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Death of Cryptocurrency in India – How it happened? Step by Step



How India made its cryptocurrency ecosystem dead! From heavenly highs to absolute bottom, Indians snared to cryptocurrency have seen everything in 2018.

How India made its cryptocurrency ecosystem dead!

From heavenly highs to absolute bottom, Indians snared to cryptocurrency have seen everything in the most recent year.

In 2017, the price of a bitcoin, the world’s best known virtual cash, ascended from around $900 toward the beginning of the year to about $20,000 by December. This fuelled a blast in exchange and an ascent in the quantity of speculators in India, in this way showing up on the Narendra Modi government and the Reserve Bank of India’s (RBI) radar.

The specialists before long made known their uneasiness with virtual monetary standards and forewarned speculators. A couple of caution flags and clashed articulations later, the RBI at last pulled the fitting on digital money trades.

On July 06, a close entire crackdown—in any event incidentally—on digital forms of money will grab hold in India. The RBI has educated banks to close down all records, including those of financial specialists, that arrangement with bitcoin and other comparative monetary standards. Furthermore, with bank accounts solidified, all rupee-related exchange will go to a crushing stop, cutting down general volumes.

Here’s a course of events of how India gradually however consistently gagged its cryptographic money biological system throughout the most recent couple of months:


November 2017:

Investors rush toward cryptographic forms of money more than ever. Fuelled by the price blast, client enrollments increment quickly.


December 2017:

The RBI issues another notice against these monetary forms, after the first was issued path back in December 2013. Before long, assess specialists dispatch tests into cryptographic money trades’ usual way of doing things. The fund service looks at virtual monetary forms to ponzi schemes.


January 2018:

More government provisos are issued to clear up that cryptographic forms of money are not lawful delicate. The salary impose office supposedly starts sending charge notification to speculators. Banks suspend the withdrawal and store offices of a few trades. A few loan specialists disassociate with them totally.


February 2018:

In his yearly spending discourse, fund serve Arun Jaitley by and by descends vigorously on virtual monetary forms. The administration, he says, will go full scale to dispose of their utilization in financing ill-conceived exercises. They won’t be incorporated as a feature of the installments framework, Jaitley includes.

Subhash Chandra Garg, secretary in the division of monetary undertakings, who is heading a board of trustees on digital currencies, says draft directions will be out before the finish of the money related year 2019.


March 2018:

Due to administrative equivocalness and an amendment in prices, financial specialist intrigue gets hammered.


April 2018:

The RBI guides loan specialists to go down all banking associations with trades and virtual money financial specialists inside three months. However, it says the attainability of these coins is being considered and alludes to propelling its own advanced cash.

Disillusioned by the sweeping ban, cryptographic money trades drag the national bank to court.


May 2018:

The incomparable court clubs the different digital money bodies of evidence against the RBI. Before shutting for summer get-away, the court requests that bourses connect specifically with the national bank on the ban. It additionally solicits the lawyer general from India, KK Venugopal, to be available on the following date of hearing, July 20.


June 2018:

Through the finish of May and the main seven day stretch of June, the trades send nitty gritty portrayals to the RBI on why this ban ought to be lifted. They say they’re available to more investigation and willing to be controlled.

In the interim, a New Delhi-based legal advisor uncovers the RBI’s reaction to one side to data request on the ban. It says no examination was done and no board framed by the banking controller before descending intensely on the trades.

Garg tells TV slot ET Now that a draft control is in progress and is probably going to be wrapped up in the main portion of July.


July 2018:

Some candidates look for a stay arrange from the preeminent court on the ban in any event till the following date of the hearing. Their ask for is denied.

The ban happen tomorrow (July 06).

#Bitcoin Price Analysis

Bitcoin Price Analysis BTC/USD Bulls Market Continues, 20 July.



Bitcoin price as of late broke past key opposition levels, however, is currently solidifying around the $7,400 level, could be viewed as a bullish banner.

Bitcoin Price Key Highlights

  • Bitcoin price as of late broke past key opposition levels, however, is currently solidifying around the $7,400 level.
  • This could be viewed as a bullish banner example, which takes after a solid rally and could be viewed as a continuation flag.
  • A break past the $7,600 level could be sufficient to affirm that the bullish run is continuing.

Bitcoin price seems, by all accounts, to be uniting inside a bullish banner example, which could be demonstrative of another run higher.

Specialized Indicators Signals

The 100 SMA is over the more drawn out term 200 SMA to show that the easy way out is to the upside. As such, the rally will probably continue than to turn around. The pole of the banner traverses $6,700 to $7,400 so the subsequent surge could be of a similar stature.

Note that bitcoin price has surged past a transient rising channel best to goad a more extreme climb. The hole between the moving midpoints is additionally extending to flag strengthening the bullish force. Additionally, the 100 SMA is near the broken channel best to fill in as a layer of help in case of a retest. The 200 SMA is at the mid-channel region of intrigue, which may likewise keep misfortunes under control.

RSI is treading sideways on centre ground to reflect progressing solidification, scarcely giving any insights on which course bitcoin price may break out. Stochastic, nonetheless, is indicating down demonstrate that dealers have the high ground and could push for a plunge.


Market Factors

The state of mind in the digital money showcase has for the most part been sure as dealers have been hurrying in to join the ongoing energizes because of a paranoid fear of being forgotten. Numerous say that the push higher was impelled on reports of expanding institutional premium, as from reserves like BlackRock and banks like HSBC.

This has permitted to advertise members to see administrative improvements in a positive light, and it additionally helped that another BitLicense allowed to a crypto-based organization (BitPay) kept good faith in play.

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Bitcoin vs Dash: Comparing Bitcoin and Dash



Lets compare Bitcoin vs Dash. The amazingness of the cryptocurrencies doesn't seem to be tangible enough relative to its complexities. Lets compare Bitcoin vs Dash

Understanding some of the prominent benefits of Dash over Bitcoin.


Bitcoin is a very complicated cryptocurrency. Its mass adoption is not anything more than the fantasies of a dream, as the technology is too technical to be understood by the normal people. It is amazing, but not that simple to be effectively applied by the masses. Bitcoin scalability has always been a major point of concern and debate the community professionals, but doesn’t seem to be coming on any grounds regarding the matter. Also, the increase in the block size is been discussed for years together. The Crypto domain is to be a lot more ambiguous than it seems. It is no wonder that using the cryptos to transact is far more complex than using PayPal or Paytm. The amazingness of the cryptocurrencies doesn’t seem to be tangible enough relative to its complexities. Lets compare Bitcoin vs Dash.


Bitcoin vs Dash: Transactions

A long string of addresses feels quite unusual when one is extensively used to Fiat transfers. Currently, even the transaction fee has skyrocketed and if a particular transaction is not been attached with sufficient amount of transaction fees it might remain forever in the unconfirmed transaction pool itself. Hence even micropayments which were earlier possible seems to have been completely eradicated due to the high transaction fees.

On the other hand, the transactions on the Dash network is lightning fast when compared to Bitcoin. Dash even provides a special Insta send service which allows for a provision of getting the transactions confirmed quickly. Hence, people who aren’t patient enough to wait for hours together can opt for Dash. Due to the late confirmations price slippage might occur, which is another misery in itself.

Bitcoin vs Dash: Scalability issue

The dash community also strives to bring extensive cooperation between the stakeholders. This was clearly evident when the scalability issue daunted over Dash. The community members obviously had heated arguments as well as discussions but just within a span of 24 hours, they all decided to increase the block size. The problem which hasn’t been solved for years by the Bitcoin community and continues to persist even today. The problem was done in 1 day itself by the Dash community. The incident represents a strong oneness and reliability among them. This doesn’t mean that Dash is completely perfect but it’s ability to upgrade itself with time, is what matters, unlike Bitcoin.

There is also a PrivateSend feature available in the Dash network. By using this particular feature optional feature a user can completely hide his or her identity. As Dash is considered to be synonymous with Cash which has no digital footprint, this privacy feature undoubtedly adds to the convenience of the users.  


Bitcoin vs Dash: Community Funding and control

It is absolutely worth mentioning, where the funding comes from, for these organizations. As Bitcoin network is completely decentralized and hence a number of prominent cryptocurrency institutions have come forward in order to fund for the Bitcoin development and research. But there is a catch, with funding comes authority over the decisions, hence the institution which is funding the community the most, it is an unwritten rule that it has the most authority over the decision making.

Whereas this is not the case, for the Dash community as most of the funding is done by themselves only. 45% of the total Dash funds go to the miners, 45% is received by the master nodes of the network, and the remaining 10% is utilized for the for the development of the community. In this case, there are a number of prominent master nodes whose decisions are taken into account in order to reach a common conclusion.

Bitcoin vs Dash: Public address

Another feature of Dash is its public address. Here each and every public address is associated with a human-friendly name, similar to an email address rather than a string of random characters. The transactions are made simpler by giving names to the addresses so as to prevent the transactions to reach a wrong destination. Since, once the transactions are initiated they cannot be reverted back this feature is crucial, as it associates rememberable names to the address.


Although Bitcoin was the Pioneer in the cryptocurrency trend it undoubtedly cannot be considered as the best solution for the current financial practical scenario. The cryptocurrencies like Dash have been coming forward who have their own set of pros and cons. It all jots down, to the need for the day, where currently scalability is one of the major concern. Hence the cryptocurrency Dash seems to be more promising than Bitcoin.

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#Bitcoin Price Analysis

Bitcoin Price Analysis BTC/USD Market Stable above $7300, 19 July.



Bitcoin price could be expected for a remedy from its most recent rally, and purchasers are holding up to participate at the region of intrigue.

Bitcoin Price Key Features

  • Bitcoin price as of late surged past a zone of intrigue and might be expected for a retest.
  • Utilizing the Fibonacci retracement instrument demonstrates where bulls may hold up to participate.
  • Specialized pointers are indicating at potential benefit taking and a continuation of the uptrend.

Bitcoin price could be expected for a remedy from its most recent rally, and purchasers are holding up to participate at the region of intrigue.

Specialized Markers Signs

The 100 SMA as of late made a bullish hybrid from the 200 SMA to demonstrate that the easiest course of action is to the upside. This proposes the uptrend will probably continue than to switch.

These moving midpoints are additionally near the new rising pattern line framing on the 4-hour graph. The Fibonacci retracement levels may likewise keep misfortunes under control and draw more bullish vitality. Specifically, the 61.8% retracement level is nearest to the rising pattern line support and zone of enthusiasm at $6,800.

For the present, RSI is showing overbought conditions or that purchasers are depleted from the ongoing ascension. This could open the case revenue driven taking and a plunge to the Lie levels. Stochastic has additionally come to the overbought locale and looks prepared to head down, carrying bitcoin price alongside it.

BTCUSD Price Chart 19 July

The notion in the cryptocurrency industry has been for the most part positive after the ongoing specialized breaks, which supposedly was impelled by rising institutional premium. A few, be that as it may, have rejected this as a short crush following the other week’s “dead-feline bob.” Others say the rally is being managed by FOMO among showcase members.

Notwithstanding, it likewise looks like financial specialists are regarding industry direction as an or more as opposed to considering this to be motivation to bounce out of their possessions. More reports on this subject or on acquisitions and speculations could keep bitcoin price above water and on track for a strong bounce back.

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