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Author Topic: India banned bitcoin but I don’t want to quit bitcoins ??  (Read 383 times)
Coinlover9
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May 11, 2018, 06:22:24 AM
 #61

I think the ban will stay in place until they have proper regulations and tax structure for it.
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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May 11, 2018, 06:43:37 AM
 #62

As far as I know this issue don't have any basis and maybe OP just freek out when he knew this because if I were him I definitely think what should I do. Or I'll migrate to other country where bitcoin is legal like Japan and I can do everything I want in bitcoin though it's not easy to migrate that easy but with the help of money it will be at ease.

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May 11, 2018, 08:33:51 AM
 #63

Do not be disturbed, Bitcoin has not been ban in India, they just warn there citizen about transaction with it, just the way several countries do, use several platform available to convert your BTC to your local currency, I use Remitano and luno, sure it should be okay for you.

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May 13, 2018, 05:19:01 PM
 #64

But as far as I know, India has not banned bitcoin.I'm not sure if you mean that you would like to convert BTC to fiat currency there locally in India?

If so, then you should rather just get a Crypto debit card...then you can withdraw cash at an ATM.

Some options are Bitpay and WirexApp.com
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May 13, 2018, 05:24:06 PM
 #65

Bitcoin has the advantage of being anonymous and international so you can invest in bitcoins even if your country has forbidden it. And perhaps the prohibition will soon be removed.


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r32godzilla
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May 13, 2018, 05:24:16 PM
 #66

No not yet banned.RBI has said that itwould give three months time for bitcoin holders to convert them in to fiat and quit te bitcoin market.But only after three months,we would clearly come to know that whether bitcoin would be banned or not.For me,i have a friend in dubai and i have decided to sell my bitcoins to him and ask him to send in indian currency to my bank account if such critical situation occurs.

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May 16, 2018, 04:05:18 PM
 #67

The investment in stock market has decreased substantially, it has been banned in India due to economic loss and recession in the domestic market. In this case, the restriction can be removed from it, if it does not happen, then other quotations can become converted into bitcoins

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May 16, 2018, 04:23:01 PM
 #68

Things may happened in some reason and we do not need to loose our dreams and be affected on some things that may happened out of our mind, they have their own reason why they banned it in their country, i think if where living in the same country i suggest you to migrate in other country where bitcoin is legal and you can use your bitcoin for sure.
What the hell are you saying man..how can one simply leave his home,country and work just because he want to use bitcoin...please tell something realistic..well i have heard the news that bitcoin is still not officially banned in India so i think you need some more research

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May 16, 2018, 04:51:10 PM
 #69

Yes, it is true that Indian government don't want us to use Bitcoin or other cryptocurrencies and it has instructed banking sectors to stop providing services to the exchanges involved in cryptocurrency trading but I don't think that it will impact anything on cryptocurrencies in the long term. I recently had a discussion with vice president of leading domestic exchange and he said that market is still not matured and hence it will create chaos for the short term, but there is an option for anyone to use cash or even International exchanges to trade in cryptocurrencies and bring money back to us from fiat payment processors. At this stage, there is no law to prevent us from using cryptocurrencies so there is nothing illegal in it.

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May 16, 2018, 04:55:06 PM
 #70

mate i have been having bitcoins since 2009 but never tried doing it in india . india is too far from even understanding the tech and will always be 20 years behind any western country thats a tragedy

They have a lot of smart people in India, that's why so many Indians are working as doctors and scientists around the world. The problem is their government is dumb and the wages are extremely low compared to the West, that's why most smart people are leaving India to work abroad. Saying that they are far from understanding it is far fetched, they just don't want it in their country because their fiat has such a low value that the crisis is lurking right around the corner and they don't want BTC to bring it earlier than expected. They are buying time.

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May 16, 2018, 05:16:22 PM
 #71

please tell me what can I do to continue on this as RBI will stop any transactions of bitcoin from my bank so I won’t be able to buy or sell bitcoins which will make everything useless what work i do... please advice me what can i do in this situation

RBI has already given instructions to all the banks to withdraw the transaction support related to cryptocurrency services and many banks has already implemented these instructions. In future, it will be difficult to buy and sell the btc through your bank account. In that case, you can use localbitcoins to buy and sell the bitcoins; but also note that there will be a difference between the price.
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May 16, 2018, 05:40:53 PM
 #72

This is bad news for bitcoin world and your job in Bitcoin world. But any problem there must be also solution, if you can not continue bitcoin activity in india country, i suggest to move country, if you think bitcoin is future you.
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May 18, 2018, 12:01:40 PM
 #73

Bitcoin has become an integral part of my life. Hearing this news was so shocking. Why should bitcoin be banned at all. Anyway I am not quitting bitcoin
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May 18, 2018, 12:05:21 PM
 #74

Bitcoin has became integral part of my life since last couple of years... I started with faucets then I bought and started trading bitcoins and later started writing articles about bitcoins and cryptos and now I am spending a lot of my time in this like altcoins trading and many things..... with this news coming I am shocked.. please tell me what can I do to continue on this as RBI will stop any transactions of bitcoin from my bank so I won’t be able to buy or sell bitcoins which will make everything useless what work i do... please advice me what can i do in this situation
if you dont want to quit bitcoin and you live in india that must be so hard but you can use vpn to change your ip address in different countries but im not sure if it wont affect your account
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May 18, 2018, 01:23:47 PM
 #75

You sell it to other people or to your acquaintances abroad. That is a difficult situation but you do not have to break it. Because of your safety it also depends. But if you really want the crypto currency you can still have it but you do not have to have a bank transaction and when you really have money you can sell it to your friend.

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May 18, 2018, 05:55:45 PM
 #76

Yes, if Bitcoin is banned in India, I will not give up Bitcoin. I will buy and invest Bitcoin as usual. Because it was banned in India but in other countries it was not banned. So I will be with bitcoin and buy and sell it.

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May 23, 2018, 07:56:14 AM
 #77

The investment in stock market has decreased substantially, it has been banned in India due to economic loss and recession in the domestic market and also due to money laundring. I think in this case, if restrictions will be removed from it, then other quotations can become converted into bitcoins. And if Government did not removed restrictions if it, then i am in big tension because i made some good investments in cryptos. But i will not quit it and makes some other alternatives for trading.

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May 23, 2018, 08:07:51 AM
 #78

which I know until now India does not ban bitcoin, maybe it's just fake news circulating around you, so keep the spirit to stick with bitcoin before there's really any official news from the Indian government, if they forbid any of its citizens to use bicoin for any.

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May 30, 2018, 07:27:42 AM
 #79

it is no where states that bitcoin has banned the bitcoin...they said they will not deal with any activity on the bitcoins and with your own risks
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June 30, 2018, 07:42:39 AM
 #80

If you are in India, then you need to sell your Bitcoin. As you mentioned that Indian government is banning Bitcoin, so you will be doing illegal activities if you are dealing with Bitcoin. My advise is check the credibility of the banning news and then act accordingly.
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