octubre 17, 2017 | Posted in:Blog
Most Respondents Are Hodlers
A survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift offers selling and the buying of 80 cryptocurrencies.
Fifty traders in India participated. The goal of the survey was to learn what they think about various crypto-related issues including their investment issues, the crypto banking prohibit by the Reserve Bank of India (RBI), and if they will continue investing in crypto despite regulatory uncertainty.
Among the 50 traders who responded, 43 stated that they hodl while seven disclosed that they invest short-term and bitcoin casino bonus codes 2019.
40 traders believe while 10 traders disagree, bitcoin is a haven against inflation.
Crypto Investing Despite RBI Ban
India is currently drafting but have been postponed. Meanwhile, RBI, the nation’s central bank, has banned institutions under its jurisdiction from providing services to crypto companiesa href=»https://bitcoincasinoreview.info/777coin-casino-review»>777coin casino bonus A number of petitions have been filed against the ban. The country’s supreme court has been trying to listen to them since Sept. 11, but the hearing has continually been postponed.
The banking ban by the central bank has impacted some exchanges. Zebpay, one of the largest crypto trading platforms of the country , recently shut down its exchange operations due to the issue.
Regardless of the ban, 32 Instashift traders stated that they would continue to invest in crypto when the RBI intensifies its crackdown such as crypto accounts that were freezing. Another 12 traders noted that they are also likely to continue trading while six respondents said they would discontinue crypto trading.
Moreover, 36 traders feel that the Indian government will amend current laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will eliminate restrictions on cryptobitcoin casino free witdraw bitcoin casino usa bonus code However, only four traders believe that crypto will be legalized and controlled in India.
Preferred Cash-Out Methods
Numerous crypto exchanges in India have come up with their own solutions to the RBI ban. Exchange-escrowed peer-to-peer trading services, which they claim have gained popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing cryptocurrencies out to rupees. Forty-eight traders said they prefer to cash out using sites. Five dealers prefer to use money deals that are local, four prefer to use online bargains and gift cards, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.
On Sunday, one of the biggest crypto exchanges of India, Unocoin introduced another cash-out method. The business has launched crypto ATMs allow its users to deposit and withdraw rupees and to skip the RBI ban. This option was declared after the Instashift survey had reasoned, so it wasn’t included in the poll.
In terms of where to keep their funds, 24 traders prefer to keep them 14 favor altcoins, and 12 specifically prefer stablecoins. Recently, an increasing number of crypto exchanges in India have started listing stablecoins such as tether (USDT) and trueusd (TUSD).
Future Prospects of Crypto Ecosystem in India
Amid the banking prohibit, 35 respondents believe that the fear of uncertainty is the biggest hurdle from flourishing, stopping the Indian crypto economy. Twenty-six traders think that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of comprehension of the crypto industry as the most significant factor, while 18 traders attributed the shortage of liquidity in the marketplace as the top reason.
Despite all the hurdles, 41 traders said that they are long-term investors and will continue to invest in crypto. Seventeen traders admitted that they are apprehensive but expect the government to create a positive environment for cryptocurrencies. However, four respondents are entertaining the idea of exiting the space altogether.
What do you consider the current crypto environment in India? Let us know in the comments section below.
Images courtesy of Shutterstock and Instashift.
Have to compute your bitcoin holdings? Check our tools department.