Bitcoin Banned in India?
Bitcoin a decentralised cryptocurrency which had a very huge in its price last year has been banned in India. This is what you may be hearing now but is this all?
If you have bitcoin with you then what should you do now should you sell the coins or should you keep them?
Before everything, you must know that bitcoin is a decentralised cryptocurrency which means that no organization or individual can control it which means that India cannot put a ban on Bitcoin practically but the whole economy of any country runs on its own currency i.e Rupees.
So somewhere you have to sell the bitcoin and bring the money to your bank.
Now let us dig a little bit deeper into the news,
RBI has just announced that banks shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as bitcoins. So this means that RBI did not put any ban on bitcoin directly which they cannot but has just blocked the way to trade that currency. Now, no one can buy bitcoin from India through Indian Banks, RBI has a given a time span of three months to exit from this type of investments.
If you still hold any kind of cryptocurrency like bitcoin after three months then you will not be able to get back your money after selling your bitcoin to any exchange directly to your Indian bank account.
Why did RBI announce this?
Bitcoin is decentralised which means that you can send money to anyone anywhere without any restriction and no one can track you back, many people used this and scammed other and also used this for money laundering, so RBI decided to cut the root cause of this problem and they directly blocked the funding source.
This was the real news now let’s talk about people who have invested in bitcoin from India.
There are mainly two reasons why people buy bitcoins,
First is to quickly double your money, which is a big mistake, most of the people who bought bitcoin after April 2017 fall in this category, and if you have bought bitcoin just a few months before then surely you are one of them. The problem with these people is that they get panic very quickly and take action very quickly without knowing much about it. Believe it or not, these people are the reason for the huge spike in the price of bitcoin last year and they are also the reason for the crash.
Second is because you really believe in bitcoin and you know everything about this technology and you have researched about it in depth and you are here for a long-term. If you are among these people then don’t panic just transfer all your coins into a bitcoin hardware wallet and you are safe. This announcement is not going to affect the price of bitcoin in long term.
Now, If you fall into the first category then what should you do,
I am assuming that you need your money back and you cannot wait for a long-term and cannot go for international exchanges than you should wait for a little bit more because there is a huge panic among people and everyone is selling there bitcoins. Just get out of this when you think that you are fine with the profit or the loss don’t be greedy at this time. You are surely going to regret if the price goes up but this is the best that you can do right now.