Update: Bitbns has introduced a USDT-INR peer to peer trading system to facilitate INR deposits and withdrawals. They have also introduced Super Peer system for high volume transactions.
Bitbns has kept INR trading active despite the RBI diktat. They haven’t even launched a P2P exchange or a crypto to crypto exchange. Their resilience have to be applauded and their walking dangerously close to the regulatory line while being so, should be criticised. And we’ve done both.
But with the new Peer to Peer INR deposit and withdrawal model, it appears that Bitbns has found its silver lining. Under this model, users can now deposit and withdraw INR fiat quickly using IMPS/UPI. To incentivise deposits and to decrease the time taken for withdrawal, Bitbns allows the traders to put an extra tip upto 1% on withdrawals, that go directly into the pockets of Depositors.
Bitbns still accepts deposits with BidforX but we are focusing on the peer to peer bank account transfers only right now.
INR Deposits on Bitbns
The process works like a P2P exchange for cryptocurrency but this is with INR. So when you request a deposit, you are technically being matched with a peer who has requested a withdrawal.
- Go to Wallet, on the INR side click on ‘Add money to wallet’
- Choose ‘P2P bank transfer’ as the Deposit Method
- Enter the amount of deposit and wait for system to find the match
- Once the match is found, send the deposit amount to the account details provided. Enter the remark while sending the transaction.
- After transferring the money, enter the transaction ID and click Submit.
- The deposit will be confirmed in few minutes, if not, you can raise a dispute.
Note: There could be more than one peers for each deposit transaction if the amount is large.
INR Withdrawal on Bitbns
The withdrawal is also on a P2P basis, so each time you create a withdrawal request, there has to be a corresponding deposit request for it to process.
- Go to Wallet Section and click on ‘Withdraw Money’
- Withdrawals are non cancellable to avoid scams.
- You can choose to leave a tip upto 1% for withdrawals above 50000 INR. This will incentivise depositors.
- Once the withdrawal request is placed, you have to wait for a matching depositor. This can take some time.
- When a peer is matched, you’ll receive the money in the bank account and have to confirm on Bitbns.
The Withdrawal requests are more than deposit requests. Simple. Hence the withdrawers have to wait in a long line, but if they can give tips – call it fee, then the depositors will be incentivised to help them out instead of those without a fee.
Bitbns’ peer matching algorithm prioritises matching tip giving withdrawers over non tipping ones with depositors.
Thin Regulatory Line again
While you are transferring money for a deposit on Bitbns, you are technically transferring money to another individual. It doesn’t necessarily break the law, but it is not common practice. If the person you are transferring money to seems to have acquired his cryptocurrency via ‘illegal means’ and sold it on Bitbns, can you become an accomplice to the crime or not?
Should you be held responsible for it or the exchange or none? It is hard to say. But you will be called for questioning, that’s a guarantee. For that matter it becomes imperative to keep note of every single transaction done and its purpose.
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