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:
- You Can Now Buy Your SteemFest³ Tickets!
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #47
Follow Me: @firepower
Posted using Partiko Android
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
@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.
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. 😜
Posted using Partiko iOS
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.
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 .
Posted using Partiko Android
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....?
Posted using Partiko Android
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
Although it seems a bit disappointing to have the date pushed back further but is it possible that the something good might be happening?
At this point of time I am just guessing and we'll only know the truth after the decision. Is it possible that the crypto community of India is rallying? Why take so much time otherwise? Earlier it seemed that they might just let RBI get away with it and now we are having the 'tareek pe tareek' situation.......... I wonder if it isn't the RBI, that is sweating bullets at this moment.
I think zebpay gave up so early. I personally think that govt is not going to ban crypto in India as if they have such intention then they can do it immediately and close the case. Instead they are delaying it so must be exploring possible options for regulations. It's a great news that unocoin has setup vending atm and other exchanges are doing good through p2p model and not ready to give up like zebpay. It might take a bit longer but I hope something good would come .... Thanks @firepower
Posted using Partiko Android
thanks for best information!
The delaying is maybe happening for a good reason. There are many Blockchain projects emerging slowly. Even many corporate companies have started to explore Blockchain technology. I think when there is a mass push, the government will also have no option than facilitating the request. Let's just wait and watch.
Posted using Partiko Android
Time is the master here and slowly slowy things are taking shapes. I hope India will enbrace the power of cryptocurrencies very soon.
@firepower, Yes, only change is Constant and every old aspect will going to be replaced by the new and in my opinion that's the requirement of time. And everything is movement but yes, sometimes it's reflecting as we are not getting the justice and that's an unfortunate situation.
Cryptocurrencies are needed aspect because there use cases are really effective and once the Crypto Sphere will get the permission and acceptance then once again we will going to see the boost in Crypto Market.
And one thing we have to understand and that is Crypto and Blockchain Technology is life changing because this combination brought many changes in many lives and hope that soon we will going to see the Mass Adoption.
Wishing you an great day and stay blessed. 🙂
I have seen so many posts on steemit about crypto and all honesty most of them are useless to read..
Speaking from all my heart this is one of the best post I came across in Steemit...
Yes Cryptos are having a hard time in India and as you mentioned it's the best choice to hold it because market is unpredictable..
Posted using Partiko Android