As you all know, the Reserve Bank Of India (RBI) has barred all crypto-related businesses from using the national banking services.
If you are joining the party late, here is the backstory:
- RBI Bans Indian Banks From Facilitating Services To Crypto-Related Individuals & Businesses
- Future of Bitcoin & Other Cryptocurrencies In India After RBI’s Ban
As expected, it has severely hampered the growth of cryptos and the blockchain industry in India. Crypto-related investments, in particular, have faced the wrath of government decisions.
So what exactly is happening in India?
Well, the exchange volumes have dropped significantly, and exchanges are either shutting down, changing their business model or moving out of the country.
However, some exchanges have decided to stay put and peacefully fight the ban by resorting to P2P exchange model like LocalBitcoins.
For those who are unaware, LocalBitcoins is an exchange where peers can discover each other and buy/sell cryptocurrencies.
Crypto to crypto P2P transactions are easy to facilitate, but the problem arises when one needs to deposit or withdraw the money (in INR).
One of the newest exchanges in India, Bitbns, has come up with an innovative INR on-and-off-ramp mechanism which we are going to discuss in this post.
BitBNS Review – Video
Bitbns’s 2 Unique Approaches To Facilitate INR Transactions For Crypto Trading
1. P2P INR Movement Through BidforX Vouchers
Depositing money (INR) in Bitbns
Let’s say one wants to deposit while another user wants to withdraw. If we somehow make a fair mechanism to connect the two guys, the P2P INR transaction is possible. Bitbns has done precisely that:
- Log into Bitbns and click on ‘Add Money to Wallet’ and enter the amount you want to deposit.
- Bitbns’ peer-to-peer match engine will find a person who has placed a withdrawal request. Once done, note down the withdrawer’s email ID.
- Log in to your BidforX account.
- Go to the Vouchers section.
- Enter the amount you want to deposit, enter the email ID of the withdrawer, and click on ‘Generate Now’.
- Copy the voucher code, go back to the deposit section on your Bitbns account, click on ‘Submit Voucher Code’ and paste the voucher code.
- Upon submitting, you will get a pending status on your Bitbns account.
- Your deposit process completes when the withdrawer confirms that he/she has received the voucher.
Withdrawing money (INR) from Bitbns
- Log into Bitbns and click on ‘Withdraw Money’ and enter the amount you want to withdraw.
- Enter the OTP in ‘Authenticator OTP’ section and click ‘Next’.
- Our peer-to-peer match engine will find a person who has placed a deposit request.
- Once the depositor deposits the amount, you will receive a voucher code. Also, you will receive a ‘Secret Key’ on your email.
- Login to your BidforX account and go to the ‘Vouchers’ section.
- Click on ‘Redeem Voucher’.
- Enter the Voucher Code you received on your Bitbns account and the Secret Key you received on your email.
- Click on ‘Redeem’.
- Verify the amount you received in BidforX, Raise dispute if the amount doesn’t match or incorrect voucher code.
- Go to ‘Profile’ on BidforX and click on ‘Withdraw’ to receive an amount in the bank.
2. P2P INR Movement Through UPI
Another peer-to-peer way of moving INR is through UPI/NEFT payments. Here is how you can do so on Bitbns:
Let see how you can deposit money (INR) in Bitbns.
- Initiate deposit request by going to the wallet and Select on “Deposit”.
- Then choose the banking payment method ‘UPI/NEFT’.
- Enter the amount you wish to deposit and click on ‘NEXT’ to complete the initiation process.
- Once a deposit request is initiated, the user will get a list of peers to whom the transfers have to be made.
- You will get the bank account details of the withdrawer, and you need to transfer them money through your chosen UPI/NEFT method within a timeframe.
- You also need to put the reference number of your transaction in Bitbns account after you complete your transaction.
- Your deposit process will be complete when the withdrawer or receiver confirms receipt of funds on the Bitbns platform, following which the balance will be credited in the Bitbns wallet.
Now let’s see how you can withdraw money (INR) from Bitbns.
- Go to the wallet and click on “Withdraw”.
- Choose the method as Bank Transfer using UPI/IMPS.
- Enter the amount according to the new deposit structure as specified below.
- Enter the UPI ID or bank details if not already updated.
- Click on “NEXT” to initiate a request.
- Bitbns system will find the depositor who will fulfill withdrawal request.
Now there will be a few scenarios.
It will show “Allocating peer” if not allocated, or show “pending withdrawal” status until the allocated peer transfers the amount to your bank account.
Once the depositor has deposited the amount, you will see reference number with transaction comments.
Now as a withdrawer, you need to check your bank account with the given reference number for the credited amount. If found in place, the withdrawer should mark as ‘Yes’. In case of ‘No’, a dispute will arise which they have to resolve themselves or can escalate it to Bitbns.
However, there are some Dos and Don’ts in peer-to-peer trading that you must follow to enjoy a frictionless experience.
- Use UPI for faster transactions.
- Submit reference number of transaction done as soon as possible.
- Confirm transaction receipt as soon as possible.
- Be humble and use polite words in remarks.
- Don’t use words like Bitcoin or drugs in comments.
- Make sure you check the rating of the person you are dealing with.
How To Get Started On Bitbns
Getting started on Bitbns is easy and straightforward. You just need to log in with your email ID and complete a KYC process by submitting your AADHAR card details and PAN details.
Post verification, you will be eligible to trade and deal with Bitbns. But if you wish to deal only in crypto, you can do so very well without going through the KYC process.
Some of the official links to stay updated about Bitbns exchange and related news:
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An award-winning blogger with a track record of 10+ years. An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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