Cryptocurrency

To avoid any kinds of scams, always use reputable platform exchanges like CoinDCX, Binance, or CoinSwitch for USDT purchases via debit/credit cards.

Next, send money to a certified Indian exchange using an exchange wallet or on-chain. Always activate 2FA and confirm the recipient's information.

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.

Pi Coin is mined through phones and used for easy digital transactions and smart contracts. Since its Open Mainnet launch in February, Pi Coin has not been officially available in India.
It is traded on many platforms like OKX, MEXC, and many more. Informal trading exists peer-to-peer, but always be careful.

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.

The Indian crypto market features many trading platforms, but their fee structures differ significantly, including charges for deposits, withdrawals, and trading.

If you're looking for budget-friendly options, consider WazirX, CoinDCX, and ZebPay, which are recognized for their minimal transaction fees.

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?

The most reliable and trustworthy app for trading Bitcoin and Ethereum in India is CoinSwitch. An estimated 6 million individuals use this app for trading. This software makes it simple to set up an account and begin trading in a matter of minutes. About 170 different coins are available for trading on this app.
CoinDCX, ZebPay (the oldest trading app), and many others are available for trading.

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.

Bitcoin is legal in India, but the government of India has yet to recognize it as an official payment method. The present law does not support their usage for daily transactions. More than as a payment option, people use Bitcoin for investment purposes. But it is uncertain whether the government will acknowledge bitcoin as a payment option in the future or not.

The bitcoin exchange is definitely going to face the challenges with the change in the legal framework. These platforms must navigate through stringent tax laws, safety regulations, and potential restrictions on the legality of their operations. The policies of the government and the clarity of laws will decide the fate of crypto in India.

hi
Thanks for your suggestions. I want to invest in cryptocurrencies so I want to know which cryptocurrency is the greatest one to buy at the moment?
I know that the best choice will rely on my personal financial goals and on my risk tolerance ability. I think it's critical to do research well, stay current on the market news. So suggest me some cryptocurrency to buy.