Indian celebs supporting crypto were doing paid promotion for a scammer.

I do not know the person whose post you are quoting but I cam guarantee you that in my country all people will not be using bitcoins even in nest 100 years. I am sure this is common for all developing countries. The reason being that there are no resources or infrastructure required for this. People have access to smartphones (as they have become cheap with time) but internet is not available to everyone. Also, people are not much educated or financially aware here. I do not see this changing unless government takes some concrete steps in this direction.

If bitcoin solves only this purpose i.e it is primarily used as an investment medium , then it will not be able to survive for long. I am saying this because companies like Microsoft and Apple were able to survive for so long even in tough times because they had real products and services that a lot of people were using. As long those services are in demand, these companies will keep running and they focused on things (computers and smartphones) which are used by almost everyone worldwide. Bitcoins should also have some real use like this so that people keep using it even if there is another better investment option.

This forum is full with advice that your should invest only that money in bitcoins that you are ready to loose. I suggest not investing anything more than 20% of the savings and  that also if you do need this money in short time. As you said, the prices are very volatile so after your investment prices may drop considerably. If this happens, your money will get stuck in this investment as you will not be selling your holdings in loss. You must keep good amount of savings as bank deposits. These will give you some interest and you can easily withdraw the money in case of emergencies.

This depends on how much time you can give for crypto investment. Personally, I do not like investing in a number of coins because it consumes a lot of time. If you are doing all the work on your own, you will have to spend a lot of time reading about the different coins. Even after you have purchased those coins, you will have to keep tracking the price of all  those coins and read news related to these coins. This is something suitable for people who have a lot of money to invest and also have a lot of time to spend for this.

I am using bitcoins for most of my online transactions these days but I do not see banks being replaced by bitcoins especially in my country:

1) In my country the condition of banks is not that good but the politicians still keep funding those banks for the benefit of the poor people who are using the services. There had not been that much statements from these politicians in favor of bitcoins.

2) Another thing is that there are still a number of illiterate people in my country. They are able to use the bank facilities by taking help from another person like for filling the forms. Giving your bitcoin account for transactions to another person can be very risky in my opinion.

Had a quick look at the websites and it has got some awesome features. But there is a disclaimer at the bottom that the website is only for informational purpose and one should not consider it is professional tax advice. This means that if you are going to pay tax like capital gain on your bitcoin investment, it is better to consult a professional CA for this. You can however, check the tax liabilities from the website before consulting the CA. This is to confirm that you are getting the correct information from CA also.

I can relate to the tips you mentioned. I see a lot of my friends who are spending more than their salary per month. They are buying costly gadgets like LED and smartphones on EMIs or credit cards. They do not realize that they have to pay for these things at the end and sometimes additional interest as in case of credit cards. The main reason they are doing this is to impress the neighbors, I mean they are buying things that they actually do not need to impress others. I hope they realize the mistake they are doing in time and start behaving more responsibly towards their finances.

Yes, he has designed the system in a way that bitcoins will keep getting more popular. With each day passing by, it becomes difficult to mine any more coins. This means that the supply will decrease and the demand is already on the rise. This will keep pushing the prices up benefiting all the investors. Another important thing to note here is that the developer is not involved with the system now directly. Once the whole system is set up, it is running on its won with the help of investors and bitcoin miners. I will say that future of bitcoins looks very promising.

Crypto can be a good option for entrepreneurs to transact. It has got a  number of benefits that all transactions are digitally recorded and one can see past transactions for his wallet with just a single click.  Another thing, that young people should learn from crypto is how a new concept or technology can change the life  of so many people. They should try to use the this as a guide and motivation while designing their own product and service. I hope it gives encouragement to people involved with such innovative projects as well.

You are right that the old people have more free time but I think it is not the right time to run after money. One should make all those arrangements before 60 itself so that he can enjoy his life after retirement without any financial issues.

And regarding there not being specific experts, I think that if someone really finds some secret formula to make success with bitcoin investments every time, he is not going to share it in open. If everyone starts using the same technique, it will make it ineffective.

That is the major problem in my opinion. We need it to make it practical for small transactions as well. There should be less fees in comparison to bank transfer and credit cards for all transactions made through bitcoins. Also, with exchanges charging so much fess like for sending bitcoins and withdrawals , that it becomes a headache for the person receiving bitcoins in his wallet while converting money to fiat. If you are using it as the only payment medium for your services, these fees and extra charges can add up to a good amount.

Nice to see that someone is so open and true about his investment. I guess most of people would like to enjoy benefits of bitcoins or other investments themselves. Regarding children, if you are able to provide them good education, that is more than sufficient. They will find ways for themselves and thus survive better in this cruel world. If they get a lot of money inherited, they might get involved in bad activities. I guess, even if you are leaving a lot of money after death, you should have a will making children eligible after a certain age.

A lot of politicians in my country are already doing that. They are sending tax notices to common people who are investing heavily in crypto. But they are themselves involves in such practices. They are able to get away with all this only because they are doing it through fake profiles registered on various exchanges. For instance, suppose a politician has got 3 servants working for him. He will start investing in accounts registered with details of those servants so that he need not pay any taxes on that investment or explain that source of income.

This is not a valid reason in my opinion. Such people had always existed in the past as well and do not have much impact on the prices. Prices going down is actually an encouragement for new investors. Even the current investors can make a good use of this opportunity to increase their bitcoin holdings. However, I agree that we should still do something about the investors who panic to see sudden bitcoin price drops because they must be spreading their negative experiences with bitcoins to their family and friends.

Why don't you do both. If you going to trade bitcoins and only 3-4 alt coins, this can be easily done along with job. Problem with bitcoins is that you cannot prices to rise always and thus you will not be able to get monthly stable income. This can be a huge issue if you are having a family to support. If you got someone supporting you for monthly expenses like your wife, then you may do crypto trading full time. Even that will require you to spend some time learning about trading practices and choosing best options from currently available coins.

See mixing relationships and family is never a good idea. I always try to avoid discussing financial topics with friends and family as money most of the times breaks relationships. However, if someone is forcing you for days for some advice, tell them in advance that prices are volatile. They should invest what they are ready to loose. If someone with limited savings asks you for advice related to bitcoins, tell them that it is not the right choice for them. This may appear rude but will help them in the long run.

Thanks for this detailed guide on different types of wallets. I have some doubts about this and hope you can answer:

1) Are hardware wallets allowed on every exchange. I mean I am not using any international exchange but the exchanges available in my country. I do not see any option there to store in physical wallet. I tried searching for tutorials but there is nothing for the specific exchange.

2) If someone steals that physical wallet and I have not written the details, I will not be able to access the coins. Right ?

Better option is to increase the  merits allotted to merit sources. I am not in favor of default merits or any automatic merits given to members every month. Most of them will be abused as it is happening currently. Even some senior rank members did this which is pathetic. If we increase the merits for merit sources, it is safer. This is because only trustworthy people are selected for that role. It will also solve the problem that you mentioned. Since these people will have more merits to give to all rank members, the members receiving those merits will also get Smerits for spending.

What will you require for this KYC ?

1) An address proof

2) Proof of  identitiy

If you are smart enough , you can find thousands of such documents for free online. The spammers are smart enough to use while verifying multiple accounts. And do not forgot about the time consumed in verifying all this. It will take months for the mods to verify this data for the existing members and thousands of new members are joining everyday.