Bitcoin Panic

Currently, it is a hot topic in India. Many users are in a turmoil on what to do, regarding the RBI circular dated 6th April. Some persons think that bitcoin will get banned after 5th July and we will not be able to withdraw our bitcoins in INR. 

However, this is not so big an issue to be worried about. Such things usually happen in market, which creates panic, and people sell at lower rates. But remember, whenever you sell, there is someone who buys at that moment, and he emerges as a real winner and sell when the market is at high. 

Those persons who have understood the real idea behind cryptocurrency will never get panic. Bitcoin or cryptocurrency serves as a medium of exchange between two people, without the involvement of a third party. Here the 'third party' is bank. Even if RBI removes the bank involvement in bitcoin exchange, we may easily exchange bitcoins among us, and no one can stop us doing that, and that is not illegal.

       Suppose, I have a bike to sell. You want to buy. You pay me the amount of money I require and I give you my bike's keys. No third party involved. Do I have to pay tax for that? No. I need not pay a third party any kind of fees, unless it is involved. Similarly, if you want to sell bitcoin, and I want to buy, simply you give me your account no, paytm QR code, or paypal id, or similar thing, and I deposit the money in that, and in return I'll tell you my bitcoin address, and you will send the relevant quantity of bitcoins to that address. No third party may claim anything. 

The sophisticated, big investors are waiting always for this kind of news to be floated into market, so that they may take full advantage of that. If now, due to panic, the rate decreases to Rs. 3,00,000/- then those investors will invest a big amount, and when the market recovers and the rate reaches again to 5 L or more, they will sell. 

If you have a brave heart and are not afraid to take risks, this is the right time to buy. Market will improve for sure, just if you want to be safe, keep your bitcoins in a hardware wallet or on some international exchange, not on an indian exchange. Just don't get panic. All the best for our bitcoins!