LiveCoin.net has launched Steem trading on their platform. Now you can sell or buy Steem for Bitcoin. This feels like a breath of fresh air amidst the ongoing crypto bloodbath! As a Steemit user I welcome this move by LiveCoin!
Today, I saw Steem listed on LiveCoin website when I was looking some alternate exchanges for some interesting coins and trading opportunities. I also found it listed on the Blockfolio (portfolio manager) mobile app. However, only Steem/BTC pair is available, and ergo you will not be able to trade your SBDs on their platform at press time.
I tried creating an account today to test it out but I didn't receive any email for activation so if any of you here use LiveCoin, I would love to get some feedback in the comments from your experience using this platform.
LiveCoin doesn't seem to have any official press release to this effect at the moment but I expect it to get popular as trading volumes increase in the future. At press time, the trading volume/liquidity is very low. But it's good to see new exchanges open up to our favorite crypto Steem!
Indian Government and Reserve Bank Mulling Bitcoin Status
Indian government is considering the pros and cons of regulating bitcoin as well considering the positive aspects as well as the repercussions of a total ban on the leading cryptocurrency. Currently, Bitcoin and cryptocurrencies sit in a very grey area; they are neither legal or illegal! Indian government as well as the Reserve Bank of India have cautioned citizens against cryptocurrency sale/purchase.
Bitcoin made news after demonetization when the userbase for most exchanges in India grew at an unprecedented rate due to the increased demand for Bitcoin. Cyber ransomware attacks also unleashed a wave of press coverage for Bitcoin in India.
The government is considering new ways to levy tax on Bitcoin. One of the ways it can do this quickly is by bringing trading of Bitcoin via currently operating exchanges under the purview of its stock market regulator, Securities and Exchange Board of India (SEBI). This would allow it to tax Bitcoin similar to Gold and other precious metals.
However, it is also considering drafting an entirely new regulatory framework that will enable it to levy tax under the new Goods and Services Tax (GST) regulations on the sale/purchase of Bitcoin cryptocurrency.
A senior government official told The Hindu—a top Indian newspaper:
The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley last month.
A proposal to ban such currency altogether was also considered at the meeting, but found few takers among top officials from the Ministries of Finance, Home Affairs and IT as well as SEBI, the Reserve Bank of India, the State Bank of India and NITI Aayog.
The Reserve Bank of India is also closely monitoring trading activities and transaction of the Bitcoin exchanges in India. It is actively looking for any discrepancies, money laundering and other nefarious activities. This is due to the difficulty in ascertaining ownership and origin of the funds transferred using Bitcoin.
In my opinion it's impossible to ban Bitcoin! The government could do well to tax its sale/purchase in a reasonable manner without burdening its users as well as the exchanges operating in the country and pushing them to a corner. It would be foolish for any government to consider banning Bitcoin/cryptocurrencies in it's entirety. Cryptocurrencies are here to stay!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Talk—The Importance of Doing Absolutely Nothing and Taking a Break!
- Dummies Guide to Basic Steemit Account Security + Account Recovery Guide! Must Read For Steemit Users!
Great post, governments are always finding a way to get their money. :-/
Very true, they just go after everything they can to tax it and make money from it. The most important thing to remember is that Governments don't make money, they take money in through taxes.
Less taxes = more money you get to keep. :)
Nice post. Followed. :3
Taxation is theft! Many never agreed to this "social contract". Have any ever any of you ever been asked if you wanted to participate in taxation? I never have.
They have no right to tax my property. But according to them, you are their property too because you were born a citizen of that country and so they can dictate your actions. First of all, we have no choice in where we are born and secondly, HOW THE F CAN I STEAL MY OWN SELF.
Lastly, I never asked the government to build roads, schools, or bridges for me. Just because they supply them doesn't mean I asked for it. What if I think what they make is JUNK and I don't want to buy it. Shouldn't I have that right?
Damn taxing thieving immoral robbers is what they are, under the guise of what we call "government".
Ok I need to go take a cold shower now....
Oh and thanks for letting me know about LiveCoin.
I agree with you man! I wish the governments didnt tax everything and so high! We are quite highly taxed here in many ways.
Yep, I thought Income Tax was high in the United States but India on average has a lower take home pay than the U.S. OUCH The last I checked there were at least 97 different taxes in the United States. I need to check that number for India but geez this tax stuff is Willy Wonka style crazy.
That's great to hear steem is on another exchange... about livecoin, that's another story 😂
haha! Tell us more bro! :D
Let's create a firepower token... only 3 bitcoins to get listed 😂😂😂
damn! I never thought of this! Firepower ICO sounds great lol!
Taxing a currency is just absurd. Also Indian government has been cautioning the use of cryptos since 2013, I believe they will caution the use even when currency goes past $10000 lol
I agree with you on this!
Upvoted. May I get your expert opinion on the bitcoin and steem price that is happening today. For me and my readers. Hope to see you in our conversation.
https://steemit.com/cryptocurrency/@yoda1917/steem-usd-crashes-through-the-ground-to-usd0-96563252-here-is-why-and-here-is-what-to-do
ill take a look
Thanks for the follow. Followed back.
There's a lot of great info in this article. I think LiveCoin have made a smart move by allowing the trading of Steem. It will definitely get a lot of traders on their platform.
@incomepal
True that!
Glad you agree
@firepower
You are misinformed.
Livecoin.net did not welcome STEEM on their platform. STEEM applied and paid the fees to be in the platform like every crypto.
Cheers and Follow me @Yehey
Thank you.
perfect post.... govt will surely leech off
Great post
Thanks!
GOVERNMENT NOT GOING TO BAND BTC IN INDIA BUT THEY IMPOSES TAX LIKE GOLD. INTERESTED USER CAN READ WHOLE POST https://goo.gl/vMCi8F
The real plan is blockchain adoption world wide so , this is just steem ! It'll blow over ! Australia went through similar growing pains but came to their sense and embracing it ! All the big banks are getting in board companies now it's the future , and are investing ! It's that or remain in the Stone Age ( swift Age ! )
I know right!! It's great how some countries are going with this! I hope India follows suit!
Great post, bhai.
Our government always needs a reason to get their money
Disappointed
Still loved your post so upvoted and resteem'D :)))
Great!
not ban think good opportunity for the steem
Maybe
Good info bro!
Thanks!
Thanks for this post. useful re steem
Glad to post!
Thank you friend!!!
Welcome :)
Wonderful and informative article..
Thanks!
I bet they will choose to regulate it rather than ban it. They know the positives outweigh the downsides.
I suppose they dont have a choice!
Great :) Thanks for the info
Happy to share! :)
fun read.. thanks for the information :)
Glad to share :)
nice post, To earn money, they always have their own way each, thanks for sharing.
True!
Thanks
wow really good one thanks
Thanks!
@firepower thank you for sharing
Thanks for the information firepower x)
It's a good post!
Thanks! I'm glad you found this quite useful!
If we would wise up and stop allowing them to steal it They would have no money to tell us what to do or who to hate and kill . F , all governments they are criminal!
Some of the governments are just criminal but many policies feel that way these days!
Awesome Post! I think it would be outright dumb for a government to ban any cryptocurrency, let alone the most popular one, Bitcoin.
I agree
Great post. Governments do anything to control the money supply and stick a tax on anything. Upvoted and resteemed.
true that!
@firepower..Ugh..I just can't get behind the taxation of cryptocurrency! Seems to defeat to purpose of the platform. What about representation AND government backing such as FDIC? We keep hearing that regulators have their hands out, but what are they offering in exchange for a piece of the pie? Gah!! Crazymaking.
I know! I wish the Governments didnt tax but i suppose there is no other way to ensure protection of everyone using this space and that means governments have an opportunity to tax!
SIgh. It might seem so. But we can try to delay it!
The government, advises the people not to trust blockchains but behind the scene, they themselves will invest in this.
Quite possible!
if india regulates btc, the price will bump up 20 to 30 percent. it will be a huge market
true that!
The governments cant control Bitcoin and other cryptocurrency anyway as they believe. Bitcoin are for the people, not for the banksters.
In India are the government planning to phase out cash, but then the people can use BTC instead. :)
I hope BTC adoption grows from India tremendously!
That's really nice information about bitcoin....i must say very informative post...
Keep posting we love to read...thank you so much
welcome!
This is a bog boost for Steemit in all aspects
Yeah!! :)
Indian govt has realized that they cannot restrict or ban bitcoin, they will look for ways to tax bitcoin transactions and regulate this market.
Livecoin exchange based from?
That's true. They are likely to tax us all!
Great post, governments are always finding a way to get their money. @firepower
Thanks! and yeah, they do!
this is a really great post
Thanks!
I guess bringing it under GST within the 28% Tax Slab could be a way.
I hope the slab isn't as high as 28% but it's bound to happen!
Yes, The sooner they legalize it the better ;)
That is good news more people can trade and buy more steem
So let's hope the value of Steem will increase a little
Love the news
Thank you
Upvoted I am your new follower
Indeed! :)
Hello I'm new here and I need to know about steemit
then welcome aboard and use the search functionality.
Congratulations @firepower! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPThank you @steemitboard !
nice info..
Thanks
Very true,great post
Thanks!
Thanks for that info...upvoted and followed
You are welcome!
buy btc and steem
@firepower I use LiveCoin.net https://livecoin.net/?from=Livecoin-jhwEE29b
So far I like it much better than Crypropia for active watching live streaming of your top buys. It offers a view with 24 hr rise and fall percentages, can be viewed in both CPT or USD and many more sources
They have an easy to setup 2-tier security, kind of a little slow in deposit / withdrawl transaction and unlike what has been advertised charge 0.18% interest on trades unless you get volume over 100, 000 shares.
I see. It's great to get some feedback from users of Livecoin! Thank you for this comment! I was hoping some users would come forward with their feedback.
I like Livecoin because it is clean and not cluttered with all kinds of java script dancing around you all the time. It is very secure and as of today, I have had not one issue with the site, all were of my own doing. Silly little things you know :)
So I have also used Cryptopia and I didn't care for it at all. I was wondering about Poloniex and Bittrex. Have you tried either of those? And if so what did you think about the services they provide?
Just a note to let you know that Bitfinex is by far the best I have found to date. Not that they have all the coins available, but the tools they have are very professional as their graph interface is top of the line.
https://www.bitfinex.com
Thank you Mr. @firepower
Because you have been happy to follow me.
You are someone amazing, I really hope you Always Upvote Me.
Because I am also very happy to Follow and Upvote And Reblog Your Post Sir.
Once again, thank you so much
Thanks
bro ap india se is work main new hu main help me-mine whatsp nob 9653653580
please dont publicly share your mobile number or anyone's elses!
This is very educative and informative to me who has no idea on how bitcoins work. I shall try to follow up regularly your articles.
Nice.please vote me.
Thanks! I'm glad you found this quite useful!
SYNX is going INSANE! big uptime! 2$ next morning! don't be too late ;-)
SYNDICATE HODL
http://coinmarketcap.com/currencies/syndicate/
https://bittrex.com/Market/Index?MarketName=BTC-SYNX
https://synxhodl.slack.com
How many do you have to own for the master node?
scroll to Masternode section here <3