BchainTalk Forum - Community for Blockchain Believers

Join like-minded people in a collaborative culture to share & learn.

Latest topics
» Scientists Propose Using Blockchain In Dairy Products Industry
Today at 12:59 am by Vladdirescu

» ICO Problems: Double-check Where You Are Sending Your Money To
Thu Jul 20, 2017 10:00 pm by Vladdirescu

» Russia To Legalize and Regulate ICOs
Thu Jul 20, 2017 1:28 am by Vladdirescu

» Social Media and Blockchain: Where Everyone Has Voice and Freedom
Fri Jul 14, 2017 11:14 pm by Vladdirescu

» The Chinese Exhibition Market is Starting to Implement a Blockchain
Thu Jul 13, 2017 2:36 am by Vladdirescu

» Billion-dollar Unregulated Gaming Industry to Embrace Blockchain
Sat Jul 08, 2017 1:55 am by Vladdirescu

» Blockchain Crowdfunding Is Attracting Hundreds Of Millions Of Dollars – And It’s Growing Fast
Fri Jun 23, 2017 8:57 pm by Vladdirescu

» Is Blockchain Really the Future of Energy?
Thu Jun 22, 2017 11:54 pm by Vladdirescu

» Global Commodity Exchange To Use Blockchain For Trading Diamonds
Fri Jun 16, 2017 10:18 pm by Vladdirescu

» How to buy Bitcoin in India ?
Tue Jun 13, 2017 2:53 pm by blockchainboy

» Coinbase Scam
Tue Jun 13, 2017 9:26 am by theepicbonus

» Poland is Moving Towards Embracing Bitcoin and Blockchain Technologies
Tue Jun 13, 2017 3:44 am by Vladdirescu

» The First Islamic Bank to Use Blockchain Technology
Tue Jun 13, 2017 12:14 am by Vladdirescu

» The Number of Blockchain-related Vacancies on LinkedIn Has Tripled
Fri Jun 09, 2017 2:30 am by Vladdirescu

» Sberbank Conducts the First Letter of Credit Transaction on the Blockchain
Tue Jun 06, 2017 2:36 am by Vladdirescu

» Blockchain Startup TrueFlip Banned in Russia
Mon Jun 05, 2017 11:26 pm by Vladdirescu

» Energy Sector Welcomes Blockchain Worldwide
Fri Jun 02, 2017 2:11 am by Vladdirescu

» Dubai is Leading the Way for Blockchain Implemenation
Tue May 30, 2017 10:26 pm by Vladdirescu

» The Next Generation of Blockchain Tech - ‘Quantum-Secured Blockchain
Sat May 27, 2017 12:20 am by Vladdirescu

» Blockchain-Based Cryptocurrency Travacoin Used as Compensation for Flight Delays
Thu May 25, 2017 3:15 am by Vladdirescu


The state of Bitcoins, Blockchains, and Cryptocurrencies in India

View previous topic View next topic Go down

The state of Bitcoins, Blockchains, and Cryptocurrencies in India

Post by Martina32 on Tue Apr 25, 2017 3:56 pm

The evolution of technology in the finance space has been interesting to say the least. The potential of Bitcoin and other cryptocurrencies is considerable, though one must also be wary at this stage.
If you had asked me a few months ago what I thought about Bitcoins and the Blockchain technology in general, I’d probably reply with the same words you read in every headline related to this field — a decentralised, public ledger-based cryptocurrency. Now, fast forwarding to the present day, I’d describe it as a monetisable peer-to-peer protocol token that is maintained in a digitally scarce manner. I am beginning to understand the implications of this techno-financial Blockchain phenomenon on the various industries it will touch.


Image Credit: Shutterstock
It all really reached the peak for me when I saw Naval Ravikant’s tweet and closely followed his thoughts on this matter.
Value is seeping out of the venture business and into public blockchains where, ironically, individuals can play but VC funds cannot.
— Naval Ravikant (@naval) March 20, 2017
It’s tough to argue with the fact that Bitcoins are at best seen as a digital gold with a certain degree of volatility, all constructed over social trust. What I really found out, though, is that there is a whole different world of AppCoins and Protocol Tokens that has started to come up now. It’s not uncommon to see regular VCs raising LP money through such offerings, hedge funds investing in these cryptocurrencies, and super-computer networks offering coins to be later used to access their network.
A simple search will reveal that it’s still only a tiny fraction (~$ 29 billion market cap of all cryptocurrencies) in the whole financial pyramid of venture financing. These digital assets will require whole new investor mindsets to master — different kind of theses, evaluation methods, and trading skill sets to be able to participate in this protocol layer asset. These are highly risky, sometimes liquid, and often a democratised way of betting on a particular protocol’s usage. It’s easy to brush off Bitcoin and other such AltCoins as pump and dump schemes or even say that the ones driving these ecosystems forward are the ones who are most invested in it. It is true that it may be advisable to approach this space with caution. When things are not linked to an identity and most often anonymous, it’s impossible to recover what you have lost in the form of a private key.
I went digging down the rabbit hole and ended up getting further intrigued by this ecosystem. The current breed of Indian crypto-wallets have ridiculous spreads (buy-sell) that make it impossible to do short term trades, not to mention that the UI/UX of these providers makes it seem like they are catering to a crowd from the previous generation. It’s better to look at exchanges that have more breadth and are operated by regulated players in international markets. It’s easier to ‘ShapeShift’ to coins that aren’t easily available, because apart from basic Bitcoin wallets and a single Ethereum exchange in India, there isn’t much to choose from.
ZebPay has a good public document that tries to argue around the tax and legal implications. The Reserve Bank of India (RBI), meanwhile, seems to be confused on this matter. They seem to be forthcoming in doing research into this field, but backward in issuing strict notices cautioning against the use of these.
This is a call to all financial cryptographers and Blockchain enthusiasts of India to lead the way. I am happy to buy you a cup of coffee if you can enlighten me more by showing me some interesting projects that you are attempting in this space. These could be interesting concept whitepapers, commercial applications, or middleware for other developers to lean on.

Source:https://yourstory.com/2017/04/bitcoins-blockchains-cryptocurrencies-india/

Martina32

Posts : 11
Reputation : 0
Join date : 2017-04-15

View user profile

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum