Bitcoin Forum

What you think of Bitcoin future in india after the declaration of RBI that Bitcoin is a illegal Tender in India and no Bank can deal with Crypto currency.
Now what is the future of Bitcoin after this.

We will continue without India, and India will lose out on a lot of money in the end. What did you think was going to happen?

India has never for once been friendly when it comes to bitcoin or cryptocurrency and the last time I checked, it seems no one cares and not even their own citizens who are crypto enthusiasts.

Indians may as well just find a way to boycott their own government in their dealings in bitcoin or just move out of their own country to a more cryptocurrency friendly neighbouring country. At the end, the country is only the one missing out from the future, not bitcoin.

India does not have enough influence on the world so that the crypto-currencies somehow suffer greatly from this.

Actually im not an indian people ,but being a part of bitcoin community i feel that  this RBI is another kind of barrier in the digital currency of india,maybe this is a kind of institution or bank in india that  can make an implementation to not allow of doing transaction in cryptocurrency,but this situation is only a small portion of digital currency problem,and this not would affect the whole community of digital system,otherwise this news is no truly confirmation maybe this is a fake news in indian report.

I have an idea, transfer your money to another wallet outside India like blockchain wallet after that convert it into dollars and lastly transfer money into your Indian Bank account or relatives account.

The fact that RBI forbid BTC and crypto had a FUD effect on BTC and bitcoin took the hit and dropped a little.
It will also make the acceptance of crypto slower in india.
But all those things are short term effect! In 3 month all this will be completly forgot and so many other news (bad or good) around crypto that we won't remember it.
The impact of this particular news will be minimal on BTC in longer term.

One goal of crypto is to be completly independant of any Banks or Countries. Even if the price take a hit due to a bad news it won't kill BTC it will just make the price increase and crypto acceptance slower in short term.

And there will be some way to completly bypass those decisions from banks/countries.
You can buy bitcoin locally by using bitcoin local for the purchase of BTC. When you have BTC you can go to many exchange to buy other crypto with BTC.
Some website accepts BTC or crypto as payment. Some crypto projects will soon allow you to use crypto to pay with a credit card (Monaco, TenX, ...) and that will be transparent for the seller (your crypto will be directly exchanged to your local currency and you will pay with this currency).
And you can sell BTC with bitcoin local.
On all those processes I described in this paragraph, RBI cannot have any impact.
The only thing that will have impact is the taxes from your countries regarding crypto.

1. This is FUD....a while back a similar India event didn't have much impact either.
2. India will - in the end - also adopt bitcoin and crypto if it doesn't form a threat like it does now (according to RBI).

No matter what happens Bitcoin will continue to grow even without India. A lot of FUDs out there always come to Bitcoin or Cryptocurrency but did they win? Still Cryptocurrency become more huge every day. Once cryptocurrency and blockchain technology totally adopt here in our world that's the time cryptocurrency will be really huge and will surpass many markets out on this world.

For bitcoin? It will not change anything. The only people who can lose something are residents who are interested in this, but always they can find new place for living where bitcoin is legal.

I think it does not affect bitcoin at all! India is not an influential state

Finance Minister Arun Jaitley said, “The government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate. It is very sad In my eyes, I believe, people of India will become concern about the topic. And the government will be able to understand the potential of Crypto currency.

The BTC future is still bright. Unfortunately most project with full Indian team that I have seen were totally useless. It doesn't mean that they are scammers, the project  just definetely won't survive at the free market. Those projects are lacking of quality. If RBI bans Indian ICOs then the global market will become even more healthy. But they can't ban BTC as a currency.

It doesn't give a lot of impact to the market. If you are thinking crypto will due just caused by RBI was banning bitcoin and you are wrong dude.
Remember every announcement from RBI regarding bitcoin ban never give an impact to the crypto movement and that means if RBI ban news means nothing for us.

This is not the first that that this kind of fud news is showing for bitcoin and cryptos but I know that this phase will soon pass

Bitcoin's growth and its popularity is spreading all over the world. I hope later on they're going to regret on their decision and accept bitcoin as means of exchange.

Only RBI has banned the Bitcoin implying that no bank can carry out the transactions in Bitcoin, the Govt has not banned it for the general public. So Indians can still trade in Bitcoin. Also, Indian banks are not sufficient to affect the entire Bitcoin community. So this is the loss for Indian community and not for the Bitcoin community.

I would be very worried if it happens in China. India does not have so strong influence on the world of crypto. It's obvious now that BTC price isn't change much because of this news. As for me India missed a good chance.

Bitcoin's long term future will not be affected.

But prices have suffered as a result of this coming out.

Bitcoin trading will simply move away from India, and exchanges from India may choose to relocate to overseas, even though they haven't really done anything to this day. Also, buying and selling of bitcoin will move to p2p platforms instead of exchanges. If RBI is actually going to enforce what they said, then it's going to be bad for the Indian economy in the long run once bitcoin and crypto becomes mainstream. The ones that are going to be affected is going to be themselves, not BTC or other cryptos.

dont worry it will be ok.. they retract that decision sooner or later

D189

The world will and is experience(ing) a revolution that wasn't n hasn't been seen before. Those countries who out of ignorance are fighting the advancement of this technology will have their face to be shamed.

Bitcoin will continue to thrive with or without India. Though I got info that they are have been served a lawsuit regarding the ban.

I think that's a FUDs. India is a crypto friendly country and that's why Bitcoin and Crypto market is crashing and dropping number of time due to a series of FUDs that's even the fact isn't verified but still they were keeping on publishing false news and alarms.
People will then sell their Bitcoin's and altcoins due to FOMOs and FUDs.
India is supporting Bitcoin and Crypto and there's no way for them to not to support the cryptocurrency as the future of our money, economy and trade.

If it was verified then enthusiasts and industry players from there should simply relocate until the environment becomes friendly again.  :)

Even Binance went to Malta for better regulations.

bitcon will exist where there is internet, i dont see them not using it, well at least illegally. Perhaps Indias plans to cause their citizens to create more infractions. $ ::)

People will always find a way to a solution and trust me that Indians are very tech saavy so they will definitely find a solution to trade in Bitcoin. The future is great and it is the regulations that are afraid to accept it