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There's nothing to be excited about really! Mr. Mahindra has given a diplomatic answer because Bitcoin is still not recognized as a legal tender in India. So he can't give a straight answer on this matter. But I am sure Mr. Mahindra wouldn't do anything drastically different than what the rest of the businesses will be doing. Unless Bitcoin is accepted as a legal tender in India with a proper legal framework, no big businesses will accept cryptocurrency in any way! No one would bring the wrath of the government onto themselves.
Crypto has a long way to go in India, to be honest. The current government has no plan to make it a legal tender. Rather they will be more than happy to ban it. The looby of RBI is very strong in India and they will not allow crypto to become a legal tender till their last breath.
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Let me say, when the first time you heard about bitcoin, you begins to wonder what is it all about and finally you gets to see it as physical product like lands, cars, gold or diamonds that's instances. This products also people invest in it but not everybody probably the rich, I believe many people won't have had the money to buy bitcoin or even put interest even if you have the money.
People love privacy in business and bitcoin is one profound individuals investment business with the public necessary sees your progress. Physical business attracts enemies, hatred, criminals, stress and energy, even witchcrafts (enemies of progress). But bitcoin is cool private investment nobody knows what's going on, on your devices only you. That in many ways bitcoin is more advantageous to other business investments with lots of benefits, this is more reason why it should be encourage to be accepted as a global digital assets. Would you have involved if bitcoin is a physical product?
If Bitcoin was issued as a physical asset, the most prominent features of Bitcoin wouldn't have existed - privacy and anonymity. So I guess, then Bitcoin would have become any other assets like gold, land etc. etc. So Bitcoin wouldn't have become a revolution. It would have been treated like any other normal investment or currency system. It wouldn't have anything radically different than the current system and it would have been much easier for the enforcement agencies to stop the spread of Bitcoin. In a nutshell, Bitcoin has survived and thrived, because it is an internet-based currency system that is controlled by none. |
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There's little benefit for the government to be very honest. Apart from cross border transactions and tax collection from the citizens, there's literally no benefit for the government from crypto adoption.
However, the bitcoin is not getting governments favor due to the fact that they do not control it and bitcoin is pseudo anonymous in nature. So it's highly unlikely that bitcoin and other cryptocurrencies will become greatly adopted and appreciated by any government.
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That's fine! When an institutional business invests in an asset which is not a part of their line of businesses, it is mainly to make profit out of it. So if bitcoin is helping them to pay off their debts from the profits they are making from bitcoin investments, that's a great news!
Because these investors will bring more institutional investors into this market. Also they will re-enter the market when the time is ripe. So it's all good and positive.
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It was expected! The way the US government is creating a ruckus in the crypto market, many companies will follow the same exit route and move to probably Singapore which is by far the most crypto-friendly country for businesses. The same thing happened with India when the government decided to stop banking services for crypto business, Zebpay simply moved to Singapore and now providing services to 30+ countries and to millions of customers. It's India's loss and Singapore's gain! But it's really disheartening to see that a capitalist country like the US is doing nonsense in the crypto market.
I wonder if the US is becoming a conservative country from the current capitalist mindset!
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In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy.
This lady doesn't have the credibility to hold power like the finance minister. She is just a puppet to the government. I mean that's how Modi wants it because he usually takes the decision and all ministers speak his language. Indian bureaucratic system is good for nothing. It is corrupted to the core and has a mentality of serving its own ego rather than serving the public. So the such system will never accept cryptocurrency getting mixed with the mainstream economy. I am sure a lot of developed countries have laughed at this statement and continued their preparation to welcome cryptocurrency by regulating it. While Indian crypto community is gearing up to pay 30% tax on the income. Sad but true! |
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China is definitely playing double game! Not just on crypto but on many other aspects as well. Allowing Hong Kong to host crypto related business is a part of their ambitious gameplan. They are cashing in while US is showing signs of strengthening it's grips over crypto market. It's clear as broad daylight.
But I really don't understand US. They are allowing crypto companies to operate and allowing listing on stock exchanges. At the same time, giving enforcement agencies a freehand to act against them.
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A friend of mine was of the opinion that the government cannot put an end to Bitcoin because it unfortunately cannot be traced to a particular person or organization which could be sued for bringing about the currency or Blockchain.
If this is true does it mean that the identification of Satoshi as a person or organization will pose a treat to the existence of Bitcoin or otherwise
Identification of Satoshi will not pose threat to bitcoin ecosystem. It's decentralised for a reason. Bitcoin is not controlled by any central authority so the ecosystem cannot be destroyed by a government unless a global consensus is reached. Identification of Satoshi will become a threat to his own life. I am sure Satoshi understands that very well and that's why he has successfully stayed out of the praying eyes of enforcement agencies. |
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https://www.coindesk.com/business/2023/04/14/tokenization-of-real-world-assets-a-key-driver-of-digital-asset-adoption-bank-of-america/“Tokenized gold provides exposure to physical gold, 24/7 real-time settlement, no management fees and no storage or insurance costs.” The low minimum investment increases accessibility and “fractionalization enables the transfer of physical gold ownership and value that was not previously possible,” analysts Alkesh Shah and Andrew Moss wrote. ___ I want to comment on this Just the physical gold requires the cost of storage, security, insurance, and who will do it for free? Isn't it a scam that investors will trade virtual ETF tokens, but legally there will be no claims against the bank? Tokenization is not the future, it's a reality! Take a look at the mutual fund schemes, it's a tokenization of stock market. Check REIT, it's a tokenization of real estate projects. Both of these investment avenues offer fractional ownership of the underlying assets and are highly regulated. To catch up with the trend, we are seeing paper gold which also offers same facility. I personally think these are great ideas which effectively removes the entry barrier for a large amount of population. By the way, I personally invest in paper gold and have been doing it since last two years. Yes, it comes with a premium because banks earn on spreads. That's acceptable! |
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ETH is a pioneer in the altcoin market and it is very widely used everywhere in web3 or in tokens market. The kind of footprint it has got, has no competition. So I would say that ETH will loose relevance.
Being technically advanced doesn't always help in adoption. So ETH may be technically a little behind than some other coins, but in terms of users, it is far ahead. So I don't see ETH becoming irrelevant.
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It is not wrong to say that south east asia will become the cryptocurrency powerhouse in the future. While developed countries like UK and US are resisting crypto development, countries like Singapore and Hong Kong are gearing up to adopt crypto and providing a very favourable business regulations.
So if UK and US continue doing what they are doing with crypto businesses, they will soon become irrelevant in ever-changing global business landscape.
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Go to noones.com it is basically Paxful with a lot of green. It looks similar to hackernoon and the name also sounds similar. I assume it might be of their ventures. Ray Youssef himself had recommended noon.com in his statement on closure of Paxful. I haven't used it so I won't be able to provide you with a feedback. The dashboard of Noones is same as Paxful. I wonder if they have the same owner or not. I belive yes! I will try this one as they also have KYC verification and I will make sure not to trade with a non-verified user. Let's see if I get success there. I will share my experience here. Another option I see is Binance p2p but I assume they have partnered with WazirX in India so all transactions are going to be reported. Can anyone confirm this? Binance p2p actually has good offers and obviously the KYC verification process but not sure if they are going to report the transactions or not. Any guidance will be appreciated. |
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Hong Kong is learning from its mistakes, it seems! During the previous encroachment from China, a lot of people got their banking account freezer just because the Chinese government wanted it to happen. So embracing crypto is absolutely necessary for the citizens of Hong Kong in case another similar attempt is made by China. It's good to see it happening and also the local government is supporting the web3 businesses which is another positive news.
Another neighboring country, Singapore has a very crypto-friendly policy which allowed multiple businesses to move there over the last couple of years. I hope Hong Kong will catch up soon.
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Banning crypto is no joke! It is true that cryptos can't be banned through a legal provision, but a government can take extreme measure to make cryptos irrelevant in their country. China has been doing that since the inception of ICOs but they haven't yet gone to extreme.
Also US has started taking some harsh measures against crypto companies. Apparantly they will not ban crypto entirely but they would want to regulate the crypto market in their country.
Don't underestimate the power of a government. They can go to extreme if they really want to achieve something at any cost.
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I have been reading many posts bashing the banking services due to its high fees and slowness and blah blah blah. I too am a Bitcoin enthusiast but that does mean I will be complaining about a century-old system deeply rooted in our society. Also, it seems that the banking sector needs an overhaul in many countries including some developed ones. let me present the current banking scenario in my country, - I can send and receive money free of cost through the banking channel in my country. In some cases, I pay transaction fees of 0.085 USD. Transactions can be done 24/7. No downtime.
- I can just carry my smartphone and pay for anything by just scanning a QR code. Free of cost. Nothing is charged either at the sender's end or the receiver's end. I can do it in high shopping malls and also with street vendors.
- I don't need to carry a debit card if I need to withdraw money from my banking account through an ATM. A smartphone is more than enough.
- I do not need to visit my bank branch anymore. Anything and everything related to banking can be done through a smartphone and through video calling the banking associates
The only downside here is, everything is regulated by the government. The debate here should progress towards that angle only. Banking services are exceeding expectations and no crypto can beat that. It's the financial privacy where nothing can beat Bitcoin. That's the truth! |
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If I remember correctly, majority of the cryptos survived the winter back in 2018. Also this price point was a available for a very short period of time before it started recovering afterwards. If some cryptocurrency didn't survive the winter, that means there is community support available for that cryptocurrency. So it's all good. Some people might have lost money due to this but it didn't do much damage in the crypto market for sure. We obviously don't need thousands of cryptos in the market. So if some cryptos die during such period, that's good for the market. |
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Would this be a case of intimidation from more dominate countries that is preventing other governments from wanting to change the financial system?
Thoughts?
I believe you are referring to the global trades? If yes, things are going to change sooner than later. Multiple countries have already signed agreements to use their own money for international trade. One of the most recent one is Saudi Arabia to stop using USD for their trades. https://www.cryptopolitan.com/saudi-arabia-cuts-ties-with-united-states/That's an alarm for the US government. So the debate here is not to change the financial system out of fiat. Fiat will remain as it is. But the dependency on the US dollar is going to decrease which will decrease the Purchasing Power of USD. It may change if US decides to attack middle east again for no reason! |
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It's a good sunday evening to remind lots of people who must have lots of trust in the government and the banks. They are all in for the control and power forcefully placed to deny those who aren't self aware of the freedom they should hey whenever they utilize bitcoin.
Bitcoin network has been current, up to date, and also transparent with the help of the blockchain, I just want to say, stick with bitcoin and even if currently cash is king and we can not over run it yet, Bitcoin gives you the power and control over your money not the fiat.
Bank branches are closed but the banking network is up 24/7. Isn't it the case in your country? If not, you live in a country with a primitive banking system. Is your banking transaction stuck because of a bank branch closure? Were you not able to use your debit/credit card? Were you not able to withdraw money from the ATM machines? If the answer is no, the banking system in your country needs an overhaul. It's not always wise to bash a century-old system on which the economy relies. Every system has limitations and also has positive sides to it. In fiat, you do not pay a transaction fee, even when using a debit card, the receiver pays a fee. In bitcoin, the sender pays the fee and the receiver receives it in full. So even bitcoin has its own issues and benefits. Fiat and crypto, both are needed. A seamless integration between these two, will only help the economy at large. |
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Many altcoins are dumping ground, after the project is launched people invest massively on it, they will carry out a burn and the burn will have no meaningful bulls and then àfter a while the project became dormant like one and only Africa project called "wakanda" I guess many are victims and aware of this falsehood and fake project.
Please which altcoin is currently the hotcake with bright future ahead?
I would say none! Don't try to find gold from muddy water. Nowadays even Chatgpt can create an altcoin for you and provide you with detailed guidance on how to launch that. Do you think they are worthwhile? In altcoin market, the creator of the altcoins are the benefited ones. Rest all loose money while waiting for a better future price. Let's not get into that path. Invest in Bitcoin and ETH, if you are really serious about your money. |
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That's quite normal! That's the story of evey trader regardless of whether crypto is being traded or stocks. That's why every trader has do depend on the P&L report that they receive from their broker. This P&L reports includes all trades they make and calculate a consolidated profit or loss. That's how it is everywhere and it's quite logical. I am not sure what's so difficult here!
Even when we file our taxes, we have to post a consolidated income report. That's exactly how you can calculate your trades in intervals and determine how much you are making. Simple!
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