Steemit Crypto Academy Contest / S7W1 - Practical Guide on the best way to buy STEEM in India
Source & Steemit logo Edited in MS Paint
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To be frank, Steemit is one of the most popular tokens in India, but people are scared of buying any cryptocurrency of late due to our governments' tax policies. Yes, there was no tax until June of last year, but now we have to pay nearly 32% on everything we bring in from any crypto-wallet, which is discouraging people from trading.
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We can buy crypto using various wallets, as almost all wallets and exchanges are available to us. Most people use Binance Wallet, and I am a verified member of that wallet. However, my preferred wallet for buying and selling is Unocoin because I have been associated with this wallet since 2012. It is available as a desktop and mobile wallet, and the best part is that it has fantastic customer support that responds to every query quickly.
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There is no difficulty whatsoever at the buying stage, but buying STEEM is really like saying "1-2-3" in my country. In fact, the problem does not arise during the purchasing process; it arises when it is time to sell because paying a 32 percent trade tax is something no one wants to do.
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I am sure the Steem token is going to touch a new high sooner rather than later. As much as I, a relatively new member, know about this token, it has an ATH in the range of US$0.9 and a low that I saw during the last few weeks. I guess we have seen the lowest, and it's time the Steem token goes higher. However, I have never sold or withdrawn this token and have no plans to do so in the near future because I have my eyes set on a higher level on this platform.
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Here is how I buy Steem in my country (with screenshots) at every step.
I've been a member of Unocoin https://unocoin.com/in/ since 2012, right from its conception, which lets me buy all popular cryptocurrencies; however, STEEM is not one of them, so I take an indirect route. Here is how I do it:
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First, I transfer money from my bank account to Unocoin, which charges me about 1.2% as transaction/trade charges.
Then I buy Litecoin, which has the minimum fee. I can buy Bitcoin Cash too, but that takes a little extra time, besides having a higher fee.
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Once I have Litecoin in my Unocoin wallet, I transfer it to my Poloniex wallet, which is again fast and almost free from brokerage.
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Then I convert Lightcoin into USDT and then buy STEEM again with USDT.
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Sending STEEM from my Poloniex wallet to my Steemit wallet is almost free and takes no time.
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We all know that our user name is the wallet address in our Steemit wallet, so as soon as we click the send button, the STEEM appears in our Steemit wallet.
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Conclusion
Buying Steem is not a problem in India but however, the reverse process is not so easy, as sending cash from any cryptocurrency wallet to a bank account attracts almost 32% tax as per our government's policy. Since I have no plan to sell it so I don't care how tough is to withdraw it and deposit it back in my bank account.
Thank you all for reading my humble effort.
I invite
@fjjrg
@josevas217
@crypto.piotr
@josepha
@senehasa
Muchísimas gracias por la invitación estimado amigo @dove11.
En algunos países, ante la escalada de las transacciones que tienen las criptomonedas en el mundo, han visto una oportunidad de recibir o retener fondos, lo cual hacen a través de alguna imposición arancelaria (impuesto).
En otros países todavía no han llegado ha colocar impuestos, pero está claro que es algo temporal, ya que como ha demostrado tener un gran desarrollo, han visto en los criptomercados oportunidades de generar recursos.
Saludos.
Thanks for accepting my invite and your great response dear friend @fjjrg, I am so gratful. I know we are at a loss but we accept and respect the rules of the country. Thanks a lot.
Actually it is 1% TDS and 30% tax on profit with no compensation of loss.
It seems like that and we hope it is true because enough of bear season now .
More success to you .
I have calculated and taken into the account the transaction charges as well that the exchange charges for their services. The net amount you get is little less than 68%. My best wishes and thanks for your kind visit.
Great post! It's really interesting to learn about your experience with buying STEEM in India and the challenges that you've encountered due to the country's tax policies. It's clear that you're a seasoned cryptocurrency user and have found ways to navigate the process effectively, using Unocoin and Poloniex to purchase STEEM. It's also great to see that you have a long-term view on your STEEM investment and don't plan on selling in the near future.
The process of buying and selling cryptocurrencies can vary greatly depending on the country you're in and the specific exchanges and wallets that you use. It's always important to understand the fees, limitations, and any other considerations before making a purchase.
Overall, it's great to see that you're able to successfully buy STEEM in India despite the challenges. Thanks for sharing your insights and experience with the community.
Yes, our government is out to discourage all crypto transactions so they have imposed such a heavy tax. But I guess some of us still braving the situation and trying to stay in the race. Thank you.
Quite insightful!
The tax is a pity. I hope governments world over accept and adopt crypto quickly rather than being hostile towards it.
Yes tax is a pity but we have to face it. Thank you.
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Thanks for your support!
Thanks friend for the mention. From what I can see buying steem in India is as easy as doing it here.
What I have read is that it is very expensive at the trading tax level, that 32% that you mention is crazy.
I hope that really gets better soon.
I didn't know that wallet you mention, Unocoin, it's the first time I've read about it, but it's good that you have a good experience with it.
I'll be preparing my entry soon.
That's right, our government has imposed a tax of 30% on all crypto related deposit in bank even if it's on loss which has impacted negatively but I am not thinking in terms of withdrawal so it makes no difference to me.
As far the Unocoin Wallet, it's for use in India only and I am associated it for almost 10 years when the price of Bitcoin was less than $50. I like its easy operation and the founder is very friendly who responds to me personally. Thanks for your time and valuable feedback.
You have done well in highlighting all these important steps employed in buying of Steem in your country. You have made used of Poloniex wallet, and i have leant from this procedure too. Thanks for sharing such a great steps. Please kindly find my article too and give your comment. Thanks.
Thanks for reading and I am glad you understood the use of Poloniex wallet which is very useful for all steemians. I will soon find your entry and see what I gain from that. Thank you.
Hello friend, you have explained well the problem that exists in your country with the collection of taxes, this really discourages some people, but you have made a good decision by not withdrawing Steem and letting it increase in value.
As for the procedure to buy, although it is indirect, it seems to me that it is very simple, it is only a matter of familiarizing yourself.
Thanks for sharing, I wish you success in the contest.
Yes, it's really as easy as counting up to ten and as I said I have no plan to sell so that is not a problem either. Thank you for dropping by and your encouragement 👍🎉
Decentralized wallets allows us to connect with the decentralized exchanges to buy tokens easily without the presence of third parties, this makes it very quick with no possibility of fraud.
This is available in almost every country of the world, also in my country too and centralized exchanges has made it even more easier with low transaction.
It's good to see how you buy Steem on Unocoin, the most popular exchange in Nigeria is Binance and the most fascinating feature of Binance for Nigerians is the P2P trading that helps us to escape the government crypto restrictions.
Thanks for letting us know about Nigerian method of buying Steem. I read it on another post which seems too complicated to me but one has to go by their country's rules. Thanks again.