All about Cryptocurrencies

[rsjaurr]

As all of us are aware that there is a boom of cryptocurrencies these days. I have a few queries which I hope would enlighten me more.

1. What is the possibilities of these being banned in India? And which cryptocurrency will have less chance of a ban just in case that ban happen?

2. Is it legal to sell and buy online? I'm asking because only yesterday I happened to meet a broker who said it should be done via a broker.

3. Should we invest our decided amount in different cryptocurrencies?

4. Is it good time to invest or there is a crash going to happen? In recent time there have been huge rise in their valuations so the fear.

I am willing to invest high 4 to low 5 figure amount. I plan to get lucky and buy a Vivaldi stack.

@Mods- Plz delete the post if it is against the forum rules.

 

[kaptan]

1. What is the possibilities of these being banned in India? And which cryptocurrency will have less chance of a ban just in case that ban happen?

There is a draft bill to prohibit holding or trading or even mining a cryptocurrency in India. However the bill has permitted the use of the cryptocurrency technology for research and testing purpose. But the Bill is still have not passed yet. If it gets passed then holding crypto currency assets will become illegal. But the law will provide you certain time to liquidate the currency.

2. Is it legal to sell and buy online? I'm asking because only yesterday I happened to meet a broker who said it should be done via a broker.

As of now there wont be a problem selling and buying them.

3. Should we invest our decided amount in different cryptocurrencies?

You can use a fraction of amount to invest considering the future of the crypto in India in mind and how Volatile the cryptocurrency market is.

4. Is it good time to invest or there is a crash going to happen? In recent time there have been huge rise in their valuations so the fear.

There are multiple currencies available in the market. Based on the technology used on them you can diversify and invest them with caution. Personally I feel they have a good future. Again, do them cautiously.

 

[rsjaurr]

I had forgotten about the thread and so much has happened since then including a huge crash.
But the good positive news has come from RBI.
So far I am staying away from buying.

 

[alpha1]

As all of us are aware that there is a boom of cryptocurrencies these days. I have a few queries which I hope would enlighten me more.

1. What is the possibilities of these being banned in India? And which cryptocurrency will have less chance of a ban just in case that ban happen?

2. Is it legal to sell and buy online? I'm asking because only yesterday I happened to meet a broker who said it should be done via a broker.

3. Should we invest our decided amount in different cryptocurrencies?

4. Is it good time to invest or there is a crash going to happen? In recent time there have been huge rise in their valuations so the fear.

I am willing to invest high 4 to low 5 figure amount. I plan to get lucky and buy a Vivaldi stack.

@Mods- Plz delete the post if it is against the forum rules.

Well which other currencies have we invested in?

 

[rsjaurr]

Well which other currencies have we invested in?

There are different cryptocurrencies like Bitcoin, Ethereum, Ripple etc.

 

[moktan]

I used to read a lot about crypto back in the day. Articles by John Lancaster and Donald Mackenzie in the LRB , a very long write up about the alleged outing of Satoshi, The Satoshi Affair by Andrew O’Hagen in the same magazine and books such as Digital Gold and Vigna’s Crypto Currency. In principle, there was a certain anarchic appeal in a currency whose ledger was maintained by anonymous volunteers on the net , validating transactions while also creating more money through a form of seignorage. However two things have made it less attractive, at least for now (i) the blockchain , the technology which underpins the crypto , is being appropriated by centralized agencies the very entities one wished they would replace , and (ii) the increasing energy demands of mining bitcoins ( the deflationary nature of the currency means mining them becomes more difficult, the thing which appeals to investors who invest in them as a store of value ) which further stresses the already stressed environment.
Perhaps there will be more innovations going forward .. already there are bit torrent based cryptos or those that demand so called ‘proof of space and time’ instead of proof of work ( but even here , the chia was blamed recently for shortage of hard drives, as always solving one problem seems to create another ) and NFTs , the recent hype over them notwithstanding, which look like solutions waiting for problems.
So surely there must be exciting days ahead..

 

[alpha1]

There are different cryptocurrencies like Bitcoin, Ethereum, Ripple etc.

I said currencies. not crypto currencies.
What I was coming to is that any currency that becomes investment tool becomes a flawed concept whose demise in unpredictable.