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

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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).

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New to crypto? Buy only the original Bitcoin BTC, do not fall prey to shitcoins

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Bitcoin is the best start for the beginners to get a feel for the cryptoverse. Bitcoin is well known and if you are new to cryptocurrency, trust only BTC

Comprehending the rationales for the dominance and reliability of Bitcoin over shitcoins.

 

The anonymity of Bitcoin developer is the key to its acceptance

Bitcoin, having the first movers advantage has a lot of influence on the crypto community. Due to the various reasons, bullish momentum or bearish trend of Bitcoin is followed by all the Altcoins, but there are some exceptions. Any form of Fear, Uncertainty, or Doubt, affects the world’s first cryptocurrency and later on, due to the ripple effect, all the other coins closely associated with Bitcoin, fluctuate respectively. The censorship free kind of Blockchain platform offered by Bitcoin is highly useful to the customers who are obsessed with privacy or anonymity. Bitcoin, in fact, is the only cryptocurrency whose founder is not known until now.

 

Cryptocurrency is equivalent to Bitcoin

According to statistics, it has been estimated that among the merchants accepting cryptocurrencies, Bitcoin is accepted by 80% of them. The fame is so well seeded in the minds of people that “Bitcoin” is at times considered to be pseudonymous with “cryptocurrency“. Therefore, even the merchant’s have incorporated the Bitcoin payment system, as it is mostly used by the people. The number of Merchant stores accepting Altcoins but not Bitcoins is very rare. This insight clearly makes it evident that each and every individual are exposed to the cryptoverse only through the popularity of Bitcoin.

 

Bitcoin attracts Development, not Shitcoins

All the major venture, in the form of Research and Development, takes place in the name of Bitcoin and maybe further is expanded to other Altcoins. This particular reason is enough to give an overview of the Bitcoin reliability. The Bitcoin network, although experiences scalability issues, but it’s popularity has never been on a negative scale.

 

The cause for the anonymity of Bitcoin inventor

The mastermind behind the Bitcoin project, who called herself/himself Satoshi Nakamoto, has been anonymous since the invention of Bitcoin. Even until today’s day is identity has not been revealed, therefore, the users of the Bitcoin blockchain can subconsciously be assured about the security of his funds on the network. Else, even for the futile activity of the developer, the community would start to speculate about the future of the coin. Consider, Altcoins for example, where all the Altcoins have some or the other owner. Any speculative activity of theirs would spur FUD in the respective community.

 

Added perks of Bitcoin over Altcoins

Being anonymous also ensures an immunity against the government seizures. Pause and imagine, if the owner of any Altcoin was alleged for some issue, irrelevant of crypto, then his/her venture may be taken down by the government. The distributed nature of Bitcoin and anonymity, seeds stability in the network. The community members also start to judge the project based on the capabilities of the team members, in the case of Altcoins. The Bitcoin network is spread across the world, and it can also be considered bigger than the Internet. According to computer scientists, the entire Bitcoin network dominating the globe is around 11000 times powerful than the top 500 supercomputers from the world combined. Bitcoin even dominates for the highest number of wallet addresses registered. It qualifies to be, the top cryptocurrency to be listed on most of the exchanges around the world.

 

The Shitcoins aren’t made for the global Cryptocurrency

Many other Altcoins like Litecoin, Ethereum, etc are popularly known as Shitcoins because of their undirected focus towards becoming a global cryptocurrency. In simple words, these cryptocurrency coins are specifically developed, not to become a global cryptocurrency but for other futile and short-term purposes. Utility token is the other name for such coins, which would not gain widespread acceptance, because of their popularity and acceptance only in a single stream. On the contrary, Bitcoin is a generalized form of cryptocurrency known by everyone.

 

Closing thoughts on acceptance of Bitcoin for the beginners

The acceptance of Bitcoins in various countries, across the world, may be restricted due to their legal implications. Therefore, Bitcoin is the best start for the beginners to get a feel for the cryptoverse. Bitcoin is well known by the masses and an immense amount of information is available on the internet as well, regarding Bitcoin.

 

Note: Cryptocurrency investments are very risky and this article is not, in any way, an investment advise. The article is only the opinion of the writer and you should do your own due diligence in researching about any digital asset you wish to buy.

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XRP is now #2 Cryptocurrency, Ripple overtook Ethereum

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XRP is now officially the #2 cryptocurrency in the world with over $2.4 Billion Market Cap. The recent increase in the market cap was due to the rapid surge in Ripple Price after the XRapid Launch news was published.

The market cap of Ripple is now $23555443, which just surpassed Ethereum’s market cap of $23367070

Bitcoin Market cap stands at #1 at $116228274

 

Ripple Price Rise

XRP  Price broke all the obstacles and went to a swift uptrend against both Bitcoin and US Dollar. With the surging price, the total market cap of the cryptocurrency also noticed an enormous hype making Ripple the #2 Cryptocurrency after Bitcoin; beating Ethereum on the Cryptocurrency Market Capitalization list. More and more banks are utilizing the Xcurrent platform including the recent adoption by PNC , USA’s top financial services group.

 

Ethereum Price Decay

The former #2 cryptocurrency Ethereum noticed a vast decay in the previous few weeks with the reasons starting from large OTC selling by ICO’s (Initial Coin Offerings) and the ethereum miners backing out saying that ‘Ethereum Mining is no more profitable’. Ethereum price dropped down from whooping $450 in August to $190 a few days back. This has resulted to a huge number of prominent investors and traders opting out of the Etheruem Cryptocurrency stating that Ethereum has no future now.

 

Can Ripple Maintain the #2 position now or will Ethereum take back revenge? What are your thoughts on the same? Tell us in the comments section below.

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Is Bitcoin banned in India? Complete Analysis

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The major incident that first led Reserve Bank of India to send out a notice such as that was because of the price inflation that was noticed in Bitcoin.

Cryptocurrencies have been changing every business market in every country including India, sufficient enough to say it has been changing the business market of the whole world. A country like having many traditional values are reluctant before exploring something new and trusting the new values.

India and cryptocurrency markets

Banking service as it is in India has many sentiments and follows strict protocols to make sure that there are no malicious content or malicious practices between both the parties and bank as third party makes sure of this. When these protocols are not followed they are penalized with heavy consequences to make sure the mistake does not happen again.

In a market such as cryptocurrency the transactions happen between two parties without any interference from the third party. There is not much availability to records and the transaction procedures are privatized too. Operations such as this are threatening to the protocols followed by the Indian markets. Thus, Indian financial markets are reluctant towards moving towards the cryptocurrency markets.

What is Bitcoin

Bitcoin is a digital currency that are issued in the form of virtual digital coins in various digital currency exchange platforms where users can use them to trade and transact for their financial purposes either as an individual or as business entity.

India and its differences with Bitcoin

Indian markets are always sure of what is next in terms of financial analysis and markets to meet out demands and make sure the country does not run into an economic crash. India has a low gross domestic profit (GDP) compared to other fast-growing countries making it try harder and harder to level its financial markets with advancing countries.

When cryptocurrencies such as Bitcoin entered the Indian markets, it threatened many businesses as there is no middle man in it. This led every financial analyst in India to believe that this might give an opportunity to all malicious practitioners to undertake this as an opportunity to hack or use this virtual money for malicious threats. But this did not lead India to consider banning Bitcoin but rather the incident that took place regarding Bitcoin in the foreign markets is what lead Reserve Bank of India (RBI) to put a notice to all Indian banks asking it to shut down all operations that is taking place with Bitcoin or any other cryptocurrency as a means of financial transactions.

The major incident that first led Reserve Bank of India (RBI) to send out a notice such as that was because of the price inflation that was noticed in Bitcoin. The sudden price inflation of Bitcoin overnight started making Reserve Bank of India wonder what would it be the consequence if the more and more Indian business markets started investing in it too. Because of Bitcoin inflation, the price of everything in India markets would go high making it a difficult situation for all the customers as well as the Indian people as it would affect the daily life of the public too.

Considering this Reserve Bank of India issued a notice to all banks asking them to stop all transactions that was under Bitcoin transactions. All investors were given a period of time to sell them and exit the Bitcoin market. All investors who saw the potential of Bitcoin filed a petition on this subject to The Supreme Court of India asking for it to release the notice and allow everyone to use Bitcoins.  However, there is not much development on the case as of yet. So, if any individual wants to buy a Bitcoin and trade them, they are still allowed to do it. It just that business entities cannot do transactions under Bitcoin as it goes against the ReserveBankofIndian rules and the ban it is trying to impose on Bitcoin being used by business markets of India.

The operational line of Bitcoin in India has been on a process towards its ban starting from investors of India investing in Bitcoin which led Reserve Bank of India to analyse Bitcoin by which they noticed high inflation and price fluctuations leading to issuing the notice to all banks of India to stop using Bitcoin and then the government imposing heavy duty taxes on everyone investing in Bitcoin to stop the practice of using them which then was followed by the Indian financial ministers issuing a bill stating activities using Bitcoin as a medium for transaction will not be encouraged. Various analysts and research teams from India have been appointed to study how Bitcoin works and their opportunities along with their drawbacks. Meanwhile in India some research teams have been trying to prove that Bitcoin is dangerous to support Reserve Bank of India. The supreme court finally issued a ban but upon many files petitioned as a plea to lift the ban, the supreme court of India has been reconsidering its decision and is waiting to make the announcement if the ban will be lifted or not for using Bitcoin. This ban lift was supposed to be announced on September 11th which got postponed to September 17th and then again postponed to coming Monday.

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