BITBNS REVIEW || ULTIMATE GUIDE FOR BITBNS P2P INNOVATION ||

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Bitbns Review – P2P Innovation to keep India’s Crypto Community alive:

Bitbns Exchange REVIEW-

As you all know, the Reserve Bank of India (RBI) has barred all crypto related businesses from using national banking services.

Bitbns Review -


As expected, it has adversely affected the growth of the cryptos and blockchain industry in India. Crypto-related investments have suffered, in particular, the outbreak of government decisions.

So what exactly is happening in India?

Exchange volumes have dropped significantly, and exchanges are changing their business models or moving out of the country.

However, some exchanges have decided to stay here and fight peace by resorting to P2P (Peer to Peer) exchange model like LocalBitcoins.

For those who are not aware, LocalBitcoins is an exchange where peers can find each other and buy / sell cryptocurrencies.

Peer to Peer exchange means electronic money transfer where one can send money from person to person through some medium. On medium Bitbns are

Crypto to crypto P2P transactions are easy to facilitate, but problems arise when one needs to deposit or withdraw money (in INR).

One of the newest exchanges in India, Bitbns, has come up with an innovative INR on-and-off-ramp mechanism, which we are going to discuss in this post.

2 ways in which Bitbns are trading cryptocurrency in India:

# 1. P2P INR Movement through BidforD Vouchers:

Deposit funds in bitbns.How to deposit money in Bitbns-

Suppose a person wants to deposit money while another user wants to withdraw. If we somehow make it a fair mechanism to connect two people, then P2P (Peer to Peer) INR transaction is possible. Bitbns has done exactly this:

Log in to bitbns and click on ‘Add Money to Wallet’ and enter the amount you want to deposit.

The peer-to-peer match engine of Bitbns will find a person who has made a withdrawal request. Once this is done, note the email ID of the withdrawer.

Log in to your BidforX account.

Go to the Vouchers section.

  • Enter the amount you want to deposit, enter the withdrawer’s email ID, and click ‘Generate Now’.

  • Copy the Voucher code, go back to the deposit section on your Bitbns account, click on ‘Submit Voucher Code’ and paste the voucher code.

  • On submitting, you will get pending status on your Bitbns account.

  • Your deposit process is completed when the withdrawer confirms that it has received the voucher.

  • Withdraw money in Bitbns Voucher ke zariye.

How to withdraw money in Bitbns:

  • Log in to bitbns and click on ‘Withdraw Money’ and enter the amount you want to withdraw.

  • Enter OTP in the ‘Authenticator OTP’ section and click on Next.

  • Our peer-to-peer match engine will find a person who has submitted a deposit request.

  • After depositing the amount by the depositor, you will receive a voucher code. Apart from this, you will get a ‘Secret Key’ on your email.

  • Log in to your BidforX account and go to the ‘Vouchers’ section.

  • Click on Redeem Voucher.

  • Enter the Voucher Code received on your Bitbns account and the Secret Key received on your email.

  • Click on Redeem.

  • Verify the amount received in BidforX, if it does not match the amount or raise a dispute if you get an incorrect voucher code.

  • Go to ‘Profile’ on BidforX and click on ‘Withdraw’ to get the amount in the bank.

#2. Through P2P INR Movement UPI:

Another way to move INR through peer-to-peer is UPI / NEFT payments.

How to do this on bitbns :

  • Let’s see how you can deposit money (INR) on Bitbns.

  • Go to Wallet and initiate the deposit request and select “Deposit”.

  • Then choose the banking payment method ‘UPI / NEFT’.

  • Enter the amount you want to deposit and click ‘NEXT’ to complete the initiation process.

  • Once the deposit request is started, the user will get a list of the peers that the user has to transfer.

  • You will get the details of the withdrawer’s bank account, and you will have to transfer the money to them within a time limit through your chosen UPI / NEFT method.

  • After completing your transaction, you have to fill the reference number of your transaction in the Bitbns account.

  • When the withdrawal or receiver confirms the receipt of money on the Bitbns platform, your deposit process will be completed, after which the balance will be credited to the Bitbns wallet.

  • Withdraw money in Bitbns UPI.

Let us see how to withdraw money (INR) from Bitbns:

  • Go to Wallet and click on “Withdraw”.

  • Choose the bank transfer using UPI / IMPS approach.

  • Enter the amount according to the new deposit structure as described below.

  • Enter UPI ID or bank details if it is not already updated.

  • Click “NEXT” to initiate the request.

  • The bitbns system will find the depositor that will fulfill the withdrawal request.

  • Now there will be some scenarios.

  • It will be an “Allocating peer” show if the peer is not allocated, or a “pending withdrawal” status show until the allocated peer transfers the amount to your bank account.

Once the depositor has deposited the amount, you will be able to see the reference number with transaction comments.

Now as a withdrawal, you have to check your bank account with the reference number given for the credited amount. If the amount is found at the right place, the withdrawal should mark ‘Yes’. In the case of ‘No’, there will be a dispute raised which they have to resolve themselves or they can extend it to BBitbns.

However, peer-to-peer trading has some Dos and Don’ts that you should follow to enjoy a good experience.

Do’s;

  • Use UPI for fast transactions.

  • Submit the reference number of the transaction done as soon as possible.

  • Confirm receipt of transaction as soon as possible.

  • Be polite and use polite words in comments.

Don’ts

  • Do not use words like Bitcoin or drugs in comments.

  • Be sure to check the rating of the person with whom you are dealing.

How to get started on bitbns:

Getting started on bitbns is easy and simple. All you have to do is log in with your email ID and complete the KYC process by submitting your AADHAR card details and PAN details.

After verification, you will be eligible to trade and deal with Bins. But if you want to deal only in crypto, then you can do this without having to process KYC.

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