😅🙏🏽

We are so blown away with your response, Team Coinsbit 🇮🇳🐯 We are working towards scaling our infrastructure asap.
Stay tuned, Thank you!

https://twitter.com/CoinsbitIndia/status/1386632480690561028

Following the overwhelming response to our Airdrop, we are officially launching Coinsbit India Ambassadorship Program to help further assist the community on our socials. Pls submit your application before and we look forward to working with you soon! 😍

https://twitter.com/CoinsbitIndia/status/1386672640820088836

⚡️HIGHEST REFERRAL WINNER ANNOUNCEMENT⚡️
Congratulations to the winners🐯 of our first-ever contest! We wanted to be fair and have selected winners based on the highest verified referrals. If your Twitter handle is mentioned below then pls DM us 🙏
https://twitter.com/CoinsbitIndia/status/1386687736325705729

We announced Coinsbit India Airdrop with a bang a few days ago and experienced a huge response in KYCs which resulted in a 4-5 delay processing time for most users.

So what happened & what are we doing to address this + more updates:

1️⃣ Our initial KYC processing model was a mix of manual & automatic to avoid fraud user behaviour & scams. We followed a similar launch model to most of the Indian crypto exchanges of going fully automated once the volume increased significantly.

2️⃣ Most of the exchanges at their initial launch had a KYC processing time of anywhere from 3 to 25 days. Our initial turnaround time of 24-hrs quickly stretched to now 72+ hrs after receiving an overwhelming response to our Airdrop, with each day more than 20k KYCs coming in!

3️⃣ What steps are we taking?
- We have expanded our KYC processing team by x3 folds in the initial few days of experiencing heavy volume
- We are currently in the process of bringing automation to significantly reduce the KYC processing time from 72 hrs to less than a few hrs.

4️⃣ Popular Q: how are we going to preserve the value of our token?
Given the huge response to our Airdrop, we will be reducing the airdrop value of $200 to $50 once the KYC time is reduced and all KYCs which have already been sent are processed [...]

5️⃣ We will be providing the effective date for this with a few days' notice once the KYC is automated. Please stay tuned for this! There will be enough notice period for the new users to still claim the $200 USD airdrop!

6️⃣ What's next:
- recruitment & expansion of dedicated tech & customer support (we want to hire from our community, stay tuned for official announcements)
- we will be launching fiat-to-crypto on/off ramp soon so you can start trading!
- CIN listing (after airdrop event ends)

7️⃣ Crypto community in India is THRIVING right now and we are so excited for what the future holds, for both Crypto & India post-covid. We are onto bigger things & we are so thankful for our community & their active feedback on the KYC processing time. Lets do this! 🐯🙏💫

https://twitter.com/CoinsbitIndia/status/1387007261311078403

⚡️Coinsbit Ambassadorship Program Update⚡️
Thank you for such a strong response, Team Coinsbit 🐯 we received a total of 391 submissions! We will be reaching out to the applicants shortly.

1️⃣We will be selecting 40 brand ambassadors in total (10 per platform) for each dedicated platform; twitter, telegram, instagram & FB
2️⃣There will be a second round of opening to onboard new Community Ambassadors shortly. We will be contacting the ones who have already applied & also opening the submissions again for everyone! Stay tuned!
Are you excited? We are! 😍
3️⃣Please note: we won't be able to respond to everyone. You will be hearing from us in the future for the next round of openings!


https://twitter.com/CoinsbitIndia/status/1387029971210629121

After almost $20 trillion in pandemic spending in the US alone, inflation seems inevitable. Investors are looking to safeguard their money. One obvious way to achieve that would be to buy gold. So how similar is gold to #Bitcoin, then?

https://twitter.com/CoinsbitIndia/status/1387359704871931906

🇹🇷Turkish regulators are set to introduce laws that would place various restrictions on exchanges including the need for a certain amount of liquidity as well as credential requirements for executives. The law could be implemented as early as May.
The move comes in response to two major exchanges in the country shutting down and locking user funds.

The situation in 🇮🇳 is delicate as well. We need immediate regulations for the #cryptocurrency industry now to avoid facing restricting laws in the future.

We are already witnesses to how one single regulation can restrict the industry for example the Nigerian ban or the Indian RBI ban earlier which halted progress for a while. It’s high time we regulate or risk falling behind.

https://twitter.com/CoinsbitIndia/status/1387383140851732482?s=19

Our Twitter DMs are now open! Have a KYC issue? DM us on Twitter to reduce the wait time in Telegram. 🔥🙌

“Stablecoins attempt to bridge this gap between fiat currencies and cryptocurrencies”
How can Tether and stablecoins help with Bitcoin and other crypto volatility and other problems?
👇Read here:
https://twitter.com/CoinsbitIndia/status/1387751930345127943

Ethereum’s recent rally above $2000 has sparked the idea that the number one altcoin might actually be able to replace Bitcoin and steal the spot as the number one cryptocurrency.
1️⃣ Taking a look at the market we can see that the current Bull Run is much more sustainable compared to what we have seen over the past years.
2️⃣Besides just the market capitalization, other factors like the number of active addresses and the number of public reachable nodes have also been steadily climbing when compared to Bitcoin.
3️⃣According to Messari researcher Wilson Withum, Ethereum’s net annual issuance is expected to drop following the Phase 1.5 ETH 1 to ETH 2 merger.
4️⃣While Zap Protocol co-founder Nick Spanos expects ETH to become a deflationary asset as a result of the upcoming Ethereum Improvement Proposal (EIP) 1559 upgrade.
5️⃣“This feature will reduce the coin supply and have a corresponding effect on the price, creating an attraction point for more buyers,” Spanos explained.
6️⃣A supply shortage of Ethereum could soon make it a more attractive choice as an inflation hedge, compared to Bitcoin.
7️⃣Adding to this, Bitcoin’s dominance has also fallen below 50% for the first time since 2018. This further adds to case which would ultimately lead to the event which is commonly referred to as the Flippening.
8️⃣Considering all the factors, we can't argue this is definitely an exciting time in the history of cryptocurrencies!

https://twitter.com/CoinsbitIndia/status/1388101324089159681

Hi Coinsbit Team 🇮🇳🦁 We have discovered multiple fraudulent entries & activities within the community trying to claim the airdrop. Some users have submitted multiple IDs with the same person holding different identities. Please note that duplicate accounts will be ineligible for the airdrop.

Request to our community, if you notice any suspicious behavior pls notify us!

Thank you,
Team Coinsbit

https://twitter.com/CoinsbitIndia/status/1388822401853628420?s=19

Like every other blockchain network out there, #Bitcoin also gets updated every once in a while, thanks to the Bitcoin core developers. The most recent proposed upgrade is dubbed #Taproot.

👇🏽 Your full guide below:
https://twitter.com/CoinsbitIndia/status/1389218398400245761

Retail shopping giant EBay Inc. has recently said that the company is open-minded about accepting cryptocurrencies as a form of payment.

In addition, it might also be looking at ways to get non-fungible tokens (NFTs) on its platform.

👉 "We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on," eBay said in a statement to Reuters.

👉 In an interview with CNBC, EBay CEO Jamie Iannone has made some bullish statements regarding the company's possible entry into the crypto space.
"We're exploring opportunities on how we can enable it (NFTs) on eBay in an easy way," he said.

👉 Cryptocurrencies are now being accepted by a growing number of industry leading corporations. It is high time that India takes a decision in this regard. Cryptocurrencies would soon be a major part of the global economy and we are now at the risk of falling behind.

https://twitter.com/CoinsbitIndia/status/1389528455667060740

As Bitcoin has been seeing a formidable bull run over the last few months, the price of Ethereum has also been steadily climbing. On May 3, 2021, Ether reached a new summit by attaining a new all-time price high.

👇 Read here:
https://twitter.com/CoinsbitIndia/status/1389559643425284096

Beware of scams! Our admins will NEVER message you first! Pls stay safe 🙏🏽

https://twitter.com/CoinsbitIndia/status/1389617542491119616?s=19

Like every other blockchain network, Bitcoin also gets updated every once in a while, thanks to the Bitcoin core developers. These updates, often referred to as soft forks, introduce new features and benefits to the Bitcoin network. Most recent upgrade is dubbed Taproot.

👉The Taproot upgrade is a compilation of three Bitcoin Improvement Proposals (BIPs), which are design documents for the introduction of features and information to Bitcoin.

👉 The three BIPs are Schnorr Signatures (BIP 340), Taproot (BIP 341), and Tapscript (BIP 342). These three upgrades are known as the Taproot upgrades, and are collectively termed as BIP Taproot. The upgrade brings more efficient, flexible, and private ways of transferring Bitcoin.

1️⃣ BIP 340

This protocol allows for the use of Schnorr signatures in the Bitcoin network. In cryptography, Schnorr signatures are digital signatures produced by the Schnorr signature algorithm developed by Claus Schnorr.

2️⃣ BIP 341

In simple terms the protocol basically defines how the Bitcoin’s protocol will integrate Schnorr signatures. Specifically, the Bitcoin Script must be updated so it also evaluates Schnorr signatures. It also integrates Merkelized Alternative Script Trees (MAST)

3️⃣ BIP 342

To actually implement P2TR, BIP 342 adds and updates several opcodes, which are portions of machine language instruction that specifies the operation to be performed. These new scripts help in verifying Taproot spends and Schnorr signatures known as Tapscripts.

👉 How does this upgrade benefit #Bitcoin? 🤔
The #Taproot upgrade benefits both bitcoin users who adopt taproot and those who don’t. In short, spending Taproot outputs are significantly cheaper. The biggest boost comes to Privacy.

👉 When is the #Taproot upgrade coming? 🧐
Taproot remains a proposed upgrade, but has received a lot of support from the community. The Schnorr, Taproot, and Tapscript upgrades were given BIP 340, 341, and 342 in January of 2020, and have been in development since.

https://twitter.com/CoinsbitIndia/status/1389904379629555712

We're currently integrating our new KYC system to reduce the processing time significantly from few days to just few hours. The system will be up & running soon. We request you to pause your KYC for time being and wait for our announcement to complete your KYC. Thank you! 🙏🙏

According to a CNBC report, customers of some U.S. banks would soon be able to purchase #Bitcoin directly from banks following a partnership between the NYDIG and fintech giant Fidelity National Information Services.

Hundreds of Banks have already enrolled in the program. The growing popularity of Bitcoin and crypto-assets as a whole is being considered the primary reason behind this move.
NYDIG is discussions with some of the biggest U.S. banks, along with smaller institutions like Suncrest.

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships,” said Patrick Sells, head of bank solutions at NYDIG.

The development is quite ironic considering the fact that what was created to steer people away from banks is now being leveraged to draw people towards it.

So, the question remains, would you buy #Bitcoin from a bank?

https://twitter.com/CoinsbitIndia/status/1390243218344747015

Hi Coinsbit Team 🐯 We're pleased to announce we have reduced our KYC processing time from 6-7 days to 2-4 hours. For all the users who have already submitted their KYC before today will still be in the old KYC processing pipeline which will take 3-4 days to process.

👉🏽 We can't process all the previous KYCs in bulk because we have added new fields and steps with the new KYC process. We will be optimizing the KYC process to be reduced to 30 seconds in the coming few days.

👉🏽 Please note: we have added a new step of bank verification so we can verify you quicker. You will also be able to do deposits to and from this nominated bank account once we bring out the INR on/off ramp.

👉🏽 Please note: the KYC system is upgraded for INDIAN ID holders only. For INTL users, the KYC processing time is still 24hrs+ and we will be reducing this shortly.

👉🏽 We appreciate your patience and we are back on track to launch Coinsbit India! Please stay tuned as we share our exciting plans with you soon!

$CIN

https://twitter.com/CoinsbitIndia/status/1390333001460948998?s=19

Bitcoin Mining is the process by which new bitcoins are entered into circulation. What is more, it is a vital part of the preservation and evolution of the blockchain ledger. While China has the largest Bitcoin mining farms, there has been a lot of interest in India to do the same.

👇🏽 Learn all about #bitcoin mining here:
https://twitter.com/CoinsbitIndia/status/1390655464291983366