highkart, does any one buy this kind of gear in India?
i didnt think there were miners interested in india. do you have good sales of these?
what about other items on highkart?

i see threads on this web site with people ready to sue others because they lost money due to cheating while trading bit coins.

i am not asking the method of suing, but how does it make sense to sue someone when the transaction is not recognized by government?
if government is against bitcoins, how can you take it government's notice? wont the government catch the and ask them why they are trading behind the government's eyes?

ok, so consider 2 options:-

1. you trade outside exchanges. you give your bank account number to a buyer and sell him bit coins. he *knows* your identity because you gave him a/c number. if the government decided to have a negative stance on bit coin, they would look for active bit coin buyers/sellers and get hold of them and then get other contacts out of them.

2. you trade inside exchange. you give them your identity for KYC.
if the government decided to have a negative stance on bit coin, they would raid exchanges and get your info and contact you.

which option is better?please give me your opinions.


and micky123, bit coin's nature is lost when you convert it to rupees. i am talking about bit coin traders(those who sell/buy bit coins and deal with *rupees*). so i was talking about taxation from a rupees perspective. obviously government can't tax bit coins. it is if i convert it to rupees that i should tell the government about it.

i don't know where to check. please tell me where.
please also tell me what your finding is from this

this was what I was worried would be the case.is it true? is this why people trade like this outside of exchange?

btw you can still declare income,pay tax even with hard cash, right?how is it black money then?

hi

I saw this forum and later the india sub-forum and saw that people are trying to buy/sell bitcoins outside of exchanges.
like people asking for currency recharge, flipkart voucher, buying one-to-one with people, buying selling in local bit coins website, etc. I don't understand why people dont use exchanges for this.
is it not better in the eyes of govt if it is done via exchange?

if wanna start bit coin trading, which is better?exchange or directly to person?
I think the advantage of using exchange is govt will know transactions and it is legal (correct?)?
but disadvantage might be because bit coin is not regulated  and it is better to simply deal small amounts out of exchange and such central spots of attention. if we pay tax after buying/selling bit coin outside exchange, it is still legal,correct?

is using local bitcoins website a right way of doing this??