You might find some traders who don't have a problem with sending money to a third party account but most of the traders will either cancel the trade or ask you to provide kyc for the account you're asking them to send the money to or at-least they will ask you for your phone number and make a call to know the reason why you're asking them to send money to someone else's account.

If you don't mind me asking. Why is it that you're looking to receive money in your friend/family's account? Is it because you're underage? Or to show less income earned from trading in books?

Clearly you're not from India and you don't know how things go here.

But I can assure you that these are not FUDs and the thread I made was just for people to post their suggestions on how to go about trading P2P safely.

I don't want to get into argument with you because you don't live here. Come here if you can and start trading P2P using banks online and F2F too if you dare and see what happens.

Good luck with your client and I hope more people start using it in India. But you really have to ask yourself why people are not doing it?

Like I said, you have to find a way to make it more safe, so that the person trading using it don't get into trouble later.

Okay, let's try this.

I am going to pick 'e', if it is not taken ie.

And my address is always in my signature.

Maybe this is how I'll get my first tip on the forum.

Actually no. This issue is about P2P exchanges and not about fiat payments.

But most importantly it is about scammers hacking/using someone else's bank account to make payment to buy BTC. And when this happens, the person who received the payment in their bank account is the one recognized as being the hacker and stealing the money.

And therefore they end up getting their accounts and funds getting freezed.

But this is why there was a discussion as to what safe practices to follow whilst trading P2P.

Which is why OP came to the conclusion that it is better to use centralized exchanges because these exchanges use their own accounts to make/receive payments.

And there by securing the buyer/seller of not getting blamed of stealing anything.

If your platform and or similar services have a way to protect the users from these type of scams then more people might start using it.

Just a caution, since Netflix only accepts card payments, buying this type of stuff can be risky as you could never know that the card used for the purchase was genuine or a stolen one and since you end up using the service, you could be held responsible for the theft.

Not all Indian mainstream media is bad so far. Some are still fighting for the truth but they're outnumbered.

And the reason they're behind because is they don't paint the pretty picture the government want them to portray and because of it they don't receive the government ads which makes it difficult for them to keep up with others and which is why many don't survive.

Also, what I fear most from this bull run is people who don't know anything about bitcoin will get lured in and invest something they can't afford to lose and if it happens that they incur a loss then they will be the first ones to cry foul play and that they were somehow scammed by this evil thing.

It is very risky imho because to take advantage of the price difference you'd have to buy and sell almost a whole coin to gain anything considerable and by the time you make your way from A to B the market value itself might change and your profit/loss would then depend on whether the coin went up or down during the period.

Which in end means it is same as investing in coin value and expecting it to go up or stay the same in short duration of time to earn profit or not incur loss. I thought of doing this too but gambling 13 lakh to TRY and earn 5-8 k with something as volatile as Bitcoin seemed absurd to me.

Also keep in mind that price value to sell in any of the market is lower than the buy price which means the difference in value would be even less and thus the margin of profit is too low to invest something so substantial.

There are none. In-fact, I would have settled for a Bitcoin-Prepaid-Card so that I can purchase Netflix, Amazon-Prime, without giving them my Bank-Debit/Credit-Card but even that is not available. As long as there are unclear laws, no company would take the plunge and invest in a business involving Crypto in India.

If you think about it, the people behind all the Bitcoin Exchanges in India really stuck their neck out when they dared to start trading Crypto in India. And I think they would be the first ones offering something like this when it becomes available.

Thought of another reason why there are many Indians on the forum but they refrain from posting in the Indian board. And I think it has to do with the Signature ... job? that they are doing.

Because the posts they make on local board is not counted towards the posts that pay, they don't see any reason to post here. They'd rather spend the time and effort to post somewhere on the forum where it pays.

And I don't think there's anything wrong with that. Monetary compensation is a great motivator. Tell a kid to go to the store and get you some bread and they'll be like "My legs are hurting", then tell them there's a 20 in it for them and wham! and it is like you were never out of bread.

Let's see how this goes. I am not too excited because I have my worries

The only good use I see of these "banks?" is easy buying/selling of crypto. That is if they offer good price and don't charge too much for the transaction (Even the banks are now charging for all transactions(some banks ie for now)). Which would make it convenient for people to buy/sell crypto for cash.

Other than that. I don't need a crypto savings account, I can just save my crypto on a piece of paper and I'd rather sell my gold and crypto than have them pawned.

But I suppose it would be compulsory to keep an account active if you want to trade crypto in these institutions and maintain a MAB maybe? Will they offer FDs too? What about rate of interest? Are they going instantly convert crypto deposits to fiat? Otherwise how will they manage the volatility?

Also, I don't know if funds stored in Credit Cooperative Societies come under the DICGC's insurance? 

I can't speak for others but I can tell the reason for me not being too active on Bitcointalk in general and it is because of work. Things have been hectic, I am currently working almost 14-15 hours a day/7 days a week and after I am finished for the day I just pass out as soon as I hit the bed. I don't have energy to do anything.

Do we have an Indian Politics and Society section? I think we all have a lot to say about how things are going in our country and it might make board more active?

Also, maybe there aren't a lot of good things happening with Bitcoin in India, I don't have time to search but all I run into is bad news, such as the one I posted in the news section few days back and then today I saw this, which I decided to not post.

Police in Anantapur district of Andhra Pradesh rescued a dentist who was kidnapped from a hospital in Hyderabad Tuesday evening.

Alerted by Telangana Police that the kidnappers were proceeding towards Bengaluru in a Mahendra Bolero, Anantapur police set up watch on several roads including the Hyderabad-Bengaluru highway. A police team spotted the jeep near Rapthadu toll plaza around 2 am and intercepted it.

Police said while two kidnappers fled, two others were nabbed. Police then rescued Dr Behjas Hussain, a dentist working at Kismetpur Dental Clinic at Hyderabad. The doctor’s hands and legs were tied with ropes and he appeared dazed, an official said. Later in the day, Anantapur police tracked down the two kidnappers who had fled and took them into custody.

According to the police, the dentist was kidnapped by five burqa-clad persons from his hospital in the Rajendranagar area of Hyderabad. The kidnappers later made a WhatsApp ransom call to his family demanding Rs 10 crore in bitcoin currency, police added.

Sources in Cyberabad Police said five-8 members were involved in the kidnapping. While five persons abducted the dentist Tuesday, they handed him over to four persons who were taking him to Bengaluru or nearby towns.

Officials said the kidnapping could be a fall out of the financial dispute that the doctor allegedly had with his business partners.

Source=> https://indianexpress.com/article/cities/hyderabad/kidnapped-hyderabad-dentist-rescued-in-andhra-pradesh-6906911/

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Good work by Police there but I just wonder as Bitcoin gains more popularity in India. Is this another problem that is going to be faced by the country? Criminals extorting people for Bitcoin because they don't have to be physical present to receive it and its trail being very difficult to trace?

In a draft document titled, "Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India', Delhi-based crypto exchange BuyUCoin has put forth arguments in favour of cryptocurrency adoption in India

The recent draft document suggests bringing crypto earnings under the purview of tax, where working professionals would have to declare their crypto earnings under a separate provision of the Income Tax Act

The BuyUCoin document talks about the need for inclusion of cryptocurrencies in the Reserve Bank of India’s (RBI) Regulatory Sandbox




As speculations about an impending ban on cryptocurrencies refuse to die down, stakeholders in India are pulling out all stops to get the government on their side. Besides engaging in a dialogue with government agencies to allay their fears about nefarious use cases of cryptocurrencies, industry stakeholders in India have also been suggesting what could be salient features of a regulatory framework for virtual currencies.


On October 2, BuyUCoin released the first draft of ‘Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India’. Through the document, the exchange has put forth arguments in favour of cryptocurrency adoption and suggested some of the features which could form the core of a model government regulation for cryptocurrencies in India.


The BuyUCoin document mentions that if India were to ban cryptocurrencies altogether, the fallout would be felt in the jobs sector as well, where the demand for proficiency in blockchain technology is being seen currently. The report cites LinkedIn’s “2020 Emerging Jobs Report India” that mentions blockchain developer as the most sought-after career over the last five years.


More here => https://inc42.com/buzz/cryptocurrency-this-week-crypto-earnings-should-be-taxed-says-buyucoin/


Document here => https://www.buyucoin.com/crypto-labs/buyucoin-sandbox-first-draft/

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Read the full article and the document if you have time, it is a good read and definitely a positive step towards keeping Bitcoin legal in India. And kindly share your views on it. Thanks!

Yes, you're right and I do use RBF but I am not sure if the company I sent my funds to would accept the deposit if the transaction ID changes.

I'll ask them before about this when I deposit the next time. Also, the last time it happened. The service I sent the funds to asks you to enter the transaction ID in the field to show that you have made the payment.

And which is why I had to do CPFP to make that transaction confirmed when it didn't confirm after 10 hours because I couldn't change the tx id.

The services who don't accept the BTC directly are usually not sure what went wrong. I deposited BTC at one such service and even after 6 confirmations, my money wasn't credited in my account.

When I asked their support. They told me that the transaction needs to get confirmed. And I told them that it already has 6 confirmations and it is unreturnable at this point. And they answered that it is not confirmed at their end.  

I told them that if a transaction is confirmed at one end, it is confirmed everywhere. And they told me to wait an hour.


I think what they're looking for is for the first fast confirmation, so they can credit the company whose using their services because they accept the payment in fiat and payment processors have to pay them the exact amount, even if the bitcoin price drops in the meantime. Which is why they don't accept multiple payments to the same address and/or delay.

But yes, it is not possible to know when your tx might get accepted, even if you pay the proper fee. But it is scary when they tell you that time has passed and your tx might get lost or returned. How would it get lost, I can never understand?

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Btw guys, a new user in India forum has asked some advice on how to upgrade his Electrum wallet. Although 2 users have already given him good advice. If you guys have anything to share on the matter that might help, pls do so. Here's the link to the thread: https://bitcointalk.org/index.php?topic=5277692.0

The guy I mentioned in the original post. The one who got his account frozen did happen to use Localbitcoins and according to him all the people he traded with had reputed accounts.

So, I don't know if 'reviews' really tell if the account changed hands. It is possible that someone bought/stole a reputed account to do illicit activities in that guy's case.

But thanks for your suggestion. I suppose reading reviews does help a little to see if the trader's been inactive for a while and that could tell if it is the original owner or not. You can always ask for his ID to check if he's the original owner of the account or not. You'd have to define these terms prior to making the trade though.

Hi all, the transaction got confirmed sometime during the night. When I woke up it had already 13 confirmations, so that's that.

And yes, I guess it was not fault of Electrum but a series of unfortunate events that happened exactly after I sent that transaction which lead to it getting stuck.

But the good news is, the site I sent it to credited my account, even though the transaction came in very late. So, everything went well in the end.

Thank you to everyone for replying and sharing their knowledge on this matter. I really learnt a lot about mempool and how and what gives transaction priority.

I suppose the only certain way of making sure that your transaction gets accepted as soon as possible is to keep overpaying the fee.

Right, this is all very bad. I sent a tx with proper fee but the block got late in coming and during that time people sent txs with more fees and so there txs got included in the next block and not mine. This isn't fair at all.

I think it should be first come first serve basis and not based on greed of miners for higher fee. At-least if a tx is sent with a proper fee. If it is lower or nil then by all means send it to the end but if a tx is paying at-least 1% of the transacted amount then it should get included in next 3 blocks at the very least.

And 4 USD doesn't seem bad if you're doing like 1tx in a week but when you're doing 4 in a day, it starts to look big. I'll give accelerators I try. Thanks all!

Btw, my stuck tx on block explorer :ETA   unknown (9.97 vMB from tip)

They use a payment processor and don't accept BTC directly and it says specifically to send only one transaction to that address and that too within a time frame and if you send more than that it might not get credited because the conversion price might change in the meantime.


That's a problem then. Especially when you need a tx to get confirmed quickly. I usually do end up sending with higher using same ETA and block explorer telling that I paid like 400% higher fee.


Yes, I was lazy to do it. I should have checked such websites which tell the best current fee.


I do generally use that option but it was sending with way higher fee in the last couple of transactions I did. Like fee up-to 4 USD for 100 USD tx and I moved the scroller to the left and it said within 2 blocks which wasn't too bad, so I sent it with that option and it got stuck.

I'll try the mempool option next time. I couldn't understand what it meant is why I didn't give it a try. So 0.1 MB from tip means it will get picked up as soon as possible? like in next block and 0.2 within 2 blocks?

My current stuck transaction says (9.36 vMB from tip)  I think it is possible that it won't get confirmed this year.

I'd say not accurate at all. I created a transaction and ETA said that it will get confirmed in 2 blocks with the suggested fee and it has been 3 hours and 10 blocks since then and I don't know how much longer it will take to get confirmed.

And it was a time bound transaction and the page I sent it to says that the time has passed and the deposit might get lost or returned.

And this is not the first time it has happened. I sent a tx before and ETA said it would get confirmed within 5 blocks and I wasn't in a hurry. So, I sent it with that fee. And in the morning after 10 hours later it was still unconfirmed and I had to do CPFP on the change balance address to get it to confirm.

Any way to fix this? I am on the latest Electrum btw. Also, I can't do RBF because the transaction would change and I will lose the deposit. And I don't want to keep doing CPFPs.

Transferring money from one bank account to another might not be that safe.

Say, you traded with someone and they transferred the money into your bank account by hacking into someone else's account. That person who's money got stolen complains and they freeze the account the money got transferred to.

AND they might freeze the account/s which are linked to same Aadhar/Pan.

But the idea behind the thread was not how to prevent your money from getting stuck in a frozen account but to find out ways to avoid receiving stolen money into your account and there by preventing the freeze altogether.

So that we can make P2P more safe.