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[7788bitcoin]

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? 

I am not sure whether there is any regulation regarding bitcoin in India and hence it is not illegal but there was a circulation from the central bank or their reserve bank to the banking sector to stop dealing with crypto currency based companies and now majority of the exchanges have shut down or moved away from their traditional system and a few have adopted P2P trading.
Having a cash limit at home is nothing new, you will find that in majority of the nations but i am not sure about the limits.

[DreamStage]

You all do realize Bitcoin is in fact a pronzi
We all get profits from the difference between buy and sell prices when others buy bitcoin. Which technically is a pronzi

https://en.wikipedia.org/wiki/Ponzi_scheme:
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

[LUCKMCFLY]

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing


edit: Im Indian

Well this is something that we must always face in day to day, the FUD that is done from a government, is something normal as they attack the Bitcoin, they are already saying that it is a Ponzi scheme? Well, I think they should read at least the Whitepaper and everything Blockchain technology has with it.

It can also be a strategy for people in India to sell their bitcoin and the government or specialized people buy them, so they can accumulate much more money.

This type of strategy should not be ruled out that they can use it, because many are realizing that bitcoin can continue to increase almost $ 50k in the near future. Although I wonder, how can you get an idea like that? will it be that they are not clear about what a Ponzi system is? or that they are just small enthusiasts who do not know how to manage technology and who are learning in that way? good everything is possible, in the crypto world everything, absolutely everything can happen, nothing is exempt that does not happen. Crypto is like life itself.

[TheCoinGrabber]

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? 

To my knowledge the restrictions were made in such a way that bitcoin cannot be used for products or in exchange for services. This way it hasn't limited the exchange for fiat. Long back itself the government have come up with a team to research whether bitcoin needs to be regulated or need to be banned. It might have warned people don't fall to ponzi in the name of bitcoin.

Oh, so they still can use exchanges then. I'm going to assume it's possible to pay for goods/service in bitcoins if handled through that exchange.

I think its just not in India where there are people using the name of bitcoins for scams. They tend to target who only have a vague recall of the name and sell them shitcoins or outright fleece them.

[BennyK]

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

I don't know how authentic this is, I read an article which claimed the Central Bank of India has authorized cryptocurrency. If this is true, how come the governments of the same country pick one cryptocurrency (Bitcoin) and relate it to a ponzi scheme. Is it because the governments are afraid of the potentials of decentralized financial transactions which Bitcoin takes a lead?
Most of the young generation now are developing the interest in utilizing cryptocurrency after knowing its benefits. This generation is the future and this means the future of crypto and Bitcoin is bright irrespective of the governmental decisions now.

[Apes]

that is the government right to limit cryptocurrency circulation, to safeguard national assets and protect its people from cybercrime, although there is no strong evidence ponzi scheme issue, the relevant ministries must have thought about the impact that will have on the national and global economy against this banning step, whatever the government reason also does not have to give a clear reason to ban cryptocurrency because that the government right of that has been decided.

[Sithara007]

that is the government right to limit cryptocurrency circulation, to safeguard national assets and protect its people from cybercrime, although there is no strong evidence ponzi scheme issue, the relevant ministries must have thought about the impact that will have on the national and global economy against this banning step, whatever the government reason also does not have to give a clear reason to ban cryptocurrency because that the government right of that has been decided.

What a load of BS.

Yes. The government has every right to safeguard the national assets. But that doesn't mean that it can dictate the right of the citizens to invest in a particular asset. And I think that you are confused about the linkage between cybercrime and cryptocurrency. I am 100% sure that the latest move by the Indian government has nothing to do with "protecting its people from cybercrime". It has more to do with keeping the citizens under constant surveillance and forcing them to use the worthless national currency.

That said, I have some advice for you:

1. In case you support a ban on BTC, then please don't join any signature campaigns here.
2. Improve your grammar, if you don't want to get reported for spamming. 

[LogitechMouse]

Well, we can't do anything about it since Bitcoin is decentralized and unregulated.

These ignorant lawmakers will regret if the price of Bitcoin will rise in the next years and will reverse their decision and let Bitcoin be use in India. Since you are an Indian OP, I think you will know what to do now. I know you are a Bitcoiner and you are a believer . Just do what you are doing.

[valentin68]

Bitcoin is not a Ponzi scheme. Bitcoin is good money. Bitcoin is that money very necessary for the world economy to grow, to raise (to increase) production and maintain the peace for the next 100 years to come.

Indians are very good matematicians. I respect them for this. They have taught me physics, they have taught me mathematics.
 If you praise for 20 or 30 years a thing (bitcoin) that will grow in price, that will be 100 million dollars/1 bitcoin, that thing will happen.

You can not say that something that is accepted as money in the every country of the world, is a Ponzi scheme.

[killat]

Banks are paranoid if BTC survives they will lose their business so, every time I hear about this type of news .. It seems to me like Banks are trying to scare people from BTC. And no, BTC is definitely not a ponzi scheme.

[Wingo]

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing


edit: Im Indian

The problem is they don't see the benefits that cryptocurrencies can give especially to the government, in tokenizing and securing processes. These law makers does not have enough knowledge about the technology, they are killing the better possibilities. The market of course is volatile because it is decentralized, they are only seeing the cryptocurrencies like bitcoin as a digital coin with a very volatile price and not the underlying technology.

[ttcsalam]

A major country in the Indian sub-continent. They have been trying to build a regime since 2018. I do not think they can stop it. Because most of India's autistic people are seeing it positively.

[Netnox]

Banks are paranoid if BTC survives they will lose their business so, every time I hear about this type of news .. It seems to me like Banks are trying to scare people from BTC. And no, BTC is definitely not a ponzi scheme.

Bitcoin is decades away from replacing the banks (if that ever happens). I think that the banks are more worried about being associated with money laundering and contraband sales. Money laundering is a big issue in India, and after the demonetization exercise in 2016 there was a sharp increase in the crypto sales in that market. Another worrying aspect is that last year (2018), there were incidents of cops raiding houses and seizing narcotic substances which originated from dark markets (where BTC is accepted as a mode of payment).

[BuxCoin]

not only Indian govt many other countries have restrictions for btc , i think govt is worried that btc being used for payments in many  illegal stuff and recent news of bomb blasts in srilanka have also suspects that transactions were made through bitcoin for terror actives   

[Odonko]

Almost anybody who does not like the use of cryptocurrencies as a new way of making payment for transactions call bitcoin a ponzi scheme. It's been a decade now and bitcoin is still being used by crypto enthusiasts to make payments for their  transactions. Alll these negative comments would change once they get to understand how cryptocurrencies really work and its importance.

[uneng]

As I see India isn't going to ban bitcoin, it's just not possible to use local banks (working with central bank) to work with crypto exchanges. But you can still use the trading platforms. Also, Securities and Exchange Board of India (SEBI), sent its officials to Japan, to better understand how their regulations work.
Maybe they will copy a similar regulatory method that is already used in Japan.

[veleten]

You all do realize Bitcoin is in fact a pronzi
We all get profits from the difference between buy and sell prices when others buy bitcoin. Which technically is a pronzi

https://en.wikipedia.org/wiki/Ponzi_scheme:
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

bitcoin is not a "pronzi" , getting difference between buy and sell price doesn't constitute a ponzi scheme , get your facts straight
this would mean any shares you buy that grow in price are ponzi 
ponzi pyramid scheme is a fraud scheme where the sole purpose of it to get others scammed and it often offers no product or asset
bitcoin is nothing of the kind , its price is volatile and you can both lose and earn money selling it but new investors are not the source of funds ,
there are no institutions that profit from selling it to the new members and it is decentralized with the deflationary mechanism inbuilt

[Prateek_sharma]

One of the safest way to trade bitcoin in India is p2p trading, So, i recommend you to choose leading p2p exchange Airfio which is safe, secure and simple to trade.

[r1a2y3m4]

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india

Just because of the crash bitcoin has been labeled a ponzi scheme? What government are you having?? Probably they are not doing their own researches on cryptocurrency. At the first place why is it just now? Bitcoin had ups and downs why didn't they banned bitcoin at the first place when it first drops from $30 to $2?

[MFahad]

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing


edit: Im Indian

I also heard it and it is really sad news, because India has huge population and these people are very hard working and technically working very well. So this news will be disturb them by their career wise. Government should think about it once again.