January 10, 2018

FAQ’s

Registration/KYC/Bank Link

Registering on InstaCrypto is simple and fast.  Click on the Register button on the home page. Complete the registration form and upload the required documents. Now verify your email by clicking on the verification link sent to your email and you are ready to login.

During the registration process, enter all the required details and upload the documents as per guidelines to complete the KYC and bank link procedure.

InstaCrypto is the most secure exchange that’s available for crypto users. Since InstaCrypto does not store any financial data or cryptocurrency on the exchange it gives the users a most secure platform.

  • Pan Card

  • Aadhar Card Front

  • Aadhar Card Back

  • Latest Bank Statement (Account Name, Number & IFSC code should be clearly visible)

  • Cancelled Cheque (Account Name, Number & IFSC code should be clearly visible)

Note: Please ensure all the uploaded documents are of good quality with the details clearly visible. Else the KYC verification process will be delayed. 

You will receive an email confirmation once your KYC verification is complete. You can also login to your InstaCrypto account and check for the verified account symbol below your profile photo.

Buy/Sell Process

​Once your KYC documents are verified and account is activated, you will be able to find the UPI payment option while placing the order for a crypto. You can scan the UPI QR code or copy paste our UPI ID to complete the payment and receive your crypto.

Users can enter exact INR amount or Crypto value to buy/sell crypto.

The minimum amount of crypto an user can buy is Rs 500 and max is Rs 50,000. The maximum order per day limit is Rs 50,000. If you have reached Rs 50,000 limit for a day, you would have to wait for 24 hours to place another order.

  1. Once your KYC and bank link is verified, login, navigate to Market. Click on the crypto you wish to buy and enter the value in either “Crypto Value” or “INR Amount”.
  2. Also enter your Crypto Receiving Wallet Address and click on “Buy”.
  3. In the next Crypto Cart page, you will be able to verify your order and see the fees breakdown.
  4. Verify, Procced to Checkout and complete the order.
  5. On the order confirmation screen, you can confirm our bank details.
  6. Login to your bank portal and complete the INR transfer exactly to the decimal, as mentioned on the screen.
  7. Once funds transfer is complete, enter the transaction reference number and order number in the deposit form and Submit.
  8. Once your funds are verified on our bank account, your crypto will be sent in batch style (maximum 30 minutes)
  1. Once your KYC and bank link is verified, login, navigate to Market.
  2. Click on the crypto you wish to Sell and enter the value in either “Crypto Value” or “INR Amount” and click on Sell.
  3. In the next Crypto Cart page, you will be able to verify your order and see the fees breakdown.
  4. Verify, Procced to Checkout and complete the order.
  5. On the order confirmation screen, you will be able to see our crypto wallet address. Scan the QR code/copy paste the wallet address, enter exact crypto value mentioned on the screen and complete the transfer.
  6. Once the transfer is complete, attach the transaction screenshot from your wallet along with the order number and click on Submit.
  7. The funds will be transferred to your bank account after One Block Confirmation.

Once your funds are verified on our bank account, your crypto will be sent in batch style (maximum 30 minutes)

The funds will be transferred to your bank account after One Block Confirmation.

Blockchain

Blockchain is the life source of a decentralized network/value system like cryptocurrency or a digital resource. Invented by Satoshi Nakamoto in the year 2008 on a white-paper and his first experiment “Bitcoin”, started in January 2009. The Bitcoin Blockchain is the world’s first decentralized payments network for digital assets. It can managed by all those that hold and use it via a consensus network and therefore without the need of any centralized institution.
A block-chain of a specfic crypto records all of the transactions from the genesis block. It also records all of the newly minted cryptocurrency rewarded to miners who find the blocks. These actions take place according to the set crypto protocol and their respective block chain acts as a ledger of account for all transactions within its network.

Bitcoin Cash

BitcoinCash is the offspring of Bitcoin and follows the same protocol as Bitcoin and was forked/cloned on the 1st of August 2017 from the bitcoin blockchain block number 478558.
Bitcoin came as a solution in 2009 to all of the discrepancies that fiat money allows like the global financial meltdown that happened in 2008 and twice before. While the decentralization of the currency is its biggest USP issues with the speed of transaction still persist. Furthermore, with the world embracing the crypto-currency the demand for bitcoin has increased thereby increasing its popularity for transactions and its functional uses. This however means that bitcoin needs to process more transactions per second than what it currently does.
If bitcoin was created with the idea of introducing an alternative to the centralized fiat currency system it needs to be widely accepted. This could only happen if it was able to compete with the transaction speed and rate of regular fiat system. (For e.g. :Visa can process around 24,000 transactions per second).
Solution?? New Kid on the blockchain…..BitcoinCash!! BitcoinCash manages to bridge the gaps and solve quite a few issues encountered by the original Bitcoin. While still maintaining the integral values and ideas of its predecessor, it manages to provide quicker secure transactions. BitcoinCash is like an enhanced version of Bitcoin that allows more transactions per block as compared to the original. BitcoinCash was forked/cloned to serve the public just as the original white-paper of Satoshi intended, “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”.
BitcoinCash today is the ‘Crown Prince’ of the Digital Assets Class, Store of Value and the ‘King’ of payments with lower transaction cost and higher speed of transaction.
  • Bitcoin 1MB Block size, BitcoinCash 8MB Block size.
  • Bitcoin Network fee 400 rupees to 1500 rupees, bitcoincash network fees 0.6 rupee to 3.5 rupees
  • Bitcoin avarage confirmation time is 34 to 1188 minutes vs BitcoinCash average confirmation time is 8-18 minutes ref (Blockchain.info, bitcoincash.org& Bitinfocharts)

Bitcoin

Bitcoin is the world’s first ever experiment on Blockchain invented by Satoshi Nakamoto and it is the highest valued precious resource/digital asset on the cryptocurrency list. The price and value of a Bitcoin is derived by:-
. Global adoption
. A cap on the number that is ever going to be produced, making it a scarce and valuable precious resource like precious metal Gold
. Free market demand and supply
. Its high intrinsic value due to the built-in payment network system, which is  very useful in the modern internet based economy.
Bitcoin is on the ‘Throne’ of the Digital Assets Class and Store of Value and has paved the way for many more alternative crypto-currencies (ALTCOINS) following its legacy system.
  • Bitcoin 1MB Block size, BitcoinCash 8MB Block size.
  • Bitcoin Network fee 400 rupees to 1500 rupees, bitcoincash network fees 0.6 rupee to 3.5 rupees
  • Bitcoin avarage confirmation time is 34 to 1188 minutes vs BitcoinCash average confirmation time is 8-18 minutes ref (Blockchain.info, bitcoincash.org& Bitinfocharts)

Basics Of Cryptocurrency

Cryptocurrency is a precious resource of the new digital era, similar to precious metals. Bitcoin is ofter referred to as “Gold 2.0” or “Digital Gold” as it is on the top of the new global precious resource chart. Cryptocurrency is a consensus value network that enables a new payment system and a completely digital money. Crypto’s are not printed; instead, they are made by people and businesses through software that solves mathematical problems. They are decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. This makes a lot of people feel secure because it means that a large bank or institution won’t be able to control their money. From a user perspective, crypto is pretty much like cash for the Internet.

There’s many advantages to using Cryptocurrency, some of which include:

Quick, Easy and Convenient – You can send and receive crypto anywhere in the world at any time in a matter of a few minutes.

Low Fees – Normally, the fees for Crypto transactions are very small, fees can fluctuate due to the dynamic fee market and the network. With higher fees, you’ll get faster confirmation of your transactions.

Secure – When using Crypto, users remain in control of their transactions. You’re also protected from identity theft since Crypto payments can be made without personal information associated with the transaction.

Transparent – Crypto transactions are available on the Blockchain for anybody to verify in real-time.

The first cryptocurrency that was recorded in the digital data was Bitcoin, created in January 2009 by Satoshi Nakamoto and still as of now the best cryptocurrency known in the marketplace. A creation of cryptocurrencies has started emerging since and now more than 1000 cryptocurrencies exist.

From a user perspective, Crypto is nothing more than a mobile app or computer program that provides a personal wallet and allows a user to send and receive crypto with them. The Crypto network is sharing a public ledger called the “Blockchain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending from their own Crypto addresses.

Bitcoin: This cryptocurrency was the first in the ecosystem and the most commonly traded cryptocurrency until today. In 2009 Satoshi Nakamoto developed Bitcoin, a mysterious digit who developed Blockchain. For the record it has a highest market capitalization to date.

Ethereum: 2015 is the year Ethereum was born, it is placed in the second in rank on the most valuable and popular cryptocurrency in the marketplace.

BitcoinCash: This cryptocurrency is a fork of original Bitcoin that was created by Satoshi Nakmoto in 2009. BitcoinCash has increased block size of 8MB, allowing more transactions to be processed faster for lowest possible fees in the cryptocurrency space.

Litecoin: Litecoin is a cryptocurrency that is similarity with bitcoin, but move quickly on its developments, this includes faster payments and processes more transaction at a time.

A cryptocurrency is an alternative currency, if you want to transact/remit besides the use of international or national currency. This currency is created by individual, organization or corporation, it can also be created by national, local or even state governments, or they can simply arise naturally as people agreed to use them as their common currency in the world.

These are list how you can acquire cryptocurrency:

  • Accept payment in cryptocurrency for goods and services offered.
  • Purchasing specific crypto’s on legitimate exchangers online like instacrypto.in.
  • Cryptocurrency Mining.

Mining any type of cryptocurrencies basically needs computing hardware and the right software. The value of the currency highly depends on the units available in the marketplace, they are carefully monitored in a very accurate process. Mining cryptocurrency is the process of verifying crypto transactions and adding it to the Blockchain. For this miners are rewarded with newly generated units of the cryptocurrency.

This is all about storing a cryptocurrency in your preferred open source free wallets available online, basically, there are wallet software (this can be desktop, online or mobile), hardware based wallets, and of course the paper wallets. Talking about the “best” wallet in the ecosystem will be different for each one of us, it depends on a particular needs.

Wallets don’t just store cryptocurrency directly. It is accurate to think wallet as storing private keys. The Public key cryptography allows cryptocurrency to function, and uses a specific algorithms in order to generate pairs of keys. Public key is the address to which anyone can send its cryptocurrency balance. The private key allows owners spend funds from the specified wallet address.

The type of wallets simply represents various ways a certain can secure their secret private key. There are two main types of cryptocurrency wallet, the hot and cold, these refers to the level or internet connectivity of the wallet. Paper wallet and hardware wallets are not actively connected to internet and considered as cold storage. Hot wallet is internet connected wallet, making it easy to use.

In an exchange wallet the private key of your wallet is controlled by the exchange and in a personal wallet the private key is in your control.

It’s generally a good idea to store your Cryptocurrency in a wallet where you control the private keys, rather than an exchange where they control the private keys and can be subject to closure, hacks and loss. It’s important to understand an “exchange” is a third party service and a free online open source wallet is a personal storage device.

But different wallets offer different levels of protection. And different exchanges offer different levels of protection. Although exchanges want you to believe that so you keep your crypto with them, but you need to understand keeping crypto on an exchange is not keeping in your custody. On the other hand wallets like Mycelium, Jaxx, Electrum, Ledger Nano S, Trezor, and paper wallets: these are all personal wallets in which you own, hold, and possess your crypto private keys.

A cryptocurrency market and exchange are both service on the internet, allowing users to buy/sell cryptocurrency. Most exchanges are similar in providing wallets for you to keep your crypto control with them, however instacrypto.in gives complete control to the users, by sending the crypto directly to their personal wallets. It is also very user friendly to people who wants to exchange for exact local amount for payments and remittance.

The crypto price is also determined by the demand and supply of that crypto in that market. The price can be volatile depending on various factors.

With the ability to immediately transfer value in just a matter of seconds to anyone around the globe from its wallet with lowest fee rate for remittance is one of the most exciting feature. Cryptocurrencies enables spending and receiving money easier compared to your traditional wire transfer, western union and PayPal.

Cryptocurrencies are just like real cash, meaning this can be used to merchants that received this kind of value, some merchants prefer to receive cryptocurrencies, because in cryptocurrency ones the payment is send, there is no chances the sender can get it back compared to PayPal or Strip in which customer can perform chargeback in which merchants loose the funds.

There is a higher possibilities that in the near future, all transaction will be done in a user to user system with the help of cryptocurrencies.

Cryptocurrecy can change the financial landscape that we see today.  The crypto protocol can act as a currency or value for payments, remittence, near real time value transfers, micro-tipping, crowd-funding, future markets etc, basically everything the financial system can do today plus much more. This new technologically advanced cryptocurrency application is just the beginning of modern global finances.