No need to panic sell after the Ban by RBI

[fiulpro]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

[Hopeful2017]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
We should remember the fact that it's Not China ! We are not living in a dictator's rule and for the sake of bitcoins we need to stand up against this decision.

This is just an old issue about banning of bitcoin in India. I think there is nothing to do with the decreasing price of bitcoin. Remember that it started early month of this year and still on the process of recovering. Please provide a link for reliability.

[fiulpro]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
We should remember the fact that it's Not China ! We are not living in a dictator's rule and for the sake of bitcoins we need to stand up against this decision.

This is just an old issue about banning of bitcoin in India. I think there is nothing to do with the decreasing price of bitcoin. Remember that it started early month of this year and still on the process of recovering. Please provide a link for reliability.

It's all over the internet ...
Try searching a lil.
https://www.google.co.in/amp/wap.business-standard.com/article-amp/markets/cryptocurrency-exchanges-and-investors-take-a-hard-knock-118040601320_1.html

[aso118]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

It is not easy to fight regulators. In case of regulators who have been arm twisted by governments to take certain policy decisions, it is still possible to get the courts to reverse it. In this case, the RBI seems to have taken an independent decision, with valid concerns backing it. I doubt if any court will reverse it.

[stompix]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

Crash? What crash?
The crash from 6500 to 7050?

One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

Yes, everybody knows that it's India not China.
That's why the markets didn't move, because India has no effect on the bitcoin environment.
None.
No big exchanges, no mining farms, no equipment manufacturers, no nothing.
Not even bitoin nodes.

38. India (25)
39. Slovenia (24)

Bottom line, nobody is panicking!

[btccrusher]

I doubt it. When does India become such a big country for Bitcoin issues? It's not China, Japan or Korea. As far I know, India is just a growing country in terms of Bitcoin. So, I don't think this country's change can affect BTC market. US tax, Chinese, Russian, Korean market are the reason for falling BTC price.

[BillyBobZorton]

People will look at whatever news to explain the bear market, the truth is, we are just having a natural, healthy correction, and we bottomed at $5900, so we are doing good. Consolidation of the price is happening on the $6000-$7000 area, we will probably send in no man's land until the summer starts, then we will have the next bull run towards a new all time high, who knows how high it goes next time.

[GlobitexOfficial]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

The markets seem hardly affected by the news. We imagine that many people sold, anticipating a drop in the price of majors. But the decline only really reflected in Indian markets, and was seemingly temporary.

[ralle14]

No big exchanges no nothing.

True, bitcoin exchanges like zebpay and unocoin aren't even close to the volume of big exchanges like bitfinex,bittrex,polo etc.

The markets seem hardly affected by the news. We imagine that many people sold, anticipating a drop in the price of majors. But the decline only really reflected in Indian markets, and was seemingly temporary.

Yeah it didn't have much impact, the price dip felt like it was just another normal day nothing to be worried about.

When does India become such a big country for Bitcoin issues?

It's only now after they announce the ban, not really an issue though people can still buy bitcoin without having a bank account.

[13abyknight]

Highly questionable move by the RBI to completely disallow crypto trading as exchanges in the country will be the ones taking the biggest hit. There will surely be some sort of allowance with petitions across various platforms pressurising the governing body. Just a matter of time before it eventually happens and normalcy is retained.

[pitiflin]

Oh good lord. Bitcoin is NOT banned in India. Have a look: https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/
There is no need for spreading false news. The real news is that exchanges cannot work with banks for fiat purposes I believe,and there is time period of 3 months where the banks can settle all the due transactions with the Indian exchanges,but if the banks don't,they will no longer be a part of RBI's team.

[richardsNY]

It's only now after they announce the ban, not really an issue though people can still buy bitcoin without having a bank account.

Definitely, but it does inflict some level of damage on the crypto sphere there, and that's what RBI is betting on. I strongly hope that people for once start setting up local economies based on crypto only. It would show the government there that they can't keep deciding for people what they can and can't do. On the other hand, the majority of the people are very simple minded, and will likely not fight for their freedom, which is pretty sad. I see that with people around me as well, especially when they start talking about Bitcoin not offering any insurance because it isn't backed by the central bank, etc. It's very difficult to make them ditch that twisted way of thinking....

[GoldenLad]

You are making it sound as if there was a big crash. Bitcoin only dropped a few dollars moreover, the recent price better than the former. And besides, we don't really if the ban from RBI is true cause of the recent crash in the price of bitcoin. Anything can cause it; probably a panic sell from some depressed traders or holders. Or it could even be the normal price correction.

[dmamigo]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

It is not easy to fight regulators. In case of regulators who have been arm twisted by governments to take certain policy decisions, it is still possible to get the courts to reverse it. In this case, the RBI seems to have taken an independent decision, with valid concerns backing it. I doubt if any court will reverse it.

But here this situation is not been regulated, rather they just straightly kept them out of it. Moreover they are willing to launch there own crypto coin, I read, but they are banning the rest and all of sudden which created a mess. This had a indirect government support, I believe every individual regulatory body gets influenced by the political government body or party.
Don't know if this can be reversed but things can be changed if the countries citizen supports, but that's tough because nearly 70% I guess won't even care.

[magneto]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

This actually didn't even affect the market that much. But there are still some traders will will panic.

As you said there is absolutely no need for panic selling. First, RBI hasn't banned bitcoin itself. Bitcoin trading is still legal. But exchanges' operations will likely be severely affected by this ban on banks dealing with crypto.

There will always be other routes apart from exchanges to cash out your bitcoins. Big bitcoin traders that already have a crypto stash will simply move to international exchanges. India's bitcoin volume isn't even that high compared to China's, and China's ban on exchanges did not affect the bullishness of the market at all. These are all short term worries that will be resolved sooner or later. Focus on the long term, don't let these news pieces affect your holding strategy.

[Reatim]

Yes, for those educated on crypto, they wouldn't give a itch or moved their eyelash simply because RBI ban any financial entity to deal with crypto. But for those investors, mostly newbies they see this as a negative thing that's why they easily panic and the next time you know, they are pushing the sell button immediately without reading the lines. But everything has settles down, they will realized that its a complete FUD because India didn't ban bitcoin or cryptos.

[Jonsnowstark]

There's no use panicking. We all have to stay calm. We will get through this. There has been a lot of negative news goin out since bitcoi. Reached 20,000. I think this is just a way for the banks and the government to eliminate bitcojn entirely. But if we hold we prove to them thatt noone can manipulate bitcoin.

[Getcoinsite]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

Youve got a good point there mate India is not a communist country like china,so the government policy can be dictated by majority of its people,i guess this situation will end up in favor of the investors since theres a huge money's involving here..im wondering why all of a sudden india make this strong moves against cryptocurrency while in the past years its doing great with,them

[jostorres]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
We should remember the fact that it's Not China ! We are not living in a dictator's rule and for the sake of bitcoins we need to stand up against this decision.

This is just an old issue about banning of bitcoin in India. I think there is nothing to do with the decreasing price of bitcoin. Remember that it started early month of this year and still on the process of recovering. Please provide a link for reliability.

Bitcoins have been facing so many claims and issues since the first day of their life. People are not accepting them and especially those people who are afraid that might be bitcoins would be the only reason for their drop. Like this one, definitely Indians would have an issue with bitcoins as everyone else does. But you are right, while spreading such information, we must share at least one authentic news reference with it.

[amishmanish]

Yes, everybody knows that it's India not China.
That's why the markets didn't move, because India has no effect on the bitcoin environment.
None.
No big exchanges, no mining farms, no equipment manufacturers, no nothing.
Not even bitoin nodes.

38. India (25)
39. Slovenia (24)

Bottom line, nobody is panicking!

LoL..Enough with shaming Indians for the lack of bitcoin nodes. Wait till I make it 26..  

The OP didn't mean to warn the whole community I suppose. It's just for Indians buying on the small exchanges like Zebpay. The day the announcement was made, Bitcoin price dropped below the international price by around 5%. This despite the fact that the price always used to be about 10% higher because of the premium on currency conversion.

So it did experience a minor crash and OP was probably trying to address just that.
And yeah it's a shame that we cannot really afford mining farms let alone equipment manufacturing because of the service dependent economy we have. We jumped straight from growing wheat to typing code. Missed the manufacturing sector completely. Hopefully there'll be some improvement with the renewed focus on Defence manufacturing.