The craze for cryptocurrencies has entered a completely new chapter as we see prices rocketing high. Bitcoin is among the popular digital currencies that uses the rules of cryptography for regulations and generation of units of currency. Bitcoins are digital currency that require no banks to move and store the money.
If all this sounds very interesting and lucrative to you and a smart way to add some additional cash to your name, then here are some things that you need to know.
Your Transactions are Irreversible
Bitcoin transactions are irreversible. Once you have sent the Bitcoins, there is no way to get them back. If unfortunately, it turns out to be a fraudulent transaction, you have to bear the loss. So, yes there is an element of high risk when you think you putting some cash to transact with Bitcoins.
You can never come to know the sender or receiver details
Bitcoin addresses are a long string of 34 alphanumeric characters. So, you don’t come to know who the recipient is. Of course, that means in case of any fraudulent transactions, the identity of the person behind it will never come to be known.
Bitcoin is known for its volatile nature and even the recent peaks are unprecedented. It is more like a bubble that we don’t know when will burst. So, when on one hand it is making your money grow fast, you don’t know how long it will last.
Income tax rule in India
At the moment, the Income Tax Act doesn’t stop anyone from earning or gaining profits from investments in cryptocurrencies. It also allows you to declare the gains and pay tax on it. Any profit that results from the sale of the cryptocurrency is taxed as short term capital gain as per the income tax slab rate.
Why you should go for Online Rummy instead?
If you want to win cash in a more analytical and logical way then online rummy is the best way to go. Other than offering you an awesome gameplay experience, it has a load of benefits that make it a winner all along. If you have still not started playing the game, you can go through the rummy tips and get started today.
- The transactions are secure and with the fair play policy your money is secure and you can never go overboard with the amount you spend.
- All the money you win with online rummy games go directly in your bank account. No hidden identities, no hidden costs and 100% secure transactions
- You can withdraw your winnings any time you want. Just give a request and it gets processed within 2 working days
- It is the transparent and fun way to win cash and be secure at the same time. There are no bubbles to burst here. Join tournaments, win the game and get your cash prizes
- Customer support to help you every step of the way, every time you need it
- You can only get better and better with the game. Rummy is a game of skill and as your skill improves you win more cash games
- With over 7 million players online, this game is absolutely legal to play for cash.
So, if you are still thinking between Bitcoin and online, the winner is right in front of you. Download rummy app and start playing today.