. What is not at all bearable is the hefty 1% TDS that will be levied on sale proceeds every time you will make a sale. This doesn't make any sense and is irrational and is a deliberate technique to stop crypto trading in India. What I see from here is that they might in the coming months ban the foreign exchanges altogether and then eventually ban cryptos. They think this way they might get rid of it in phased manner. Bit different view, As in India Wazirx, BitBNS, CoinDCX, Zebpay, and a few more offer crypto exchange services, where users can only exchange cryptocurrencies, except that no government can know how much crypto asset you hold. All of the above exchanges are members of IAMAI (Internet And Mobile Association of India), along with this Binance is also a member of IAMAI. So, banning is not possible, in a legal manner. so taxation of the exchanged asset against fiat is charged by 30%. At a certain level, exchanges have always been with the government for legal interaction. But to date, everything is going well as it's all about KYC and AML. But crypto and blockchain are revolutionary and innovative concepts taking the world to a new height. The government also still testing its possibilities. But surely it will take much time to adjust to the global economy. As in the crypto market, many innovative things are happening which are solely based on cryptocurrencies, blockchain including AI and ML technologies. So the future is completely innovative but at the same time, it will be much more costly. |
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Recently, I have taken a step to create awareness about cryptocurrency among the people I know (Friends, cousin etc.). There are few books on cryptocurrency in Bengali language. I haven’t read all as the title was stupid. I have read one by Mostafa Tanim, "Bitcoin: Blockchain and Other cryptocurrency". I have gifted two times so far, one to my cousin and another one to my friend. What I'm doing is ordering the book online directly to their address though rokomari.
This is what I think the best approach to send a message that they should learn about it. Share your opinion/experience with such activities.
Gifting Books as a gift on a special occasion is a good introductory initiative towards Bitcoin and Cryptocurrency awareness. But have to take feedback about it. Because Bengali is the regional language, what is mentioned in that book is a must to know. The writer's views or experiences might be personal. Bitcoin and cryptocurrencies are hard to understand just by reading. It needs practical experience. Personal use of Bitcoin and other Cryptocurrencies with its environment can give more confidence and mobility in the current crypto industry. Including all safety and security are the most important preventive majors for crypto assets. |
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In addition, miners are who verify the transaction and store it in the block which is then put on the blockchain after verifying. Blockchain is an open-source ledger that keeps all records of mined bitcoins and keeps updated with every transaction processed on the blockchain.
Whenever you purchase bitcoin from an exchanger or any entity, it is very important to control your Bitcoins. As exchanges provide wallet addresses that they control, for higher security anyone can use their own independent wallet to store bitcoins and other cryptocurrencies. This can give them more control, mobility, and security.
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