I knowingly didn't ask What will you do if crypto is banned in India ? as many of us who are here know Crypto is unstoppable and can't be banned.
So I asked whats your plan just in case crypto is banned ?
If you ask me, I would say I am going HODL my crypto no matter what for the below reasons.
1 - I feel like investing something in the future
2 - I only have invested that much which I am ready to loose
3 - I believe crypto is more powerful and if made illegal today has to be declared legal someday.
4 - There are many developed country where its legal and traded freely, I can get it exchanged anytime if I visit.
5 - In case I can't visit I can always get it exchanged as Indians are everywhere, after all Its my hard earned money. Not earned by doing corruption
Next ... If you want to become completely Anonymous and remove all trace of your existence, Then its very simple
1 - I will convert all my BTC and other coins to some privacy crypto like HoriZen or ZCash (as I have already used them)
2 - Then I will use shielded transaction to send to to another shielded address, Thereby making it untraceable
3 - Convert HoriZen back to BTC using Decentralized exchange
4 - From the Decentralized exchange I will send BTC to a new BTC address.
Thus making myself completely anonymous
Share your thoughts and plan might be helpful for someone
So I asked whats your plan just in case crypto is banned ?
If you ask me, I would say I am going HODL my crypto no matter what for the below reasons.
1 - I feel like investing something in the future
2 - I only have invested that much which I am ready to loose
3 - I believe crypto is more powerful and if made illegal today has to be declared legal someday.
4 - There are many developed country where its legal and traded freely, I can get it exchanged anytime if I visit.
5 - In case I can't visit I can always get it exchanged as Indians are everywhere, after all Its my hard earned money. Not earned by doing corruption
Next ... If you want to become completely Anonymous and remove all trace of your existence, Then its very simple
1 - I will convert all my BTC and other coins to some privacy crypto like HoriZen or ZCash (as I have already used them)
2 - Then I will use shielded transaction to send to to another shielded address, Thereby making it untraceable
3 - Convert HoriZen back to BTC using Decentralized exchange
4 - From the Decentralized exchange I will send BTC to a new BTC address.
Thus making myself completely anonymous
Share your thoughts and plan might be helpful for someone
Good plan indeed! The plan actually very good if you want to hide the money trail. However, how you will exchange it into INR to unlock bitcoin's value? We can't use bitcoins directly to purchase anything in India, so in order to make our bitcoins usefull, we need to convert it into our local currency.
I know there are platforms like localbitcoins but in that case, your identity will have to be revealed because your money will be credited to your bank account.
Can you think of a clever way to convert your bitcoin to INR in completely anonymous way??