Not really, people like to use local exchanges more than P2P networks like LocalBitcoins. In case of Local Exchanges there is little room for arising disputes in trades as funds of both parties are confirmed before exchange is carried out. But in case of P2P, there is no perquisite to deposit funds on Exchange, hence it leads to unnecessary delays and disputes. LocalBitcoins is more popular in countries where Local Exchanges are banned.

 

It will be counted as Capital Gains even if you sell an investment after 5 minutes of buying if you made the profits. That is why Capital Gains are categorized as two types: Short Term Capital Gains or STCG and Long Term  Capital Gains or LTCG. If you sell investment after holding it for more than 3 years then it is LTCG and if you sell it within 3 years of purchase then it is STCG. In case of securities like shares and stock, we consider 1 year holding period. If you sell security after 1 year of purchase then it is LTCG and vice-versa. However, in India Bitcoin is not considered as security so the rule of 3 years will apply. So if you bought BTC on and after 1st April, 2016, it will be STCG for you.

The taxable rate in case of STCG is as per Income Slab rate i.e.:
5% for 2,50,000 - 5,00,000 rupees
20% for 5,00,000 - 10,00,000 rupees
30% for amount bigger than 10,00,000

The taxable rate in case of LTCG is flat 20% no matter what amount. Plus you also get benefit of indexing, hence you can inflate the cost of purchase and show less CG.

Any other doubt? Feel free to ask.

Hey guys,
I know there are few threads discussing about the taxability of Bitcoins in India already however I would like to raise some different concerns. If you are Crypto Earner too, must read the whole post. I tried to be very informative by taking my own case as example:

Upto the PY 2017-18, Exchanges were operating in India. I used to sell my Bitcoins on Zebpay and Unocoin. I am not a trader, I haven't bought Bitcoins directly from my bank account ever except once in 2016 when I bought Ethereum worth few thousands in rupees. So I fill my Income Tax return as an income earner. I showed Bitcoin earnings as income and filed it as the professional receipts under Section 44ADA.

But that's not possible from PY 2018-19. Why? Because Exchanges no longer operate in India. Now my Bank Statement doesn't have a separate record of incoming-remittance as it used to be earlier when credits were marked from Zebpay or Unocoin. It was easy for me to categorize any credit as income because it was from Zebpay's bank account or Unocoin's Bank Account. But in past year I only used P2P. Now when we sell on P2P, the amount in bank is credited by some other buyer who is also Indian resident. Now in this new system, it is impossible to show Bitcoin earnings as income because buyer is not your employer, not a medium like Zebpay and not connected to your work at all.

In such a scenario I can only see following ways out:
1. I should file my income as Capital Gains where I can mark Cost of Acquisition to be NIL and file either STCG or LTCG on whole amount which has been credited to my account in previous year from buyers.
2. Carry on with my existing practice of showing credits as receipts and pay tax under PGBP. However, in this case I won't be able to provide any bill if I received Notice from Income Tax Department.

Are you facing the similar situation? If yes, then what have you decided. If no, then too share your views. Let's have a quality discussion as it is serious matter for Crypto Earners in India.

$10K level is very optimistic for Bitcoin. It took only 6 days for Bitcoin to reach $15K when it crossed the barrier of $10K for the first time on Nov 28th. After the disappointment of last year, we are in bullish run once again. Hence there is quite positive atmosphere in market. If in such scenario, btc jump past $10000 once again, it will surely trigger market like Dec 2017 and we can see 30-40% rise in a week thereafter. However, it would be better if we move steady after entering 5-digits value, no one would like to see another setback and collapse of 85% of the value.

Aren't you aware of Frenkie De Jong? He plays at exact same position in midfield where Rakitic currently plays. Frenkie has mastery in possession game and he is well-suited for Barcelona style. No one is saying that Rakitic is bad player at all, he is class-midfielder. But the problem is there will be little chances for him once Frenkie arrives at Camp Nou. In last season we have seen a goalie like Cillessen who plays as first-preference for Netherlands National Team sitting for most of the season on bench. I don't want to see same happening to Rakitic. Like Munir moved to Sevilla last season and had better opportunities there, it would be individually better for Rakitic to join Inter Milan. I will choose Frenkie over Rakitic any day for Barca XI.

Yep! Bitcoin is simply a game of majority. There are different investors with different needs, some like to sell at X price, while some love to hold till Y price. The price of Bitcoin is moved by the majority. If at a particular price, say $7500 we have more HODLers than sellers than price will surely move upward while in opposite case, price will break down. In last few days we have seen a rapid rise in price, that's because there is general positive environment in market and people are believing that Bitcoin can rise more. Therefore, we have more HODLers in the market. It reflects we can easily go past $9000 in next few days. Fingers Crossed.

1516
webtricks

I am no fan of the concept of crypto fundraising. I don't understand why the team need to sell coins when they reserve the healthy chunk of total supply for their own use. Rather if they actually require funds to start a project, better raise directly from investors and VCs in exchange of ownership in project. In that way, team will get the required kick-start for its project without compromising value of the coin.

However, I want to know what is the best way to distribute coin supply among people without conducting ICO? I am amidst of starting my own project and have made ETH-based tokens to be used internally on platform. Any suggestions?

Any update Steve?

4999
Username: webtricks

I have recently been to Mumbai-Pune for Audit purposes. In Mumbai, local trains run exactly according to schedule. I used to take local trains from Andheri station for CSMT and Churchgate and every time train was on time. If they were showing 3:19PM on app, train arrives exactly on 3:19PM, not even a minute delay. So I don't think intra-Mumbai travelling is problem at all. However, inter-city travelling was surely painful. I remember that we had to catch Passenger train from Pune station at 11:15PM for Lonavala but the train came at 1:15AM. It was quite painful to spend 2 hours on railway station with sleepy eyes after the lethargic day at Audit. So yes, railway system in India is quite pain-in-the-arse. That's why I usually prefer flights when travelling over long distances.

CSK main powerhouse is its bowling. Spin department has been exceptional this year. Bowling first in Hyderabad is surely going to have edge. If Chennai bowls first, the game is going to them and Dhoni will lift the cup.
As a hard core fan, all I want to see is Yuvraj playing one last time instead of Ishan Kishan. I want to see him winning cup for MI.  I really hope Mumbai bats second and Yuvraj does the run-chasing.

What's the difference between desktop wallets and mobile wallets? The real difference come when we talk about the type of wallets. Just similar to Desktop wallets, all type of wallets are present for mobile too.
If you want to use web wallets on mobile: FreeWallet and Coinbase App are best.
If you want to import private key or use vanity address: Electrum mobile app is best.
If you want to create new seed and run HD wallet: Mycelium comes handy.

I don't think platform matters, type of wallet is more important while judging the risk factor.

Yes, exactly!


Every year billions of dollars are spent on Sports. Countries host Olympics, World Cups, other cups. Are sports vital for our survival? No! Then why we spend such a large amount on sports industry? The answer is simple, sports provide fun element to the life. The same goes with Crypto Gambling.

A monotonous life is nothing but a slow death. Imagine going office daily at 10am, returning home at 6pm. Spending 8 hours a day among accounts, books, numbers, financial statements and all. That's my life in short. Cryptocurrencies provide a parallel space to my life. Although I don't earn even 10% of my monthly earnings from crypto but still I love to remain engaged in this forum, try earning cryptocurrencies and then utilize them on Sports betting, online casinos, etc. Few hours of entertainment a day is not at all a waste of time for me.

I was pretty sure Zebpay will re-enter the Global market after they were forced to exit Indian market. They registered as a new company in some other country (Malta I guess) and it clearly showed their upcoming strategy. However, I was upset that Zebpay completely forgotten Indian market. They should have remained associated, at least as an alternative P2P network.
I uninstalled the app too. But it was useless for us anyway.

I don't think these tactics help exchanges much because we all know the real picture and can easily identify which exchanges are really legit. However, to me price matters more than volume. If the exchange has good price and my orders get filled easily, I don't care whether the volume is legit or fake.


Today Binance is enjoying good days, earning millions in fees, have huge reserves so it is looking safe and legit. But who knows what gonna happen tomorrow, the same Binance may turn broke and start playing dirty exchange games. As a crypto trader, it is always advisable to remain sceptical and don't over-rely on third party wallets.

Nothing wrong with the statement of PayPal. Bitcoin is not the best and ultimate product of blockchain technology. Why should we stop right here? Bitcoin is first, why should we consider it as last?
There are many flaws in Bitcoin blockchain, it is certainly not the future of payments. I would rather see Paypal integrating the blockchain technology in their own remittance system, probably their own cryptocurrency allowing free transfer within Paypal ecosystem. The recipient user can convert it into fiat and withdraw to bank on Paypal. This could be a solution and will save the fees at the same time.   

I don't think dividends or passive income can solely instill investors to hold the coin because such dividend is provided in the units of same coin. So even though quantity increases over time but if price falls, the total value of investment may be lower than what it used to be initially. There are several projects which already followed this concept and failed. For example, Coss provided dividends in numerous cryptocurrencies for holding COSS coin but its value is currently floating around 20-25% of the ICO price.
In the market so volatile, I think projects need some bigger incentives than passive income so that holders don't rush to sell the coins even in profits.

No it won't work. The economy works on the concept of 'scarcity' i.e. limited resources. Hence, the resources which are relatively scarce are more expensive than others. The value of the resources are measured in terms of Fiat currencies which are inflationary in nature. The basic reason why currencies are inflationary is due to the concept of Marginal Utility. In economics, we consider the MU of currencies to be constant because of the unlimited supply of money. That's the reason inflation exists.
Now consider a situation where currencies are substituted with Bitcoin. Now Bitcoin has limited supply hence we cannot take the MU of Bitcoin to be constant. Every unit of Bitcoin spent will make the remaining units of Bitcoin more dearer to the holder. When both the resource and the currency become more affectionate with reducing supply, it will become impossible to conduct economic transactions after one point of time. So it is theoretically impossible for deflationary currencies like Bitcoin to become mainstream currency.

Sensible reply. How can we say a market is matured when it's fluctuating at least 2-3% daily! I am still waiting for a day when Bitcoin is divided among such a large holders that news and FUDs couldn't break it more than 5% in one go. Until then Crypto market is still very prone to uncertainties and can break or rise unexpectedly. We need a lot more adoption plus stable price to consider Crypto Market as a matured one.