hi
I saw this forum and later the india sub-forum and saw that people are trying to buy/sell bitcoins outside of exchanges.
like people asking for currency recharge, flipkart voucher, buying one-to-one with people, buying selling in local bit coins website, etc. I don't understand why people dont use exchanges for this.
is it not better in the eyes of govt if it is done via exchange?
if wanna start bit coin trading, which is better?exchange or directly to person?
I think the advantage of using exchange is govt will know transactions and it is legal (correct?)?
but disadvantage might be because bit coin is not regulated and it is better to simply deal small amounts out of exchange and such central spots of attention. if we pay tax after buying/selling bit coin outside exchange, it is still legal,correct?
is using local bitcoins website a right way of doing this??
For me exchanges are just a big PITA. Not to mention i need to go ahead and pay them a transaction fee which is not very small imo currently. Also the hassle of collecting and transferring to my wallet where i incur additional transfer fees.
Exchanges would need you to register KYC information and to be totally honest, my KYC documents are just not in place thanks to our brilliant government who wants to make life difficult for the floating population. With Modi at the helm though, i am starting to see a few changes, so maybe the day will not be far when i actually buy BTC on an exchange!
I am all for paying taxes too, but there is no way the government can fix a tax slab when BTC is so volatile. For heavens sake, they are unable to even arrive to a conclusion on whether BTC is a commodity or a currency! It will be very difficult for them to regulate and i guess that is the whole essence and beauty of BTC, there is no centralization or regulation!