Guys i want to know the legality of starting an ICO in India. I have a plan to launch an ICO and i am studying the legal aspects of it. I noticed that Last month bitindia launched an ICO. My doubt is after starting an ICO, if income tax department enquire about the source of income, what will I say? How will i show them the source of income?
I believe India haven't yet said anything official about it. Neither about the bitcoin or Cryptocurrency as a whole, nor about ICO. However, a majority of governments are seeing ICO as a very controversial method of raising funds. USA and China have already banned ICO and Canada government has started taking stern actions against suspicious ICOs. So it will be advisable not to start an ICO in My India. |
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Username: avikz
Post count: 1871
BTC Address: 18BN5y2mSjH6pbSPjjVgVM9jQdSuijYD4R
I am looking for a long term signature campaign to join. I will update my signature if accepted. Thanks!
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Bitcointalk Username: avikz Rank: Hero Member Post count: 1871 Link to profile: https://bitcointalk.org/index.php?action=profile;u=699700BTC Address: 18BN5y2mSjH6pbSPjjVgVM9jQdSuijYD4R DEPOTWALLET address: NAB2AI-2YUTBK-QUH2Q5-W3ZCVO-KNFH46-FXLF3V-43VE Wear appropriate signature: Will change if accepted |
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Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket. The contents of that bathtub total 5,000 USD. Jack has a good Job with plenty of flexibility while Jill works from home. They have no children with no plans to have any.
Jack comes home after reading all the news about BTC's soaring prices. He says to Jill he would like to get involved and see what BTC is all about first hand. Jill turns around and says i heard about it as well... I want to trade the volatility during the day. Jack says he would like to run a Mine. This would allow him to generate passive income.
How would we best accommodate Jack and Jill in the above scenario?
Creative thread! I like it! Now to answer your question, I would recommend you to buy bitcoin and hold for long term. Mining has become a very costly affair considering the difficulty level. You need expensive rigs and huge electricity to keep the mining up. If the electricity cost is on the higher side, your mining venture may not be profitable at all. However, if you have access to free alternate energy, then you may try to invest a huge amount initially to set up mining because there will be no recurring cost. Otherwise, try to buy and Hold. Since you have a day job, use a portion of your salary to invest in bitcoin every month. Stack up the bitcoins in a safe and secret wallet and wait for few years. This method can fetch you very good return in longer term. A lot more than mining. |
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Investing like blind in to crypto currency will never make you a millionaire. Instead a proper investment plan can work well for you. I will suggest you to use "Systematic Investment Plan" or SIP method to invest in cryptos. This kind of planned investment will help you to lower your portfolio risk and maximize return. Invest a certain amount of money at certain interval. This will help you to achieve dollar cost averaging on your portfolio. A little google search will let you know more about this method.
Secondly, never rely on a single asset, always diversify your portfolio. Don't invest only in bitcoins. Try to buy some other altcoins like ETH, Dash or whatever you feel great. It is a very good method to invest and it will help you to stay afloat during hard times. Relying on a single asset can hit your hard financially during the bad times.
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That was the idea behind a decentralized currency system. To help facilitate cross border trades with minimum mediator intervention and faster transaction processing with minimum possible fees. Even though bitcoin fees are higher for domestic transfers, but it's pretty cheaper when it comes to international transactions. Banks take lot more money than bitcoin for international transactions. So that's a welcoming step for the entire crypto community.
I seriously hope that the shipping company will have a seamless and wonderful experience with bitcoin. Because if they don't face any issue with bitcoin, more shipping or cargo companies will come forward to accept bitcoin. It will overall increase the acceptability of bitcoin among the corporate companies as well and we will be able to see some serious amounts of money rolling in to it. Overall crypto market will have a positive impact.
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As digital currencies soar, safeguarding your cryptocurrency is imperative, no matter how humble your holdings.
How safe are your coins? You might think your coins are safe due to the fact that you've observed all security protocols. No mention was made of all the wallets that are cloud dependent. Most wallets still have to "check-in"or actually store the coins in their cloud with wallet links to it.
Two factor authenticatin is a lark. Longer passwords are the same thing except not broken into two fields. Only propaganda to make the masses feel secure.
Hardware wallets are just passwords into another piece os software and can be hacked just the same as straight software. Another sales gimmic.
I think there's a huge weakness of cyber currencies or what do we think?
The possibilities you have mentioned here, applies to your bank account as well if you have online banking facility. But does that mean, people will not be using it? No, people will use the technically advanced feature because of increased convenience. We don't have any guaranteed security for our crypto currency wallets. We are all prone to cyber attacks. The only thing we can do is to take precautions. Always try to use original operating system and licenced internet security package of reputed companies along with the existing protocols we are using. It better to be prepared than to wait for mishaps to occur. |
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Bitcoin and crypto currency market is not regulated by any central agency who can step in during a fall or a correction. The crypto market shows the raw reflection of investor's emotion and speculation. That is the reason why it is more dynamic than any other market. The current fall in price is just a correction. Bitcoin went to 11k USD from 7k USD within just few weeks. No other market will have the power to do it in reality.
Lets not panic and don't spread your fear to others. This correction was necessary to maintain the upward trend. It is like a rollercoaster ride. Ups and downs are just a part of bitcoin market. There's no need to panic.
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I would suggest you to go for both. Bitcoin and ETH are two different crypto currencies created for different reasons. While bitcoin is a pioneer in the crypto world, ETH proved itself as a worthy contender of bitcoin. According to coinmarketcap website, the market cap of bitcoin is the largest at $175 billion and the second largest tag belongs to ETH at $43 billion. No other coin comes in between. Even though Dash and Litecoin was created long ago that ETH, no one could actually took over ETH in market cap.
For both Bitcoin and ETH, the future looks extremely promising. So I would suggest you to go for both. Even if you don't add other coins in your crypto portfolio, Bitcoin and ETH must be there for a healthy return in long term.
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If not HODLer, what do you choose to exit from BTC?
Fiat?
Tether?
Ripple?
Dash?
Current day coin positive uptrend?
How do you exit and stand on side line, to then re-enter?...
If I choose to exit bitcoin, probably I will go ahead either with traditional bank deposits in fiat or ETH among other cryptos. Dash also looks good for investing seeing at the upward price trend but ETH is technically much more superior than bitcoin or any other cryptos available in the market. ETH is the main contender to bitcoin if you factor in the market cap. So it genuinely has a greater possibility to become the next big thing on crypto world after bitcoin. I regret because I had a chance to buy ETH at 3 USD but I ignored. When I realized its potential, the price was sky rocketed to 300 USD. So I started investing in ETH at that price looking at future potential. So I am HODLing both bitcoin and ETH at this point. |
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I believe a lot of traders are trying to book their profit and exit from the position they had taken. That's the reason why some exchanges are facing increased server load. Coinbase is going through a maintenance. Kraken is somewhat running. With the falling bitcoin price, these kind of load was expected but at the same time coinbase decided to do the maintenance activity. I see no reason to worry just as yet. Give it some more time and every should be back on track.
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The website is under maintenance. The management of coinbase is constantly updating the status of the maintenance activity. Check the below link, https://status.coinbase.comI see no reason to worry as because the website was facing uptime issue with their servers due to increased load of new members. I don't use kraken, so probably some other member can update you about it. |
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That's treu and most of the crypto investors are aware of it. The market is reacting positively because of the positive adoption news coming from every corner of the globe. CME group is about to start their crypto futures contract shortly and many traders and speculators are betting high on it. So we all know that a correction is imminent. But we are also sure that it won't be long before the market bounds back. A little correction is needed to take the next leap and also it will give us another golden chance to score some more bitcoins at a cheaper price. The entire market is running high on positivity so the correction will only be a very temporary phase.
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Hey everyone,
I was speaking to a branch manager today from one of the top 5 Canadian banks. They were saying that there is now a directive going across all the banks that if anyone deposits money that comes from Cryptocurrency that their accounts will be frozen.
I wanted to ask you guys, especially the ones who have been into Cryptocurrency for years. Have you guys heard this issue before?
I look forward to your response.
Thank you,
BitTechNewbie
That's sad! Banks are seeing bitcoin as their biggest enemy now. The fear of loosing business to crypto currencies is engulfing them big time. However, I am sure you guys have many other banks in your country who are not a part of such a group. If possible close your account with such useless banks and move your funds to small co-operative banks. Also don't keep all your funds in a single bank account. Instead create two or three accounts with small banks just to be on a safer side. This type of hostile mentality is really sad. IT's your money and Banks don't have any right to freeze your entire funds, but they have the power to do so. So it is better you take away your business from them. |
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would you keep it to yourself or would you share the information? Are you of the opinion that he might be in danger if his identity were to be revealed?
I strongly believe that Satoshi is not a single person. Instead it is a group of talented computer scientists those who have created the blockchain technology. It is probably first ever implementation of the idea of decentralization. It's not just me, but I doubt anyone knows about this group or the person and I am sure they have done a great job by hiding their identity. Banks are seeing crypto currency as a threat to their business especially in the areas of cross border trades where a huge volume of money gets transferred every single minute. Banks believe that blockchain can take away such business from them as cross border transactions can be very easily done using bitcoin or blockchain platform. So definitely Satoshi would be in a great danger if his identity is reveled to the world. All regulatory and enforcement agencies will run behind him because organized financial sector will push the government to do so. I am sure, he doesn't deserve it. So it is better for him to stay under cover and live a peaceful life fore ever. |
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Bitcoin is gaining more global acceptance daily as compared to other cryptocurrencies. With Bitcoin, we can be sure of greater liquidity and it has made international transactions and businesses easier relative to other currency. The level of anonymity Bitcoin gives is unparalleled and the ability to transact businesses with Bitcoin at a relatively lower fee is unequalled. What do you think is needed to guarantee more wider acceptance?
Few good points you have raised. But the anonymity of bitcoin is not full proof. All transactions are recorded in a public ledger using blockchain and can be traced accordingly. So that's not a strong feature to vouch for. But yes, the cross border trades can be made easier by bitcoin due to it's low fees compared to what banks are taking nowadays. However, the transaction confirmation speed is what I believe hindering the acceptability of bitcoin worldwide by the big corporate companies. Secondly the legality of bitcoin is another issue. While countries Like Japan and Netherlands have legalized bitcoin, other countries are either silent or banned it. If other countries can legalize bitcoin, banks will face a huge loss because they won't have to mediate between two parties of a trade agreement. They will loose on commissions. So you can expect a huge protest from the commercial banks if any government plans to legalize it. That's another bottleneck for bitcoin. |
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Indian Central Bank or Reserve Bank of India is absolutely silent regarding any issue about bitcoin. They neither banning it nor supporting it. The trend is such that they have not even been able to draft a law for its regulation or taxation. This makes me quite dubious about future of bitcoin in India. It being a quite fragile economy is absolutely not in a condition to promote BTC. Still worried what will I do if it is banned.
True! We haven't yet heard anything from our Central Bank or the finance ministry yet on bitcoin. Which makes bitcoin's legal status unclear in India. It's neither legal nor illegal. It's good till the time they stay neutral, because if they start thinking about bitcoin, most likely it will be banned because our Central Bank runs under political pressure. Also we will see a lot of pressures coming from the commercial banks supporting the ban. So till the time they are silent, it's good for us. |
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