It is really hard to tax on the bitcoin transactions and based on the trade transactions. The tax will be imposed only when you exchange it for your local currency. Then only it can be considered as income. Otherwise, bitcoin will not allow you to spend it for a tangible things. Only when you exchange the money in to your local currency, it will allow you to spend and then only it can be considered as income. The tax can be imposed on that amount.

True! Since last 4 weeks, 10k support looks crucial. But in crypto world, methodical technical analysis doesn't always proved true so it may be wrong as well. But I have noticed one trend since this time, that on every weekend, bitcoin price is going up to 13k level and then quickly coming back to 10k level. That is a great opportunity for the speculators to earn few extra bucks even in this stabilized market. But the current trend is obviously making 10k a very strong support and I feel it is a good price to enter at least for the time being.

Both currencies are different than each other in terms of technicality as well as application, so we can't really compare them. But yes, bitcoin is still the number one currency as per the market cap and value but ETH is holding it's second position since the longest time. Ripple came up to the second position for few days but descended quickly. So instead of comparing both currencies, invest in both to get the maximum return possible. ETH is difinitely more superior that bitcoin in terms of network capability and smart contract feature, but both bitcoin and ETH are good choice for investment. Lets take it that way.

Yes, this is the general trend as on date we are seeing. Since bitcoin is the most popular crypto currency and most of the people coming in the crypto market, start with bitcoin only, we are seeing the impact on the bitcoin price first. However, while allocation of your investment, it is not wise to buy only one asset in any way. Always try to buy three or more assets just to stay on a safer side. If bitcoin price goes down, you will at least find some support from the other coins you are holding here.

Welcome to the crypto world! Please understand one fact, that crypto market is very dynamic and we don't have a regulator here.


You can be a trader or an investors based on your risk taking capability. Both requires an initial investment. Join any exchange of your choice, fill the account with whatever payment options they provide you and start either trading or investing. You can certainly trade as per the options offered to you or you can simply buy few coins and hold it for long time. However, don't forget to diversify and never put the entire money in to a single asset. Buy three of more assets for your long term investment plan so that one coin can support your investment if the other one is going down. You certainly can't loose more than your investment unless you are doing a margin trading and I am sure no one offers the margin trading facility here in the crypto market. So the maximum you can loose is your investment and nothing beyond that.

Hope this helps!

I am not very clear on what you are referring from depth of the market, but what "triciaa478" said, is the general statistics of the market which you get from coinmarketcap website. What "dashchain" referred is what the definition of depth of market. Let me explain you my understanding about bitcoin market. Since we don't have a regulator in the market, the market shows the raw reflection of the investor's sentiment. Which is not the case of the normal stock market worldwide.

For example, if you are trading in USD price and if the price starts falling to any unexpected level, the federal reserve will step in to the market and will start buying USD in large chunks to create demand. This is a measure taken by the government to stop the falling price and to stabilize the price. But we don't have any such regulators in the bitcoin market so it can fluctuate from one level to another at a very short period of time. SO it is very much prone to "pump and dump" game and the market reacts almost instantly. So as per the financial definition of depth, bitcoin doesn't have a higher level of depth and hence it is very dynamic. That's what makes it the heaven for speculators. Hope this helps!

I believe so, but I don't expect bitcoin to be accepted by Indonesia. Instead they will move to the digital payment revolution through their own virtual currency which will be strictly centralized and regulated by the government. We all know that digital payment is the future and sooner or later every country will have to move to this facility. But probably not through bitcoin. A lot of countries are now debating to launch their own crypto currency which will be listed in their own stock market and will be strictly regulated. India is thinking about their own crypto currency called "Lakshmi". I think that's what is going to be case for many other countries.

Diversification is the key to a healthy portfolio. So don't change your holdings and convert them to a single currency. Instead try to hold more currencies as possible. When the bad times come, one or other currency will give you support if bitcoin is going down. So always diversify your investment and continue holding whatever you are holding. Probably you can give more weightage to bitcoin and hold around 50% of your investment in bitcoin, but put the rest amount in other coins just to be in a safe place.

I don't think US government has come up with a proper news as on date. Same with China and South Korea. No government has not yet released any official statement confirming they will ban the crypto currency. However, if they do so, the market will receive a huge impact and the price will go down for sure for all the crypto currencies. I don't know on what basis you are thinking that the prices will go up, but I am sure the prices will come down as a lot of people will be selling their holdings to come out from the crypto market. It will increase the supply in the market, pushing the price down. No way the prices will be going up if US bans the cryptos.

The substitute can be derived in many ways. In terms of usage or price, market cap or acceptability. I believe you are talking about the price here. Yes, in terms of price the substitute of bitcoin is still not found. The second largest cryptocurrency ETH is not even close to bitcoin's price right at this moment. However, that certainly doesn't mean that no substitute will be found in future. I strongly believe that bitcoin will be taken over by another coin within due course of time. That can be ETH or can be something else as well.

China and South Korea, both countries were giving such indications since last few weeks. Even though nothing has been materialized yet, but we need to be mentally prepared for this thing. If they starts cracking down the mining operations, then we will see a huge impact on the bitcoin network and millions of transactions will be queued up again pushing the network fees to the highest possible extent. But that situation will be temporary. It will filter out a large chunk of Asian users from the bitcoin market. Probably that is the reason why the bitcoin market is not going beyond 13 k. But I am sure, if it happens, market will initially see a major impact on bitcoin price, but it will be recovered soon enough. So long term users can maintain their positions and also try to buy at a lower price to average out the investment price.

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Bitcoin is neither illegal nor legal in India. Indian finance ministry led by Mr. Jetley has constituted a committee to discuss on the impact of bitcoin on the Indian economy and they are yet to come up with any proposal yet. Probably we will have some more clarity on 1st of February during the budget speech. So as of now, it is hanging between two decisions. It will either be banned or be taxed. No official decision has yet been made.

However, in the meantime, our central bank RBI had issues two notices mentioning bitcoin and crypto investment a very risky affair and requested Indian people to stay out of that. With such negative mentality from RBI and below average IQ of our uneducated ministers, don't expect any positive things to come out from government. Mostly they are going to ban it. So if they ban it and if you have transacted in some huge amounts, you may receive some tax notice in future.   

I think you are trying to say that bitcoin will fail to become a mainstream currency because 60% of the world population don't have access to the computer. If I am understanding you correctly, then let me assure you that bitcoin is not structurally built and fit for becoming a mainstream currency in any way. It is an experimental virtual currency which implemented the idea of a decentralized currency successfully for the first time through blockchain technology. It is not trying to become a mainstream one.

So bitcoin will always be used by those with a certain level of technological expertise  and not by any common people. Even though the process for bitcoin payment has been made very simpler by many third party wallet provider, but majority of the governments will not want to allow bitcoin to mingle with their own centralized currency system. It is and will always remain as a digital currency and an excellent store of value.

Very much possible. Even though bitcoin is the pioneer of Cryptocurrency and blockchain came into existence because of bitcoin, but it really needs a serious technological overhaul. When bitcoin was invented, 1 mb block size looked good, but with the immense worldwide popularity and increased transaction volume, a bigger block size is the need of the hour. If this scaling issue can't be taken care immediately, bitcoin will not be able to sustain its number one position for a long time. Instead, ETH will take up its place as a worthy contender.

Bitcoin is the king because it is the pioneer in crypto market. Blockchain technology came in to existance with bitcoin and majority of the people entered in to crypto market with bitcoin only. That is the reason why it is currently the king and number one currency in the market, even though we have a lot of technically superior currencies in the market.

However, I strongly believe that bitcoin can certainly be dethroned by an worthy competitor in future. Once all the bitcoins are mined, some other crypto currency will come to a number one position. Also the bitcoin network is currently facing a massive scaling issue which needs to be resolved. If the things move as it is now, bitcoin may well loose its popularity and fall from the current position. So anything can happen. Alts can be valued in USD as well, bitcoin is not required here.

I don't think we have any such platforms available similar to Localbitcoins for litecoin or any other altcoin. Instead you can sell your litecoins directly to Coinbase and withdraw the money directly to your bank account. But they have country restrictions, so check with them if your country is available or not.

Crypto currency market is an unregulated market. So it is an inherent nature of any unregulated market. If a currency is centralised by any government, they use many techniques to prevent any unaccounted fall or rise of that currency. For example, if Indian rupee value starts decreasing rapidly, Indian central bank will start buying their own currency in large volume against dollar to stop that fall and to stabilise the price. That is not the case for the crypto market.

Crypto market is the raw reflection of the market sentiment and the absence of regulators makes it more volatile. So I believe it will remain same forever.

It is too early to comment anything on the crypto pricing trend. It is way too more volatile than we can imagine. From last few days the market was constantly going down. That was not only bitcoin but other cryptos as well. Many cryptos lost more than 40% of their value in that down trend. However, it is just from yesterday, it is showing an upward trend but really uncertain about the downward trend has gone or not.

As of now it looks good as the entire crypto makret has entered the green zone and it is a treat to eyes specially for the investors like me who has big money in stake. It looks like it has just started to stabilize around 11k USD. So we need to keep a very close tab on the pricing trend before we can comment anything concrete. 

That entire depends on what bank and broker you use. If the broker you are using is blacklisted that any particular bank, will have your money freezed. Some instances from USA has been reported lately. However, it is not recommended to exchange a very large amount of bitcoins at any point of time. Because if that transaction is not matching with the previous trend of fund inflow of your account, it will raise an alarm and bank will try to investigate that. So it is always better to deal in cash for UK.

Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.