“In an unprecedented move, RBI on April 5th directed all institutions under it to stop dealing with individuals and businesses related to crypto-currencies.”
Said every news outlet on the evening of 5th April. This includes banks and other financial institutions and for all of us, it simply means that all banks will soon close down bank accounts of all Indian crypto exchanges.
Of course, that’s a very strict regulation which will definitely have a negative effect on the entire Indian cryptosphere, but all said and done we need to deal with it and decide what comes next. One of the probable and practical solutions to that problem is to hold on to your cryptocurrencies while the matter settles. Instead of selling your cryptocurrencies at dirt-cheap rates, you should hold them or find a way to trade them to gain more.
Blockchain is a global revolution and in long-term, things would settle to an equilibrium. **Selling in loss could be a bad strategy if you don’t immediately need that money.
Hence you should wait and use the market volatility to trade and earn more. You could do that with a crypto-crypto exchange an exchange where no INR is involved and you can simply buy/sell between the various cryptocurrencies available and make gains.
Here is why we think crypto-crypto exchanges are a possible solution and how can you deal with the times when you won’t be able to trade or buy Bitcoin with your bank balance:-
INR-based exchanges may stop operating any time now
RBI guidelines clearly restrict exchanges from allowing INR-crypto pairs because banks would soon stop support for INR withdrawals and deposits on such platforms. In 3 months, any exchange found violating the rule may be held accountable for legal actions by RBI. A crypto-crypto trading exchange does not come into the purview of the above said problem and hence there is no fear of legal actions being taken against them.
Don’t Panic Sell. HODL.
Is it worth selling your cryptocurrencies at such lower prices wherein most of us are in losses?
Think for a minute, when do you sell a stock/token? You sell it when you expect it to fall further with an intention to buy back at lower rates. This has to imply that everybody, at least the long-term investors who are selling right now believe that the price of Bitcoin and other coins will fall even further down when these are already trading at lower prices than international market rates. We are not claiming that the rates may not fall further, but what is the point in selling when you are already at a loss and the prices have already fallen way too low?
Remember you don’t make a loss until you sell.
The best course of action would be to trade whatever you hold right now to maximise your crypto holdings by buying low and selling how. This again becomes easier with a crypto to crypto exchange which has various other coins besides Bitcoin with higher volatility to help you trade and maximise your holdings (in terms of Satoshis) so that when the next Bull Run comes, you have higher units of your coin and the profits are higher.
The recent panic sell has also given you an opportunity to buy technologies of near future at prices that they may never trade at again. But a few of them were not paired against INR in various exchanges before. A crypto-crypto exchange enables you to buy and hold many such coins with promising technologies which you may not be able to buy with INR.
Choose a platform tailor-made for Indians and is here to stay.
It is obvious that most of us are habitual to trading against INR pairs (means buying cryptocurrencies with rupees) and rightly so as we have been doing that all this while.
But what if we tell you that not only can you compare your trades against INR, but also track your portfolio against it all this while trading in crypto-crypto trading pairs?
Introducing CoinDCX, India’s first only crypto-crypto trading exchange which enables you to do everything mentioned above and much more!
Yes, you could trade Bitcoin against Ethereum and still track your trades and portfolio in terms of INR. This allows you to trade on a platform with international standards and similar trading pairs even while tracking everything in terms of INR- basically the best of both the worlds!
CoinDCX is already live and you could start trading 30+ crypto-crypto pairs right now.
Seamless Crypto deposits, diversity of trading pairs in both BTC and ETH, alongside a safe, secure, and hassle-free trading experience with top customer support. We want to give India’s thriving blockchain community a chance to stay alive and strength to keep pushing for the progress we all want.
Join CoinDCX Community and let’s keep India at the forefront of the blockchain revolution.
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Disclaimer: CoinDCX is not dealing with fiat (INR) pairs due to the latest RBI notice (Announcement). Trading in bitcoins and cryptocurrencies is subject to market risks, prices are determined purely by the demand/supply and not controlled by the platform.