Definitely it is the best step UNOCoin has taken to bypass the current RBI regulation. If you have bitcoin and other supported cryptos in UNOCoin account, you can simply withdraw cash from this ATM without going though a p2p mode and save a lot of hassles.

This way, Indians will not have to do anything illegal or use their bank accounts. So it's a great step to bypass the legal obligations that India has put in place against crypto.

Having a negative house edge is wrong business decision. Every gambling website relies on different methods to remain profitable and house edge is one of them - even though not a major one! They can get advertisers to monetize their site traffic,  they can rely on the their algorithm to make them profitable from the games and they can do lot of other stuffs to remain profitable other than house edge.

But where house edge is one of the permissible method of earning money, why would a website loose that opportunity??

I have just subscribed on the page to get the information once the countdown stops. There are lot of speculation going on the next big thing that blockchain.com is going to be announced. Let us try some as well.

1. Blockchain is going to introduce the support for ERC tokens.
2. Blockchain will implement segwit
3. Blockchain will add support and a separate platform for ICOs and airdrops

The first one looks really prominent to me but this is just a speculation. Lets wait for 6 days to know exactly how big the news will be!!

This particular feature is one of the major difference of bitcoin compared to the traditional banking system. In banking system, only the sender and receiver can verify a transaction but in bitcoin anyone with a transaction hash can do it. That's where the transparency comes from! That's exactly the meaning of Distributed "public" ledger - nothing is hidden within the network and everything is transparent.

If we loose this feature, there will be no basic difference between bitcoin and traditional banking!

Some questions to raise after my little investigation. The website is said to be a part of Scotland Entertainment S.A. Now when I go to the website of Scotland Entertainment S.A. I don't see the cryptoslots website is not listed under their portfolio while two other websites are listed.

Please see the link below,

http://www.slotlandentertainment.com/portfolio.html

This link is available in the cryptoslots website. A big gap!!

The only pain point to the stablecoins are the regulation and transparency. USDT is believed to be backed up by USD but there is a lack of transparency as the claim is unaudited till date. Tether has not allowed any external audit partner to audit their funds and accounts. If GUSD can bridge that gap and run the network through ETH blockchain, it will probably be able to bring back the credibility of stablecoin in the market.

I understand your point and agree to the most of it. However, I really believe that it can be a game changer for India because India gets a banking ban on cryptos. A famous crypto exchange zebpay already shifted their business to Singapore. The only option left for crypto users in India was p2p trading which comes with a significant risk of being scammed by the other party!

Here such risk will be eliminated. Also as a business entity UNOcoin will certainly want some commissions from you for providing such convenience where you can't use your bank account to trade crypto. You get hard cash in your hand without having to go through any banking channel now. That is certainly a plus point for crypto users like us!

They will definitely co exist like they are co existing now. There is no issues between these two types of currencies. The conflicts are created by the powerful banking lobby because they can foresee a threat to their business.

Since centuries, banking system is controlling the monetary system but with the introduction of crypto, the controlling power is being shifted to the hands of common people. That's the only major difference in crypto as compared to the current monetary system.

The way crypto is progressing, banks will eventually have to jump in to tap that market. Probably we are not seeing that change now, but in next few years, banks will have to start offering such services just to survive in their business.

It will only benefit the consumers like us due to the competition crypto will create in the economical sphere. Remittances and cross border trades will be simplified and less time consuming with the adoption of cryptos into mainstream economy. However, there are lot more benefits it can offer which is not possible to cover within the scope of this thread.

So why do you think may be the reason for Banks pushing governments not to adopt cryptos?? Bitcoin definitely possess the capability to disrupt the international funds transfer market, not just in cost perspective but also in timing.

The average timing for an internation swift transfer is 2 days. The money usually becomes available on the third day for the end user to use. For Bitcoin, it is just few minutes!!

That's why banking cartel always de-motivate people for not using cryptos. My bank in India even sends an weekly mailer to all consumers to spread negativity about cryptos.

Re branding of bitcoin will do more harm than good as it will create huge confusion in the market. Bitcoin has just started to be recognized and a lot of people are still sceptical about it. At this delicate time, re-branding will create identity confusion among that class of people which can escalate very easily.

Positive marketing efforts are necessary but with the original identity. I don't see any significance of "re-branding" just to stop negative publicity!! There are other ways to spread positivity about anything and it doesn't really require such a drastic overhaul, this is for extreme cases only where some company faces reputation risk due to some internal actions.

Sorry to hear about your loss but why did you send money to a random newbie of this forum?? Even your account is a newbie account without any creadibility. So I request you to provide valid proofs to support your acquisition. This way people will be able to verify and avoid.

I see that OP is not asking money at this moment and want to provide the service for free because he wants to build his reputation. Since the tips are free, I don't yet see a reason for reporting this thread to a moderator until you provide some valid proofs. Please justify your acquisition.

There are e sports websites already available in the market that accepts bitcoin as one od their payment method. A little google search would have helped you to find this.

http://www.bitcoinesport.com

Check this website for an extensive list of e-sports websites with more added information. Hope this helps!

The quoted statement doesn't really makes sense. The entire article is a good read because it presents a different way of looking towards crypto until I reached the above mentioned statement. Complete non sense ranting without providing a valid ground of justification.

It seems like the writer had invested in crypto during late 2017 and he is receiving credit card collection calls every single day. Pointless and meaningless ranting like this, won't stop.

India's first crypto ATM launched in Bengaluru by UNOcoin.
It's located in Kemp fort shopping mall which can be used to deposit or withdraw money from UNOcoin platform.

News link: https://qz.com/india/1423842/india-gets-a-bitcoin-atm-amidst-rbis-cryptocurrency-crackdown/


The news holds a very significant value because India is one of those backward countries which is resisting cryptos by imposing banking ban. Indian people can now purchase and trade cryptos without using a bank account.

A tight slap and a right step against the backward thinking religious government of India (don't mind, I am an Indian too). The company is planning to install total 30 ATMs in India within the first quarter of 2019.

Will it be an effective method to bypass the regulations and banking ban india? Share your thoughts!

If institutions get into crypto market, it's no wonder that market will see a new high, it will also create a significant challenge to the retail consumers. There are pros and cons of this move. Lets look at those,

Pros:
1. Significant amounts will be pushed into the market, pushing the demand and price higher
2. A large number of bitcoins will be taken out of the circulation
3. Mainstream adoption rate will be increased as new players will come in to market
4. Research and development spend on blockchain and crypto will increase

Cons:
1. When a single institution will hold a significant amount of money into a single asset, they will have controlling interest in the market and the volume will work at their favor. The price manipulation shit can just become real!
2. A decentralized currency will slowly start becoming a centralized one when too much controlling power remains on a single hand, so the free market rule may not affect the market. That possess a significant challenge to the retail consumers and traders!

I am not actually against the adoption by institutions because we need to create our lobby stronger and institutions can actually help in achieving that when they will have vested interest in this field. But the interest of retail consumers should not go haywire because of the big money corporate!

I strongly condemn the attempt to intentionally deframe bitcoin. The article says,

"A bunch of computer code that a bunch of criminals, idealists and speculators agree is worth “real” money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators."

I will appreciate if someone from USA can register an account and post a comment against this statement. I tried to register an account but couldn't do it as my ip is not from USA.

I doubt any such things are happeneing. It is the committee set up to explore blockchain technology and not for creating India's own cryptocurrency. I don't know which news portal broke that news, but it fake to the core without any solid back ground!!

The effort has been going on to explore and use blockchain technology in land records and energy sector. But no discussion regarding own crypto is ongoing for sure!

 

Isn't it the main goal if bitcoin, to be used as currency?? I believe yes!! Those who are looking from short term profits, are speculators and bitcoin was not built to provide profits to speculators. Even though speculators are also important to the eco system, but their goals are not so healthy for bitcoin eco system.

We all talk about profit and sustainable growth, but not all people realize that sustainable growth is only possible with increased adeptability. Nothing else will bring sustainable growth like the way adeptability does!!

If you are able to buy grocery items using bitcoin at your local store, you will see the true growth! Stability in price is just another step towards that goal.

I too had a similar kind of attack from Coinhive miner script and I don't know how it came inside my computer even after having a licensed version of internet security package. However, I found an easy solution to it by adding a crome extension known as antiminer blocker.

First I had to clean my laptop by running a full scan and I found few exceptions to be quarantined. Once that is done, I installed anti miner blocker extension in my crome. See the below picture below to install the correct one,



It is an one time solution for any mining malware on your laptop. It is free and worked like magic! Such kind of nonsense miner indeed kills your laptop and increases your electricity bills.

Poloniex is a Massachusetts based company and if my intuition is correct, you may be facing issues with identity verification and your funds are locked out due to this reason. SEC won't help because it is sEC who imposed such regulations on every US based crypto exchanges!

You don't need a crypto lawyer. Go to any lawyar and create a charge of "unlawful confiscation of property/security" against them. That will do!

However, if you need some legal help and looking for an expert in crypto matter, get in touch with Cryptokanoon group. It is an India based crypto lawyer group who can at least help you to build the charge. Their email id is "contact@cryptokanoon.com".

Hope this helps!