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Investing in Bitcoin can seem complicated, but it is much easier when you break it down into steps. You don't have to understand computer programming to realize that banks, businesses, the bold, and the brash are cashing in on cryptocurrencies. This guide will help you to get started, but always remember that Bitcoin investing carries a high degree of speculative risk.Investing in cryptocurrency in general is a good business if you are on the right path and with the right platform. After so many failed attempt on getting the right platform, I came across Libraforex Cryptocurrency Investment Platform (www.libraforex,io) where i get different percentages on every investment i made with cryptocurrency every 10 days. It looks too good to be true until i gave it a try and trust me it has been a smooth ride all the way. Don’t give up on cryptocurrency and join the platform. Trust me, you won’t care about the price fluctuation anymore. Thank me Later.PS: This is not in any case of me trying to lure you into anything for my own personal financial gain, i am just innocently sharing so that you could gain one or two things as this has been working for me. You can also make a research on what works for you too.KEY TAKEAWAYSThe value of Bitcoin is heavily dependent on the faith of investors, its integration into financial markets, public interest in using it, and its performance compared to other cryptocurrencies.Bitcoin investing still involves some technical and security issues that investors should be aware of before they begin.Investors who want to trade bitcoin need a place to store them—a digital wallet.They also need to buy bitcoin, which is usually achieved by connecting a wallet to a bank account, credit card, or debit card.Investors can join an exchange or online marketplace to trade traditional currencies, bitcoin, and other cryptocurrencies.Bitcoin BackgroundVolume 75%1:57What Is BitcoinIt may seem hard to believe that a digital currency could be worth thousands of dollars. Although the lines of code that make up each bitcoin are worthless in and of themselves, markets value each bitcoin at thousands of dollars. Bitcoin has value in part because it has transaction costs that are much lower than credit cards. Bitcoins are also scarce and become more difficult to obtain over time. The rate that bitcoins are produced cuts in half about every four years. This rate is expected to halve again sometime in 2020. The total number of bitcoins in circulation is gradually approaching the limit of 21 million set in 2009 by Bitcoin's creator, Satoshi Nakamoto.If the demand for bitcoins exceeds the rate at which it can be produced, the price will increase. As of Jan. 2020, 18.15 million, or 86.42%, of total bitcoins have already been created.1 This situation does not guarantee increasing prices. Cryptocurrencies are wildly unpredictable, even ones as popular as Bitcoin. Bitcoin was worth $19,116.98 on Dec. 17, 2017, but the price fell substantially and had yet to recover as of the beginning of 2020.2 The value of Bitcoin is heavily dependent on the faith of investors, its integration into financial markets, and public interest in using it. The performance of Bitcoin compared to other cryptocurrencies, such as Ethereum, is also crucial in determining its value.Bitcoin transactions are stored using a public record-keeping technology called blockchain. InvestopediaBitcoin operates on a decentralized public ledger technology called the blockchain. When consumers make purchases using the U.S. dollar, banks and credit card companies verify the accuracy of those transactions. Bitcoin performs this same function at a lower cost without these institutions using a system called hashing. When one person pays another using bitcoin, computers on the Bitcoin blockchain rush to check that the transaction is accurate. In order to add new transactions to the blockchain, a computer must solve a complex mathematical problem, called a hash. If a computer is the first to solve the hash, it permanently stores the transactions as a block on the blockchain.The rate that bitcoin can be produced cuts in half roughly every four years. InvestopediaWhen computers successfully add a block to the blockchain, they are rewarded with bitcoin. This process is known as bitcoin mining. Similar to winning the lottery, solving hashes is mostly a matter of chance. However, there are ways to increase your odds of winning in both contests. With bitcoin, arriving at the right answer before another miner has almost everything to do with how fast your computer can produce hashes. In the early years, bitcoin mining could be performed effectively using open-source software on standard desktop computers. Today, only special-purpose machines known as application-specific integrated circuit (ASIC) miners can mine bitcoin cost-effectively. Mining pools and companies now control most bitcoin mining activity.Before BeginningThere are several things that every aspiring Bitcoin investor needs. A digital wallet, personal identification documents, a secure connection to the Internet, a method of payment, and an account at a cryptocurrency exchange are the usual requirements. Valid methods of payment using this path include bank accounts, debit cards, and credit cards. It is also possible to get bitcoin at specialized ATMs and via P2P exchanges. However, be aware that bitcoin ATMs were increasingly requiring government-issued IDs in early 2020. There are additional details on buying bitcoin that we will not cover here.To buy bitcoin you need a digital wallet, personal identifying documents, a secure internet connection, a cryptocurrency exchange, and a form of payment. Getty ImagesPrivacy and security are important issues for Bitcoin investors. Even though there are no physical bitcoins, it is usually a bad idea to brag about large holdings. Anyone who gains the private key to a public address on the Bitcoin blockchain can authorize transactions. While it is obvious that the private key should be kept secret, criminals may attempt to steal private keys if they learn of large holdings. Be aware that anyone you make a transaction with can see the balance in the public address that you use. That makes it a good idea to keep significant investments at public addresses that are not directly connected to ones that are used for transactions.Contrary to popular belief, bitcoin is confidential but not anonymous. CoinbaseAnyone can view a history of transactions made on the blockchain, even you. But while transactions are publicly recorded on the blockchain, identifying user information is not. On the Bitcoin blockchain, only a user's public key appears next to a transaction—making transactions confidential but not anonymous.That is an important distinction. International researchers and the FBI have claimed that they can track transactions made on the Bitcoin blockchain to user's other online accounts, including their digital wallet. That's a direct result of anti-money laundering policies.3 This should not concern most investors because Bitcoin is legal in the U.S. and most other developed countries.Step One: Get a Bitcoin WalletThe first thing that you'll need to get started is a wallet to store bitcoin.Bitcoins are not physical coins, and they must be stored in digital wallets. Getty ImagesWhen it comes to choosing a bitcoin wallet, you have options. However, the Louis Vuitton and Gucci of the cryptocurrency world right now are "software" and "hardware" wallets. Software wallets are mobile applications that connect with your traditional bank account. These wallets allow for quick and easy access to bitcoin, but the drawback is they put your money in the hands of a third-party company.Although the leading software wallets are trustworthy, popular third-party companies have collapsed, or been hacked, in the past.4 5 Much like you wouldn't store thousands of dollars in your mattress, users with larger bitcoin holdings should consider storing their money more securely.Coinbase is the most popular software wallet available in the United States. In part, that is because it has a website, a mobile application, and stores 98% of customer currencies offline for added security. For beginners, Coinbase is the best and easiest place to start because it is connected directly to a bitcoin exchange, which simplifies the buying and selling process.There are also many other bitcoin wallets available. Blockchain.com - The Most Trusted Crypto Company is another top wallet connected to a bitcoin exchange. Mycelium is one of the most secure mobile wallets, but it can be a little harder to use. Blockchain Wallet is a popular mobile wallet, while Electrum is an excellent open-source choice for desktop users.Hardware wallets are a little more old-school but are generally considered to be more secure because they are kept offline. Trezor and Ledger are two of the leading hardware wallet manufacturers. These wallets store a user's private key on a physical hardware device similar to a flash drive, which prevents hackers from accessing a user's private key through an Internet connection.Step Two: Connect a Bank AccountIn order to purchase bitcoin, you need to connect your wallet to a bank account, debit card, or credit card. Although these payment methods all perform the same function—exchanging traditional currency for bitcoin—they each carry their own set of fees.By linking a bank account to your wallet, you can buy and sell bitcoin and deposit that money directly into your account. Getty ImagesTransactions made using a bank account can take four to five days to process on Coinbase, but are generally recommended for first-time investors.6 By linking a bank account to your wallet, you can buy and sell bitcoin and deposit that money directly into your account. Bank accounts are generally recommended if you are dealing with larger sums of money. At the time of writing, bank accounts let users spend as much as $25,000 per week.7Debit and credit cards, on the other hand, allow you to buy bitcoin almost instantly. The drawback is that on Coinbase and other popular exchanges, debit cards can only be used to purchase crypto—and even then, only in smaller amounts. Users cannot sell bitcoin or deposit money into their bank account when their wallet is connected to a debit card.6Step Three: Join a Bitcoin ExchangeBitcoin exchanges are online marketplaces where you can trade bitcoin for traditional currencies, say BTC for USD. Just like when you go to make a purchase online, you have options. There’s eBay, Amazon, Etsy, and Alibaba—to say nothing of the millions of private retailers who use these websites to sell their products. The same is true of buying bitcoin.Exchanges can vary in reputation, reliability, security, processing fees, exchange rates, and cryptocurrencies available for trading. CoinbaseEven when two exchanges trade the same cryptocurrencies, they usually offer slightly different services. Exchanges can vary in reputation, reliability, security, processing fees, exchange rates, and cryptocurrencies available for trading. Before settling down with an exchange, look around. Here are our top recommendations for where to start.While most exchanges offer wallets for their users, security is not their primary business. Except for Coinbase, we generally do not recommend using an exchange wallet for large or long-term cryptocurrency holdings.Best for Beginners: CoinbaseCoinbase is the most popular and respected digital currency exchange in the United States. Coinbase lets users securely buy and store cryptocurrency in one location. Coinbase charges a 1.49% fee for U.S. transactions from a bank account or Coinbase USD wallet. Purchases made using a credit or debit card are charged a 3.99% fee.8 Plus, Coinbase secures cash balances up to $250,000 in the event of theft or breach in online storage.9Best for On the Go: Square CashThe Square Cash app is a leader in peer-to-peer money transfers, right alongside PayPal's Venmo. The Cash app comes from Square, the company that makes those mobile credit card readers. Square is a huge financial technology company that includes many other services—one of which is trading bitcoin. Unlike most online exchanges, the Cash App stores your bitcoin in your Square Cash Account, rather than a separate digital wallet. If you're worried about security, however, you can send the bitcoin in your Square Cash Account to another wallet of your choosing. Square limits deposits to $10,000 per week, but there is no limit to what you can sell.10Best for Bitcoin on a Budget: RobinhoodRobinhood launched in 2013 as a fee-free stock brokerage. In Feb. 2018, the company expanded into the Bitcoin and Ethereum markets, along with market data for another 15 currencies, allowing users to trade cryptocurrency without a fee. As is the case with Square, Robinhood stores bitcoin in the same Robinhood account that is used for stocks. Robinhood is mobile-first and just recently added a web version, so it is best for people comfortable managing money from their phone or tablet.Best for Big Spenders: Coinbase Pro (Formerly GDAX)If you feel comfortable trading on Coinbase and want to step up your trading volume, you may be ready to switch from Coinbase to Coinbase Pro. Formerly known as Coinbase Global Digital Asset Exchange (GDAX), the trading platform uses interfaces similar to Bloomberg terminals and active stock, commodity, and option trading platforms. Coinbase Pro offers options to make market orders, limit orders, and stop orders in addition to traditional buying and selling. Coinbase Pro also allows users to trade between cryptocurrencies, say between Ethereum and Bitcoin. Coinbase Pro charges fees ranging from 0.04% to 0.50% based on your trading volume. Most people trade less than $10 million per month and will fall into the 0.20% tier. If you want to try Coinbase but with much higher volume, this platform is the way to go.11Best for Buying in Cash: Peer-to-PeerIf you have a wallet, but it isn't connected to a bank account, debit, or credit card, you can buy bitcoin using cash through a peer-to-peer exchange. Unlike typical bitcoin wallets, peer-to-peer exchanges work similarly to Craigslist for cryptocurrency. They allow buyers and sellers in the same areas to find each other and meet up to trade bitcoins for cash. With peer-to-peer exchanges, it's important to remember that you are trading high-value currency with strangers you have never met before. If you choose to exchange bitcoin in this way, we recommend that you meet buyers and sellers in a public place with high visibility.Step Four: Place Your OrderThis gif from cryptocurrency exchange Coinbase walks you through the buying process. CoinbaseYou’re now ready to buy bitcoin for the first time. It is crucial to keep in mind that although one bitcoin costs several thousand dollars, bitcoin can be divided up to eight decimal points. The smallest unit of bitcoin is known as a satoshi. Even if the price of bitcoin skyrockets, you'll still be able to buy a satoshi for a tiny fraction of a cent.

It may seem hard to believe that a digital currency could be worth thousands of dollars. Although the lines of code that make up each bitcoin are worthless in and of themselves, markets value each bitcoin at thousands of dollars. Bitcoin has value in part because it has transaction costs that are much lower than credit cards. Bitcoins are also scarce and become more difficult to obtain over time. The rate that bitcoins are produced cuts in half about every four years. This rate is expected to halve again sometime in 2020. The total number of bitcoins in circulation is gradually approaching the limit of 21 million set in 2009 by Bitcoin's creator, Satoshi Nakamoto.If the demand for bitcoins exceeds the rate at which it can be produced, the price will increase. As of Jan. 2020, 18.15 million, or 86.42%, of total bitcoins have already been created.1 This situation does not guarantee increasing prices. Cryptocurrencies are wildly unpredictable, even ones as popular as Bitcoin. Bitcoin was worth $19,116.98 on Dec. 17, 2017, but the price fell substantially and had yet to recover as of the beginning of 2020.2 The value of Bitcoin is heavily dependent on the faith of investors, its integration into financial markets, and public interest in using it. The performance of Bitcoin compared to other cryptocurrencies, such as Ethereum, is also crucial in determining its value.Bitcoin transactions are stored using a public record-keeping technology called blockchain. InvestopediaBitcoin operates on a decentralized public ledger technology called the blockchain. When consumers make purchases using the U.S. dollar, banks and credit card companies verify the accuracy of those transactions. Bitcoin performs this same function at a lower cost without these institutions using a system called hashing. When one person pays another using bitcoin, computers on the Bitcoin blockchain rush to check that the transaction is accurate. In order to add new transactions to the blockchain, a computer must solve a complex mathematical problem, called a hash. If a computer is the first to solve the hash, it permanently stores the transactions as a block on the blockchain.The rate that bitcoin can be produced cuts in half roughly every four years. InvestopediaWhen computers successfully add a block to the blockchain, they are rewarded with bitcoin. This process is known as bitcoin mining. Similar to winning the lottery, solving hashes is mostly a matter of chance. However, there are ways to increase your odds of winning in both contests. With bitcoin, arriving at the right answer before another miner has almost everything to do with how fast your computer can produce hashes. In the early years, bitcoin mining could be performed effectively using open-source software on standard desktop computers. Today, only special-purpose machines known as application-specific integrated circuit (ASIC) miners can mine bitcoin cost-effectively. Mining pools and companies now control most bitcoin mining activity.Before BeginningThere are several things that every aspiring Bitcoin investor needs. A digital wallet, personal identification documents, a secure connection to the Internet, a method of payment, and an account at a cryptocurrency exchange are the usual requirements. Valid methods of payment using this path include bank accounts, debit cards, and credit cards. It is also possible to get bitcoin at specialized ATMs and via P2P exchanges. However, be aware that bitcoin ATMs were increasingly requiring government-issued IDs in early 2020. There are additional details on buying bitcoin that we will not cover here.To buy bitcoin you need a digital wallet, personal identifying documents, a secure internet connection, a cryptocurrency exchange, and a form of payment. Getty ImagesPrivacy and security are important issues for Bitcoin investors. Even though there are no physical bitcoins, it is usually a bad idea to brag about large holdings. Anyone who gains the private key to a public address on the Bitcoin blockchain can authorize transactions. While it is obvious that the private key should be kept secret, criminals may attempt to steal private keys if they learn of large holdings. Be aware that anyone you make a transaction with can see the balance in the public address that you use. That makes it a good idea to keep significant investments at public addresses that are not directly connected to ones that are used for transactions.Contrary to popular belief, bitcoin is confidential but not anonymous. CoinbaseAnyone can view a history of transactions made on the blockchain, even you. But while transactions are publicly recorded on the blockchain, identifying user information is not. On the Bitcoin blockchain, only a user's public key appears next to a transaction—making transactions confidential but not anonymous.That is an important distinction. International researchers and the FBI have claimed that they can track transactions made on the Bitcoin blockchain to user's other online accounts, including their digital wallet. That's a direct result of anti-money laundering policies.3 This should not concern most investors because Bitcoin is legal in the U.S. and most other developed countries.Step One: Get a Bitcoin WalletThe first thing that you'll need to get started is a wallet to store bitcoin.Bitcoins are not physical coins, and they must be stored in digital wallets. Getty ImagesWhen it comes to choosing a bitcoin wallet, you have options. However, the Louis Vuitton and Gucci of the cryptocurrency world right now are "software" and "hardware" wallets. Software wallets are mobile applications that connect with your traditional bank account. These wallets allow for quick and easy access to bitcoin, but the drawback is they put your money in the hands of a third-party company.Although the leading software wallets are trustworthy, popular third-party companies have collapsed, or been hacked, in the past.4 5 Much like you wouldn't store thousands of dollars in your mattress, users with larger bitcoin holdings should consider storing their money more securely.Coinbase is the most popular software wallet available in the United States. In part, that is because it has a website, a mobile application, and stores 98% of customer currencies offline for added security. For beginners, Coinbase is the best and easiest place to start because it is connected directly to a bitcoin exchange, which simplifies the buying and selling process.There are also many other bitcoin wallets available. Blockchain.com - The Most Trusted Crypto Company is another top wallet connected to a bitcoin exchange. Mycelium is one of the most secure mobile wallets, but it can be a little harder to use. Blockchain Wallet is a popular mobile wallet, while Electrum is an excellent open-source choice for desktop users.Hardware wallets are a little more old-school but are generally considered to be more secure because they are kept offline. Trezor and Ledger are two of the leading hardware wallet manufacturers. These wallets store a user's private key on a physical hardware device similar to a flash drive, which prevents hackers from accessing a user's private key through an Internet connection.Step Two: Connect a Bank AccountIn order to purchase bitcoin, you need to connect your wallet to a bank account, debit card, or credit card. Although these payment methods all perform the same function—exchanging traditional currency for bitcoin—they each carry their own set of fees.By linking a bank account to your wallet, you can buy and sell bitcoin and deposit that money directly into your account. Getty ImagesTransactions made using a bank account can take four to five days to process on Coinbase, but are generally recommended for first-time investors.6 By linking a bank account to your wallet, you can buy and sell bitcoin and deposit that money directly into your account. Bank accounts are generally recommended if you are dealing with larger sums of money. At the time of writing, bank accounts let users spend as much as $25,000 per week.7Debit and credit cards, on the other hand, allow you to buy bitcoin almost instantly. The drawback is that on Coinbase and other popular exchanges, debit cards can only be used to purchase crypto—and even then, only in smaller amounts. Users cannot sell bitcoin or deposit money into their bank account when their wallet is connected to a debit card.6Step Three: Join a Bitcoin ExchangeBitcoin exchanges are online marketplaces where you can trade bitcoin for traditional currencies, say BTC for USD. Just like when you go to make a purchase online, you have options. There’s eBay, Amazon, Etsy, and Alibaba—to say nothing of the millions of private retailers who use these websites to sell their products. The same is true of buying bitcoin.Exchanges can vary in reputation, reliability, security, processing fees, exchange rates, and cryptocurrencies available for trading. CoinbaseEven when two exchanges trade the same cryptocurrencies, they usually offer slightly different services. Exchanges can vary in reputation, reliability, security, processing fees, exchange rates, and cryptocurrencies available for trading. Before settling down with an exchange, look around. Here are our top recommendations for where to start.While most exchanges offer wallets for their users, security is not their primary business. Except for Coinbase, we generally do not recommend using an exchange wallet for large or long-term cryptocurrency holdings.Best for Beginners: CoinbaseCoinbase is the most popular and respected digital currency exchange in the United States. Coinbase lets users securely buy and store cryptocurrency in one location. Coinbase charges a 1.49% fee for U.S. transactions from a bank account or Coinbase USD wallet. Purchases made using a credit or debit card are charged a 3.99% fee.8 Plus, Coinbase secures cash balances up to $250,000 in the event of theft or breach in online storage.9Best for On the Go: Square CashThe Square Cash app is a leader in peer-to-peer money transfers, right alongside PayPal's Venmo. The Cash app comes from Square, the company that makes those mobile credit card readers. Square is a huge financial technology company that includes many other services—one of which is trading bitcoin. Unlike most online exchanges, the Cash App stores your bitcoin in your Square Cash Account, rather than a separate digital wallet. If you're worried about security, however, you can send the bitcoin in your Square Cash Account to another wallet of your choosing. Square limits deposits to $10,000 per week, but there is no limit to what you can sell.10Best for Bitcoin on a Budget: RobinhoodRobinhood launched in 2013 as a fee-free stock brokerage. In Feb. 2018, the company expanded into the Bitcoin and Ethereum markets, along with market data for another 15 currencies, allowing users to trade cryptocurrency without a fee. As is the case with Square, Robinhood stores bitcoin in the same Robinhood account that is used for stocks. Robinhood is mobile-first and just recently added a web version, so it is best for people comfortable managing money from their phone or tablet.Best for Big Spenders: Coinbase Pro (Formerly GDAX)If you feel comfortable trading on Coinbase and want to step up your trading volume, you may be ready to switch from Coinbase to Coinbase Pro. Formerly known as Coinbase Global Digital Asset Exchange (GDAX), the trading platform uses interfaces similar to Bloomberg terminals and active stock, commodity, and option trading platforms. Coinbase Pro offers options to make market orders, limit orders, and stop orders in addition to traditional buying and selling. Coinbase Pro also allows users to trade between cryptocurrencies, say between Ethereum and Bitcoin. Coinbase Pro charges fees ranging from 0.04% to 0.50% based on your trading volume. Most people trade less than $10 million per month and will fall into the 0.20% tier. If you want to try Coinbase but with much higher volume, this platform is the way to go.11Best for Buying in Cash: Peer-to-PeerIf you have a wallet, but it isn't connected to a bank account, debit, or credit card, you can buy bitcoin using cash through a peer-to-peer exchange. Unlike typical bitcoin wallets, peer-to-peer exchanges work similarly to Craigslist for cryptocurrency. They allow buyers and sellers in the same areas to find each other and meet up to trade bitcoins for cash. With peer-to-peer exchanges, it's important to remember that you are trading high-value currency with strangers you have never met before. If you choose to exchange bitcoin in this way, we recommend that you meet buyers and sellers in a public place with high visibility.Step Four: Place Your OrderThis gif from cryptocurrency exchange Coinbase walks you through the buying process. CoinbaseTo add more,one can also invest on platform like cryptomax(www.cryptomax.tech)where your invested coin will be doubled in 7 days.Try it and thank me latter.You’re now ready to buy bitcoin for the first time. It is crucial to keep in mind that although one bitcoin costs several thousand dollars, bitcoin can be divided up to eight decimal points. The smallest unit of bitcoin is known as a satoshi. Even if the price of bitcoin skyrockets, you'll still be able to buy a satoshi for a tiny fraction of a cent.

Biggest scam in India! It is SBI credit card. Now it is blowing its own trumpet for being the second biggest card issuer in the country after adding 1 million new customers in last six months. But one minute, do you know at what cost? I think they have done this by misleading prospective customers. This ultimately has resulted in many disgruntled and defrauded customers like me who has either already surrendered or are planning to surrender the card. One of my acquaintances, a retired 4th grade employee has been issued a SBI card, doesn’t even know what to do with the card, what fee is associated and how to pay the bill. As a result he might be penalised with accrued fine since the date of the issue of the card almost a year ago.Okay, first thing first. Whenever I visit the local Bigbazaar store in Guwahati, each and every time, I see several boys and girls with or without uniform with SBI card logo embroidered target customers who are coming to BB for shopping. They keep on explaining numerous benefits of owning a SBI card including a so called discount of 10% on every purchase in Bigbazaar! To get rid of this nuisance, I ultimately gave into their pressure. I agreed to apply for a SBI card though I didn’t need it. I already have two credit cards issued by HDFC and ICICI bank. I have been using these cards without any issue for since last ten years. Nobody pushed me for taking the cards. I myself felt the need for it and applied by submitting forms in the respective bank branches.At the time of submitting the application form, I asked specifically if I shall get 10% discount on general BB purchases, he replied in the negative. He further added that the discount is applicable for FBB (Fashion at Bigbazaar) purchases only. As I hardly purchase FBB items, and hence the FBB co-branded card seems to be of no value to me. However after few verification calls from the SBI card call center, I got the card. Here one point to mention, the environment of the call center from where the calls were made was very noisy and the calling lady executive seems to be less professional when compared to those of HDFC and ICICI Bank.Then one day I got a call from the same type of noisy call center with same type of fast talking lady executive. She introduced herself as from SBI card department and asked me various questions relevant to the particular card I owned. She informed me that a cash back reward point of Rs 8,799 would be added to my card and she needed to verify the card details for this. As I was in between a heavy office work load, I wanted to finish the conversation as soon as possible and gave the verification details that the lady asked. Immediately afterwards, I got a sms stating that my card had been debited an amount of Rs. 8743! Then reality struck on my mind. I contacted the SBI call center without any further delay. As I was confirmed of a fraud by the responding executive, I asked him what step I should take to undo the damage. He asked me to first block the card and then to file a report in the police station. I requested him to get the card blocked. After the card was blocked, I asked him if there is any chance to get back the debited amount. He answered that it should be possible as the bank will be taking action on the matter. Then I came to the local PS to file FIR. I sent an email to the crime branch department with the attachment of the voice recording of the telephonic conversation that led to the fraud along with the copy of my application. I felt relieved as I started to believe that as a result of joint effort from bank and police, I would get back my hard earned money. But I was wrong. After two days, when I visited the PS to know about any progress regarding my case, I was informed that as the money involved is not very big, it perhaps won’t attract any further action.Then, though disappointed, I started analysing the whole development and the following points came into my mind:The caller seemed to have some prior information regarding my card. As this is an organised group, should I suspect that someone directly related to SBI credit card may also be involved in it?After my suspicion of a fraud I called the SBI cards call center. The executive after hearing the details from me confirmed that it was a case of fraud. Then I asked him what I should do at that moment. He advised me to first get the card blocked and then to report the case to the police station. When I asked about the possibility of getting the money back, he informed me that the bank will be taking action in this regard. But after few days of this incident, I reported one case to the HDFC credit card for a transaction which I felt the vendor did without my consent. The banker immediately advised me to submit a transaction dispute form to get back the money. He informed me that submission of the form is the most crucial part in getting back the money and without it no refund is possible. So I wonder how the SBI call center executive told me that I may get my money back even without submitting the dispute form. Did he forget to advise me to submit the TDF or it was intentional? Why he wanted me to believe that I would get back my money without submitting the most vital form?The next day after the fraud and subsequent hotlisting of my card, I logged on to the credit card account. I saw the card number is still in my account. I wanted to check if I could do any update on the card on not. I clicked on the PIN change button. I instantly got an OTP in my registered mobile for the PIN change request. Then I successfully changed the PIN of my blocked credit card. But in case of my other cards, nothing could be done after a card is blocked. Is it a security lapse in SBI card? (Edit- I tried to check if it is still possible or not. Bingo! I changed the PIN once again effortlessly on 26th May, more than two months after I got it blocked!)Then even more interesting thing happened. Two days after I changed the PIN, I got a call from a number +9112xxxx95903. The lady with a similar tone with the fraudster but with a different name, from same noisy environment (even blowing of vehicle horn could be heard in the background) introduced herself as calling from the SBI cards department and asked me if I got my PIN or not. Then she asked how did I receive it - by courier or generated it myself? Then she asked how - online or through customer care? At last she concluded ‘as you had generated the PIN on your own, the PIN would not be sent through courier’! I never had a more funny transaction with a call center staff in my life! I don’t want to pass comment on it as it is self explanatory how ridiculous it was! (Edit - I have not so far received any call informing that the PIN won't be sent via courier after my last PIN change!).I have the recordings of the above phone calls. A proper investigation including forensic test of the audios should be able to reveal the identity of the perpetrators of the crime. But nobody is interested.The local police seem to have already washed their hands away as the money amount involved is not large! The fraudsters also know this and hence they religiously work within a limit.The SBI authorities are indifferent. They are after the technical details only. On receipt of my dispute form (I sent in a zip file with the form, FIR copy and the call audios) they replied:“We request you to send the below mentioned documents in order to start our investigation:· Description of Services/Goods· Dispute Form· Expected Date of Delivery· Merchant contact ProofKindly note, we have not received these documents yet any delay in sending documents or in case of incomplete documents might lead to closure of your service request and liability of these transactions shall rest with you.”Now you please help me what I should write as response to the above! However I submitted all the details available with me along with the copy of a filled up dispute form once again.And ultimately Team SBI closed my claim putting all the blame on my shoulder.However my experience with my other two card issuers viz. HDFC and ICICI Bank are totally different. They have a very good track record of customer service and security. It seems that these two banks have a very robust transaction tracking mechanism. Whenever any transaction raise some doubt to their transaction monitoring team, they immediately make call to my registered mobile number to confirm. Their call center environment and professional attitudes of the executives are also far above SBI. I don’t know about other banks. Maybe this is the reason why the fraudsters target the SBI customers most. In my office, the day I disclosed my experience to a colleague, he instantly shared another two similar stories involving SBI debit card and net banking!The responsibility of SBI ends in reacting to customer grievances, pointing to who did what, whose fault it was. They do not want to cure the disease the system is facing. They even do not acknowledge that mostly their customers are being targeted by organised fraud groups. It is possible for them with the help of police to find out the beneficiaries of the frauds and bring them to book. In my case they found that the money got credited to certain JAY SHREE ENTERPRISES with web address WWW.JEANSLIKE IN at Hyderabad, though the web address does not return any result.If these perpetrators of crime are allowed to escape because of the passivity of the people in charge, then they will be encouraged to do more harm to the society. In any case if you are a SBI card holder, just keep on praying that this scam does not happen to you or just wait patiently till your turn comes!