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Author Topic: Am a newbie for bitcoin. Friends please clear my doubts  (Read 433 times)
bitcoiner93
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January 02, 2019, 07:14:38 PM
Merited by LoyceV (1)
 #1

Friends all we know bitcoin is transaction is not allowed in india. only few indian companies are available that also require KYC. I dont want my details to get exposed. i have some doubt in purchasing bitcoins. I have listed my doubts below please clarify it.

1. If someone buys bitcoin from blockchain in another country,for example (US blockchain user). And if they send bitcoin to my wallet address(Indian block chain user). Can I able to receive bitcoin or not
2.If I receive the bitcoin from that user. can I able to send it to other wallet id such as zebpay or coinbase or localbitcoins etc..

Please clarify these doubts as soon as possible.


Thanx in advance
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January 02, 2019, 07:24:05 PM
Merited by LoyceV (1)
 #2

1. Yes, you can receive them without worrying about your wallet and you can receive bitcoin even bitcoin is not allowed in your country just make sure that you are using VPN if you are hiding.

2. Yes, you can send them to any bitcoin addresses or any online wallets just make sure that you are using a trusted wallet like electrum to send bitcoin anonymously.

I think Bitcoin in India is not illegal according to the wiki and some news out there. So you are free to send and receive bitcoin without hesitation.

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January 02, 2019, 07:38:47 PM
 #3

Friends all we know bitcoin is transaction is not allowed in india. only few indian companies are available that also require KYC. I dont want my details to get exposed. i have some doubt in purchasing bitcoins. I have listed my doubts below please clarify it.

1. If someone buys bitcoin from blockchain in another country,for example (US blockchain user). And if they send bitcoin to my wallet address(Indian block chain user). Can I able to receive bitcoin or not
2.If I receive the bitcoin from that user. can I able to send it to other wallet id such as zebpay or coinbase or localbitcoins etc..

Please clarify these doubts as soon as possible.


Thanx in advance

I can also doubt that your country could ever hold you from getting your cryptocurrencies. If they can trace you then I think that would be a problem, but I don't see anything that India is banning crypto there.
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January 02, 2019, 08:05:32 PM
 #4

1. Yes, you can receive them without worrying about your wallet and you can receive bitcoin even bitcoin is not allowed in your country just make sure that you are using VPN if you are hiding.

2. Yes, you can send them to any bitcoin addresses or any online wallets just make sure that you are using a trusted wallet like electrum to send bitcoin anonymously.

I think Bitcoin in India is not illegal according to the wiki and some news out there. So you are free to send and receive bitcoin without hesitation.
can you suggest some trustable bit coin wallets some people says trezor is best. which wallet is highly secured? Is blockchain wallet safe? can we store our bitcoin in blockchain over a long period of time?
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January 02, 2019, 09:53:58 PM
 #5

can you suggest some trustable bit coin wallets some people says trezor is best. which wallet is highly secured? Is blockchain wallet safe? can we store our bitcoin in blockchain over a long period of time?

Here is my own list of recommended wallet below.

1. Hardware wallets (highest secured wallet)
 - Ledger Nano S
 - Trezor wallet

2. Desktop wallet (secured)
 - Electrum wallet
 - Bitcoin core QT

3. Paper wallet (Depends on how you protect your private keys)
- You can make paper waller from this site bitaddress.org just download the page and disable your internet then you can start generate your own paper wallet offline including your private keys and public key.

4. Mobile wallet(not good for holding large amount of bitcoin or holding bitcoin for a long time)
 - Electrum Android wallet
 - Coinomi
 - Mycellium


I recommend this list of wallet based on my experienced and they are all trusted

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January 02, 2019, 11:38:14 PM
 #6

1. Yes, there's no restriction on where you live. Bitcoin transactions are covered worldwide regardless of the state's policy, you can always receive bitcoin from anyone as long as they send it directly to your wallet address.

2.Yes, you just need to send it to the zebpay bitcoin address of your account, not others account but yours.

Is blockchain wallet safe? can we store our bitcoin in blockchain over a long period of time?
I use blockchain.com's wallet and I had no problems with that. But if you are looking for the highest quality of wallets, buy a hardware wallet. My personal choice is to get your very own ledger nano s.

PS: Would you clarify if India do really ban bitcoin transactions? AFAIK with the news online, they only give caution to the public.

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January 03, 2019, 06:12:28 AM
 #7

you should really consult a professional about this but so far i have not read anything reliable about bitcoin being banned in India and only random newbies on social medias spam about the ban with falsified information. what happened was that the Reserve Bank of India stopped letting people use their bank to buy bitcoin and people are misinterpreting that as a ban!

Is blockchain wallet safe? can we store our bitcoin in blockchain over a long period of time?
I use blockchain.com's wallet and I had no problems with that.

blockchain.com has had lots of issues even security issues in the past, the fact that you never faced any doesn't make it any safer.

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January 03, 2019, 06:35:53 AM
 #8

Friends all we know bitcoin is transaction is not allowed in india. only few indian companies are available that also require KYC. I dont want my details to get exposed. i have some doubt in purchasing bitcoins. I have listed my doubts below please clarify it.

1. If someone buys bitcoin from blockchain in another country,for example (US blockchain user). And if they send bitcoin to my wallet address(Indian block chain user). Can I able to receive bitcoin or not
2.If I receive the bitcoin from that user. can I able to send it to other wallet id such as zebpay or coinbase or localbitcoins etc..

Please clarify these doubts as soon as possible.


Thanx in advance
Bitcoin is a decentralized currency and at that if you have a wallet address and an internet enable device then you can send and receive bitcoin from any where and at every time, tour country may not support bitcoin but that does not mean you can not own and use bitcoin that is the freedom bitcoin have offered us as a community.
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January 03, 2019, 07:21:13 AM
 #9

Friends all we know bitcoin is transaction is not allowed in india. only few indian companies are available that also require KYC.

Your comment here - that you believe bitcoin is not allowed, but yet companies are available [to deal in bitcoin] - is contradictory. It makes me believe you don't know for sure what the legal status of Bitcoin is in India.

As such, i'll offer some research for you.

Quote from: Legality of Bitcoin in India
Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

"The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system," Jaitley said.

In early 2018 India's central bank the Reserve Bank of India announced a ban on the sale or purchase of cryptocurrency.

Legality of Bitcoin in India

Owning Bitcoin remains legal in India, transacting in Bitcoin...particularly the buy or sale is illegal. But this ban really only influences companies from conducting such activities within India's borders. It can't prevent you from buying Bitcoin from a market located outside of India...the infrastructure of Bitcoin's network makes it possible for you.

Governments can outlaw that which they don't understand, that which scares them.

For a long time in the history of humans it was illegal to practice a religion, illegal for anyone to own property, illegal for certain people to vote or even live free. Were those good decisions? No. Don't let the flaws of Government get in your way, after all, they're only human!

VitKoyn
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January 03, 2019, 07:32:31 AM
 #10

Friends all we know bitcoin is transaction is not allowed in india. only few indian companies are available that also require KYC. I dont want my details to get exposed. i have some doubt in purchasing bitcoins. I have listed my doubts below please clarify it.
Wrong, Bitcoin transactions can happen even a country already banned the use of it. And as far as I know cryptocurrencies like Bitcoin is still allowed in India and they are in process of regulating it.
1. If someone buys bitcoin from blockchain in another country,for example (US blockchain user). And if they send bitcoin to my wallet address(Indian block chain user). Can I able to receive bitcoin or not
Of course you will receive those Bitcoins because Bitcoin is decentralized cryptocurrency and no one can control which transactions can only happen or verified, even governments can't stop you from making a Bitcoin transaction, unless you bought Bitcoins from a scammer. So just be sure to buy Bitcoin only from a reputable exchange or platforms.
2.If I receive the bitcoin from that user. can I able to send it to other wallet id such as zebpay or coinbase or localbitcoins etc..
Of course you can send it on any Bitcoin wallets that you have. The only problem that you can possibly have is if your bank or government doesn't allow you to have Bitcoin to fiat transactions but there are some alternative ways to solve that.
kelz1
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January 03, 2019, 07:41:45 AM
 #11

Bitcoin has no boundaries, it is a global payment system. If they put a block on Indian IP addresses you need a VPN and set the country to somewhere else. However, bitcoin transactions cannot be blocked as long as you hold the private key you can get it anywhere

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January 03, 2019, 11:02:35 AM
 #12

you should really consult a professional about this but so far i have not read anything reliable about bitcoin being banned in India and only random newbies on social medias spam about the ban with falsified information. what happened was that the Reserve Bank of India stopped letting people use their bank to buy bitcoin and people are misinterpreting that as a ban!

Is blockchain wallet safe? can we store our bitcoin in blockchain over a long period of time?
I use blockchain.com's wallet and I had no problems with that.

blockchain.com has had lots of issues even security issues in the past, the fact that you never faced any doesn't make it any safer.
It is just based on my experience and it's a web wallet which we can't trust with large sums of bitcoin if its good for storing for a very long time. I suggested him to still get into hardware wallets as its the best to use.

It's up to him if he will avail or not, I don't know if he has budget to purchase one but I think he's able to get one for himself. OP may I ask one more question, are you really from India? you should be aware of crypto happenings there.

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January 03, 2019, 11:53:58 AM
 #13

Bitcoin runs on a blockchain, blockchain is a software, blockchain runs on multiple nodes all across the globe, therefore first no one can bring it down, second it can not be tracked from where did the money came and where did it go.
For any of the myths that you have you should read good books about cryptocurrencies, follow fellows who are bitcoin evanglist like Jameson Loop - https://lopp.net/bitcoin.html

He got a curated list of all good articles for beginners, including tutorials.

Now I will tell you about exchanges -
There are two type of exchanges, centralised and decentralised, it is almost impossible to use a decentralised exchange. Hence people use a centralised exchange.

Decentralised Exchanges - IDEX, Etherdelta, KyberNetwork etc.
Centralised Exchanges - Binance, Bittrex, HitBtc etc.

Then there are custodial and non custodial exchanges, custodial are those who store your currencies with them, try to avoid custodial exchanges considering they do not provide you your private key(kind of bank account password) and there has been many cases of custodial accounts being hacked in past.

Prefer to use wallets like Trezor/Nano or meta mask for storing ERC20 tokens, keep your private keys safe with you.
Use Non Custodial Exchanges like -
CoinSwitch exchange (highly rated for me), they have 400+ coins with them, and they do not store your currencies with them.
Changelly, Shapeshift are few other examples of non custodial exchanges.


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January 03, 2019, 12:04:17 PM
 #14

Correct you, in fact, the address of Bitcoin does not distinguish between countries. Your so-called "Indian address", "US address", etc., does not actually exist, because as long as you have a bitcoin address, you can use it in any country and accepts bitcoin, the only condition is that you have a private-key.
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January 03, 2019, 12:38:10 PM
 #15

Friends all we know bitcoin is transaction is not allowed in india. only few indian companies are available that also require KYC. I dont want my details to get exposed. i have some doubt in purchasing bitcoins. I have listed my doubts below please clarify it.

1. If someone buys bitcoin from blockchain in another country,for example (US blockchain user). And if they send bitcoin to my wallet address(Indian block chain user). Can I able to receive bitcoin or not
2.If I receive the bitcoin from that user. can I able to send it to other wallet id such as zebpay or coinbase or localbitcoins etc..

Please clarify these doubts as soon as possible.


Thanx in advance

Of course there is no problem. Distances or country borders have no meaning for BTC transfer - a very simplified comparison will be that it works like sending an email from one mailbox to another.







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January 03, 2019, 12:46:32 PM
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answers to your both questions  - YES, you can unless Bitcoin is Illegal in India.
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January 03, 2019, 12:55:12 PM
 #17

 using Vpn application is the only key for your problem mate.  Its a big help for you to hide your true location. But i suggest to make some research first before using it.   to assure it's safe as well on your country to use vpn.  because nowadays there are some country that want to banned vpn , which is prohibited also because of some causes. So be aware and make a research.
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January 03, 2019, 01:43:47 PM
 #18

Friends all we know bitcoin is transaction is not allowed in india. only few indian companies are available that also require KYC. I dont want my details to get exposed. i have some doubt in purchasing bitcoins. I have listed my doubts below please clarify it.

1. If someone buys bitcoin from blockchain in another country,for example (US blockchain user). And if they send bitcoin to my wallet address(Indian block chain user). Can I able to receive bitcoin or not
2.If I receive the bitcoin from that user. can I able to send it to other wallet id such as zebpay or coinbase or localbitcoins etc..

Please clarify these doubts as soon as possible.


Thanx in advance
if they want to track you down and punish you if it's against the law. therefore, it is better not to risk and create problems for yourself. go to the country where it is legalized and create transactions there and get income from the sale

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January 03, 2019, 02:17:34 PM
 #19

To understand the basic concept of Bitcoin and its private keys, you might want to check this video:

https://www.youtube.com/watch?v=ZloHVKk7DHk

Bitcoin is not a bubble, it's the pin!
+++ GPG Public key FFBD756C24B54962E6A772EA1C680D74DB714D40 +++ http://pgp.mit.edu/pks/lookup?op=get&search=0x1C680D74DB714D40
andrerusso
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January 03, 2019, 02:25:48 PM
 #20

I was not aware that Bitcoin is not allowed in India.  if that is the case, I believe it might be too risky.
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