Cryptocurrency

Is it really a good idea to rely completely on well-known exchanges for buying or moving USDT? I mean, we all know they can encounter security issues or face regulatory troubles sometimes. Even with measures like two-factor authentication and verification steps in place, can we really be sure it's safe?

Even with wallets and two-factor authentication, can I ever feel completely safe with USDT transactions, considering major exchanges still face hacks and technical risks that require constant vigilance?

Shouldn't I also evaluate the reliability, security, and transparency of crypto platforms, especially if low fees are their primary attraction?

What specific regulatory or technical obstacles are preventing its official launch in the Indian market, and how does this unofficial trading activity impact the legal and financial security of Indian users?

MATIC is the essential token for Polygon, used for gas fees in transactions. Similar to ETH and BNB, it facilitates transaction validation on the Layer 2 blockchain. MATIC is crucial for processing various fees, including those for sending USDT.

Yes, it is taxable since it’s a gift over ₹50,000 from a non-relative. When you convert USDT to Indian rupees, any profit made is taxed at 30% as capital gains under crypto tax rules, plus an additional 4% in fees, as per Indian crypto tax rules.

Yes, Bitcoin can be a beneficial option for a faster and potentially cheaper international transfer to India, and it can bypass the traditional banks and Western Union.

The Indian government still does not regulate Bitcoin because of its volatility and uncertainty in this market. So for now it's still not possible to fully replace the banks' system.

Yes, in some cases banks can freeze the bank account linked to crypto trading, like suspicious transactions, violation of policies, not following the income tax law in the case of crypto exchange, and many more.

So to avoid all these problems completely, do the KYC, use the well-known crypto exchanges, and avoid large and frequent transactions.

For converting crypto to cash, there is a fees and 1% TDS changes. Also Besides 30% tax, 1% TDS also applies.

If all the details are correct, the funds will appear in your WazirX balance within 6 hours on working days. If you deposit after 9 PM or on weekends, then it will be done on the next working day.

About your second query, you can't fund your WazirX account using a bank account that is not in your name. WazirX requires the bank account and WazirX account name to be the same; this will prevent you from any kind of fraud.

The Bitcoin transaction fee structures are totally based on the transaction size and maker/taker roles.
For small and large transactions, WazirX and CoinDCX are excellent options, as they offer competitive fees.
Binance and Kraken may offer lower fees for larger trades due to volume discounts.
For small transactions, CoinSwitch and Mudrex are excellent options.

If US banks adopt blockchain for payments, then it could influence Indian Bitcoin trading, which would increase the overall crypto legitimacy and potentially shift investment from Bitcoin to other digital assets.

But in India crypto is not being used for payments, and I don't know how much time this whole process will take.

Bitcoin mining requires a specific ASIC hardware configuration, which makes it difficult owing to the high cost of electricity and initial setup expenses.
Cloud mining is still quite popular because it is inexpensive up front. Because of service fees, cloud mining frequently yields poorer returns.

Dkey offers you multi-factor authentication and encryption; it also protects your data from illegal access, which makes it a more secure and reliable vault for your digital assets.

JioCoin is basically like points you get for using Jio stuff. It's not a true cryptocurrency; rather, it's more akin to discount coupons, similar to Tata Neu Coins. You earn them by using Jio services and can use them to get deals. Because India doesn't allow crypto, JioCoin is just a reward system and maybe a way for Jio to get attention.

Pi Network has finally launched its Open Mainnet on February 20, 2025, at 8:00 AM UTC. The network has switched from its former Enclosed Mainnet phase. This milestone allows Pi Coin to be traded on major cryptocurrency exchanges, including OKX and Bitget. Pioneers, who have been mining Pi since the early days, can now trade the cryptocurrency just like any other digital asset.

YES Bank collaborated with ANQ to launch two co-branded credit cards Pi and Phi. The future support of Pi Network payments by other banks and financial institutions in India will depend on regulatory developments, market response, and technological considerations.

Hardware wallets are the optimal choice for storing our keys. Tell me, what is the difference between the Ledger Nano X and Trezor Model T? And on what basis should I select?

Bitcoin is a very risky investment because of its high volatility and risky nature. Therefore, it's advisable to invest only when you can comfortably absorb the potential losses. There are some other cryptocurrencies where you can invest for the long term, like Ethereum, Polkadot, and Cardano.