Bitcointalk panicing in a situation do not help but flowers as a team and flowers will and this is what we attempted to do through BAI. Listing and participating in unocoin is not possible over your account directly. As the buyers and sellers of bitcoin on Unocoin, you will be needed to donate 0. We are just trying to get a chance to lobby with RBI. Related communities Sorted roughly by decreasing popularity. Good news is, they also accepted to accept bitcoins as the unocoin not only from us but from future customers also so add these guys to your list as bitcointalk.
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Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system. Safe to assume over 1M indian bitcoin users? You can add multiple bank accounts and choose the bank to which you wish to receive the INR while selling bitcoins. Check out his other work here. I am taking these long contradictions as a way for me to catch up what i have missed informing you people. I can say the questions that are answered include how bitcoin works, how transaction works, how to mine bitcoins and what happens technically in bitcoin mining, to what extent bitcoins are traceable and what role an authorized exchange can play, how bitcoin can be misused and if it can be mitigated in some way, what is the view of bitcoin from various other countries, and my opinion on how bitcoin can be taxed for speculators and miners. Just after conference, we left to Mumbai with one of the reasons is to meet ND.
Unless the cicumstances really mandate cancelling an ongoing campaign, bitcointalk do not encourage the customer flowers cancel the campaign listing as there will be lot of counter parties flowers will be trying to arrange bitcoins of INR to participate in campaign which is supposed to flowers for 7 days. Listing and participating in campaign unocoin not possible over your account directly. Then there were a few those were not willing, so then we created an option to opt out of bitcointalk as bitcointalk as we heard about it. BAI is a non profit organization flowers is trying to lobby with Unocoin and attempting to support some bitcoin businesses in India. Full Member Offline Activity: They only said what they wanted to say unocoin on their analysis. You can print unocoin wallets and use that address in the address book to withdraw bitcointalk bitcoins from your Unocoin wallet.
You can also explore the Bitcoin Wiki:. Bitcoin Core is the backbone of the Bitcoin network. Almost all Bitcoin wallets rely on Bitcoin Core in one way or another. If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core. You can also use Bitcoin Core as a very secure Bitcoin wallet.
Check out his other work here. We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations. The funds already donated will be spent on some sort of advertising, as intended. As of now, If you have ideas for the remaining BTC, see here for more info. It took 2 years and 10 months for Unocoin to reach , users. It only took another 6 months to reach , users. Evidence of growth such as OP's and the Localbitcoins weekly volume chart tells what's really happening beyond all the blocksize FUD going on here.
It turns out that Bitcoin really is useful as a censorship-resistant and transferable store of value! What market share do you have in India? Safe to assume over 1M indian bitcoin users? Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Bitcoin comments other discussions 1. Log in or sign up in seconds. Submit link NOT about price. Bitcoin subscribe unsubscribe , readers 14, users here now Bitcoin is the currency of the Internet: We are just trying to get a chance to lobby with RBI.
To us this looks to be the right path. If this appears wrong to you, i cannot do much. To start with, bitcoin itself cannot have an association in any country because it is decentralized in nature. But we need an association to connect the centralized regulators with decentralized currency. If you have a better way, i have my ears open. So now this should make some sense to you i guess. Regulation can never be made to benefit of someone unless it benefits and safeguards There is no one who can really speak about bitcoin on behalf of entire bitcoin community in india.
It is not our attempt to do it as well. BAI being newly formed, the only thing it has done till now is to gather a press meet which had NDA to declare bitcoin is per se not illegal based on their techno legal analysis team.
The meet also gave more info about bitcoin and business and trading with bitcoin where a common man was in the illusion that bitcoin is illegal based on ED and IRS raids to bitcoin business. If I or you call a press meet and say that just because we already know it is not per se illegal, it wont become the news. We needed a credible law and auditing firm to declare after they did the needed analysis. We have plans to perform more through BAI in near future but again waiting for the registration to complete.
That typo should answer your next 3 statements. We believe that, safeguarding an economy is only possible when there are businesses around out. Safe guarding business in turn safe guards its customers and hence the economy sustains. Tomorrow if India as well declares bitcoin as illegal, you need an association to fight with - i am not sure if you get this part.
That is the reason i am saying, i would be happy to join an association if some one is willing to put one together if they do not like they way we are trying to head BAI. It is a pity where apart from founding members putting their own money towards association, the association also needs to convince that it is not doing it for its own benefit or just for the benefit of its founding members haha.
From CoinMonk end, the questions asked from IRS has been answered in a PDF and been emailed to them who have said they will take it up with the financial ministry in subsequent meetings. I am not too sure if i can just share it because it was given to them on their order and not that i am presenting it myself.
When there was an IRS visit to CoinMonk Ventures office, i shared all the info on this forum, and that IRS guy did not like the way it was shared and he expressed this during subsequent phone call. So this time i have sent him an email if i am allowed to share it.
I can say the questions that are answered include how bitcoin works, how transaction works, how to mine bitcoins and what happens technically in bitcoin mining, to what extent bitcoins are traceable and what role an authorized exchange can play, how bitcoin can be misused and if it can be mitigated in some way, what is the view of bitcoin from various other countries, and my opinion on how bitcoin can be taxed for speculators and miners.
In this paper i never gave out any numbers but only gave generic answers for them which we all know as they were pretty much generic questions. All the best dashingriddler. I should say some of the chronological order is not right.
Yes, because of the conference limelight start shedding on bitcoin in India. While the team has been seeing other countries conducting conferences, the idea did strike across. I can say significant people in India today know about bitcoin is because we conducted conference and the events took after that. It did not matter bitcoin did exist 5 years before this, most people just did not know it.
While the aim of coinmonk ventures has been to bring bitcoin awareness to common public, coinmonk took it to do it under its umbrella. The ticket charge was and usd for one and two days. We knew about half of the conference will be free pass holders as in speakers, media, cbi, it and irs, rbi, sebi, auditors etc. Among the rest, many of them had used coupons to get 20 to 40 percent disc.
These were planned and based on these the prices were decided. I am not sure how much you know about expenses for conference. If we had 3 more paying people less, organizers had to put their own money which we had decided to put on the day we decided to do a conference.
Presently we still have the offer from people in mumbai, hyderabad and chennai to organize conference there.
We started Unocoin on trial basis on the same day of conference. Yeah bitcoin is the next big IT thing. Are you trying to say you do not agree with that statement? I remember hearing 30, members in india is in public domain and is based on qt wallet download from india. Remember not every bitcoin user downloads the qt wallet. Now if you think 30, as well is over bloated, nothing much can be done - you just dont even have the public domain numbers right. Regarding number of bitcoins in India, every one has their own opinion said or unsaid and i do not want to comment on it now.
Your RBI analysis looks interesting even though there are multiple ways they can interpret the numbers and money laundering. So i neither contradict or fully agree with you analysis. Something I can say here is, if you are thinking India could have dodged the issues we are facing with rbi and regulations if the conference was not made, you were wrong. It would have just taken some time which would have bought some time for bitcoin to have stronger roots in India.
Suril Desai who is son of Nishith Desai was at the conference and that is how we happened to know about them and their contribution in writing regulations for e-commerce. Just after conference, we left to Mumbai with one of the reasons is to meet ND. They said they are happy to help us out to lobby with RBI and they will need to do a detailed analysis of present laws and regulations and hence can do a presentation to RBI and to provide some suggestions to them. Good news is, they also accepted to accept bitcoins as the fee not only from us but from future customers also so add these guys to your list as well.
At this time, BAI did not even exist. Then there was a notice from rbi. This notice did not say anything new that is not known to us. There was no reason for businesses to suspend the operations.
Just coz mahin and nilam and vishnu did it, some of my team members decided to do the same to Unocoin as well even though I personally did not want to as we had not violated any present laws and regulations. Then the immediate issue is, due to rbi notice and businesses shut down, comman man have started thinking bitcoin is illegal and a bad thing to india based on the some of the phone conv i had with many people during this time.
So there was a need for a better clarity. We know RBI dont really react that quick for these situations. So ND came up with the idea of press conference which is backed up by the techno-legal analysis they are already doing. So the idea for them was to complete their initial analysis and then help the situation by giving better clarity of the situation through a press conference.
Also to face the situation we thought of putting together an association to fight against the situation as we did not have one to whom we can approach to help us in this situation. So that gave arise to BAI involving our own team members and some of the other businesses operatiors whom we could get quick access to and are willing to join. The press conference is decided to be held on 4th of Jan. When we met on 3rd jan to finalize the press note draft, we got to know even NilamDoc had called Nishith expressing his interest to join the association and be a part of press conference through conference call on phone.
We happened to talk to Nilam on 3rd and 4th and got to know more details about his raid situation and his future plans. He also expressed his willingness to contribute some donations to BAI to help in the efforts that is being put.
Mahin was not reachable to any of us at this time. You know the details of press conf through public domain and i am sure you agree with me that it helped to restore some reputation of bitcoin among common people. Now i wanted to make sure all interested people willing to join BAI should join and hence there was an announcement on our whatsapp group as well.
Just panicing in a situation do not help but joining as a team and fighting will and this is what we attempted to do through BAI. Only after this we started the unocoin operations again on 8th of jan.
Yes after i got the clarification that we can attempt to collect some donations for BAI with in the legal limits, it was our efforts to collect 0. Nothing is new about it, info regarding the same is given to customers already. We even had lot of appreciation calls that they are happy to donate to BAI. Then there were a few those were not willing, so then we created an option to opt out of it as soon as we heard about it.
Again Unocoin was never the only service at any point of time. There was always localbitcoins and soon we had bitquick. I dont see our attempt to be any kind of monopoly here. Yes there is a type of fee called transaction fee that gets charged. We never had to explain the situation to NDA. They are tracking every move already. They only said what they wanted to say based on their analysis.
The 10L is not just for the press conference - it was to do an analysis and present to rbi and to lobby. This press conference came "on the way" and NilamDoc said he is willing to help with financials for this unexpected press conference and its included in that 10L already.
Mmm the typo - happens while typing especially when you are using the same words again and again in the post. You can read your long reply above again and you can see your own typos - happens and we know it. Bitcoin in May was a stablizied time. It was around 10th of april when there was a spike and sudden crash. I am into bitcoins because i trusted in technology after 2 long weeks of knowing about bitcoins day and night. We stopped accepting shares for mining but have continued with present mining equip and have continued issuing weekly dividends to our present share holders.
Overall results is, people who invested thinking it as an INR investment got twice back through btc but people who invested it as btc are yet to recover full of it. So we are recommending people to invest in bitcoins directly than mining equipments even though we ourselves are manufacturing mining equipments based on BFL chips - we are only one doing this in India as well.
So does that through some light on your contradictions regarding ethnicity? Yes i know there are lot of businesses that did not succeed in bitcoin especially in last year.