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Author Topic: Bitcoin Resources - Consolidate List (India Specific) v2.O  (Read 183 times)
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Heisenberg_Hunter
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August 21, 2019, 06:51:07 AM
Last edit: September 15, 2019, 03:43:29 PM by Heisenberg_Hunter
Merited by 2double0 (5), amishmanish (5), avikz (2), eaLiTy (2), amicrypto (2), JSRAW (1), akhjob (1)
 #1

Bitcoin Resources - Consolidate List (India Specific)


Introduction

The original topic has worn out/outdated and the legality of cryptocurrencies has changed a lot in India comparing to the days when Benson was in power. So I decided to create a topic not diverting from the original vision and to add many more points on how bitcoin and it's counterparts can really be helpful for us, the Indians. When I came to know about BTC in late 2016, initially at first I thought this as a get rich quick scheme/stock market sort of asset as majority of us thought. As when days passed by, I started realizing the true vision of why satoshi created this in 2009.

Keeping the shitty Indian regulations made by the uneducated politicians aside, let me focus on what we as Indians can do to achieve the full potential of bitcoin as well as contribute to the betterment of the community. This topic will go through almost all the relevant information, and will probably help us to compete with global bitcoiners in terms of technology as well as by physical means. We do have a good grasp and are equally knowledgeable but the problem is that we are governed by uneducated shit rulemakers who is always willing us to remain slaves or not to learn anything new.

Either you are a trader, stock broker, investor, developer, jewellery maker/collector, gambler, freelancer, a hardware specialist (Electronic Communication Guy), Goods Trader (it may be physical or digital), Lender (who gives non-collateral loans to the needy for interest) Bitcoin offers a wide range of opportunities for us to cherish in the respective fields. But we, the fellow Indians just look at the trading/stock market scheme of bitcoin and ruin ourselves with our country laws made by the uneducated shitty politicians who need a generation age to understand what bitcoin is and to use them in real time.

For instance just go to a random local board (say Italian -> Guide) there our fellow forum members create topics to educate people on Lightning Network, Schnorr Signatures, Electrum usage etc. Apart from a few handful of us, does any of the spammy shitposter know what does a lightning network really means? No, that's because the majority of us hunt for money but not really willing to learn the technlogy and implement them.So this topic covers the various ways on how effectively we can use bitcoin and stand on top among the fellow forum members.




Table of contents

     1.Traders
     2.Developers
     3.Mining
     4.Wallets - What to use and Why to use?
     5.Collectors - Gold and Silver Traders
     6.Gamblers
     7.Freelancers


1. Traders

Buying and Selling for profits has been a old practice in India. We buy goods at a cheaper rate and sell them for higher profits. Cryptocurrency as a whole is subjected to extreme volatility. The prices may rise and fall ~$1,000 within a hour. So, if you are a solid trader and be well aware of the news going around in the digital world you can trade with your cryptocurrencies. I don't really need to give much of a intro for trading as around 95-98% of the Indians (who know about crypto market) trade with their bitcoins.

Some websites where you can trade bitcoin and Ethereum :

1. Binance - A centralized crypto exchange which handles major volumes.

2. IDEX- A decentralized ERC20 exchange which can be used for buying and selling ERC20 tokens for your ether.

3. Localbitcoins - INR <-> BTC trading pair anonymously (at least off the radar)
I have bought cumulatively 1+ BTC at various time frames from 2016 - 2019 from various traders here. Until the problems/legal regulations get sorted out, I would stick with this site for my withdrawals

4. COINDCX - I have personally used this exchange twice for withdrawal and they do seem to be trustworthy for buying and selling through INR.

5. WazirX- A recent entry into the game of cryptocurrencies, WazirX has been operating flawlessly for BTC - INR pairs.

6. Bisq- Bisq is a P2P, non-Custodian  and a decentralized exchange.

7. LocalEthereum - INR <-> ETH trading pair anonymously. If you are a user of Ethereum and would like to invest in them apart from Bitcoin, we could better stick with the LE site for our buying and withdrawals. LocalEthereum is a perfect alternative o buy Eth using INR, but you need to pay attention for the scam traders and do your own research before buying from them. I can personally suggest to use this exchange as similar to LBC.

Either way it is better to buy USDT for INR, and then trade with USDT in Binance.



2. Developers

Indian Bitcoin community lacks a major role in contributing to the code or in the creation of new blockchain developers. We have a strong development team which can compete with the first world developers. But the determination to learn new tech is what we lack all over the country. Whenever I get into the Bitcoin github, I search for at least one Indian guy who can speak with code but I don't find one. Though skang is not active in forum, he has a strong technical knowledge on blockchain and is very much active in Telegram.

If you are a normal Indian engineer or at least a guy with a basic CS background, why not read Cryptography (apart from the sylabbus) and educate yourself more to create your own blockchain or help the fellow bitcoin developers? Sadly our universities  have only one subject on Cryptography and that too doesn't get deep with tech. Use a compiler, download Eclipse CDT/ any text editors and start testing the code or review the pull requests in the github. That will help you in getting a grasp on how the Bitcoin development works. If you are good with concepts, change the code and build the headless bitcoin from scratch. If you find a issue, post them in git - we need more Indians to get in with the Bitcoin/atleast blockchain development.

You can always download core and start playing with the application in Regtest/Testnet mode. If you feel any difficulties, you can PM me anytime and I can assist you with what to learn.

Some useful resources for taking you forward in the game

1. Bitcoin - Github - The official source code which is worth billions of dollars.

2. Mastering Bitcoin: Programming the Open Blockchain - A very good programming book on bitcoin which will help you in understanding development from scratch. If you are bad at understanding English and would be to read the book in our official language (Hindi), Bitlover10 has done a wonderful translation on the book and posted in the forum.

Mastering Bitcoin :- पहला अध्याय ( बिटक्वाइन का परिचय)

3. Bitcoin - Developer Documentation - The official developer documentation which helps us in understanding each and every concept on bitcoin.

If you are a native Hindi speaker, the developer documentation is also available in Hindi.

4. Bitcoin - Developer Mailing List - The official mailing list for bitcoin developers. You can subscribe to it and can learn how developers work.

5. Contributing to Core Development- Learn how to contribute to core.

Side Note : Use Ubuntu environment always or at least WSL provided by Windows. Though I have personally tested various PRs, I am involving myself slowly into understanding cryptography and in future I would get involved myself with the Core Development.




3. Mining

Mining is one of the important aspects for the proper functioning of Bitcoin and other cryptocurrencies. Miners spend a lot of computer energy to verify the transactions and add them in the blockchain.
Along with that, the miners get rewarded with 12.5 BTC as per the current reward rate which is included in that particular block and goes to the miner's address.
Today, mining difficulty has risen to higher standards where you can't mine bitcoin or other popular cryptocurrencies using your home CPU.

Some helpful resources to get started with mining bitcoins :

1. Mining Section - Mining is one among the heavily moderated section in the whole forum. If you have beginners question on mining, try directing them to Beginners & Help as your topic might get trashed easily.

2. Getting Started with Mining - This topic provides you a good intro to Mining and the Hardware you need to buy.

3. Current List of Competitive Hardware - This topic provides you a general idea on what hardwares are compatible for us to mine bitcoin.

4. AntPool - Antpool is the most famous pool for combined mining activities. Nowadays it is not really advisable to mine bitcoin individually.  So miners join various pools, provide their hashpower and receive bitcoin in return.



4. Wallets - What to use and Why to use?

There is a common misconception among everyone that bitcoins are stored in the wallet like our physical cash and coins. That's completely wrong, the Bitcoins are stored in the blockchain and you need private keys to spend them. So the wallets only store private keys and not the Bitcoins. Here is a topic written by Lauda which can educate you on what wallets we can use : [General] Bitcoin Wallets - Which, what, why?

Guides and theories are often presented well in this forum, and I suggest the new beginners and the oldies to read this topic and start using the wallets suggested there. For Newbies, please don't fall for any web wallet scams or electrum phishing links. Every trusted wallet has been mentioned in the Beginners Sticky topic and it gives a deep insight on best wallets to secure your private keys.



5. Collectors - Gold and Silver Traders

Have you ever heard of Physical Bitcoins? Physical Bitcoins are the physical embodiment of the native digital currency bitcoin. Initially when I heard of them, I thought these are scammy in nature. But after learning through them a separate market apart from the digital world is being run by collectors and precious metal coin makers. Here, the coins are loaded and the private key required to spend them are printed on back of the hologram. This hologram is printed on back of a physical coin made of bronze/silver/gold.

So, whether if you are a gold/silver investor or would like to collect rare coins like Bitbills, Casascius then Physical Currencies are the best way to cherish in your career. Coin Makers from all over the world make coins and sell them for bitcoins in EBay and Collectibles section of our forum. If you are the other way around like you can mint your own coin, you can do that and auction in the collectibles section of the community.

Collectibles vary in prices with the rarer ones reaching as high as even $50,000. 2 months back a first day funded 1 BTC Casascius coin (very first physical coin representation of loaded bitcoin) reached a record breaking price of 6 BTC.

Some useful resources for mastering the physical coin market

1. Collectibles Child Board : The official section where Auctions and Announcements would be made for the Physical Bitcoins.

2. Encyclopedia of Physical Bitcoins and Crypto-Currencies by Elias Ahonen - Regarded by Physical Crypto Enthusiast as the Bible of Physical Coins, this particular book covers the Physical Bitcoin Market with utmost details with numerous information on the various rare physical crypto coins available in the market. You can buy this book from Amazon India.

3. https://wiki.coin.community/Main_Page - A website dedicated for Physical Cryptocurrencies.



6. Gamblers

Gambling has been always seen as a negative way for losing your hard earned money. In India, people do gamble but not on a larger extent as other Western people does. Along with that, Indian laws never allow us to gamble for a longer time period AFAIK that's because we are living in a centralized nation where slavery and bribery is being followed in a nation-wide level. So if you are a gambler and willing to lose your money on Gambling, Bitcoin and other cryptocurrencies help you in a global scale. Bitcoin, Ethereum along with other Alts are helpful to gamble at a global level throwing away the legal restrictions which our country has implied on us. You could read the topic made by DarkStar_ which provides a better insight on house edges and good crypto gambling websites available for us.

Some useful resources for Gambling with your cryptocurrencies :

1. Overview of Bitcoin Accepting Sportsbooks (with margin/house edge comparisons)

2. FortuneJack - FortuneJack is one among the most trusted crypto gambling websites. There are players and bitcoin whales all over the world who trust FortuneJack and their fair play in the Crypto Gambling Market.

3. Test Cricket Prediction and Discussion Thread - One among the most active topics in Gambling subsection which helps gamblers a lot in placing bets and having a deep insight on the Test Cricket.

Note that, I have gambled rarely and have little knowledge on gambling. So kindly do your own research before gambling. I will try to update more links soon.



7. Freelancers

Freelancing opportunities provide a major relief to the unemployed youths in the country. If you are a content writer, Designer, Translator, Developer you can post your services in the Services board of bitcointalk and can provide services for bitcoins or other alternate cryptocurrencies.

1. Services

I would consult with Legendster and update this topic further for freelancing ideas and links.



Credits and Revision History

This is just an initial draft which puts together all the ideas I have analysed so far which can be much helpful to the Indian people as a whole. Taxation, Legal Laws and other's would be periodically updated by discussing with other members of the community.

Code:
v0.1       21-08-2019    Initial Draft                                        Heisenberg
v0.1.1     11-09-2019    Minor Changes and addition of Mining Section         amishmanish, pawanjain, newIndia

Topic is self-moderated to prevent spammers and trolls from ruining this thread.

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August 21, 2019, 06:59:34 AM
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August 21, 2019, 06:59:50 AM
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August 21, 2019, 10:14:04 AM
 #4

Excellent piece of suggestions with a touch of angry common man, I hope your voice reach out to at least a few Indian users.

I wrote something about Freelancing last year. It's not a well-written piece because I don't have a good command of English when it comes to writing, but I tried to summarize my experience when I started my freelancing career. Hope it might help someone.

Having said that, if anyone wants to start a career in 3d Gaming World or want to learn seriously ( Modeling, Texture, Animation), then I can surely help out with step by step curriculum. ( What to learn, from where and how?)

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August 22, 2019, 05:55:41 AM
 #5

Very well done Heisenberg. I am sorry I was busy the last few days and couldn't respond. The technical and Gambling section is something I am interested in and the guide was great.
Some recommendations:

1. Include list of trustworthy Indian-specific LBC traders you or someone else has personally traded with.
2. In the Gambling section, you could include the links for discussions on ODI, Test, Indian Sports for a starting point to Indians:
Pro Kabaddi league discussion
Test Cricket Prediction and Discussion

Great start.
वीर तुम बढे चलो, धीर तुम बढे चलो। Smiley

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August 22, 2019, 05:34:33 PM
 #6

Very well written. Though you have covered a few major aspects here, I think it's still incomplete.
You can add Mining as one of the content since it is one of the most important part when it comes to cryptocurrencies.
A short description of the same perhaps would do the job. I can even do it for you if you want me to. Let me know otherwise  Smiley



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August 22, 2019, 06:21:48 PM
 #7

Thank you JSRAW, Manish and Pawan for the inputs. Currently this is just an initial draft and an idea I have put forward which needs some serious corrections and updations. So everyone can recommend whatever ideas you have, and everything would be updated in the OP periodically. The older topic has become a frog pond for spammers and the topic has completely become worthless to provide any piece of info to the new comers. We as well seasoned Indian members of the forum, should educate the newbies as much as we can so that when they come to this board would get a solid understanding of btc and would try to gain the knowledge easily.

@JSRAW and @legendster I will probably try to reach out to you via PM either by tomorrow or whenever I get a piece of free time so that the freelancing topic gets completed.

@pawan Yes mining should be added to the OP. Thanks for the suggestion, I will try to add that as soon as I have completed writing a little about mining. LMK if you have prior experience in Mining you could help me out with this.

@avikz, @Virtual Miner and @webtricks seems to be pretty good with the law practices based on their previous posts, so need their opinions too regarding the addition of new topics about Taxation and Legal Laws.

The primary goal is to bring back the board as it was during Benson days and to set-up a good stage for newbies to compete with other members globally.

P.S I have reported this topic to be pinned, let us see if the report gets handled and pinned.

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August 23, 2019, 07:41:04 PM
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Nice thread. But, why have you mentioned exchanges that have nothing to do with INR? For Crypto-to-Crypto, if you mention Binance, you need to mention BitMex, BitFinex and even CoinBase, as all of them has good volume and on board Indian users. I would also like to know, how reliable idex.market really is!

For Crypto-to-INR and vice-versa, I'll suggest to enlist the following...

BTC: https://bisq.network - P2P - non-Custodian - no centralized KYC - decentralized

BTC: https://hodlhodl.com - P2P - non-Custodian - no centralized KYC

BCH: https://local.bitcoin.com - P2P - non-Custodian - no centralized KYC

ETH: https://localethereum.com - P2P - non-Custodian - no centralized KYC


If you think India forum requires a moderator, please voice your opinion here - https://bitcointalk.org/index.php?topic=3125174.0
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September 11, 2019, 07:37:17 AM
 #9

OP has been updated with Mining section and new resources. I Will edit further based on the inputs and availability of my free time.

Thanks to everyone who contributed so far. Keep contributing. We need more response on taxes, legality procedures, Mining and freelancing.

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September 14, 2019, 02:26:59 PM
 #10

OP has been updated with Mining section and new resources. I Will edit further based on the inputs and availability of my free time.

Thanks to everyone who contributed so far. Keep contributing. We need more response on taxes, legality procedures, Mining and freelancing.
Hi, I don't understand why you have specifically mentioned the term 'coinbase' in the below part in the mining section. Does the rewards have anything to do with coinbase ?

Quote
Along with that, miners get paid in bitcoin through a coinbase transaction which is one of the very first transaction in the particular block.

I think you could phrase it as below

'Along with that, the miners get rewarded with 12.5 BTC as per the current reward rate which is included in that particular block and goes to the miner's address.'

Let me know if there's something wrong with this.



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September 15, 2019, 11:22:35 AM
Merited by 2double0 (2), Heisenberg_Hunter (1)
 #11

OP has been updated with Mining section and new resources. I Will edit further based on the inputs and availability of my free time.

Thanks to everyone who contributed so far. Keep contributing. We need more response on taxes, legality procedures, Mining and freelancing.
Hi, I don't understand why you have specifically mentioned the term 'coinbase' in the below part in the mining section. Does the rewards have anything to do with coinbase ?

Quote
Along with that, miners get paid in bitcoin through a coinbase transaction which is one of the very first transaction in the particular block.

I think you could phrase it as below

'Along with that, the miners get rewarded with 12.5 BTC as per the current reward rate which is included in that particular block and goes to the miner's address.'

Let me know if there's something wrong with this.

You are confusing 'Coinbase Transaction' with 'Coinbase.com'. 'Coinbase Transaction' is a Bitcoin terminology that signifies the first transaction in every block, i.e. the transaction that creates BTC out of thin air and rewards miner for the work done to find the block.

Ref 1: https://bitcoin.org/en/glossary/coinbase-transaction

Ref 2: https://en.bitcoin.it/wiki/Coinbase

Services like Coinbase.com & Blockchain.com has confused people for ages, as they use Bitcoin terminologies for their branding.
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September 15, 2019, 01:19:10 PM
 #12

OP has been updated with Mining section and new resources. I Will edit further based on the inputs and availability of my free time.

Thanks to everyone who contributed so far. Keep contributing. We need more response on taxes, legality procedures, Mining and freelancing.
Hi, I don't understand why you have specifically mentioned the term 'coinbase' in the below part in the mining section. Does the rewards have anything to do with coinbase ?

Quote
Along with that, miners get paid in bitcoin through a coinbase transaction which is one of the very first transaction in the particular block.

I think you could phrase it as below

'Along with that, the miners get rewarded with 12.5 BTC as per the current reward rate which is included in that particular block and goes to the miner's address.'

Let me know if there's something wrong with this.

You are confusing 'Coinbase Transaction' with 'Coinbase.com'. 'Coinbase Transaction' is a Bitcoin terminology that signifies the first transaction in every block, i.e. the transaction that creates BTC out of thin air and rewards miner for the work done to find the block.

Ref 1: https://bitcoin.org/en/glossary/coinbase-transaction

Ref 2: https://en.bitcoin.it/wiki/Coinbase

Services like Coinbase.com & Blockchain.com has confused people for ages, as they use Bitcoin terminologies for their branding.
I just read about the coinbase transaction and yes you were right about it. I didn't knew the term used for such transaction  Tongue
Albeit, I think the OP should be updated since it can confuse others as well or may be clarify what the term 'coinbase transaction' means.



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September 15, 2019, 03:30:41 PM
 #13

Hi, I don't understand why you have specifically mentioned the term 'coinbase' in the below part in the mining section. Does the rewards have anything to do with coinbase ?
As CounterEntropy pointed out, coinbase is the very first transaction in a block and they are added by the miner to the list of transactions they are going to include in the block. The coinbase doesn't have a UTXO input which almost all the bitcoin transactions have, but rather a coinbase input and a output which sends the freshly mined bitcoin to the miner's address.

Here is the code for the generation of new bitcoin from validation.cpp

Code:
CAmount GetBlockSubsidy(int nHeight, const Consensus::Params& consensusParams)
{
    int halvings = nHeight / consensusParams.nSubsidyHalvingInterval;
    // Force block reward to zero when right shift is undefined.
    if (halvings >= 64)
        return 0;

    CAmount nSubsidy = 50 * COIN;
    // Subsidy is cut in half every 210,000 blocks which will occur approximately every 4 years.
    nSubsidy >>= halvings;
    return nSubsidy;
}


I think you could phrase it as below

'Along with that, the miners get rewarded with 12.5 BTC as per the current reward rate which is included in that particular block and goes to the miner's address.'
Thanks for re-phrasing the line. As I have already said, the topic is meant to serve as a reference to the newbies who come to the Indian board to learn something new. So, the technical terminology wouldn't be good for the common people. Let me update the OP with your new phrase.

PS : I have no idea on the taxation, mining and their role in the Indian economy. So if anyone willing to contribute to that particular section, please post it here. Thanks again to everyone who have contributed so far.  Smiley We are cumulatively bringing back the Indian board and simultaneously driving away the shitposters and translation abusers!

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September 16, 2019, 05:05:33 AM
 #14

Freelancing with bitcoin doesn't have much available platform. However, if someone has good experiences on some areas, they can get some job here. Bitcointalk is a good marketplace for freelancing with bitcoin. In the early days of my forum journey, I got a client from here. I was asked to write an article for him.
I have used this forum for learning about bitcoin, shared my knowledge. However, he somehow noticed and PMed me. Now we are having a long term deal for writing him. This is a great pleasure for me.
If someone wants to start freelancing for bitcoin, I would advise to start from bitcointalk, a great marketplace.

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September 17, 2019, 02:09:12 PM
 #15

~Snip

PS : I have no idea on the taxation, mining and their role in the Indian economy. So if anyone willing to contribute to that particular section, please post it here. Thanks again to everyone who have contributed so far.  Smiley We are cumulatively bringing back the Indian board and simultaneously driving away the shitposters and translation abusers!
No such regulations have yet been passed by the Indian government for cryptocurrency taxation which includes mining.
So I guess there is no tax on crypto for now. Lol that sounds so good while the crypto situation is worse in India.



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