What to do if BitCoin Exchanges are forced to close down on April 20

[Blackshadow007]

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

i also never did trade there , just have registered account so got the message yesterday . I am always happy with CS and benson

[deadley]

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

i also never did trade there , just have registered account so got the message yesterday . I am always happy with CS and benson

They were not fishy when I traded with them and don't think they are now fishy they just take extra precaution for their safety.
One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

[S_D]

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

i also never did trade there , just have registered account so got the message yesterday . I am always happy with CS and benson

They were not fishy when I traded with them and don't think they are now fishy they just take extra precaution for their safety.
One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

They seem to be a low budget exchange looking at their UI.
This somehow makes me paranoid about their security and uncomfortable to keep any thing of worth on their site.

If Bitfinex, a company that pumps millions in security isn't safe I sure ain't comfortable about any Indian exchanges. Never ever keep your worth on any BTC exchange ;(

[newIndia]

One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

What kinda service u got from them that u dint get at any other exchange in India?

They seem to be a low budget exchange looking at their UI.
This somehow makes me paranoid about their security and uncomfortable to keep any thing of worth on their site.

Contrary to popular belief, UI does NOT have much to do with security of a web application. In fact, better UI based on poorly written JS may add vulnerability to an application.

[S_D]

Contrary to popular belief, UI does NOT have much to do with security of a web application. In fact, better UI based on poorly written JS may add vulnerability to an application.

Yea but a poor buggy UI does talk about their budget, so it indeed holds some truth to it.

[deadley]

One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

What kinda service u got from them that u dint get at any other exchange in India?

When I traded with them they were just call away even around 10-11 PM and even manage to transfer funds @night too.
Other exchange just make excuses when problem happened. In India transferring fund not take much time and Indian exchange still not that big that it will take 24-48 hours for transfer funds.

Was Very happy with them and had no issue with them at all.

[krishnapramod]

Indian government so far has not proclaimed bitcoins as illegal neither banned it, but I think this April 20 discussion is going to be tricky. Guess that is why almost all major Indian exchanges created a petition to be submitted to FM, https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal



Source: https://dinardirham.com/blog/the-fantastic-flowering-field-of-fintech/

India have around 400 Fintech startups and many Indian banks have been testing Blockchain technology, in my opinion banning bitcoins in India is not going to affect Indian economy in any way, but yeah it would be the end of the road for Indian bitcoin enthusiasts. Like someone mentioned the government has issue with bitcoin not its technology.

[Benson Samuel]

Have not completely seen how this ban is possible, but this is India, so watching closely.
There are many micro questions that will be answered through this trial that we are looking at.

Most importantly, the showstopper is mining. Will a  ban on Bitcoin, effectively ban mining?
How is this possible? Can a person be told not to use a certain algorithm? Has this ever been done?
What is the financial impact to Indians if mining is banned and Bitcoin solves scalability and reaches critical mass globally?

Am seeing cases of concern where freelancers have been rejecting Bitcoin payments as they are getting worried, so what happens to that facet of life?
I am aware of many clients who refuse to pay in fiat. How do we balance these things out?

Will academic and development activities around Bitcoin and Blockchain be banned as well?

This looks like the stage being set for a wider debate.
Am sure there will be an outcome, but not gonna bet on 20th April for anything. There is just toooo much content to cover.

[layoutph]

I feel sad for you indian folks, hope your government will understand how bitcoin can help your country. Hope someone will stand to enlighten them and removed the bad impression about Bitcoin. Understanding how the blockchain works is the key and stopping them from banning bitcoin.

[btvGainer]

Friends do not jump to false conclusions even before decision is made.There is a possibility that panel.
1.Leave it to RBI to decide.
2.Invite financial experts and IT experts advice before deciding on anything.
3.Ask general public for their views.
4.Set next date for further discussion.
And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

[Sharma]

The best way to tackle this would be renaming bitcoin into...


wait for it...



           COWCOIN




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space reserved for future rants


-

Ha ha ha for them cow dung is more precious than bitcoin I am going to hold cow dung now

[newIndia]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

[btvGainer]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

Yes Global bitcoin price does not depend on India because India is a small bitcoin market but if India government declare it legal,I think a huge market will be opened up and a lot of new people will adopt bitcoin.This can push up btc price

[Blackshadow007]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM

[Forbiddenone]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

[polynesia]

Friends do not jump to false conclusions even before decision is made.There is a possibility that panel.
1.Leave it to RBI to decide.
2.Invite financial experts and IT experts advice before deciding on anything.
3.Ask general public for their views.
4.Set next date for further discussion.
And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

No possibility of the moon just because of Indian government's decision - either way.
The most probable outcome is the appointment of a committee which will give its decision in the next decade.

[Blackshadow007]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

[Wapinter]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

Yes but it can be traced.Government will know how yoi loaded your Visa card and you could be in trouble.
The best option would be to sell btc to someone outside India and receive payment through PayPal or western union.

[S_D]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

Yes but it can be traced.Government will know how yoi loaded your Visa card and you could be in trouble.
The best option would be to sell btc to someone outside India and receive payment through PayPal or western union.

Guys don't sweat it, if at all govt. bans cryptos (which is unlikely to occur too quickly) we shall get time to wind up!

[Blackshadow007]

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

Yes but it can be traced.Government will know how yoi loaded your Visa card and you could be in trouble.
The best option would be to sell btc to someone outside India and receive payment through PayPal or western union.

I don't think so .. cause MP Visa card provided by Offshore bank . Anyways best option is sell btc in LBC for cash .. but for god sake never ever for Gaypal lol .. You don't wanna get a sweet email for your longest running Gaypal account one day , " Sorry we cannot have you as our customer " - permanent ban .