Bitcoin Forum

Recently, Indian media reported that Indian government has banned bitcoins in the recently announced financial budget. It caused pan inc and Indian investors and prices were affected globally. Let us discuss how much impact India has on bitcoin prices overall.

India is one of the most populated country of the world so they have a big impact on the bitcoin prices because there is always high demand for the bitcoin in the localbitcoins.com.And you are right the rumor created a big crash recently so I will say it is one of the important coutry for the crypto community like China and Japan.

Because it is big country that is growing.

basically the government of india does not regard the virtual currency as a legitimate means of payment. the impact is seen yesterday, the decline of the king of coins affect to other coins such as ethereum, ripple, litecoin and other coins. I think India is very influential in this world of cryptocurrency.
hopefully the ban is not really happening but regulation only. :)

There are more than 24 exchanges in India currently and more and more people are joining these. This hype started in India after bitcoin reached $10000 mark. I see a lot of posts from my friends on Facebook showing their bitcoin investments. Unfortunately, a lot of corrupt people are investing their money in bitcoins. Government actually said that they will after such illegal activities.

And? What if it is the most populated?

Big demand on localbitcoins?
https://coin.dance/volume/localbitcoins/INR

Last week the volume was 40 million Rupee. That's 600 000$.
The volume in UK alone was 7 000 000$.

India means nothing. It might have a high population, but while half of it is dirt poor and the other half is usual poor, the effect on the BTC price is 0.

with large population in the world and highly English speaking country bitcoin is expected to grow strong foothold in the bitcoin marketplace India news and buying capacity have influence world bitcoin  market in very large way

Contributing 18%to world's population, India should have had a huge impact on BTC. But many people aren't aware of these coins or Blockchain tech. Few of them who have invested in BTC are in trouble because BTC trading was announced recently by their finance minister. 

I think it does not have a big impact, because India influence on crypto and bitcoin is not too big. crypto is currently growing again, especially in the top bitcoin and altcoin. I am optimistic the future of crypto is still a great opportunity.

Recently, bitcoin prices dropped for a number of reasons, including the government's decision to ban bitcoins. But personally, the Indian government does not significantly affect the price of bitcoin. In part due to the influence of Korea, more strict policies were imposed on the bitcoin business, and Facebook banned all ads related to Bitcoin and ICO. and some other causes. All these causes have led to a dramatic drop in bitcoin prices recently.

Localbitcoins is not the only platform Indians use. There are other platforms like Zebpay which is used by Indians and it is a significant one. Check their 24 hours volume,

https://coinmarketcap.com/exchanges/zebpay/

The 24 hours volumen of Zebpay is alone $5,696,162. So if I sum up localbitcoins and Zebpay together, the volume comes to $6,296,162. And for your statistics, I see the Coin Dance didn't allocate any space for UK, instead the volume you are talking about is the volume of Europe. India is pretty much inline with the volume of entire Europe.

https://coin.dance/volume/localbitcoins/EUR

The above statistics I have given for only Localbitcoins (weekly) and Zebpay (daily) platforms. There are other platforms as well which are small in size. If I factor in those platforms, UK won't stand a chance.

India is indeed a poor country compared to many other countries of the world. That is because of the distribution of wealth is not streamlined. The 70% of India's wealth belongs to only 1% of the populations. But that doesn't mean, India means nothing. If Indians go out of the crypto market completely, it will take away a big chunk of the bitcoin's market cap. The number is probably beyond your imagination.

Bitcointalk is a global community so have respect for everyone here!

Proof you don't pay attention (as in why I replied about localbitcoins volume) and you can't read statistics.

This is the UK
https://coin.dance/volume/localbitcoins/GBP


Quite a twisted logic.
So you assume Europeans don't have other platforms on which they trade?

What's that number you said? 6 millions?
Just bitcoin.de is doing 10 millions euros a day.
Or coinfloor.co.uk another 8 million.
Or should we just look at the $174,613,000 euro/BTC pair on kraken?

Stop making a fool of yourself.
Comparing India with Europe.
Comparing 14 trillions and an average wage of 1500 euros to 2 trillions and a wage of 500.


Keep dreaming...it won't take anything!!!

https://bitnodes.earn.com/
20. Lithuania (79)
33. India (33)

Hilarious


You probably don't understand what respect means.
I can respect someone that comes from NK, that doesn't mean I can't say NK is a ...whatever I don't even have words for that so called country.

But in this case, it's not about respect.
Australia is one beautiful country, I have friends from there, some of my relatives have emigrated there, I respect them...but I will still laugh till I die if somebody would say to me Australia is more important than Europe when it comes to bitcoin.

So leave your pride aside and be rational.

India is quite a bit of a role in bitcoin, India has about 10% bitcoin that is already pretty influential on bitcoin world, hopefully the ban is not sustainable until long.

it is funny though, all this time people have been fighting over why bitcoin is dropping and arguing about whether it is a bubble or not and talking statistics and whatnot. and all the while Indians have been buying bitcoin because their economy is bad and their government is corrupt so they saw the exit sign and they are using it. they don't care about any of the things we are arguing about. they keep buying bitcoin more and more every day even if the "stats" don't show all of it. because simply put: they understand what bitcoin is offering them.

I think it was a small accident, and the big secret exchanges in China, Korea and Japan, if released, could have a profound effect on the code. The cryptocurrency market will be flying in the near future.

Personally, I believe that this news is related to the prohibition of bitcoin as a means of payment in India - too exaggerated, and the fact that the prices on the market are low - is in no way connected with this news. I do not think that India is a more influential country for crypto-currencies, for example, China.

This has been proven to be a FUD, and I think India alone has little impact on the entire cryptocurrency market.
But it is important to note that the G20 meeting in March may determine the direction of the cryptocurrency market.

The news about India, I think, didn't affect the price heavily but it's still more on the market movers who decided to join the wave of the bad news in order to create some sort of panic for other people to sell their bitcoin. Furthermore, though India is one of the largest countries in terms of population, still only a few of their citizens are utilizing bitcoin compared to the whole population. Usage and adoption also, IMO, stagnated in India and what happened on the slight crash, I attribute to the traders who know how to move the market and how to ride these kind of news to their favor.


Yep, but the numbers aren't lying; a large portion of India's population is still included below the poverty line and only a few people in there have been really utilizing bitcoin and crypto to its fullest extent.

I do not think that a lot of people in india understand what trading is and especially what is a crypto currency. As well as what we do not know, but it seems to me that it is not people who influence the government.

The laws for or against bitcoin in the country of India make no difference because their richest people are living in another country.

https://www.omni.care/uploads/74180Dr_Sudheer_Saxena.jpg
http://www.threadbombing.com/data/media/22/7-Eleven_approves.jpg
http://bikeacrossamerica.org/trip-report/day9/tnmotel-6.jpg

Indian people become affected those reported media announcement of banning the bitcoin into there country,some of them become FUD,thats why the price value of bitcoin will go down in the market,and like, us they also affected by dropping the value,because many indian people depend on the digital currency investment.

Bitcoin will be popular in the United States and other European English-speaking countries. India watching news and reading posts does not particularly focus on the crypto currency.

Bitcoin demand is much higher in India, because India is a suitable country for growing bitcoin. And if Bitcoin is closed in this country then there will be many complaints for Coinmarketcap.com. India is known as a continent. If the Bitcoin is closed on the continent, then there will be many problems. So it is necessary to discuss this matter. Because Bitcoin can not be closed.

Only two major Indian cities have a continuous water supply and according to an estimate from 2008 about 69% of Indians still lack access to improved sanitation facilities. A study by Water Aid estimated as many as 157 million Indian or 41% of Indians living in urban areas, live without adequate sanitation. India comes top for having the greatest number of urbanites living without sanitation. India tops urban sanitation crisis, has the largest amount of urban dwellers without sanitation and the most open defecators at over 41 million people.

With 600,000 villages and 70% of its population in rural India, here are the real problems facing India’s acceptance of bitcoin.

Insufficient Power
Improper Irrigation
Polluted Drinking Water
Inadequate housing
No Roads
No Health care
No Education
No Telecommunication

If you factor out the people in India that have absolutely no ability to use bitcoin you’re left with a population of approximately 300 million people and more than half of those are technologically illiterate. India is of no consequence.

On February 1, the price of bitcoin fell to almost $ 9,200, against the backdrop of the latest news from India, which could introduce tough measures to use crypto currency to fight their use in "illegal" business.

Nope India never declared that they have made the bitcoin illegal currency in their nation. What they declared is that it is just illegal tender and use of which is responsibility of the owner itself. Banks have their own authority to regulate it so they may accept the deposits or withdrawals of the same of they wish to do or not. However that is really old thing now and people have already surpassed the news and started the trades of bitcoin once again. This cashed panic sell at the time of release of this news and the effect was observable on the market when it crashed suddenly. But when people came to know real news they got to know that they can still Tarde it on their own risk. And everything was back to normal. So current situation is different and it relies on different data.

On February 1, the price of bitcoin fell to almost $ 9,200, against the backdrop of the latest news from India, which could introduce tough measures to use crypto currency to fight their use in "illegal" business.