In the last blog, many of you wanted to know that if the government of India has banned crypto, now the thing is that all private cryptocurrencies will be banned and you have invested in crypto. Now we are not talking specifically about coins. It could be any coin in which you have invested, but if the ban comes, let’s say Bitcoin is also banned, Ethereum is also banned, and everything is banned. So what will happen to your money after that? Will the money sink?
And if that money can be recovered, what is its process? First I tell you what it is that you should not lose money. Whatever money you have, it is hard earned money. You have earned it; you have invested anywhere. My effort will be as a business coach that you should not lose money and this is my motive because what I will tell you now is already going on in the market. Our team has done research and after that I am telling you that the money will be recovered.
You will tell me if it is right or wrong, but definitely these things are going on. What can the government ban and what cannot be stopped, we are going total about it. So the money will be recovered. How will it happen? I am going to tell youth process step by step now. So first let’s see a little bit of the past, what has happened. So we will go step by step. First of all, you all know that Bahas issued a circular for all banks that people’s money will not go out of all the crypto exchanges. There was a lot of money freeze, but after that you know that afterbirth, the Supreme Court’s decision was lifted. So you already know this. See, there are many phases of the government ban.
Now here RBI is saying that they issued a circular once, there were no transactions, after that the Supreme Court lifted that ban. After that, you heard that our finance minister Nirmala Sitharaman, she said that we will give a window that the experiments that are happening in the cryptocurrency world should be done because it is a new technology. Shoe issued his statement that it is a new technology, so nothing like this can be banned. After this, you heard Narendra Modi that he said that Bitcoin, especially he took the name that it should not go in the wrong hands, it can spoil the youth.
So there are many phases of the government. What is going to happen, we will all see that, but we are going with the worst case scenario that let’s say it is banned. So what happened now, when RBI first issued the circular, what was going on, I will tell you. Now you have heard the names of many exchanges, Condic, Weir, CoinSwitchKuber, there are many crypto exchanges in India, leading crypto exchanges on which your account cane. So I am talking about when RBI issued this circular, before that there was an exchange called Zip, it was very famous, it is still there, but at that time it was running little more.
Now it has been overtaken by many exchanges. So why am I taking this example, because many people had money in it. Then what happened, I am telling you step by step and it is still running, so you will understand that what has happened is still happening, show will your money recover. So an exchange, we are taking an example, so any exchange cane done at today’s rate, XYZ, any, so your money is lying on it, bitcoin is lying, any coin is lying, your holdings are lying, then what you can do.
Now if a ban comes, then I will assume that it will come in the same way as it came before that no bank is not taking loans. This means in India, you can neither buy nor sell bitcoin in INR. Bitcoin is not Indian, so how will the babe impose? All over the world will be going on, China has banned it, it is going on in India. Maybe something happens in India, it is going on in thus, it is going on in Europe, it is going on somewhere. Now the thing is that it cannot be closed all over the world, transactions can be banned in India.
Then what did people do, I am telling you just case study of that, with an example of a website, there are n number of websites, the internet is full, you will do research yourself, you will get it, my team has researched for you. So for example, let’s say there is a website called local bitcoins.com, now this is not India’s website, it is of Finland, you will find out if you search, so it is a website of Finland.
Now what is your connection with Finland, there is no connection with Finland, the thing is that now you are going from local to international, so in India, the government can do anything, but it cannot close everything. Maybe it could not close the website of Finland. Now what can happen after this, suppose people click on Bitcoin here, so anybody can go on this website.
Now you will see here send and receive bitcoins, click on receive bitcoin here, then what you are going to see, you will see your wallet address here. Now you can copy this address and send bitcoins from any exchange to this address, which is already going on. People in the whole world already send and receive bitcoins in the same way. So what happens after this, you will start seeing how much bitcoin you have.
So when you start seeing bitcoin, what people are doing here, I am giving you an example here, I am clicking on sell bitcoin and showing you what is going on. This website is of Finland, but look here, sell bitcoins online in India. How are people working, the website here is working to get sellers and buyers together? Here you can buy and there are sellers here. Now if you are buying, then how are you buying and selling, I will tell you. There is no bank involved here.
The IMPS you are seeing; I will explain to you what is IMPS. Here Aim taking the name of the website for the example of local bitcoins. This person will not give you IMPS. This person, here the name Sudan is written, this person will give you IMPS. If you want to sell your bitcoin, here today’s rate is telling that I will buy at this rate and how much limit will I buy, I can buy this much bitcoin from you for a minimum of 438, from 5 lakhs, you sell me bitcoin and I will give you IMPS in your account.
Similarly, UPI transfer, now I will click on show more and show you. In all Indian rupees, people are doing transactions in cash. Now there are transactions in cash. I am showing you everything that is going on in India. So online payment, all types of UPI people are doing. Take money on Paytm. Paytm is telling you the limit of 75000 bitcoins. You can sell your bitcoin to this person. The rates are different here and similarly, cash, Western Union, now you understand that payment on Western Union is in cash.
Cash is getting to you. So our team also contacted some people. So I tell you what was the incident type. So when people were called and asked how will you give cash, they said how much bitcoin you want to sell, how much bitcoin you want to sell, alright, so you do the process here. Now how does it work here? When you sell, that bitcoin is not received by that person. First they stay on local bitcoins. Local bitcoins ask you that you got the payment, as soon as you say yes, that bitcoin goes to the person in front. So this is a process. So you got the payment on Paytm.
Yes, you got it. After that, these bitcoins will be released. If you do not get the payment, then they will hold and after verifying this website, it will also revert you. So what am I telling you, I am not praising website. This is not a promotion. The promotion is that we have thousands of such websites. Take your time, you will get it on the internet. But what is the case, how will the Indian government stop it? Now this is not coming through the exchange. Now if someone is doing Paytm, then he is an individual. If you have done Paytm to Ram, then what does the government know about it?
For what did you do Paytm? You did it to someone on Google or IMPS, then for what did you do it? Someone has made a transaction in cashmere. Here the government will not be able to control these things. So if it is banned, then I personally feel that such transactions are going to increase a lot. Because itis possible that Bitcoin will crash for some time and then prices will start increasing because it is going on all over the world and people will be doing transactions like this and if they do transactions in this way, then you are also understanding that you have coins on any exchange, you can sell it and transfer it here and recover your money.
So this is like very small step-by-step process. Many people know about it. Many people do not know because those who have done panic selling, have sold their holdings and have incurred losses. Look, I have only one motive that you should not incur losses. Such things are going on the internet. You discover it yourself.
My job is to tell you that there is nothing like that, if you are thinking that the money is completely wasted because people have invested their savings and if it is at stake in today’s date, then I do not want any loss in any way because it happened before that no exchange was closed. No exchange was closed. Transactions were closed. So if transactions are closed, then people have already found a solution for it. So this is going on in the market before it is banned. So I am just telling you what is happening in the market.
