WARNING: I am not an Expert, not even a Rookie at Finance, Economics, Blockchain, Bitcoin. But I am just an Enthusiast who is excited about the idea of * World’s first People centric money, which no Authority could control * Big Return of Investment of Bitcoin and other Cryptocurrencies. For any big decision/action, It’s always best to consult your Lawyer/Auditor or any Professional who knows the Subject. Note: If some Subject matter expert comes across this article and found some wrong fact, please enlighten this noob. by posting in comments.
OKAY!! I read this News around 4PM and went totally insane, as I have invested my Mom’s life time savings just 2 days back and planning for a Bitcoin Webinar in 2 days! I was brain struck for 5 mins, thinking If I should take back all money or what?
Then after another 5 minutes a bulb started glowing very very brightly above my head. Wow, I thought to myself, How brilliant I am!
You know what? If the decision to ban Bitcoin exchanges in India is taken and the market is collapsing, then it is the right time to Invest as much as possible in Bitcoin and move it to your private wallet. Yes. Moving it to your Private wallet is the key. Do you think I am Insane? Just read on.
India moving in opposite Direction?
- While Japan announced Bitcoin as one of their official Currency and regulated their exchanges,
- US is setting up a Regulated exchange to trade Bitcoins,
- and most developed Nations embracing it
Is India going to follow the foot steps of its Neighbour China and ban Cryptocurrency exchanges and Bitcoin?! What a dumbest move!
How successfull is China in banning Bitcoin?
Have a look at this article. Or google this: “The Top country with most Bitcoin miners”. Yes. It is China. Regardless of the ban, China continues to be the top hashrate providers of the Bitcoin network.
There goes the effectiveness of the Ban. For the first time in the history of Civilation, we got a Free currency, People’s currency controlled by no authority. It flows as per People’s will. None can really control it. The soon the governments learn it, the better for them.
Enough News and Theories, I have invested heavily in Bitcoin. Am I safe?
The decision is still not taken by the Government. If this is really going to happen, dont sweat.
- Create a Private wallet.
- Move your Bitcoin from Unopay, Zebpay, Coin Secure or any other exchange to your Private wallet.
- You can use Mycelium or pick from any of the freely available private wallets.
- If there is some big money you got there, buy a Hardware wallet and move your Currencies there.
It’s great that this News happened today, So people who dont understand the technology / blindly kept their Bitcoins in their Exchanges (like me), will now learn about Setting up their own wallet and move their Bitcoins, where it’s supposed to be. –> Reason 1 for such a Title. Remember just this. It is only India banning Bitcoin out of its Ignorance, but the whole world keeps moving forward. So India and China will eventually be forced to change its stance. In my opinion, Bitcoin or any other Crypto currency will only crash, out of any better technologies that evolve. Then also, there will be a transformation/evolution, rather than Crash of old currency and Rise of new currency. But NO AUTHORIES CAN BAN IT FOREVER, unless otherwise they plan to go backward to Stone age. BEWARE: When you have your own Wallet, be very very careful with your Seed, That 12 word phrase. Take multiple backups, also make sure noone else can access it. If you lost it, it is lost forever. There is no Forgot password, Recovery options, Support Desk.
I am now closely following the Exchange rate in Zebpay. Because of this news, if People are going to sell their Bitcoins in exchange for INR, Prices might fall locally. So I can invest more and move to my Private wallets –> Reason 2 for such a Title 🙂 But I wish every Bitcoin holder out there had this bulb glown in their head and in the process of moving their Bitcoins to private wallet. To know more about Bitcion and this Chaotic news, register for Saturday’s Webinar @ http://bit.ly/btc-webinar-chennai. Note: Webinar will be in Tamil (தமிழ்) language. For any support, any more specific details, scenarios, post in comments. Happy to help.
Note: Same logic applies to all other Crypto currencies like Etherium Litecoin, etc.,
To answer the Question raised by Ayan Dasgupta,
How will I make use of the investment in Bitcoins? How will I convert it to INR? If I want to buy food, clothing and pay for utilities in India, I have to use INR, how will I get INR from Bitcoin?
Yes. The obvious point of Investment in Bitcoin is its Huge Return of Investment. So If you put in Rs. 10,000 today, you have expectation to take out Rs. 20,000 in 6 months or a year. But what will happen If there is no exchange to convert your Bitcoin back to INR?!!?
I have 2 thoughts in my mind. Before I share those thoughts, let me put an Analogy to explain this scenario.
- Let’s say Bitcoin/Blockchain technology is like in the early stages of Internet in 1990s, when it’s called ARPANET. It’s still a lab experiment.
- But because of our present Internet connectivity, we all get to know about and be able to participate in this Currency experiment called Bitcoin.
- In early days of Internet no one imagined Facebook, Youtube, Netbanking or even Email application of the Internet. But those who are involved definitely knew, this is something very new, revolutionary, exciting and much more.
- Now say, India/China dont understand this ARPANET/Internet and bans the use of it in 1990. Do you think they could hold the Ban against Internet through next 5 years, next decade, while every other developing nation embraces it and the Internet itself become their backbone for development?
Now coming to my thoughts:
- Above analogy would have given you the answer. I strongly believe, even If the govt. bans it for now. Soon it will follow the footsteps of other countries and bring in regulation for Exchanges. Btw, Andra Pradesh state govt is working on a Blockchain (technology that Bitcoin has given to the world, on which Bitcoin itself is running. But FYI, that blockchain has no connection with Bitcoin) to improve Land ownership management.
- But say, the Regulation takes 2 to 3 years or even more, which is an eternity in the Technology domain. But u want to take out some or whole money in 6 months. But the exchanges are closed?! Find a trustful friend who is living in US, Japan or any other country and transfer your Bitcoins to them. They can do BTC to USD/YEN in their country and bank transfer to your Indian account, where USD/YEN will be convered to INR.
As for buying Clothing, Food and spending Bitcoins for day to day utilities, that day hasn’t come yet. Even if the exchanges are not banned, you can’t find many businesses accepting Bitcoin as payment. But things are changing quickly, Amazon just bought some domains, related to Bitcoin, Etherium. They might start accepting Bitcoins soon. So you might be able to purchase things from Amazon with your Bitcoins. FYI, It’s just my assumption based on the linked news.
Hail Satoshi Nakamoto!WARNING: I am not an Expert, not even a Rookie at Finance, Economics, Blockchain, Bitcoin. But I am just an Enthusiast who is excited about the idea of * World’s first People centric money, which no Authority could control * Big Return of Investment of Bitcoin and other Cryptocurrencies. For any big decision/action, It’s always best to consult your Lawyer/Auditor or any Professional who knows the Subject.