How To Convert Your Crypto To INR Using Instashift

RBI — the Central Bank Of India, recently halted banks from participating in crypto related transactions. That was a fatal blow to all crypto enthusiasts in India, including steemians.

Luckily enough, a new start-up launched at the right time.

Named Instashift.

It's an escrow based P2P exchange.

What is P2P?

A peer-to-peer (P2P) is a decentralized model whereby two individuals interact to buy or sell goods and services directly with each other.

Investopedia

Selling On Instashift

Note: Instashift currently supports only Bitcoin, so if you want to sell your other crypto then you will have to convert that to Bitcoin first.

Go to https://instashift.io — that is my referral link, any problem?
Go to sell tab, fill in all details and click on "Place Order".

1) In the first box, you have to fill Bitcoin amount that you wanna sell. 2) In second box it will show you amount that you will be getting, note that this rate is dynamic and may fluctuate by the time your order matches with buyer. 3)In third box you can set stop loss. If Bitcoin value goes below that level your order will not be processed.

On next page enter and verify your phone number with OTP.

Your Instashift account details are linked with mobile number.

Once verified. Copy Bitcoin address and deposit your Bitcoins to your Instashift wallet.

Send the exact amount that you chose to sell!

Once you send it, Instashift will reflect the coins instantly into your wallet, no need to wait for confirmations.
Now, on the same page enter your bank account details where you want to receive money and click on "Confirm" button.

Done. Your sell order has been created.

You can cancel the order by clicking "Cancel Order" button at top right corner.

Now, here is what happens:

When you send your BTC to Instashift wallet, your BTC are escrowed by them, then when you receive INR in your bank account, you have to confirm the same in your Instashift account.

Instashift asking me if I received the amount in my bank account.

You click "yes" and BTC are released from the Instashift escrow and sent to the seller. You have 60 minutes to click yes button otherwise transaction will be moved to dispute.

Miscellaneous points:

More coins — LTC, BCH, Ethereum are on the way.
A buyer’s order may be fulfilled by multiple sellers and vice versa.
You don't have to do KYC on Instashift because trades happen directly between the users, they don't hold any money.
You can convert your any cryptocurrency to INR, just convert that first to Bitcoin and send it to instashift.
Instashift charges 1% fees to both buyer and seller.