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Behind the scenes and what’s next on Coinsbit India

Good day Coinsbit Tigers,

The new year has begun with a bang for Coinsbit India, and we are thrilled to update you with everything that has happened, is happening and everything that is about to.

There is a lot of anticipation in our community and expectations, which we constantly strive to fulfil.

Last month, the sweating efforts of our tech, marketing, IVR, creative and support team will see the light with the launch of our official Coinsbit.in the mobile application which will soon be available on all devices. To level the game ahead, we have completed our integration with banking systems and now support INR deposits from all major banks in India, making crypto easier.

Our team is working on a loop to develop a newly enhanced and redesigned UI/UX Coinsbit India website, which will go live soon. We have simultaneously begun working on a new social media layout to bring you an enhanced experience.

Our platform is in a unique position, and the tokens being listed with Coinsbit.in are multiplying. We have listed a total of 8 tokens in January:

JEToken (JETS)

Jai Ho

Saitama

TT

SFL

Shakita Inu (SHAK)

Ulord (UT)

Fabwelt (WELT)

We have also conducted an AMA (Ask me anything) for Saitama trades and coin performance with our CEO Ravneet Kaur and Manpreet (Mkay), CFO of Saitama. We received an overwhelming response and fun public interactions, pushing us to conduct more interesting AMAs soon.

Given the surge in crypto holdings and government regulations, we play our part in enhancing your trading experience. Our CEO Ravneet Kaur and Advisor Prashant Surana were panellists and interviewed at the Coins Market Cap about India Regulations panel.

We are growing with each passing day, and so is our community. Our social media traffic has increased by 50% in the last week of January, with a user interaction increase of 30.1% on Twitter alone and a social media impressions of 62.6% on Instagram. We reached more of you this month, with the stats showing an increase of 137% more in user accounts reach than last year. We also commenced our weekly newsletters last month to keep you updated with everything that has happened in the crypto space and anything you would’ve missed.

What’s coming up:

We are always excited, even when there is a market dip or going to the moon because the opportunities the cryptocurrencies and blockchain offer do not stop here. Neither do we on our roadmap of what’s next. The key products to look out for in the coming months are:

Staking Pools

Continued Community Support

Launch of Crypto Academy

Staking: As India has begun to look at staking as an alternative investment option and a passive mode of income, Coinsbit India is soon to bring in this product available for top coins on our platform. It is a growing concept, and we plan to be one of the exchanges in India to offer this product with 8–10 staking pools. It will include staking options for some of the top cryptocurrencies such as BTC, ETH, USDT etc.

Community support: Moving ahead, we continue to live up to our promise of being ‘The people’s exchange’ and growing together with each one of you, bit by bit. Having said that, our tech team works endless nights for you to continue experiencing and expecting low transaction fees, safety, security and 24-hour support.

The Crypto Academy: Our plan is to uphold the speed and keep you hooked on the crypto world. Soon, you will be able to indulge in a learning experience loaded with crypto and blockchain knowledge there is to offer with the launch of ‘Crypto Academy’ powered by Coinsbit India. It will provide you with one kind — earn while you learn options and multilingual language support and teaching.

Conclusion: We have all been waiting patiently for the government to develop a legal framework for many potential investors to start their crypto journey. The Indian government designating crypto as taxable assets and a 30% tax on profits has put an end to all the queries upon their legitimacy. This lays on us the responsibility to comply with the economy’s requirements and our community. Hence, Coinsbit India acknowledges the support we have received from you and assures flexibility in your best interest.

About Coinsbit India

Coinsbit India is a joint venture between Cryptic Coinsbit India and Prof-it Limited, intending to bring the best crypto assets exchange platform to India. With its headquarters in Estonia, the popular cryptocurrency exchange platform has a reported user base of 5 million users and a monthly transaction volume of around $50 billion-plus USD. Coinsbit.io was named the best 2018 crypto exchange at Asian Blockchain Life, 2019. Their strengths include well-timed order execution, local market insight, and multi-tier crypto asset security management, bringing a full suite of services.

Important Reminder: We advise all users to enable two-factor authentication for their Coinsbit India accounts for maximum security.

Best Cryptocurrency Exchange in India

The third generation of the World Wide Web is a powerful tool to revolutionise the accessibility and authenticity of the internet economy.

The amount of data and information keeps growing every day, enhancing the value of everything digital. In 2021, we witnessed the growth of cryptocurrencies like never before. As we enter 2022, we will be required to understand a series of related elements that gain visibility in late 2021, such as Metaverse, NFTs, Defi and also Web 3.0.

Web 1.0 — The Static Web

It was almost three decades ago when the World Wide Web was introduced. Tim Berner’s Lee was the one who designed the internet, which was consumer-ready. In simple words, the first version of the web known as Web 1.0 has static websites, i.e., they were prepared by the businesses and entrepreneurs, ready for the consumers to use.

Web 2.0- The interactive Web

The current generation of web is known as Web 2.0. This generation of websites has most of the content created by the consumers themselves and is used by all. It is the social content from social media platforms, blogs, vlogs and so on. It is a democratic and user-dependent web in terms of its content.

Web 3.0 — The decentralised and Semantic Web

As the name suggests, web 3.0 is a 3rd generation of the internet. It is the latest version of the worldwide web focusing on decentralisation. It combines the previous versions of the web and artificial intelligence. It is built on three layers of technological innovation — AI, Decentralised networks and edge computing.

In simpler words, Web 3.0 services and apps are powered by blockchain technology, cryptocurrencies, metaverse, AI and NFTs. It is anticipated to enable data access and transparency without requiring a third party to control their own data and easily personalise content.

Popular Web 3.0 Cryptos

Some of the popular cryptocurrencies with the latest version of the internet technology in 2022 are:

Polkadot (DOT)

Chainlink (LINK)

Filecoin (FIL)

Helium (HNT)

Theta Network (THETA)

BitTorrent (BTT)

The Graph (GRT)

Stacks (STX)

Basic Attention Token (BAT)

Arweave (AR)

Source: coinmarketcap.com

Using the Web 3.0 Version

There are isolated developments in progress to make web 3.0 a success. There are blockchain platforms such as Moledao, aiming to raise funds to generate the necessary tools for this space. Examples of web 3.0 currently available are Siri and Wolfram Alpha. Siri is apple’s artificial intelligence and speech recognition personal assistant. It’ll efficiently perform an action like ‘Set an alarm for..’ or ‘Which is the nearest pasta place?’ and so on. At the same time, Wolfram is like google but gives out results more accurately than searching “word to word like’ outcomes like google. Both can process large amounts of data into valuable and meaningful actions. Perhaps, there are constant improvements in the field, and we expect to start using web 3.0 every day to have a highly engaging internet experience by the end of this decade.

Traits of Web 3.0

An inevitable part of web 3.0 is ubiquitous internet access across all regions, networks, and devices.

The divide reach of web 3.0 is expected to be available on wearables, cars, AIs, smart interfaces and appliances, etc.

It aims to balance the web creators and economy by ensuring the right proportion of incentives to each.

This web version aims to have a complete open-source architecture without restrictions to access, modify, extend and monetise. It will also enhance accountability by increasing peer reviews.

It focuses on decentralising the web through blockchain technology and breaking the chain of one or a group of organisations controlling the web.

Myths of Web 3.0

Improve internet speed: No, web 3.0 focuses on improving search quality using AI for semantic connection, not changing the search time.

Metaverse and Web 3.0 are the same: No, the metaverse is necessary to access the latest version of the web and is related to it but not identical.

It will require new devices and interfaces: No, web 3.0 can be used on the same applications such as web 1.0 and web 2.0.

Note: Web 3.0 is built largely on three new layers of technological innovation: edge computing, decentralised data networks and artificial intelligence.

About Coinsbit India

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

Important Reminder: We advise all users to enable two-factor authentication for their Coinsbit India accounts for maximum security.

Disclaimer: Crypto assets are volatile, and investments in them are risky. We advise you to do thorough research before investing.

Follow Us:

Coinsbit India is a people’s platform, and we bring to you every tool you need to trade along with reliability, and our millions of daily traders stand a testament to the same

Digital trading platforms have begun to evolve, providing similar services as a stockbroker. The online exchanges serve the user with all the tools and information to buy and sell cryptocurrencies. However, choosing the right platform can be pretty confusing as every user needs an easy and reliable network with low fees. The current exchanges available in India have gaps and vulnerabilities that we strive to fulfil through our Coinsbit India platform.

Coinsbit India — part of Coinsbit Global family, focuses on eliminating all entry barriers, making it ideal for any commoner. Following the government guidelines at all times, we bring unmatched service, reliability and convenience. Our intuitive interface enables trading with the most popular cryptocurrencies and has 100+ crypto pairs. We also offer you a blockchain technology deserved by the crypto investors as well as the developers and entrepreneurs who are in their journey of solving world problems with leveraging technology.

Low Trading Fee and High liquidity

One of the many features is a low trading fee of 0.2% (+18%GST) with zero hidden charges. Alternatively, you get a whopping 25% discount if you choose to pay the fees via CIN Tokens and get to pay the rest of the trading fee with our exclusive CIN token. You can earn 3% monthly interest on your CIN tokens by manually staking them and getting the rewards directly credited to your account. These tokens also help you unlock unique features on our platform and get bonuses and privileges.

Quick and Easy INR Trading

The INR deposits and withdrawals are now live on our platform with 16 INR pairs. All you need to start trading is a minimum deposit of only 100 INR. Further, we provide our users with a low INR transaction fee of Rs.15 per INR withdrawal or deposit which is comparatively lower than our competitors. We have a simplified terminal for a quick trading experience, supporting multiple blockchain networks to help you quickly deposit and withdraw crypto.

Impeccable Security

Our security system is designed to help you be relaxed and make us reliable. An independent evaluator has released a security certificate, making our platform India’s safest crypto exchange. We ensure user safety and a smooth experience by storing 95% of your funds in cold wallets and incorporating WAF (Web Application Firewall) to restrain unauthorised access and hacker attacks. The Escrow principle of our platform guarantees to receive funds or cryptocurrencies.

We envision bringing in the best technology for crypto investment in India, and thus, we provide you with advanced trading tools for all your trading requirements. Our website is designed to tackle 10,000 orders per second.

Share, Crypto and Earn

The app prompts, and navigation makes our platform a deal-making interface for beginners and professionals. We offer a variety of undeniably pleasing features to our trading community, such as Codes and pyramid referrals. Codes are a game-changer for transferring cryptocurrencies without incurring any charges by generating CODES within Coinsbit India. Another practical reason for trading on Coinsbit India is our unique 5 level referral systems wherein you benefit from trade your referral makes and every person they refer, and so on.

About Coinsbit India

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

Important Reminder: We advise all users to enable two-factor authentication for their Coinsbit India accounts for maximum security.

Disclaimer: Crypto assets are volatile, and investments in them are risky. We advise you to do thorough research before investing.

Follow Us:

The best cryptocurrency exchange in India

‘It often takes a lot of time and effort to become a millionaire in this competitive world’ however the world of crypto trading already proved that you can make millions of dollars just sitting at home with minimal equipment like a smart phone and internet connection.

Most of the investors are behind a new asset class ‘cryptocurrency’. Now there is a lot of risk involved in these investments and high returns at the same time. In early stages the value of Bitcoin was quite negligible. It was first born in 2009 and it was barely considered by the world, soon it was a boom in the sky.

It would be amazing if there is a quantum realm in real life for us to go back and invest in bitcoin:

Doors are still open for those who believe investing in cryptocurrency. But the main question is, which coin to invest in?

A decade ago, it was easy for anyone to choose a coin to invest in. Because there were only 66 coins in spite of that, now we have 15000 plus. The best way to choose which coin to invest in is doing consistent research. You can get a big picture of how to do this research with the tips mentioned below.

Things to keep in mind while doing research about a coin -

Understand your level of risk tolerance.

Decide if you are a long term investor or a short term investor.

Check out coin fundamentals like whitepaper.

Have a note on what kind of solutions that coin is going to provide.

Analize if it has enough resources and team to carry out.

What does it need in order to be successful?

Look out for ICOs

Last but not least, exploring social media platforms and following all the threads and relevant groups, platforms like coinmarketcap.com, will help you study more about the crypto that you want to invest in.

Now we have an idea on how to do the research about choosing a coin. The next question that could come in your mind is, which #cryptocurrency platform to invest in?

With over 17 #Indian crypto trading platforms, it's sometimes confusing to decide on where to begin. There are alot of factors to take into consideration like -

Fee - it is very important to have an eye on the fee that is charged by an exchange, some exchanges might have hidden charges too.

Number of coins available - there is a lot of fee involved in converting your INR into USDT/USD to buy other coins, so choose the one which has more pairs with INR.

Security of funds.

Payment options available.

Verification process.

Support - consider user friendly platforms which have 24/7 support.

Here's a list of trending exchanges in India with a glimpse of the platform

Europe’s largest and Compliant Digital Asset Platform is now in India. Coinsbit India started functioning in April 2021. More than 1.2 Million users have joined Coinsbit India since then which helped the exchange in reaching a new height. They also have their native token as CIN Token. Coinsbit India offered the biggest Airdrop in 3 different stages and distributed CIN Tokens as a reward through referrals and Sign up for free. Coinsbit India looks to bring service, reliability, and convenience that cannot be matched by any other platform, bringing to India one of the world’s largest cryptocurrency exchanges.

Coinsbit India also introduced CIN Staking where the users can stake their CIN Tokens and earn 3% profit monthly. One of the best features of Coinsbit India is CODES, through which the users can transfer their crypto within Coisnbit India without paying any fee. Trading is also profitable in Coinsbit India as the users can pay Trading Fees using CIN Tokens and save 25% of their fee as well.

When it comes to Community Support, Coinsbit India has one of the best support teams offering 24/7 Chat Support and also they introduced Interactive Voice Response (IVR) Support so the users can perform their activities hassle-free, making Coinsbit India the best cryptocurrency exchange in India.

CoinDCX- CoinDCX exchange is built with user experience and security in mind. The KYC and Bank Account verification are done within a few minutes and give users a smooth onboarding experience. They provide users single-point access to a diverse suite of crypto-based financial products and services that are backed by security processes and insurance.

CoinswitchKuber- CoinSwitch Kuber is a secure, user-friendly crypto trading platform for users in India, where they can buy 80+ cryptocurrencies like Bitcoin, Ethereum, Ripple etc easily, at the best rate, with a variety of payment options being offered. The users can access the pooled liquidity of the leading cryptocurrency exchanges in India to get the best rate and trade instantaneously, after completing the KYC/AML procedures.

Wazirx- WazirX has been built by a team of hardcore traders and passionate blockchain believers. They are on a mission to involve every Indian in the Blockchain revolution.

With WazirX you can Buy, Sell & Trade digital assets with amazing ease, confidence and trust. Whether you’re a first-time investor or a professional trader - WazirX has got you both covered!

Best Cryptocurrency Exchange in India

Staking is the smartest way to start investing with little money

Highlights:

- Staking is an excellent way to earn rewards when the market is volatile, showing 'bear-ish' sentiment or just earn extra and do more with cryptocurrencies

- Coinsbit India launched INR Trading as well.

Launched Europe's largest and award-winning cryptocurrency trading platform in India, Coinsbit India, had announced India's biggest ever airdrop on 9th April 2021. The airdrop was a massive success with 665,550 KYC verified users initially. The KYC verified users were receiving CIN worth $200 each in the first round. Now, new KYC verified users get 100 CIN Tokens as a sign-up bonus.

Along with the airdrop, Coinsbit India also launched its own 5-level referral program along with staking opportunities. Staking cryptocurrency is one of the most appreciated ways to invest in the new age. It is a less resource-intensive alternative to mining which involves holding funds in a wallet to support the security and operations of a blockchain network. So basically, staking is the act of locking cryptocurrencies to receive rewards. Coinsbit India Staking lets you earn rewards in a very simple way – all you have to do is hold and 'stake' coins on the exchange to enjoy 3% monthly rewards.

In order to avoid token price crash upon CIN token listing, a vesting schedule will be implemented and there will be a gradual monthly release in the CIN tokens earned from airdrop and referrals. This will help in preserving the token value and prevent price drop. Users will have an opportunity to buy CIN tokens and start earning on staking pools at a 3% monthly rate. Holders can avail a 25% discount on trading fees by paying in CIN. Along with interest incentive and discount purchases, in future, users will also be able access the Coinsbit Vault, Marketplace and Blockchain Games, apart from other benefits.

Staking is an excellent way to earn rewards when the market is volatile or showing 'bear-ish' sentiment or just to earn extra rewards and do more with cryptocurrencies. Crypto coins staking has several advantages that have helped it gain popularity. Apart from being a passive income for users, it doesn't require much specialized skills. A small investment by purchasing cryptocurrency is enough to get you started, hence making the threshold for entering quite low.

What's next for Coinsbit India?

According to Chainalysis, investments in crypto grew from about $200 million to nearly $40 billion in India alone, in just one year. With the constantly growing crypto market in India, Coinsbit India has massive plans for expansions. They recently went live with INR trading while engaging more blockchain developers for both building CIN Smart Chain Ecosystem and to develop NFT, DEXs and DeFi apps. CEO of Coinsbit India, Ravneet Kaur, talked about revolutionizing the Indian cryptocurrency and blockchain space. She said, "We believe that there can be a new economy based on decentralization and trust. If anything, these uncertain times have taught us, it is that we need to be prepared to confront them. To avoid what is happening in Lebanon right now, Africa and Latin American Economies. We need to explore alternative methods of investment. Cryptocurrency can be a hedge against such interferences where people have no control and their currency suddenly devalues. Recently, El Salvador legalized bitcoin to attract investments and crypto talent while boosting their economy. India needs to keep up with the constantly changing times and needs cryptocurrency to revitalize its economy."

Akshit Khanna, CMO Coinsbit India, gave a little sneak peek into what's next. “Cryptocurrency is still a relatively new concept for the masses which has shown great potential. We want to help educate people and build an informed crypto community in India. We started campaigns to specifically explain buying and the storage process of cryptos and much more at Coinsbit Academy.”

About Coinsbit India

- Which Cryptocurrency exchange is best in India?

NDTV stated “All Private Cryptocurrency will be regulated, not banned” on 02/12/2021

A Cabinet note circulated by the government on the proposed cryptocurrency bill has suggested regulation of private cryptocurrency rather than banning it.

Points to be noted from the bill:

Cryptoassets will be dealt with the existing crypto exchange platforms which will be regulated by Securities and Exchange Board of India (SEBI).

The proposed virtual currency by the Reserve Bank of India (RBI),central bank digital currency (CBDC) has not been clubbed with the new crypto bill. However, the central bank will regulate issues related to cryptocurrency.

All those found violating the exchange provisions will be penalised with criminal imprisonment of up to one and a half years. Penalties in the range of ₹5 crore to ₹20 crore may also be levied by the regulator.

As a deterrent for those found using these assets for terror related activities, the provisions of the Prevention of Money Laundering Act (PMLA) will apply with suitable amendments.

There are many cryptocurrency exchanges in India but the question arises Which Cryptocurrency exchange is best in India? So, the top leading exchanges which are covering the Indian market are-

Coinsbit India- Europe’s largest and Compliant Digital Asset Platform is now in India.

Coinsbit India started functioning in April 2021. More than 1.2 Million users have joined Coinsbit India since then which helped the exchange in reaching a new height. They also have their native token as CIN Token. Coinsbit India offered the biggest Airdrop in 3 different stages and distributed CIN Tokens as a reward through referrals and Sign up for free. Coinsbit India looks to bring service, reliability, and convenience that cannot be matched by any other platform, bringing to India one of the world’s largest cryptocurrency exchanges.

Coinsbit India also introduced CIN Staking where the users can stake their CIN Tokens and earn 3% profit monthly. One of the best features of Coinsbit India is CODES, through which the users can transfer their crypto within Coisnbit India without paying any fee. Trading is also profitable in Coinsbit India as the users can pay Trading Fees using CIN Tokens and save 25% of their fee as well.

When it comes to Community Support, Coinsbit India has one of the best support team offering 24/7 Chat Support and also they introduced Interactive Voice Response (IVR) Support so the users can perform their activities hassle free, making Coinsbit India the best cryptocurrency exchange in India.

CoinDCX- CoinDCX exchange is built with user experience and security in mind. The KYC and Bank Account verification are done within a few minutes and give users a smooth onboarding experience. They provide users single-point access to a diverse suite of crypto-based financial products and services that are backed by security processes and insurance.

CoinswitchKuber- CoinSwitch Kuber is a secure, user-friendly crypto trading platform for users in India, where they can buy 80+ cryptocurrencies like Bitcoin, Ethereum, Ripple etc easily, at the best rate, with a variety of payment options being offered. The users can access the pooled liquidity of the leading cryptocurrency exchanges in India to get the best rate and trade instantaneously, after completing the KYC/AML procedures.

Wazirx- WazirX has been built by a team of hardcore traders and passionate blockchain believers. They are on a mission to involve every Indian in the Blockchain revolution.

With WazirX you can Buy, Sell & Trade digital assets with amazing ease, confidence and trust. Whether you’re a first-time investor or a professional trader - WazirX has got you both covered!

Best cryptocurrency exchange in India

Cryptocurrency Market Booming in India

India is in a unique position to drive development and innovation in the cryptocurrency industry. Policymakers can take into account numerous use cases and examples despite past reports of a possible ban on cryptocurrencies in the nation. This will help them to better comprehend the genuine potential for using cryptocurrency and its implications on the economy. In the last few years, India's cryptocurrency market has seen a transformation. Despite regulatory uncertainties and high volatility, Indian investors prefer to invest in cryptocurrency over gold.

From cryptocurrencies getting banned by the nation’s central bank in 2018, India has come a long way, currently, having 15 native cryptocurrency exchange platforms that allow buying and selling, with more than 1.5 crore users. The sheer volume of it is astounding. According to BrokerChooser, India has the biggest number of cryptocurrency owners in the world at 10.07 crore. Second and third place go to the United States and Russia, respectively. India stands fifth in the world in terms of the number of cryptocurrency owners per capita.

A surge in investment and numerous new domestic ventures followed the Reserve Bank of India's clarification on cryptocurrencies in May of this year. when asked regulated banks not to caution consumers against cryptocurrency trading in accordance with its 2018 directive banning such transactions. The RBI circular, which had been in effect for three years, was withdrawn in 2020 following the Supreme Court's involvement in response to a suit brought by the Internet and Mobile Association of India (IAMAI) and cryptocurrency exchanges.

Reports predict that by 2030, India's cryptocurrency market would be worth $24.1 billion, and it will be worth $2.3 billion by 2026. Historically, only well-educated individuals familiar with the cryptocurrency sector invested in digital currencies. However, the local excitement of marketing and networking has lately inspired the general public to explore cryptocurrency trading. Considering the country's evolution of digital currencies and China's recent crypto ban, analysts think that India has the potential to emerge as Asia's crypto hub.

A new class of Investors

Enterprising Indian youths have emerged as a new class of investors, accelerating the growth of cryptocurrency. Intrigued by the prospect of massive earnings and the desire to experiment with their early income strategies, the youngsters are purchasing cryptocurrency and other assets and quickly becoming acquainted with the market's ups and downs. Within a few weeks, the epidemic accelerated the move from online education to online investing.

Young cryptocurrency investors have a plethora of trading platforms to choose from. Several of India's leading the best cryptocurrency exchanges, including Coinsbit India, CoinSwitch Kuber, CoinDCX, and WazirX, have all started social media campaigns to drive traffic to their respective sites and introduced user-friendly products. How do people start investing in Crypto?

From launch just a couple of months earlier, Coinsbit India has quickly made a name for itself and became India’s fastest-growing crypto exchange. You can easily start investing in cryptocurrencies with Coinsbit India. Access a plethora of crypt assets including the likes of can bitcoin and other popular altcoins, namely Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRC), USDTether (USDT), and Compound Finance (COMP), along with several DeFi coins with the Bitcoin (BTC) and other pairings. Get access to multilingual telephonic IVR support, available six days a week, and trade worry-free every time you sign into coinsbit India.

All one has to do is sign up on the platform, or any other similar platform, complete the KYC norms, and that’s it.

Conclusion

Best Cryptocurrency Exchange in India

Coinsbit India is excited to introduce IVR support for users with support for multiple regional languages.

Cryptocurrency adoption is on the rise in India as investors eye cryptocurrencies over traditional investment instruments. Even though India ranks second on the Global Crypto Adoption Index, many remain skeptical about cryptocurrencies, mostly due to the lack of proper knowledge regarding this constantly innovating asset class.

While investing in cryptocurrencies is as simple as (or even simpler than) withdrawing or depositing funds at your local bank, for an untrained eye, it can look quite puzzling. As such, Coinsbit India is excited to announce our multilingual Interactive Voice Response system.

Users can now easily access the massive economic potential of cryptocurrencies without having to worry about the hiccups along the way. Available in English, Hindi, Telugu, Marathi, Tamil, and more regional languages en route, Coinsbit India’s telephonic IVR system will help investors address all their investing concerns, straight from the comfort of their homes.

IVR support will be available from 11 am to 7 pm, six days a week from Monday to Saturday.

Call us at +91 8069222000

About Coinsbit India:

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

Investing is an important part of wealth creation, something that helps you in reaching your financial goals and stabilizing your financial future.

Every investor wants to invest in the best options available out there, in such a way they can get the best returns with the lowest risks possible.

But the fact that the concept of low risk and high return sounds so ideal, is also the reason they exist in the ideal world only.

In the real world, the risks and the returns are highly proportional to each other, and that makes it very important to do the right research and choose the right options before you start investing.

But we here did the digging for you and brought in the best investment opportunities that you can take and invest in.

Bitcoin (BTC)

In January 2009, Satoshi Nakamoto gave birth to the world’s biggest cryptocurrency by mining the genesis block of bitcoin. He set the building block and the rest of the world did the rest.

Today, not just the top investors but also the biggest leader of the world praise bitcoin. And that does not end here, so many companies already have their plans ready to integrate bitcoin with their products.

“Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand” says Twitter CEO Jack Dorsey.

India is growing exponentially in technology and Bitcoin is a part of the technology that is bringing true value to the table, and as an investor ignoring the potential that Bitcoin carries can become a regretful mistake to make.

All time high value of a single Bitcoin is above $69000 (approx. 51,75,000 INR), and it only plans to go higher and higher every single day.

Bitcoin Crypto Chart as of 06/11/2021

Not just for trading Bitcoin can also be considered as a long-term investment option for the year 2022 as some very trusted predictions say that the values for Bitcoin are going to reach the skies in the next few years.

According to the stats, the average growth rate of Bitcoin is 134%, which means if the same percentage continues in 2022, the potential growth will be more than any other investment you can make.

You must have heard about the billion-dollar investment made by El Salvador in recent times.

Bitcoin is the next big thing, and that’s an undeniable fact.

Real Estate

The fact that the population is growing, but the planet is not, makes Real Estate a great option for investment. Real Estate, as a matter of fact, never goes down and will always go up in the long term durations.

Speaking of durations, Real Estate can take a lot of time to grow if you are planning on buying and selling them but on the other hand, there are other ways you can use your real estate for generating a good cash flow if you desire to.

Renting and rental housing is one of the most popular ways of generating cash flow. You can easily rent out your Estates for your desired price and can generate a good passive income out of it.

Other than that, you can wait for some years and trade them, as the estate values increase over time.

Government bond funds

Government bond funds are one of the safest investments to include in your investment plans. Since they are backed up by the government, the risks are low and so are the returns.

Government bond funds are for those people looking out for an investment option that can provide them with a stable return.

One of the most interesting features of government bond funds is that they provide you with tax benefits, saving your money even further.

Nifty Fifty

Nifty Fifty is the one-stop for blind investment, made of some of the biggest companies combined. It is the place where you know your money will eventually grow.

If you are thinking long term, Nifty-fifty is something that you should be thinking because they are meant to invest in for the long term.

Ether (ETH)

Ether equals speed. Ethereum, also known as Ether (ETH), is the second most popular cryptocurrency after Bitcoin and has the fastest transaction speed of all the cryptocurrencies we have discussed. It is based on the blockchain technology of Ethereum company. It was launched in 2015.

You know somethings are worth putting in your money when the world’s richest man openly promotes them.

Ethereum uses a smart contract technique to make sure that no third party is involved in the transactions made.

For Indian investors, it is very easy to buy and sell Ether on an exchange or through a brokerage service. To make the transactions, even more, easier for the Indian user payment methods like UPI and bank transfer are also available in a lot of brokerage services.

As of now, it consists of little less than $560 billion dollar market capital. As compared to last year, Ethereum has seen a 146.41% growth since Feb 2020.

Ether Crypto Chart as of 08/11/2021

Ethereum can be considered a good crypto investment for both the long as well as for short term. As for 2021, Ethereum might be break out and go up to $5000 by the end of the year.

If the transaction speed is what you are looking for, Ether is the crypto investment you should make before the end of 2021.

Cardano (ADA)

Cardano (ADA) is a cryptocurrency that promises to address real-world issues by utilizing blockchain technology. It has collaborated with the Ethiopian government, for example, to track the educational development of 5 million children on its network. The project will provide each student with a tamper-proof academic record, which might aid in their job search or study abroad.

Cardano is unique not just in terms of speed and decentralization but also in its development environment. Most Ethereum competitors, such as Binance Smart Chain and Polygon, are still Ethereum Virtual Machine-based, which means they can execute Ethereum-specific code without modification.

Market Chart of Cardano (ADA) in last year.Cardano’s completely new DeFi ecosystem will provide developers and consumers with a brand new smart contract environment, complete with new projects, coins, and features. The added advantage here is the plethora of knowledge and experience that Ethereum lacked back when it debuted.Conclusion: So we have discussed some of the best investment options available, but the question now arises, should you be planning to invest in any of the cryptocurrencies or any of the real-life investment options?In our opinion, cryptocurrencies are going to be the new real-life investment options, the world of cryptocurrencies has seen all of its ups and downs, and now is the perfect time for investing in them.There are some excellent investment options out there that you can choose to invest in, but in the virtual world that we live in, the cryptocurrency market is one of the most stable right now and not just for a single cryptocurrency but every cryptocurrency out there.Not just that, real-life investments take a lot of time to mature, for example. In Real Estates, let’s say you plan to buy a piece of land for a good amount of money, that you are willing to trade in after some time.It will take years for your small investment to turn big enough to trade it back with a profitable margin amount, not just that you have to invest even more during the maturity period for the maintenance of your land and still after all your efforts there are chances that you won’t be getting your desired prices.On the other hand, investing in cryptocurrencies is a stable way of investing especially when you know the right time to invest and sell them.Crypto Currencies were used to see from a trader’s perspective, it was the product that you buy and sell and take your profits home. But cryptocurrencies are making a long-term investment model for themselves now and can be kept sustained for a longer period.Disclaimer: Cryptocurrencies are volatile and investments in them are risky. We advise you to do thorough research before investing.

Coinsbit India Europe’s largest and Compliant Digital Asset Platform — Now in India #SwitchToCoinsbit #GoCryptoBitByBit $CIN #CIN www.coinsbit.in Follow

Best Cryptocurrency Exchange in India

Transfer cryptocurrency within Coinsbit India for free using CODES

It has been a great 2021 for Coinsbit India as a platform. Within just months from our launch, we have become India’s fastest growing cryptocurrency exchange. Backed by Europe’s largest cryptocurrency exchange and offering the same top grade custodial and platform security, we are here to offer the best trading experience for the Indian market.

Now, in line with our plans, we are excited to announce yet another exciting feature for our community. As such, we are excited to announce CODES for the first time in India, Coinsbit India users will now be able to transfer funds within Coinsbit India without incurring any fees.

Gone are the days of having to type out long wallet addresses. The CODES technology allows you to generate unique codes against a certain amount of your cryptocurrency holdings and then send unique code to the receiver. The receiver can then easily redeem the funds into his/her account without incurring any charges.

“CODES will completely change the way we transfer cryptocurrency, while also mitigating the room for error. We believe this will make trading and investing in cryptocurrencies easier and provide a better trading experience for all,” Akshit Khanna, CMO Coinsbit India.

How to transfer free within Coinsbit India?

Exchange within Coinsbit India is absolutely free.

You can generate CODES and transfer your coins to another Coinsbit user.

Click on FINANCE and select CODES.

Select the currency and enter the amount you want to exchange.

(Note- If you are transferring through codes you need to transfer your coins to your MAIN WALLET.)

Once you put the amount, then click on the CREATE tab.

You will get an email on your registered Email ID to CONFIRM CODE CREATION.

Confirm via email click on CONFIRM CODE CREATION.

Once you confirm the email you will be directed to the page below. Click on CONTINUE.

You will see the code has been created.

Copy the code and send it to the person you want to exchange with.

To activate the code, one needs to click on the ACTIVATE CODE option.

Now paste the code in the box and click on the ACTIVATE tab.

To check the codes history - click on CODES HISTORY

Hurray! You just transferred crypto with zero fees.

About Coinsbit India:

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which is powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

Best Cryptocurrency Exchange in India

Coinsbit India is wrapping up its first quarter and ready to take on the next one, head on!

Disclaimer: Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the merits of any investment, or the validity of the transaction.

The year started with a bang for Coinsbit Global, as we launched Coinsbit India. We hit multiple milestones which came together to mark the launch in April, with the biggest airdrop in the history of cryptocurrency in India. During the first quarter, we worked on multiple iterations of the user interface, in order to come up with the most ambient user experience. We continued to execute our strategy of focusing on core technology development, technical integrations, automating KYC, aiming at the completion of the exchange system and much more. At Coinsbit India, we believe that there can be a new financial economy based on Decentralization and Trust — the two core thought pillars of blockchain; and want to bring this revolution in India through our innovative financial platforms and products. In this quarterly report for Q1, we are happy to share what we have been up to, what is coming up, and what we learned on our thrilling journey, so far.

Overview

Our major focus over the past quarter has been technical setup & development, our users, in terms of user acquisition and user experience. April saw the launch of our communications & interactions with our early adopters and community as we began extensive rounds of testing, which culminated in our super successful beginning in India.

Between April and July, 50 new team members joined Coinsbit India, making our total count to 70 team members and expanding to 7 divisions.

Major Highlights

1. 1M+ new users have joined Coinsbit India since the launch. 2. Launched CIN Token and conducted a super successful airdrop with additional 2 rounds resulting. 3. We have launched staking! 54,000 users have staked a total of 240,549,884. 4. We have enhanced our KYC processes and reduced our verification from 5–6 days to just under 5 mins! 5. Our security review process has been completed with successful results. 6. We are satisfied with the user experience of our MVP designs (the Coinsbit India platform, funds management tools, and fiat on- and off-ramps). 7. Full technical setup and integration of Coinsbit India exchange completed with blockchains of Binance Smart Chain, Tron, Ethereum, Litecoin, Dash, Bitcoin Gold and Bitcoin Cash. 8. Completed full technical setup, testing and development of Coinsbit India exchange platform and operations. 9. Featured on 70+ media publications! 10. Also… launched in our brand new office! 11. Revamped and created robust processes for our Support team! 12. Launched Ambassador program!

Frontend

Coinsbit India announced the launch of a large-scale Coinsbit India Token (CIN) airdrop starting on April 9th 2021. Coinsbit India Token (CIN) is the native utility token for Coinsbit India Ecosystem. We gave away CIN tokens as part of our Airdrop rewards and tokens worth $200 USD (2000 CIN Token) for every sign up and KYC to engage both existing and new users. The airdrop was launched with the aim to introduce CIN and to explore Coinsbit India’s core base of efficiency, scalability, trust, transparency, and security. The airdrop was conducted in three rounds, each with a slightly reduced give away to encourage maximum early bird sign ups. This strategy worked in our favor as we saw landslide registrations with nearly 1 million sign ups in the first round itself and we can state firmly that our Q2 was full of hardworking days and technical progress.

The technical team made noteworthy progress in the quarter, meeting several significant development goals.

The simplified exchange interface was completed and launched.

We were also able to complete the funds management interface for users for viewing assets, transactions and staking dividends.

A number of other features were developed in the very first quarter. The advanced exchange interface will offer professional traders all the tools they are accustomed to. Verified users will be able to trade bitcoin and other popular cryptocurrencies along with INR pairing. Multiple tokens were tested and listed on Coinsbit India exchange. The platform will be launching with multiple popular BTC, ETH and stablecoin pairings. The team was also able to execute the 5-level referral rewards program along with staking opportunities. In order to sustain CIN token value, a vesting schedule is implemented and there will be a gradual monthly release in the CIN tokens earned from airdrop and referrals. Coinsbit India continues to make great progress on legal fronts and our compliance efforts are yielding positive results.

Our global tech team is responsible for connecting Coinsbit India to the assets we let you trade. This involves incorporating blockchain components into the system with maximum security, availability and efficiency. It also involves working with our fiat integration partners to define the processes and protocols that will allow our users to on — and offboard fiat currency. The integrations team met several major development goals this quarter. Exchange contracts for major cryptocurrencies were finalized, along with the API for fiat integration nearly completed and the Coinsbit India token staking contract fully completed.

Learnings

With the hugely successful airdrop campaign which saw over 1M+ KYC verified users, we had to fire-fight a lot of scaling challenges which are not unusual for a startup exchange in the Cryptocurrency industry. Being a startup this has been one of our biggest learning curves so far. Overwhelmed, both operationally and emotionally, we underestimated the reaction and at one point, struggled to handle the traffic. Earlier during our market research, we observed that the highest volume exchanges in India have user bases of 5 to 6 million. Based on this, and being a new name, we did not expect 1 million users in just the first 3 months! This is definitely a good problem to have and we recognize that! This made us upscale our efforts and team alike. We went into full throttle hiring and increased our backend support team by 200% and the headcount went from 10 to 30.

Marketing and Communication

As for the marketing department, we’ve been producing regular content about educating people on cryptocurrency and onboarding of young crypto enthusiasts. We managed to grab an eye of such well-known media outlets as well!

Our core marketing team, lead by Akshit Khanna, has been working on a variety of initiatives both to formalize our partnerships, key brand ambassadors and to access non-tech-savvy people. We have partnered with experts in different markets who are helping us develop a more global strategy. Besides engaging with traditional print and broadcast media, we are currently working on educating the upcoming crypto community in the country. We are currently working on consolidating the concept of Coinsbit Academy to engage with our users.

Besides the marketing initiatives, our marketing and communications team has expanded to incorporate more bandwidth to work on brand communication. The new guidelines will ensure the right impact and meet the highest standards of clarity and expression. We now have a total of 11 members in our core marketing team.

As everyone else, we also launched our handles successfully on all popular social media platforms with 175,307 users. Here are the links:

Twitter

Instagram

Telegram

Facebook

LinkedIn

To ensure seamless support, we had to go into massive & quick hiring in the first quarter itself.

What’s coming up next?

Q2

Crypto to crypto trading from the platform with upto 50+ pairs

CIN can be used as trading fee with 25% discount

INR pairs

On/off INR ramp

Q3

Mobile app

CIN token listing on the exchange

CIN Smart Chain

NFT Marketplace

Conclusion

The first quarter was definitely a strong start to Coinsbit India. We saw technology development and adoption results, which helped us draw up success metrics as an organization. Our key vision foundations were strengthened by the fait our users showed in us and our core team who worked extremely hard to make the journey seamless. The airdrop, staking launch, and crypto trading kicked off the brand launch in the right direction; activities that will strongly define the coming few months for the blockchain ecosystem and show a path to unlocking the scalability potential that can serve the piquing interest in cryptocurrency.

Coinsbit India also announced the opening of its physical office in Hyderabad, India. Do drop in, to know more!

Best Cryptocurrency Exchange in India

Dear Coinsbit family, thank you for making the CIN airdrop a huge success. Did you know that you can already start utilizing your CIN tokens to get a hefty 25% discount on trading fees? No worries if you did not know that. In this guide, we will discuss how you can use your CIN tokens and save some precious fees every time you trade.

Let’s get the basics down, here are two things you must check before proceeding:

You have completed your KYC

You have sufficient CIN tokens

Now, we can proceed to the main guide:

First head to Wallet and from the drop-down menu click on Balance. Once on that page, you will be able to see that your CIN balance is displayed under Main. This means your CIN tokens are in your main wallet and need to be transferred to your trading wallet.

To transfer your tokens from main to trading wallet just click on the trade button (two arrows), click on To Trade.

Now you need to enter the amount of CIN tokens you want to transfer to your trading wallet. To transfer all CIN tokens click on MAX.

Click on Transfer to initiate the transfer process. Your new balance should reflect immediately under Trade. If it doesn’t show up at first, please refresh the page or repeat the process again.

Now, all you have to do is click on Profile from the menu on the left.

On this page, under commission management, you’ll find the option to start paying trading fees using CIN tokens.

Note: Once enabled, you will automatically be paying your trading fees using CIN tokens, and will also be getting a whopping 25% off on your trading fees, until you run out of CIN tokens.

We hope this guide will help you to start enjoying your CIN rewards. In case you need further assistance you can reach out to our support anytime.

Until next time, Safe and Happy trading.

About Coinsbit

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

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Best Cryptocurrency Exchange in India

We simplified for you what is the difference between Proof of Work Vs Proof of Stake:

We all know how to Buy Bitcoin and Ethereum in India, but not many fully understand the core differences between the two that would arise once Ethereum transitions to 2.0. The network will transition from its current consensus mechanism to a completely different one. ‘Consensus mechanisms’ are basically the methodology that a blockchain network uses to make decisions. So it is crucial to have a better understanding of these core aspects.

The popular two

During the development of Bitcoin, the world’s first cryptocurrency, Satoshi Nakamoto was tasked with devising a method for transactions to be confirmed without the involvement of a third party. This he accomplished by developing the Proof of Work (PoW) approach.

However, this consensus mechanism employed an advanced form of mathematics called ‘cryptography’, which are basically complex mathematical puzzles that require powerful computers to solve.

Despite the fact that Proof of Work is an incredible innovation, it is far from flawless. Not only does it consume a large amount of power, but it also has a very restricted capacity in terms of the number of transactions that can be processed at once.

This fuelled the need to develop other means for a network to come to a consensus, resulting in the creation of, the now popularized by Ethereum, Proof of Stake model (PoS). The concept was originally invented in 2012 by Scott Nadal and Sunny King.

Peercoin was the first blockchain project to implement the Proof of Stake concept. Initial benefits include a more equitable and just mining system, scalable transactions, and less dependency on power. As such, Ethereum is aiming to transition from Proof of Work to Proof of Stake.

Which one is better?

Unlike PoW blockchains, PoS blockchains do not use energy usage to determine who can propose blocks. PoS proponents frequently tout it as a “more efficient” method, given the fact that PoW miners have been criticized for their use of coal and other energy sources harmful to the planet.

However, PoW miners can utilize whatever energy source they choose, including hydroelectric power, wind energy, and other less wasteful types of energy.

Additionally, PoS blockchains need the usage of specialized hardware (GPUs), which, like ASICs and other computing devices used in PoW mining, require resources to manufacture. Also, PoS miners must maintain active internet connections, which consume energy, but far less than what is required when it comes to PoW.

To be considered for adding blocks to a PoS blockchain, users must stake, or lock, a specified amount of the network’s cryptocurrency in a specific contract.

The staked amount influences their chances of being chosen as the next block producer. In certain instances, users who engage in malevolent behavior may forfeit their stake as punishment.

To avoid constantly favoring the wealthiest nodes, PoS may incorporate additional deciding criteria. These may include the duration of a node’s crypto stake, as well as pure randomization. This eliminates the power war amongst miners in the case of PoW as this method doesn’t require humongous amounts of power and doesn’t give people who purchase powerful hardware devices a greater chance of winning the mining reward.

As with the PoW method, the block reward in PoS refers to the cryptocurrency that the blockchain awards to the user who submits a valid block.

Due to the fact that block selection is dependent on coin ownership, cryptocurrency exchanges in India like Coinsbit India provide staking services that allow users to stake coins on their behalf in return for more consistent rewards.

The Centralization problem

Most significantly, PoW mining has prompted centralized companies to buy hundreds of high-powered mining equipment (ASICs). As a result, the system becomes unfair because the average individual has no chance of ever winning the mining reward. Proof of Stake differs in this regard. This approach precludes groups of individuals from banding together to dominate the network only for the sake of profit. Those that contribute to the network by locking their coins, on the other hand, are paid according to the amount staked.

About Coinsbit

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

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“Cryptocurrencies are literally just a piece of open-source software. There’s nothing else. It exists on the internet, it’s open-source software, anyone can implement it, it runs wherever the internet runs, and they have a monetary policy where these assets are algorithmically generated.” Jeremy Allaire, CEO of Circle.

Skeptics sometimes argue that governments will ban Bitcoin at some point; it will become too important of a currency and it will eventually threaten national sovereignty. The same could be true for other cryptocurrencies. Such were the voices in India, recently. However, as the Bitcoin magazine argues, it may be said that this panic is caused by a failure to understand “the power of distributed open-source technologies and the game theory faced by governments when making these decisions”.

In fact, the latest twist in national law encompasses the principles of cryptocurrencies and the exchange of digital assets because, in the end, transferring cryptocurrencies from one wallet to another is no different from sharing music via a USB stick. At the same time, governments are realizing that the cryptocurrency ban would only increase black-market trading in the country.

Historical example

In the US, for instance, it was illegal for citizens to own over a certain amount of gold to prevent hoarding (that is, from 1933 to 1975).

The law proved too difficult to enforce. Only a few cases of gold buyers who were prosecuted can be found.

As Tony Spilotro noticed:

“The sheer cost in resources and time required to add Bitcoin to the ever-growing list of banned goods like weapons, drugs, and more would be large, and wasteful. And if the war on Bitcoin is as large of a failure as the war on drugs or war on terrorism, Bitcoin will become part of everyday society whether there are wars waged against it or not”.

Governments can’t technically ban crypto

Many crypto experts argue that as cryptocurrencies are simply pieces of computer code, they cannot be banned. This is the opinion of Chanpeng Zhao, the CEO of Binance.

“Theoretically, yes. You can call it an asset, a commodity, a currency, or a security. But fundamentally, cryptocurrency does have value and liquidity. There are hundreds of millions of people around the world who are willing to hold cryptocurrencies. I can send you some bitcoin, you can send it back. You can call it a currency or not, it does not matter. If there is an agreement, it acts as a medium of exchange” Zhao said last month.

Jeremy Allaire, who is the co-founder and CEO of global financial services company Circle, also explained the nature of cryptocurrencies which will make it very difficult to ban:

“I think the challenge that we all face with this is some of these cryptocurrencies — they’re literally just a piece of open-source software. There’s nothing else. It exists on the internet, it’s open-source software, anyone can implement it, it runs wherever the internet runs, and these have a monetary policy where these assets are algorithmically generated…That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet”.

Bad regulation is better than no regulation at all

Banning crypto is a bad idea because it would just create a black market. If users cannot trade on exchanges, they are likely to get creative. “Transferring crypto can be as simple as sharing a movie on a USB thumb drive. So, people could technically just find someone who is willing to transfer the fiat equivalent of a particular amount of cryptocurrency to their bank account”.

Collateral damage

The crypto industry is innovative and can confer some societal benefits. It fuels the discovery of new technologies. A ban on cryptocurrencies would mean ordinary Indians would be deprived of the very real benefits of virtual tokens. As reported by Bloomberg, “the ban would prevent Indians from capitalizing on crypto-asset appreciation, which blockchain evangelist Balaji Srinivasan has called a trillion-dollar mistake. India receives the highest inflow of global remittances and using blockchain networks could save Indians billions in transfer fees”. All of this would also not prevent what the Indian government fears the most — tax evasion. Cryptocurrencies are not like gold bars or dollar notes, and they are difficult to track.

What is more, banning cryptocurrencies could also mean banning NFTs, too, by default. This would be a mistake. NFTs present numerous opportunities for digital creators. If India wants to be competitive on the world stage, this move must be avoided.

Conclusion

Having said all of the above, the government could still try and create barriers to entry; for instance, by banning certain exchanges, or all of them.

The same as Chinese investors, who try to bypass regulatory oversight by taking bets on domestic and foreign over-the-counter (OTC) desks, Indian investors could take a similar approach if necessary.

OTC trading desks and P2P trading platforms such as Local bitcoins, Paxful, and a host of others have made life easier for Bitcoin traders across the globe, especially in regions where the government has banned crypto trading.

Disclaimer: That opinion in this article expresses the views of the author solely.

About Coinsbit

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

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Financial transactions have undergone a revolution in the past years. With preferred payment methods leaning more and more towards digital currencies, it is clear now that Bitcoin and cryptocurrency play a significant role in the digital transformation of businesses.

As one of the most successful entrepreneurs in the world said: “Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient”. These words were said by Bill Gates, co-founder of Microsoft, investor and philanthropist, and an advocate of Bitcoin, crypto, and the main reference on digital transformation.

One of the main ways in which businesses can utilize Bitcoin for digital transformation is through the use of Blockchain technology. Blockchain technology is pretty versatile and can be used in many industries. Some of the adoptions include:

Banking

Blockchain is being used in the banking sector, due to its high security and impenetrability. What is more, it makes transactions faster, and more transparent.

One of the early adopters of blockchain in this area is the investment bank, J.P. Morgan. The bank representatives believe that:

“J.P. Morgan has been an active player in the blockchain ecosystem. Our blockchain solution allows them to reduce the payment processing and verification time for large payments.

By leveraging Confirm — a global account information validation application on the blockchain by J.P.MorganSM — partner banking institutions, including Taiwan banks, will be able to request confirmation of the beneficiary account information and receive responses directly from other participating banks receiving the requests in near real-time. Once the information is validated, the payment may be sent through J.P. Morgan’s global clearing solution”.

Supply Chain

One of the sectors that experts believe Bitcoin and blockchain can have a major impact on is the Supply Chain industry. All manufactures and consumer products need to be produced, shipped, and reach the shelves of retailers, whether brick and mortar stores or online e-commerce platforms. Supply chains today account for massive amounts of data processing and transactions made using different currencies.

According to McKinsey, blockchain and Bitcoin can actually improve both processes by default, identifying three key aspects:

Replacing slow, manual processes. Although supply chains can currently handle large, complex data sets, many of their processes, especially those in the lower supply tiers, are slow and rely entirely on paper — such as is still common in the shipping industry.

Strengthening traceability. Increasing regulatory and consumer demand for provenance information is already driving change. Moreover, improving traceability also adds value by mitigating the high costs of quality problems, such as recalls, reputational damage, or the loss of revenue from black- or grey-market products. Simplifying a complex supply base offers further value-creation opportunities (see sidebar, “A complex supply chain of unknown parties”).

Reducing supply-chain IT transaction costs. At this stage, this benefit is more theoretical than actual. Bitcoin pays people to validate each block or transaction and requires people who propose a new block to include a fee in their proposal. Such a cost would likely be prohibitive in supply chains because their scale can be staggering. For example, in a 90-day period, a single auto manufacturer would typically issue approximately 10 billion call-offs just to its tier-one suppliers. Also, together all of those transactions would significantly raise demand for data storage, an essential component of blockchain’s distributed-ledger approach. In addition, creating and maintaining numerous copies of data sets would be impractical in the supply-chain environment, especially in permissionless blockchains.

Healthcare

Again, accurate record-keeping, security, and transparency are key in the healthcare sector, whilst dealing with highly sensitive personal data. Hence why, the technology has found its use in this area, too. According to NewsMedical: “Blockchain can create a single system for storing, constantly updated, health records for secure and rapid retrieval by authorized users. By avoiding miscommunication between different healthcare professionals involved in caring for the same patient, innumerable mistakes can be prevented, faster diagnosis and interventions become possible, and care can be personalized to each patient”.

What about Bitcoin itself? Why consider using Bitcoin or another crypto for your business?

As per a study done by Deloitte, “more than 2,300 US businesses accept bitcoin, according to one estimate from late 2020, and that doesn’t include bitcoin ATMs. An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes”.

The study has concluded with a list of things that crypto can do for businesses. According to Deloitte, the benefits of crypto include:

Crypto may enable you to reach new clientele. One recent study found that “up to 40% of customers who pay with crypto are new customers of the company, and their purchase amounts are twice those of credit card users”.

Introducing crypto as soon as possible could raise awareness of the technology in the company and, in turn, position it as a pioneer in this important space for a future that could include central bank digital currencies.

Some innovation options are simply not available with fiat currencies. For example, “programmable money can enable real-time and accurate revenue-sharing while enhancing transparency to facilitate back-office reconciliation”.

Simple, real-time, and secure money transfers.

Crypto could work well as a hedge against inflation. Volatility issues need, of course, to be taken into account.

Can I pay my employees in Bitcoin?

Recently, the news came that the Atlanta-based cryptocurrency payment processing company Bitpay launched Bitpay Send, “a mass payout service that enables organizations of all sizes to pay employees, affiliates, and freelance contractors”. Its aim is to help employers and other types of organizations to pay workers in crypto. And although this way of paying employees is still not easy and requires some further development of the infrastructure around it, the demand is growing.

Why crypto matters to digital transformation

Collaboration; Internet of Things; Data — Safe, encrypted, and fast-flowing data. Fast, collaborative, payments. With cryptocurrency, “there is an ever-increasing level of connectivity. Everyone on the blockchain network is connected”.

From the discussion above, it is evident that both cryptocurrency and blockchain technology is going to play a pivotal role in the digital transformation of companies. Although traditional banks still exist, and they will likely exist for a long time to come, they, too, are embracing the new tech. If you have a business that could benefit from adopting the new paradigm, do not wait much longer.

About Coinsbit

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

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CIN staking pool is now live and users can manually stake their CIN holdings to enjoy staking reward

Hello Coinsbit Tigers, by now you must be familiar with the CIN tokens and how a portion of the tokens you earn via airdrop and the referrals are locked and staked automatically. Now we are excited to announce that our first CIN staking pool is live. This means you can now manually stake your CIN holdings in your Coinsbit India portal.

In this article, we will guide you on how you can start staking your CIN tokens. Before you begin, you need to ensure you have at least 100 CIN tokens. Any amount less than that cannot be staked.

Here’s how you stake CIN:

1. On the homepage, click on Finance on the upper left-hand side, and from the drop-down menu click on Staking Pool.

2. On this page, you will see the CIN staking pool

3. Now click on Staking.

4. On this page, you will be able to choose the amount you want to stake, keep track of when staking reward will be received next, and also check your staking history.

5. You can simply enter the desired amount you wish to stake or click Max to stake all your holdings and click on Staking. That’s it you have successfully staked your tokens and the transaction should show up on the History Staking section below.

6. You can also unstake your holdings on the same page by entering the amount you want to unstack and then clicking Unstaking. However, you must pay an unstaking fee of 0.2%.

Do note that your staking rewards are automatically credited. For now, you enjoy a 3% staking reward with CIN tokens every month. Also, more cryptocurrency staking pools will be added in the future, stay tuned.

In case you come across any problems while trying to stake your tokens, don’t hesitate to contact our support, we are here for you. Happy Staking!

About Coinsbit

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

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Find out how USA and UK are taxing Crypto Gains and find out how the Indian Government is planning to tax Crypto Gains.

The circular issued by the Reserve Bank of India on 6th April 2018, which restricted banking facilities from being offered to participants involved in cryptocurrency transactions, has been the first step in regulatory challenges posed to cryptocurrencies in India. This decision has, however, been squashed recently, when the Reserve Bank of India clarified that “its 2018 order directing lenders to stop dealing in virtual currencies was quashed by the Supreme Court in March last year and can’t be cited by banks to deny services to people dealing in cryptocurrencies”.

This has enabled a breath of fresh air for cryptocurrency traders in India. What about cryptocurrency taxation, however?

According to Economic Times India, the Indian income tax law is currently unclear when it comes to the tax impact on the gains earned from cryptocurrencies. If treated as a property, it may be taxed under Capital gains and if not, maybe treated as Other sources. In such conditions, our regulators may look at other countries that have already recognized cryptocurrencies for guidance.

How are cryptocurrency transactions taxed in other countries?

USA: Cryptocurrencies are classified as “property”, meaning they are to be taxed as capital assets in all situations other than those related to mining activities.

UK: Subject to capital gains tax, If a person buys and sells crypto-assets “with such frequency, level of organization and sophistication that the activity amounts to a financial trade”.

The gov.uk guide to paying tax on crypto assets in the UK explains this issue in detail. This could serve as a good example of how this issue could be resolved in India.

According to the guide,

“You might need to pay Capital Gains Tax when you:

sell your tokens

exchange your tokens for a different type of crypto asset

use your tokens to pay for goods or services

give away your tokens to another person (unless it’s a gift to your spouse or civil partner)

If you donate tokens to charity, you may need to pay Capital Gains Tax on them.

To check if you need to pay Capital Gains Tax, you need to work out your gain for each transaction you make. The way you work out your gain is different if you sell tokens within 30 days of buying them. Your gain is normally the difference between what you paid for an asset and what you sold it for. If the asset accrues to you free of cost, you may have to pay tax on the fair value of the asset (generally price at an exchange where the highest number of trades happen) as on the date of accrual under other sources and such fair value becomes the cost of acquisition.

You do not need to pay Capital Gains Tax on the value of the tokens that you’ve already paid Income Tax on. You’ll still need to pay Capital Gains Tax on the gain you make after you’ve received them.

You can deduct certain allowable costs relating to the sale or disposal of cryptocurrency like brokerage or commission, including a proportion of the pooled cost of your tokens when working out your gain.

If we take a hint from the UK laws and existing Indian tax laws, the basic exemption limit may be extended to capital gains on cryptocurrencies as well.

Taxation of cryptocurrency transactions in India

The fact that cryptocurrency gains will be taxed is now clear with the Minister of State for Finance, Mr. Anurag Singh Thakur stating on 28th March 2021 that “the gains resulting from the transfer of cryptocurrencies/assets are subject to tax under ahead of income, depending upon the nature of holding of the same”.

The main issue to resolve now is: will the income from crypto assets be treated as capital gains or business income?

Taxability under Capital Gains

According to Section 2(14) of the Indian Tax Code, a capital asset means “a property of any kind held by a person, whether or not connected with his business or profession”. Any gain which comes as a consequence of the transfer of cryptocurrency may be considered as capital gains if it is held for investment.

There is also an issue of whether these would be qualified as short or long-term capital gains.

Most likely, if investors hold cryptocurrencies for 12 months or more (most probably, this might be equated to listed securities), the gains would be taxable as long-term capital gains, and if less than 12 months, it would be short-term capital gains. The first kind is taxed at the flat rate of 20% with the benefit of indexation, the second is taxable as per the slab rates applicable to a taxpayer.

Taxability of Gains from Business or Profession

If the transactions of a person are substantial and frequent, he or she could be classified as a trader in cryptocurrencies, and thus the profits would be taxed as business income.

In this area, their clarity is still needed in terms of “classification as speculative income, allowability of set-off, and carry-forward of losses, and applicability of deemed gift tax provisions”.

When in doubt, there are tools online which can help you calculate your tax liability, for instance, here.

About Coinsbit India

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

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