Saturday, September 5, 2020

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Bitcoin legality in India – Is Bitcoin Legal ?

Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.

India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.

But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?

Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.

Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.

It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.

But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.

The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.

Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.

At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.

But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.

While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.

It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India

https://preview.redd.it/t5bxt1cnlgl51.png?width=1200&format=png&auto=webp&s=6b4d014c65e4a8bb3e787531b7654eb37d736994

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.

But there are some problems yet unresolved.

Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.

ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.

It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.

So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.

Source - How To Buy Bitcoin in India

[Daily Discussion] Sunday, September 06, 2020

Thread topics include, but are not limited to:

General discussion related to the day's events
Technical analysis, trading ideas & strategies
Quick questions that do not warrant a separate post

Thread guidelines:

Be excellent to each other.
Do not make posts outside of the daily thread for the topics mentioned above.

Other ways to interact:

Get an invite to live chat on our Slack group
Set your flair to trade pretend money in the Flair Game
Weekly threads: Newbie Mondays and Fundamentals Fridays
Altcoins Discussion: Altcoin Discussion

[Altcoin Discussion] Sunday, September 06, 2020

Thread topics include, but are not limited to:

Discussion related to recent events
Technical analysis, trading ideas & strategies
General questions about altcoins

Thread guidelines:

Be excellent to each other.
All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
No discussion about specific ICOs. Established coins only.

If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.

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Get an invite to live chat on our Slack group and check out the #altcoins channel
Daily Discussion for bitcoin only: Daily Discussion
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96 hours after having my account compromised and $25K stolen I still haven’t heard from Coinbase support.

Approximate timeline of events to Coinbase account compromise and ACH transfer from Chase Bank to Coinbase. Ticket #02674780.

Note that I'm unable too get in touch with coinbase at any point beyond automated emails and a “we will look at it”.

• 2020-09-01 9:18PM: Notice login attempt to dormant Coinbase account.

• 2020-09-01 9:18PM: Notice suspicious activity on email with emails being received and immediately deleted.

• 2020-09-01 9:27PM: Requested my account Coinbase account sign-in be disabled.

• 2020-09-01 9:39PM: Initiate support case with Coinbase.

• 2020-09-02 9:45PM: Learn that cell phone does not appear to be working correctly and I am not receiving texts and cannot make outbound calls. I later come to the realization that the perpetrator has ported my cell phone number to bypass two factor authentication on Coinbase and email accounts.

• 2020-09-02 10:00PM: Contact Sprint after hours support via chat on website and am told that my account has been canceled and it is a system glitch. Support team will look into it and get my phone up and running within 24 hours.

• 2020-09-02 11:00PM: Initiate deleted email recovery from Yahoo Mail.

• 2020-09-02 11:00AM: Recover deleted Yahoo Mail emails and identify that password reset on Coinbase account has been performed by a person in the UK and that a $25,000 transfer and $65.00 transfer has been initiated.

Note that I have a US based account and have not logged in in ages nor have I ever purchased anywhere near that amount of Bitcoin. This should set off alarm bells for Coinbase.

• 2020-09-02 11:00AM: Check chase account and ACH transfer does not appear in pending via online Chase portal. Assume Coinbase may have flagged this charge as fraudulent given prior activity and request for locking the account.

• 2020-09-02 11:28AM: Still no access to a cell phone. I placed call to chase fraud department from my work Skype account apprising them of the situation, performed a username reset, password reset and added a verbal password to my account. Fraud support fails to restrict my account despite me telling them that it was compromised via Coinbase and that an ACH transfer was going to be initiated from Coinbase for $25,000.

• 2020-09-02 11:49AM: Call Sprint and determine my phone number has been ported to John Anderson at T-Mobile. T-Mobile needs to investigate to give me my phone number back and estimates 24-48hours before they end their investigation.

• 2020-09-02 3:30PM: File an identity theft police report with Police.

• 2020-09-02 4:45PM: Regain access to my cell phone number and it is ported back to my name.

• 2020-09-02 5:00PM: Notice ACH transfers to Coinbase for $25,000 and $65 are pending in bank statement.

• 2020-09-02 5:05PM: Place call to Chase Fraud department. Tell them that they should cancel the ACH transfer marked as pending and that my account is compromised. I am transferred to Claims. I tell claims that my account is compromised and that they should cancel the transfer. Claims tells me that they will put some sort of hold on the transfer but that I may be liable for fees from Coinbase and that I will have to fill out a form.

• 2020-09-02 9:00PM: Initiate full scan across all my computers for viruses and worms with two different security suites. No viruses or worms detected.

• 2020-09-03 8:00AM: Identify that ACH transfer was processed despite my calls to the Chase Fraud department.

• 2020-09-03 9:00AM: Visit Chase Bank. Restriction is put on account. No one is able to explain why the ACH transfers were allowed to complete.

• 2020-09-03 2:00PM: File complaint with the FBI.

• 2020-09-03 4:30PM: Speak with a claims manager at Chase bank. He informs me that if your account says pending the money is already out the door (fun fact). Still no one seems to be able to tell me why my account was not restricted prior to the transfer.

• 2020-09-03 7:45PM: File a complaint with the Department of Financial Institutions as it seems that Chase probably dropped the ball here.

• 2020-09-03 8:15PM: Email a couple lawyers to see what my options are. Not sure anything will come of this or whether it will be worthwhile but it probably makes sense to check.

• 2020-09-03 10:00PM: Receive an automated email from Coinbase that they will hold the funds additional 7 business days before they can be withdrawn due to suspicious activity.

• 2020-09-04 3:00PM: Sign affidavit with Chase stating that I didn't initiate the ACH transfer with supporting timeline similar to this one but containing more details.

• 2020-09-05 10:00AM: Still no response from Coinbase beyond a few automated emails.

In the last 96 hours I am unable to get Coinbase on the phone or via email to tell me how the investigation is proceeding.

I'm sure I failed somewhere (many places) along the way here, but not being able to get in touch with anyone at Coinbase is disturbing. Maybe they'll read this and reply to one of the numerous emails I’ve sent to their support ticket system in a substantial manner.

I’ll point out that I can get in touch with both Chase and Sprint easily though out this process. The one company I need to get in touch with ignores me.

Cryptocurrencies: the Past Reinvented

https://preview.redd.it/io0mkfpayel51.jpg?width=2560&format=pjpg&auto=webp&s=839666f628a9ae85fa3ef4ffb020c1c2ba598683

As the first country to industrialise in the 1760s, Britain’s manufacturing revolution set the world on one of the greatest practical and ubiquitous changes in human history. Even more extraordinary is the fact that Britain’s industrialisation remained way ahead of potential competition for decades. Only in the early 1900s did historians get to grips with the issues of causation. Max Weber’s pithy answer “the Protestant work ethic” pointed to Puritan seriousness, diligence, fiscal prudence and hard work. Others include the establishment of the Bank of England in 1694 as an essentially corollary by creating the necessary conditions for financial stability. In contrast, Continental Europe lurched from one national debt crisis to another, then through itself headlong into the Napoleonic wars. Unsurprisingly, it was not until after 1815 industrialisation took place on the European mainland where it was spearheaded by the new country of Belgium.

250 years latter with the launch of Bitcoin another revolution had begun; though this one more commercial in nature than industrial. Though the full impact has yet to be played out, the parallels between these two historical events are already striking. Bitcoin may not match the obviousness of industrialisation, but the underlying pragmatics touch on the very foundations of the non-barter economy. Like the establishment of the Bank of England, the creation of the cryptocurrency infrastructure has been prompted by ongoing and worsening threats to financial instability; systemic fault-lines created by macroeconomic challenges flowing from the 2008 crash.

For those who could “join the dots” in 2008, there was the realisation that central banks no longer existed as guardians and protectors of national currencies but the tools of creating politicised market distortions; abandoning their duty to preserve wealth in favour of creating the conditions for limitless, cheap government debt. While many of the underlying intentions were benign, inherently the process worked to punish savers and reward reckless debt.

This anticipation of on-going instability surrounding fiat currencies and the viability of crypto alternatives has proved more prescient than could have ever been previously imagined. Within a short space of time a wave of undercurrents gave rise to new vocabularies, outlooks and expectations which have impacted commercial and investment transactions, a change never more acutely observed than today, when even against the backdrop of the COVID crisis Central Banks are rushing to create their own “digital” krona, pound, dollar etc. “Digital” may represent a confusing nomenclature, however, as these are not cryptocurrencies in the true sense, and certainly not part of decentralised finance (DeFi). The digital krona does, however, manifest the increasingly powerful impact that the cryptocurrency ecosystem is having on mainstream banking and government behaviour.

As with Britain’s industrial revolution, it has taken time for the potential of cryptocoins to find more energetic traction. Over the past 12 years cryptocurrencies have moved from unknown, to novel, to significant and growing interest. As a result, profound changes are underway affecting the mechanics by which investors, the investment industry, wealth mangers and even the commercial banking sector is engaging with cryptocurrencies. This interest has quickened as we enter into a period of deep economic unknown and growing awareness that structural soundness is shifting away from traditional investment options.

Intelligent engagement requires cryptocurrency investors/wealth managers to accurately understand and correctly explicate the nature of these influences and assess their potential impact. This article suggests seven distinct elements (a non- exhaustive list) as currently ranking definitive importance:

Cryptocurrencies comprise account for only a tiny fraction of the global economy. At an estimated value of $375 billion, this is several orders of magnitude smaller than a world GDP of $35 trillion (2019). Assuming other factors are favourable, there is clearly room for growth.
Cryptocurrency success will mark the end of critical aspects of Central Banking monopoly; by revealing the fictitious nature of fiat currencies as a principle; by offering a more competitive vehicle for facilitating commercial transactions; and providing a more stable medium to store monetised assets. Apart from stability, cryptocurrencies offer real returns on “cash” deposits, something which the fiat banking system has long since abandoned. (The reasons for the latter are deeply significant and will be followed up in a subsequent article).
Cryptocurrency success will hasten the end of the dollar monopoly in global commerce. Indeed, at current trending, changes in trading mechanics may speedily evolve to the point that such “reserve currencies” no longer have a function at all. Analysts once speculated that it was only a matter of time before the Chinese yuan displaced the dollar, in the same way that the dollar displaced the pound. The edifice which supports the concept of a “global reserve currency” is weakening. The latter’s demise will have significant implications regarding reducing political influence over global finance, as well as nations’ abilities to run longterm balance of payments deficits, current account deficits and borrow at little or no interest.
Cryptocurrencies as an ecosystem—assuming the current direction of evolution continues—will increasingly constrain, redirect and set the parameters to government macroeconomic policies. Certainly sound alternatives to fiat currencies will drive the latter to the periphery of commercial life, concomitantly reducing the number of tools the nation state has at its disposal to regulate or respond to changing economic conditions. This especially means setting meaningful interest rates. Above all, it means that government financial engagement can no longer be a rule unto itself, it will have to engage by the same principles as everyone else. A level playing field here has dramatic implications—and will again be picked up in a subsequent article.
Cryptocurrencies represent a wider range of disruptive elements affecting the commercial ecosystem. Among the most direct is the ability to raise finance or enter into other commercial transactions with little to no red tape, intrusive regulation or political interference. In short it de-politicises, de-institutionalises and de-centralises investment and payment options, while retaining many of the protective and other beneficial aspects present in traditional finance.
Cryptocurrencies offer rapid commercial advances enfranchising the one- third of the global population who do not have a bank account—but do have a mobile phone—and concomitantly enable business that currently cannot accept electronic forms of payment to move into digital commerce. In the way that cellular communication revolutionised sub-saharan Africa in the early 2000s, so we may anticipate some parallel here as regards ease and ubiquity of payment “wallets” and their positive impact on developing economy dynamics.
Cryptocurrency potential increasingly offers a route to security and liquid asset preservation/growth in a world where fundamentals are being shifted out of all recognition; driven by economic policies predicated firstly on the priority of COVID management and secondly on the move away from rules-based multilateralism towards bilateralism. Global cooperation is yielding to the demands of national integrity, security of supply and highly aggressive competition in key enabling technologies such as 5G, AI, quantum computing and encryption, which themselves will have as profound impact on cryptocurrency evolution as the creation of the bitcoin itself.

Against the backdrop of the essential limits of fiat currencies, current geo- macroeconomic policies and a new emerging world order, cryptocurrencies offer vast potential:

An efficiency facilitating frictionless commerce/investment.
A medium of stability against the backdrop of uncertainty and inflation.
Increased security in value transfer and wealth management.
Optimum autonomy in an increasing intrusive climate.
“Cash” asset preservation/growth in a world of negative interest rates.

In all this we may well have come full circle to 1694 and the stability and security that the establishment of the Bank of England was intended to entrench—but now it is now de-centralised finance that will get us there.

Article source: https://www.finxflo.com/news/detail/5127

What Are Popular Analysts Saying About Bitcoin (BTC)? (current BTC/USD price is $10,101.39)

Latest Bitcoin News:

Bitcoins retail investors arent as speculative as youd think (current BTC/USD price is $10,295.14)

Latest Bitcoin News:

Bitcoins retail investors arent as speculative as youd think

bitcoin course

hello, i just found that bitcoin breakthrough website, which is a step by step guide, go check the link :https://sicmundus.krtra.com/t/39bUzYZPa2oQ

09-05 08:14 - 'Found a great service that allows me to accept Bitcoin on Shopify [No KYC] Thought I'd share it here as well!' (self.Bitcoin) by /u/primalfabric removed from /r/Bitcoin within 1209-1219min

'''

I recently wanted to accept bitcoin payments on Shopify. There are currently 4 options mentioned on the Shopify Website that allow me to do so.

[Coinbase Commerce]^¹
[BitPay]^²
[GoCoin]^³
[CoinPayments Beta]^⁴

Unfortunately, all of these processors require KYC.

Thankfully, there is one more service that I found which allows me to accept bitcoin payments on Shopify and does not require KYC. The service is provided by a popular bitcoin payment gateway, [Blockonomics]^⁵ .

Here is a guide on [How to Accept Bitcoin on Shopify]^⁶ .

'''

Found a great service that allows me to accept Bitcoin on Shopify [No KYC] Thought I'd share it here as well!

Go1dfish undelete link

unreddit undelete link

Author: /u/primalfabric

1: *om*er*e.c**nba*e.com/s*opify
2: **tpay.co**integ*ations/s*o*if*
3: he*p.g*c*in.com/kb/**opif*/shopi*y-**teg***ion
4: www.co*npa*me*ts.net*s*o**fy/
5: *w**bl*c*onomics.*o/mer*h*nts#/
6: blog.blockonom**s.co/*ow***-accep**bitcoin-*n*sh***fy-829d74*37**f

Unknown links are censored to prevent spreading illicit content.

Potential reasons that could cause Bitcoin to fail

Hello everyone, I'm a long term HODLer, a firm believer in cryptocurrency and it's importance in the future of financial independence. Recently I transferred all of my Bitcoin to a hardware wallet and I'm planning on keeping it there for a long time. I'm always trying to reassess all my decisions and therefore, one question keeps popping in my mind.

What would be the cause/event/reason for Bitcoin (or cryptocurrency in general) to fail as a store of value or as an asset? Governments banning it? Tether manipulation? The lack of people actually using it as a currency?

Feel free to share your opinions!

TLDR; what would be the cause/event/reason for Bitcoin (or cryptocurrency in general) to fail as a store of value?

Recover Stolen Bitcoin and Cryptocurrency

Cryptocurrencies are a high priority target for cybercriminals. Whether targeting your wallet directly or hacking the exchanges once cybercriminals have access to your currency you need to act fast! You can also recover money lost to binary options.

Lost Bitcoin? Stolen Cryptocurrency? Hacked virtual currency account - Follow these steps now!

Report to appropriate authorities - Report the case to the appropriate authorities, for them to be able to have it looked into.
Change your login details - If you are still able to login to your account then follow the normal procedure to reset your password and other security information. Enable two-factor authentication. This should lock the criminal out of the account.
Notify the exchange/provider - If you have purchased or are storing your currency with a service provider then let them know about the breach and the fraudulent transactions. They may be able to retain some information about the transaction that could come in useful in an investigation.

Will I Recover my Stolen Bitcoin?

Once your virtual currency has been stolen it is incredibly unlikely that you will be able to recover it. In theory, it’s possible to track your stolen bitcoin by monitoring the blockchain – in practice, however, this is made difficult by both the anonymous nature of the currency and the fact that the thief will most likely use a bitcoin exchange to trade the currency for normal cash straight away. However, money does leave a trail and you may be able to follow it to the identity of the criminal.

How to Recover Stolen Bitcoin and Cryptocurrency

Check your devices for malware - It is worth considering that a malicious software infection may have led to the hacker accessing your currency. Scan the devices you use to handle your currency and make sure they are clean. You can follow our guide on checking for and removing malware here.
Call your bank - If the transaction had related costs that hit your bank accounts - such as transaction fees or deposits - then contact your bank immediately and let them know it is an unauthorized/fraudulent transaction.
Follow the money - You can follow the transactions of the wallet address that your funds were scammed into. If you notice the scammer attempt to transfer funds from the wallet to cryptocurrency exchanges to sell for fiat currency, report to the relevant exchanges immediately. An opportunity to catch the scammer is to follow the money trail through blockchain explorers and trace your lost funds. You can use browser-based blockchain exploring software such as https://blockexplorer.com to ‘follow’ the payment through to an end bitcoin address. Once you have this address you can check whether the owners of the end address(es) appear on http://bitcoinwhoswho.com/. In order to trade crypto to regular money on most popular exchanges, the thief would need to submit KYC (Know Your Customer) information, such as names, addresses, and ID information. Contacting the exchanges can potentially help you to track down the scammer’s identity. This is another reason why it is important for you to file a police report as soon as the incident has taken place.
Hire a Verified Recovery Expert - If you are willing to pay a decent amount for the return of your funds there are websites where you can post a bounty. Experienced blockchain searchers will investigate the theft and see if they can recover the funds for a price. Check out the list of verified recovery experts.

How to Avoid your Cryptocurrency Being Stolen in Future

Don’t talk publicly about owning virtual currency - If it is easy to work out that you own a cryptocurrency from your social media activity then you are much more likely to be a target.
Use multi-factor authentication - Ensure that you have multi-factor authentication enabled. Use an authenticator app rather than the SMS option. If the option to disable SMS authentication exists then do it.
Use a new email address and complex password to set up the account - A new, clean email address that you will only use for the virtual currency account is best. This reduces the chance of you being targeted via your email account.
Use a ‘cold-wallet’ - Keep your cryptocurrency off the internet, in a "cold wallet." "Cold wallet" is not a brand, it's a concept of storing bitcoins offline (not connected to the internet) so that it reduces the opportunities for hackers to steal via online techniques.
Spread your investments across exchanges - A number of exchanges have been breached. Spread your investments across exchanges to minimize the impact.
Get secure - Take time to improve your general online security. Use sites like getting Safe Online and Cyber Aware to understand what good security looks like and make changes.
I was personally able to recover my lost bitcoin with the help of Express Recovery Pro – expressrecoverypro@yahoo.com