If we talk about the current scenario, the future of people is on stake as it has become very difficult for them to find a day job and those who are working are not getting enough pay check. For them a source of side income has become a necessity so Bitcoin Investments can be the best option for them. It will provide them with fast and decent returns.
Undeniably, 2020 has been a good year for Bitcoin. Some dip was there but it came back on track again but they should keep in mind that Bitcoin is known for it's volatility so they should always invest wisely.

It is often advised to put only that much amount in trading which you can afford to loose. This is because trading is not always profitable. For trading you must have appropriate skills and adequate experience. Even the experience traders sometimes deals with loses. If you are new to this market then start with little, keep grinding yourself and slowly increase the amount you are trading. Once you will able to understand the market, then you can sometimes take the risk of trading large amounts because you will be able to observe the fluctuations more accurately.

I totally agree with you my friend.
Bitcoin surely have some additional benefits but it does not mean that people will stop going to Banks. We all are familiar with the different facilities provide to us by Banks. Entire financial system of a country is managed by Banks so I don't think they can become completely obsolete.

I often read threads regarding the possibility of Bitcoin to replace Banks but is it necessary for one to replace the other? According to me both can work simultaneously. We don't want Bitcoin to be legalized so that it can replace fiat or banks completely. We want to use it where the banks or fiat can't be used for example for small digital transactions. Even Nischal Shetty CEO and Founder of WazirX in a webinar gave an example of Ethereum Blockchain where in order to run codes we need to pay via ether which is a cryptocurrency. So the motive is to introduce a new and effective way of transactions where fiat cannot be used. Those who have not gone through this webinar should see this once.Link-:https://youtu.be/anWAdy7haQY.

There are some drawbacks of Banks on which they should definitely work . They should improve their customer service, should charge less fees and should offer some digital services which is the need of the hour. So instead of finding reasons to  ban crypto's, they should work on their flaws and let this industry grow.

I have read that Paytm is blocking the bank accounts related to crypto trading. There is no particular bill or rule on the basis of which they are taking such actions. They are working according to their own interests and regulations. So I think it is high time for government to come out with a decision regarding the legal status of Cryptocurrencies so that the people and even banks can be clear about their usage.

Yes if we talk about gold, one can sell it for fiat and even it can be exchanged for some other metal. For example jewellers sell it to the customers for INR and they directly interchange gold for other metals like silver with other dealers.It is done in a way that 1kg of Gold is exchanged with some kg's of silver. Similarly Bitcoin can be sold for fiat and even it can be exchanged with some other cryptocurrencies by adjusting the price accordingly like 1 Bitcoin can be exchanged with about 200 Litecoins. I hope I am clear with my point.

Everyone has a different perspective regarding Bitcoin. Many people wants it to be legalized as a currency, some like you are okay if it is traded as stocks and for some it is like an asset such as gold but the only thing that matters is how the government wants to regulate it.

I want Bitcoin should be used as a currency because that's what it is. A type of digital currency which can be used to make online transactions with no or low  transaction fees but it's decentralized and volatile nature is a strong reason for our government to not legalize it as a currency. Maybe they think that it can affect the value of INR. Moreover in our country, it will be difficult for large part of population to understand the concept of Bitcoin, wallets and their working etc.   

Talking about Bitcoin as a stock. I have never been a part of stock market but the only thing I know is that we buy some shares of a corporation or industry and sell accordingly.Bitcoin does not belong to any particular corporation or Industry so I don't think that it can be treated as shares.( correct me if I am wrong).

There are high chances of Bitcoin to be traded as other Commodities such as gold in our country. Even Subhash Chandra Garg,former finance secretary proposed that crypto should be regulated as a commodity and not as a currency. He feels that like other commodities, Bitcoin also has a varying demand and people are responsible for it's value. So it can be regulated as other commodities are being regulated in the country.

I totally agree with you. Lack of knowledge and improper understanding often leads to misconceptions. Government needs to learn about the working of cryptocurrencies,should decide in which form they want to legalize it and should come up with a certain set of rules and regulations accordingly. The basic measures may involve a mandatory KYC for every seller and buyer, proper record of every transaction should be there and proper taxation should be there.Moreover a restriction can be imposed on the amount that a person can trade.For example if a person is new to the exchange he should not be allowed to trade more than a certain amount and with time these restrictions should be removed.In this way only the trusted traders will get connected to the exchange. Instead of banning it completely, government should come up with some solutions to manage Bitcoin and other cryptocurrencies and let it grow in India.

You are absolutely right sir. Millennial's are smart enough to understand that investing in gold and waiting for long periods will not help them out.They are always looking for a source from where they can get fast and decent returns.

If we talk about the current scenario, the future of millennial's is on stake as it has become very difficult for them to find a day job and those who are working are not getting enough pay check.For millennial's like me a source of side income has become a necessity. If I have to choose investment as a source of side income then I know that gold is not the best option for me, at least for now. I will definitely go for Bitcoin.The reasons are very clear-:

• High returns both for short term and long term.
• No third party involvement.
• Low fees.

Undeniably, it is risky. My investments will not turn out be profitable every time but what in the world is not risky now a days.

Bitcoin's decentralized nature does not allow any system to decide a ceiling and floor for it's price.
Let's talk about the reasons-:

• First reason for such fluctuations is the varying demand of Bitcoin.For example if we talk about gold, we know exactly where it is used and we can somehow predict that when a hike can be observed in it's price.But it is totally opposite for Bitcoin. It's usage is not clear.Sometimes the demand is high and sometimes it is low but the supply remains the same.So that is why we observe a lot of up's and down's in it's price.
• Exchanges are also responsible for these fluctuations. If we talk about any trusted exchange.The number of users associated with it keeps on increasing.It builds a chain of users selling and buying their BTC's which also affects the price.
• Other reasons can be the manipulations done by whales according to their convenience, news regarding BTC on various platforms etc

Deepak Kapoor, founder of Begin India Think Tank has given a statement regarding the legal status of Bitcoin in India. He said that Bitcoin should be traded as stocks and should not be legalized as a private currency because it will put Indian economy at stake. Further he mentioned that Cryptocurrency-based crimes are still not officially recognized in India and there are no such regulations and a body for managing Bitcoin in India.

Sources-: https://news.bitcoin.com/bitcoin-traded-stock-india/
               https://www.coindesk.com/bitcoin-should-be-regulated-like-stocks-in-india-says-think-tank-founder

What are your views on this statement.Whether Bitcoin should be traded like stocks or it should be considered as a currency? If it is used as a currency then how it can affect the Economy?

First of all I don't think that in a country like India where the status of Cryptocurrencies is still unclear, Bitcoin transactions will be used to transfer funds for farmers and if in future the government decides to do it then it will be possible for them.The reason is the lack of knowledge about Bitcoin and Crypto wallets. Here many farmers are still not having a bank account and those who are having are struggling to use it. In these type of situations it will be very difficult for the government to teach them about the working of wallets.They will easily lose their private keys and the money they received.

Definitely it will be impossible to track the transactions and recover the money back but that is not my point. In the country like India where the large part of population is still very unclear about what Bitcoin is and don't feel safe to work with it. If Bitcoin will be used in such type of scams then how they will be able to trust it ? Even after the ban is lifted by supreme court, there is no strong government support for it. I have read somewhere that the government is still trying to take some measures in order to ban Crypto trading. Such scams will just add fuel to fire which will have a negative impact on the future of Bitcoin and  on the future of emerging crypto enthusiasts.

I will prefer a hardware wallet like TREZOR or Ledger because they are more secure. While setting up our device,we need to create a pin code which is then required during every transaction we make. If someone has stolen our device then he/she cannot use it without entering this particular pin code.In case of Ledger Nano S, if some one tries to enter the pin code then after three invalid attempts the device is reset and we will have to recover it by using a 24 word backup seed which is another very important feature of these wallets. In case we have lost or damaged our device then we can get a new one and use this backup seed to recover our accounts.Moreover they are not much expensive. Two things that you should keep in mind if you want to use a hardware wallet -:

• Never buy it from third party websites just because your getting some offer.Always go for official websites.
• Keep your 24 word backup seed safe.Never share it with anyone or  he/she can have an access to your account

In my opinion the main reasons for the volatility of Bitcoin are -:

• The decentralized nature of Bitcoin.There is no single authority to regulate it so no one can decide a ceiling and floor for it's price.
• The second reason is the limited supply and the varying demand of Bitcoin.No matter how high the demand is, the supply will be the same which will automatically increase the price.
• The manipulations done by whales according to their convenience is one more reason for the fluctuations in the price.

On the other hand if we talk about Gold then it is a centralized asset ,less volatile, has a clear demand pattern and the supply is also not limited which makes it more stable.

Leaving your coins on the hot wallets of any exchange is never considered to be safe.Being a hot wallet,it means that it is connected to internet and it can be easily accessed by the hackers.So that is why it is advised to keep your coins in an offline cold wallet but it totally depends upon you and the amount of coins you are keeping on the exchange. If you are leaving an amount of coins which you can easily afford to lose then I don't think it should bother you that whether it is safe or not.You can simply stake them and enjoy regular interests.Another point is that if I am trying a new coin and it is quite less in number that I will not make a wallet for it.I will simply keep it on the exchange. So it is totally your take whether you want to keep your coin's in an offline wallet or you are daring enough to take the risk.
Talking about the insurance then I don't think any exchange will take responsibility for such hacks and will reimburse you.

Just because of Bitcoin's portability,we can't say that Bitcoin will replace Gold in the future. According to me some benefits of one asset are not sufficient for it to replace another asset . I mean  What about the demand and price pattern's? The sources of demand for Gold and Bitcoin are completely different. Gold is used by central banks, it is used in jewellery making and it is used as an investment asset on a large scale. On the other hand there is no such clear usage of Bitcoin.It is used as an investment asset only by those who are familiar with it's potential. In terms of price ,the price chart of Bitcoin is full of rise and drops due to it's volatility but in case of Gold, it is quite stable which makes it more reliable, trustworthy and acceptable than Bitcoin.  No doubt that the adoption of Bitcoin is increasing but I don't think it will be possible for Bitcoin to replace Gold.

On 2nd September, the twitter handle was hacked.Several tweets were done appealing the followers to donate to PM Relief Fund for Covid-19 through cryptocurrency.One ETH wallet address was provided but no money was transferred into that wallet.
In the mid of July,more than 100 twitter accounts of famous personalities were hacked in order to request Bitcoin from the followers which included the twitter account of Elon Musk, Barack Obama,Bill Gates,Jeff Bezos,Warren Buffett and many more. Later the mastermind of this hack was arrested.

People who are new to this market often have one question in their mind that "Which is the best Indian Cryptocurrency Exchange on which they can trade Bitcoin or other cryptocurrencies easily? ". Below are the names and features of some exchanges which I would like to suggest them-:

1-Wazirx

• More than 120 cryptocurrencies are listed here.
• It is a highly trusted exchange backed up by Binance.
• Trading fees is 0.2% of the entire amount.
• It provides us with spot trading.
• It supports P2P mechanism.

2-CoinDCX

• More than 200 cryptocurrencies are listed here.
• It provides us with various trading options such as margin trading,leverage trading,spot trading etc.
• It includes a DCX lend platform where we can stake our crypto's and can earn regular interest.
• Trading fees is 0.1% of the entire amount.

3-BuyUcoin

• More than 30 cryptocurrencies are listed here.
• It has a large userbase.
• Trading fees is 0.24% of the entire amount.

4-bitbns

• More than 80 cryptocurrencies are listed here.
• Trading fees is 0.25% of the entire amount.
• It also provides us with margin trading.
• It includes Bitdroplets's Systematic Purchase Plan which permits the user to trade in Bitcoin at regular intervals and it reduces the risk of getting negative returns from your investments .

Hope this information is somehow useful to the new enthusiasts of this market. Senior and experienced trader's are requested to suggest other available exchanges with better facilities and features.

RBI imposed ban on cryptocurrency trading in April,2018 and Supreme Court lifted this ban in March,2020.In this span of 2 years, I have not seen even a single post regarding this gone viral on social media.Not even a single news channel considered it important to be shown on their channel. Not everyone goes and search about crypto's. These two are the basic platform's from where people can get to know about cryptocurrency.You are right that our media is least interested in showing this type of news so undeniably we require more social media handles sharing regular information regarding cryptos's.


As the ban is lifted so definitely more people will start working with crypto's. So instead of imposing a ban on it again, government should come out with some measures in order to regulate and to keep a regular check on cryptocurrency transactions.

Undeniably, the unstable and volatile nature of bitcoin make bitcoin investments riskier but what in the world is not risky now a days. If we compare fiat saving accounts with bitcoin investments then obviously fiat saving accounts are better in terms of safety but if bitcoin investments are done wisely they can provide us with higher returns than fiat saving accounts.So no doubt it is risky but according to me this risk is absolutely worth taking.

For trading you must have appropriate skills and adequate experience to observe the regular rise and dip in the price so that you can buy and sell accordingly in order to get good returns.You must be daring enough and should be ready to deal with losses also because trading involves huge risks.On the other hand holding just involves buying a coin of your interest and holding until you find a good price to sell.Holding is the simplest way to earn good profits but if trading is done wisely then it can provide you with better returns than holding.So it's totally your choice,whether you want to be a day trader or you want to go for long term investments.