India: Losers And Gainers
It's an age of digital and financial revolution. Growing you'd have thought that the 90s and the last decade was as good as it could've been. However when there is technology in the mix the innovation never stops!
Anything old will be replaced by newer, more efficient things. That's holds true for anything in this world.
Some of the cryptocurrency exchanges in India have had a very hard time adapting to the changing environment while others have stood up to the subjugation from the central bank and come out on top.
Zebpay shuts down as it goes from the numero uno exchange in India while startups take over. Unocoin decides to step up its game with a cryptocurrency vending machine even while it doesn't have any real business currently.
Unocoin operated similarly to Zebpay. Neither was a spot exchange. However, instead of moving to other markets they are sticking with India for now and exploring other opportunities perhaps.
Wazir X, Giottus, Instashift are doing well having capitalised on the opportunity where p2p trading has become the best way to circumvent this atrocious banking services ban from the Indian central bank.
In the months to come we shall see a few interesting developments including but not limited to regulation of the market. Cryptocurrencies are likely to be either outlawed or legalised. Or perhaps only trading will be legalised. Everything else might remain out of scope. Its all speculative until these things happen.
I hope that big names in the industry such as Zebpay and Unocoin will adapt themselves to become a spot exchange. Their spreads and prices were absolutely ridiculous in the past. There is no room for market manipulation or living in denial.
The best thing for anyone in the business of cryptocurrency can do is to hold on tight and wait this out. Markets are unpredictable. Politics is also much the same. However, if we can continue pushing for what is right we might just see the changes we deserve!
Supreme Court of India has delayed the ruling on the case against RBI. However from my standpoint the writ petition from the petitioners against RBI's circular is very strong. I hope the judges presiding over the matter will do the right thing.
Until then hold on to your coins. Don't panic and don't believe mainstream media and it's predictions for the future.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Thanks again for the valuable info. Good things come to those who wait. Hodl Hodl Hodl!
🖕 That’s so true but I hope the government can see any “right” in what people want as it relates to cryptocurrency.
Thanks @firepower for that piece, indeed time will always replace old ways and old things with newer and better ways and things.
This is @maxdevalue
hi @firepower
very nice stuff
What is the next hearing date of SC? In the future crypto is going to legal in india? What is the future of crypto in India?
Thank you for posting a nice stuff.
Tariq ( Date) pe Tariq (Date)....pe Tariq......it keep delaying day after day.
Hopefully we get to hear the prceeding in favor of legalisation or something positive in favour after all these dramatic delays.
Its not easy to hold on ..and keep waiting for guessing game for so long. Thays why i think zebpay make its way out...insteading of wasting their time .
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@firepower, I read all of your past content. I apologize for not being able to comment on this. Today, electronic money transactions and exchanges are used in different countries of the world. India as my neighbor country is also speaking with praise for using electronic money exchanges.
Of course..why not? fully agreed. It is true that cryptocurrency transactions in Asian countries are being turned off by the government. But that can happen because there are private-commercial banks creating it. But your country is much more fortunate than my own country. We have a very strict monetary policy in our country. Therefore, we can not think that a cryptocurrency exchange will take place legally at the moment. But I hold my coins for long term. Thanks for the letter.
Well analyzed article you posted on present position of crypto exchanges. I liked your observation in this regard and also your suggestion to the crypto holders.
Definitely the thing which uno coin is going to do is completely appreciable and even i am holding all my coins because deep inside every one knows that bitcoin is hear to stay and guys hold on your cryptocurrencies. Hay @firepower which your favourite coin which your are holding right now....?
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Sir, Thanks for sharing this update.
Anything old will be replaced by newer, samya ke sath hi chlne se trakki sambhv hai.
Your suggestion right I like this.
What a roller coster, you have been through. Fortunately many of these problems will be solved for New Zealand to just innovate upon on, or disrupt in a way that usually the market does not really care. 😜
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I'm sorry to hear that India's judicial system is taking so long with this issue.
Australia's judicial system is a lot better!
That's why JPB Liberty is bringing the Crypto Class Action against Facebook & Google in Australia. Anyone worldwide with cryptocurrency, including Steem, should join the class action to recover their losses and defend the Crypto Industry. https://www.jpbliberty.com/class-member-signup