I think it is already high BUT only if you're doing smaller transactions.

I recently received a transaction of 100 USD and the fee for that was about 3 USD, which is not high because the transaction came from outside of the country. The payment processors would have charged much more than that because they even add 3% conversion fee on top of transaction fee.

But if I were to spend that money in smaller denomination for say I needed to recharge my phone using Bitrefill for 5 USD, the fee for it comes to about 1.5  USD if I want the transaction to be confirmed in next 5 blocks. If I use less fee than that the transaction get stuck for a long time. Which also happened to me recently.

This government gets high on banning things. What they don't seem to understand is that banning stuff only opens back-door channels and ultimately encourages illegal usage.

Take state of Gujarat for example. Sale of Alcohol is banned and hence it was declared a 'dry-state'. But do you really think that no one there is drinking alcohol? Just recently a transport was caught transferring alcohol worth Rs. 18.85 Lakhs when it was suppose to be travelling with Covid-Medicines.

What they could have done instead of banning alcohol, make regulations on how and where to/not drink. Make it expensive, so not everyone can afford it and that would have stopped the problem of people excessively indulging in alcoholism. State governments get 2000-3000 crore in tax through alcohol only. Banning it is only denting the economy.

Same way, they could keep Bitcoin legal. As it is right now and just add more rules to it on how/not to trade it. Add tax on buying and selling it. And let India be a part of the growth that cryptocurrency is.

But no. It is dangerous because some of the criminals use it to commit crime. So, no body should use it.

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Want to know what was recently banned? ONIONS! Yes, the government has banned export of Onions because the price is expensive for locals.

And the farmers who grow export quality onions which costs a lot in seed/farming are now forced to sell their crop at local market on cheaper price.

And they're protesting it. Some might even commit suicide because they took loans and they could never pay it back if they sell it for low price.

But who cares? Media doesn't. It is more important for them to show Rhea/Kangana nonsense.

I send him BTC to his wallet. He says ''wait, let it reach 3 confirmations''. I order coffee in the meantime because I am kind. He drinks coffee, transaction confirms. He gets up, says thank you and walks away. I can't do anything but pay the bill and go home. Not happy! 

Plus, I don't know who this guy is and now I am seen meeting with him in a restaurant and having coffee. I am sorry, Sir. But I am not doing this.

And I will not advise any one else to do this. Stay at home, trade from there. The worst thing that can happen is you get your bank account frozen but at-least you're not doing anything illegal.

Also, I just learned that you can ask for ID and receipt when trading with a trader on LBTC and Paxful. You have to specify it first before starting a trade and then you can confirm whether you received funds from him or someone else.


Yes, exactly.

Good to know that the amount was not big and you're not worried about it. But I still wish you all the best and I hope you get your account and money back minus the transaction which went bad. Please do not stop pursuing this because all accounts are now linked with PAN and Aadhar and it is not very difficult for authorities to track them.

You say that the many of them are still active. Check the non-active ones and see if you can find out something. Read negative reviews left to all of them and see if someone else reported something about charge-back or stuff like that.

And if you do happen to find out the culprit who did this. Kindly, let us all know. So, we can avoid them.

As the saying goes 'One bad Fish spoils the whole Pond', action of one bad trader will affect so many others and even the rating of the platform.

Sorry about that. I recently became Member, so I don't know if I qualify for this anymore. But here goes nothing.

Message: Name's Melloiga
Address: 1bVp177vXRdbBUb9HXgP3odcdXBXdYr4z
Signature: IEBVDbGaq0Sd1X0x/BaNdLEGrxtpZ+Hkqfq2/3yzAZZAICAh4M9Azt2n43PIeRHE0C8Gqi7AS9DoHafviKwodjw=

One thing I wanted to ask you OP. Did you sell by posting a trade advertisement or just accepted seller/s offer and sold bitcoins through that? Also, did you check the traders on LBC, are they still actively trading or one of them hasn't been online in some time?

Do you know any online CA's that are reputed and can help one file a return? I would try cleartax but I still think that it requires a bit of information and don't want to end up doing something which I later regret. Also, what nature of business does freelancing comes under if you were to file your return using 44ADA? Do you think '16019 – Other professional services n.e.c.' would be okay?

What do you fill in the nature of business and code when you file your income under 44ADA when earning crypto from doing freelancing online?

I think it has to do with what happened to the PM's personal twitter account. Since, the investigation agencies couldn't find the hackers who did it. They had to show the PM office that they are taking some action. So, instead they froze accounts of some bitcoin traders. Problem solved.

This is how things are being done in India from quite a while now. Blame your mistake on something or someone and pretend to do something about it instead of actually doing anything.

Btw, here's the thread I started asking people to share their suggestions on how to go about doing P2P trading safely in India: What are best practices when trading P2P?    Check it out if you want and share your experiences of P2P trading and what precautions you take.

Yes, I understand what you mean. Although, the way things are going right now with authorities back to seizing bank accounts. I wouldn't get my hopes up about Bitcoin getting any legality in India. This Bill that they are preparing is in my view a way to reverse the decision of Supreme Court. And something tells me that they are going to ban it altogether. And make a law that anyone who is found anyway related with Bitcoin will be charged.

I am sorry. I don't really understand what you mean by feedback for high rollers. Do you mean rating system which site can add and show how successful a player is and based on that they can add an option for their bet to be copied by others?

What do the player whose bets are getting copied get? I think sites might allow it. It'd be risky but if the pro-roller's strategy fails then everyone who are making the same bets fail as well and the site makes more profit.

I think your idea comes under staking the player. You don't really have to copy the bet but fund their balance and win a portion of the winnings based on your investment. But I don't think there are sites that allow that officially. You could however do that on your own if you have trust in a player's ability and if you trust that they will pay you back if they win.

You're right. Bitcoin should be treated as a commodity because it doesn't really act as a currency, not for now at-least. The transaction fee is too high(LN might be the answer to that, learning more about it right now)and it is too volatile in nature. And that is what I think the author and I meant. Not to be treated as shares but to be allowed it to be traded on stocks exchange.

And if you think about it some of the commodities are almost equal to currency. Take Gold/Silver for instance. Their value is almost same everywhere, depending on different charges and purity ie but what I mean is one can sell/buy it almost everywhere. Same is with Bitcoin. Even if it is not given the currency status, you'll still be allowed to trade it for whatever you want.

It is happening even now. Some of the place you spend bitcoins at. They don't take bitcoins directly. They use services which convert the bitcoins to fiat at the current price and transfer the money to them for a fee. And once Bitcoin is allowed to be traded in India at stock market. People who don't even understand or know Bitcoin. Can begin accepting it with a service provider in between their clients and themselves.

So, I totally agree with you. That it needs a very clear easy to understand legal status. So, anyone who understands the technology can invest in it, use it, make applications with it, trade it and do it without having to be worried about getting scammed or getting in trouble.

I just learnt about it after reading up on it. Seems very interesting. I don't have any coins to open up a channel. Which I understand is needed for the transaction fee(right?). But as soon as I have some coins available. I'll give it a shot after reading up more about it. One question though. The coins received through LN are not spendable, is that correct? Until the channel closes??

I see. So, Banks do know which transaction was the problematic one. And you're right, Bank cannot reveal the information officially but if you have connections and/or money, you could find out about it. Great piece of information. Thank you very much!

I think allowing it to be traded as stocks is not really a problem. One would be able to buy/sell it more openly and it will be more regulated and easier to pay tax on it, etc. I don't mind if they make it that. But I do hope that they keep it legal. Bittrex added 7 more countries to its list of countries where it doesn't offer its services anymore, making it a total of 31. And I am happy to see that India is not a part of it, still. And I hope it remains that way.

What government needs is to learn more about it so they become less paranoid of it. And make it more easily accessible to general public and make regulations on how/how-not to use it. That's it. The more open they make it the less it will be used for illegal activities.

Yes, that could work if you're in good terms with a bank employee but it is possible that even bank don't have that information. Maybe they get told by authorities to seize the funds as it is a criminal matter and they just do what they're told.


It could come under Hawala transaction. And you could be charged with illegally trying to move money which could be related to black money, drugs, terrorism, etc. And so, NO!!, I don't think it is safe at all and I would not suggest any one doing that.

Also, as soon as this Bill things get clear, I think there be less of this bank accounts seizes as things will get more clear and maybe P2P platforms will start verifying bank accounts as well. And maybe they could even make it compulsory to only send fiat from verified bank accounts. And if a person send money from other account. Their Bitcoins which are held in security gets frozen until it is made clear why and/or from whose bank accounts was money transferred.

You're so right. Using a centralized exchange certainly seems better after hearing about that guy's case. At-least you don't have to worry about where your money came from.

As for P2P, I don't know any platform that does that verifying buyer's bank accounts. They should do that actually to stop these kind of scams from happening and make BTC trading more safe and user friendly.

WazirX sure seems like are taking things really seriously and providing user's all the best options possible so they can trade without worries. Which is good for them, the user and hopefully it will be good for bitcoin's uncertain future in India.

Thank you so much for your input!


Yes. I don't know what you mean by get things done unofficially? You mean like bribe the peon or something? I mean it might work or not but I guess you could try that. And yes, the bank account would remain frozen until they get to the bottom of the things. And they might have lot on their plate already. So it would take a very long time.

I mostly use Matchstat.com to find tips on Tennis but that site also has a section on Football and you'd find a lot of tips and predictions on almost all the matches being played. And it is free. So, go ahead and check it out and let me know if it helped you win anything. I have made several bets on Tennis based on tips given at that site and mostly the tips are good. But I also use the site to find out player stats, head-to-head information, etc. to find out which player to bet on.

The country of India doesn't have anything against Bitcoin. It is the current government. They are afraid that it will be used for Ponzi schemes, make people buy shitcoins, hoard black money and/or used for other illegal activities such as Hawala, finance terrorism, etc. But mostly they're afraid that if they allow it to exist. They might lose the next elections as banks will suffer when people start to use it more often to buy things and or put their savings in it. And recently PM's personal twitter account got hacked and it was used to ask donation in Bitcoin to hacker's address. Which would have only made them more paranoid about the whole thing.

So, to answer your question. People of India have nothing against it. They love it (most at-least), it is easier to find work outside India remotely as the payment method is easier and cheaper compared to other services such as Paypal, Skrill, etc. Traders love trading on it as it gives them a way to earn a living since unemployment has increased due to Covid-19. Plus it is a great investment option for many as Bank interests are currently very low.

And therefore, whatever the guy upwork did to your site was his own personal agenda and not country's. He might have lost money in some Crypto scam and/or someone must have told him that Bitcoin will make it hard for him to find work, etc. People who don't know about it usually have so much to say about it. Even if nothing of it is true.

The guy whose account got frozen in the above mentioned thread was using SBI which he mentions himself.

But you're right, doing smaller transactions instead of bigger ones could be a good idea. It sort of spreads your chances of getting scammed in the first place. Plus the scammers probably are looking for one big transaction scam using someone's account instead of doing several transactions. And if you do happen to get into any trouble, the amount to be returned would be smaller, so that's a good advice. Thanks!


The guy is having trouble getting to know which transaction went sour. Since, bank is not revealing any information on this matter. So, I don't think it would be that easy. It is a tricky situation. And even though BTC is kind of legal. You'd still have to answer to where you got your BTC from when the investigation begins.