#AskPS
Rajan Verma .

Morning everyone
Is anyone still trading in cryptocurrencies?
I would like to understand its future in India. Is it worth starting now?
couple of years ago I decided to do on coinex.in but company got shut down because of ever changing government policies.
How someone can get benefit with it in this country? How will you en cash it?

Originally Posted Here
21 Comments

Tejas Chitnis

I run a blockchain business. Dont trade on random sites. Trade on wazirx. The supreme court over turned the RBI circular so there isnt any legal issues now.

Arunaday Basu

Following up on the last comment on top👆the cryptocurrency market is just like any other stock market.

You gotta follow the stocks and the companies.

Without that knowledge, trading is no use because you will not know which crypto is gonna boom.

So start reading blockchain and crypto news. Follow at least 10 coins. Invest in the most stable ones.

Just like the stock market.

There are no legal issues anymore.

Rajan Verma

can you suggest some good resources where I can start reading. I can google. But personal advice matters.😊

Arunaday Basu

https://news.bitcoin.com/ they have a newsletter. Sign up to that. You will get a lotta news in your mailbox from them. I will share more links soon.

Rajan Verma

Thanks for the hint. But my concern is with government policies. I have many people loosing because they were not able to en cash those into indian currencies.

Arunaday Basu

in WazirX and Coinbase as well? Ask them to try there...

Tejas Chitnis

there is always a way to cash.

Rajan Verma

umm. I don't know they told me its hard to In cash in India. Too much of restrictions..

Jason Fernandes

People are cashing Bitcoin out for cash or bank transfer everyday on our service. Thats what an exchange does

Vini Katyal

Yes still doing. have many friends who still do

Arunaday Basu

See there are many bitcoin scams. If your friends have subscribed to that, we can't help anymore. Their money is lost.

If it's not a scam and they have invested using proper crypto companies, then you will definitely be able to withdraw the money.

You have to understand something.

Before crypto became legal, we were withdrawing money then also:)

The legalities behind withdrawal are different. There is no issue with withdrawal.

It's your own money.

Jason Fernandes

crypto was always legal. The defacto ban was an RBI provision that prevented exchanges from opening up Indian bank accounts and therefore Indian fiat bridges. This "defacto band" was struck down by the Supreme Court as unconstitutional.

OMi Shah

Stop worrying about it's future. Cryptography is not going to anywhere. It'll stay😁Invest and make profit.

Currently there's no restriction, even if in future government restrict, you can easily exchange for another currency via P2P

Jason Fernandes

get in touch. I lead India operations for XREX, a spot/p2p exchange and I am also a Crypto analyst. Happy to discuss the future of crypto with you at any time. The answer to your first question is complex but I think as a non-correlated asset, cryptocurrency can be a hedge against political, social upheaval and/or the financial effects of something like Corona. With regard to your second question encashing it is easy, you can get in touch with me and I can connect you with someone on our p2p exchange for example. The question is why you'd want to encash it at all. Bitcoin is the best performing asset in 10 years. If you took 1000Rs 10 years ago, and purchased USD it would've gotten you $22. Today that Rs1000 will get you merely $13. That's a loss in real purchasing power of almost 50%. In contrast, if you purchased Rs1000 worth of Bitcoin in 2010, it would today be worth $15 million.

Rajan Verma

yeah. Its too volatile. Lucky are those who bought these in early years.

reason to en cash is that I will have to pay mortgages in coming years and I don't trust on jobs right now.

Jason Fernandes

Volatility is not a bad thing in and off itself for an investor in the market. You can make money when the market is going down same as you can when its going up. You just need to know when to predict it and take actions accordingly. Know when to hold'em and when to fold 'em as they say

Mansoor Shaikh

Follow IBTC (bharat ka apna bitcoin). It's gonna be big. Obviously this is risky.
ibtcfork.com

Shivam Malhotra

Invested 40K in ripple in 2017 or 2018,within 2 days the value was 88K.Thought it'll go up and within next 20 days it went lower than the invested amount.The value was around 6K when koinex closed down,I thought it'll transfer the balance to bank account but they wanted us to transfer our coins to somewhere else😂in short lost whatever I invested.If you're a noob don't do it,those who know about blockchain well should only deal in it.I've friends who made crores when the value of bitcoin went crazy in 2017/18 (they invested at an early stage) but they were following it very closely for all those years.

Hemanth Kulkarni

I do, but a little on Binance

You can start learning from this book

https://gumroad.com/l/Cryptocurrencies

Arijit Saha

How Reliance is at war with everyone?
Watch before it gets deleted!!
https://youtu.be/gkcoohsoNWo

Abhishek Gupta

Make a wallet on localbitcoins.com and you are good to go.
Also if you are interested in bitcoin betting and have an eye for sports, then you can gamble at sportsbet.io

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