CoinSwitch Updates

2023-02-06 08:57:14 Hey #Community
Learn PRO Trading 101 with the PRO himself - Everything Hindi (Ajay Kashyap) on 11th February, 11AM.

Learn how to -
- Place trades on CS PRO
- Analyse candlestick charts
- Technical Indicators
Register for the workshop below and learn how to make PROfits!

Click here to register: https://form.typeform.com/to/NBKn36NT Open / Comment

2023-02-04 11:15:10 Hey Community
Here's the TOP 5 Coins Traded on CoinSwitch last week. Open / Comment

2023-02-03 07:15:50 Hi Community

The #Budget2023 proposes to penalize non-compliance of Crypto TDS rules. Join us LIVE on Twitter Spaces at 11:30AM today as we discuss this development and how it impacts our users.

Tune in here: https://twitter.com/i/spaces/1YqGoAVmgYkxv Open / Comment

2023-02-01 13:50:04 Here's your #Crypto Report Card for January!
Where do you see the markets in February? Open / Comment

2023-02-01 12:30:21 What's new in the new income tax regime? Let's have a look

- Basic exemption limit is hiked from Rs 2.5 lakh to Rs 3 lakh

- Rebate under section 87A has been hiked from Rs 5 lakh to Rs 7 lakh

- The income tax slabs under the new income tax regime will be as follows:
a) Rs 0 to Rs 3 lakh - 0% tax
b) Rs 3 to 6 lakh - 5% tax
c) Rs 6 to 9 lakh - 10% tax
d) Rs 9 lakh to Rs 12 lakh - 15% tax
e) Rs 12 lakh to Rs 15 lakh - 20% tax
f) Above Rs 15 lakh above - 30% tax

- Standard deduction introduced in new tax regime for salaried and pensioners in Budget 2023.

- Further, the new income tax regime becomes default tax regime. However, the individuals will have an option to continue with the old income tax regime. Open / Comment

2023-02-01 09:21:51 7 priorities of #UnionBudget2023

Inclusive Development
Reaching the Last Mile
Infrastructure and Investment
Unleashing Potential
Green Growth
Youth Power
Financial Sector

These priorities guide the country to #AmritKaal, as said by the Finance Minister. Open / Comment

2023-01-31 12:42:55 Open / Comment

2023-01-31 10:31:26 How to read an order book: a thread

Order Book refers to a digital list of buy and sell orders on an exchange. Every coin traded on an exchange has a separate order book. All exchanges maintain order books that will have a list of orders placed for assets such as stocks, bonds, and cryptos.

Order books are organised by price level and list the number of coins that could be traded at every price point.

The primary function of every exchange is to match compatible buyers with sellers at every price point, and an order book executes that task.

Buyers post ‘bids’ on the exchange for specific coins while sellers post ‘asks’. Trades on both ends are executed when a match is found. Order books, which are dynamic in nature, keep track of these evolving bids and asks in real time.

A typical order book consists of 3 main components: buy orders, sell orders, and trading history.

Bid vs Ask
Buy orders include ‘bids,’ which consist of the price and quantity a buyer wishes to purchase. Sell orders include the price at which sellers are willing to let go of their coins and sale amount.
Thus, a bid is the buy price, while an ask is the selling price.

Buy & Sell Orders
Buy orders follow descending order, meaning the highest bid is at the top of the order book. Sell orders are in ascending order, so you will find the lowest sell price at the top.
The trade is executed if the highest buy price matches the lowest sell.

Trading history and other parts
Besides ask and bid prices, order books also typically contain order histories that help determine the overall direction of market prices. Some books may also contain market, stop-loss, limit, and trailing-stop orders.

Here's how you can measure any coin’s market liquidity:
https://coinswitch.co/switch/crypto/explainer/everything-you-need-to-know-about-order-book-and-market-depth/ Open / Comment

2023-01-30 09:01:19 Better taxes lead to better compliance? #UnionBudget2023

Last year’s Union Budget acknowledged the growing adoption of crypto by defining, for the first time, what constitutes a Virtual Digital Asset, or VDA. The Finance Act 2022 also established a tax structure for VDAs.

Clarity on taxes on crypto was much needed, and the budget offered that. But beyond this relief, the crypto investors were burdened with a tax structure not comparable with other asset classes.

The flat 30% tax on profits came with no basic exemption or categorization into long-term and short-term capital gains based on the period of holding, nor did it allow investors to carry forward or offset losses.

More significantly, the TDS of 1% at every sell transaction had a compounding effect on high-frequency traders—the source of liquidity in the market—with capital getting locked up at every trade.

Instead of bringing about more transparency and compliance in crypto transactions in India, these measures have unwittingly incentivized users to move to offshore exchanges and grey markets.

What this means: Loss of revenue to govt, loss of oversight of crypto transactions & significantly exposing users to offshore risks. Our hope is that the govt would course correct & introduce taxes that incentivize users to be compliant and stay within our jurisdiction.

Here's a piece by our CFO Ramesh Bafna which further details the room for refinement in various tax provisions: https://coinswitch.co/building-blocks/tailoring-crypto-tax-to-indias-needs/ Open / Comment

2023-01-20 14:49:36 What does owning an NFT actually mean?

Many ask this question, but only a few stay until the end of the answer.

For starters, owning any tokenized digital art does not give you copyright of the given visual. Upon minting, we become the legal owners of an NFT. But, this ownership gives you the license to use the image in a limited way.

However, for an NFT project, the copyright to the digital art is owned by the project’s team, including the artist who created it.

But what the heck is this “copyright,” and why do we want it anyway? Get all your questions answered in today's Switch Daily. See you tomorrow with more exciting stuff. Cool?

https://bit.ly/3QUr1Uz Open / Comment