Bitcoin Forum

1. India
2. Brazil

These countries have shit loads of money ready to be invested in new opportunities. Once these guys go crazy over Bitcoin, I expect another huge, HUGE rise.

But do they have $2000 per Bitcoin to invest?

Here's a secret.

<whisper>
People don't have to buy a full bitcoin.
</whisper>

honestly I doubt this at least at this point. We are still waiting for Europe to join the cart, maybe than other countries will recognize bitcoin as serious investment

Country having money =/= citizens having money
Sorry but for 2k , 10k  and 100k , we need those good old Us dollars and Euros.

Europe is already in. I've been into bitcoin a while and half my department own bitcoins.
Even my mom and uncle knows about bitcoin.

Germany sees bitcoin as a valid denomination of money.
Holland has indicated how tax should be paid on bitcoin. You can buy bitcoin through your bank.

What do you mean with "We are still waiting for Europe to join the card" ?

Not sure, but they definitely got $2 to invest per mBTC.

sorry I am butchering english sometimes
I mean very low  volume in Europe
 

Blockchain hold 27mils transactions.
Assuming every transaction is to a unique person we would still only have less than 5% of Europe population abroad

A lot of europeans know about bitcoin but don't participate.
I don't think >10% of the USA is in bitcoin either.

Yes I do believe that the heavy investors still need to get into bitcoin and believe it will drive the prive to new levels.
Another problem is that a lot of people don't understand how bitcoin works.

Why would investors "need" to get into bitcoin ?
Why Brazil and India ? Most people are very poor over there and do not even have a computer

When this happen worldwide, Bitcoin price will be above $10000

That's not the point. If you're spending $2 for a mBTC then you are spending $2000 a coin. That's a lot of money for a Bitcoin when it was $10 in January.

India is a very tech-savvy country, and if they aren't onboard now then what makes you think they will be later?

People need anothe China hype.
And it sounds cool when it's India or exotic for Brazil , not the Us or Europe we're all bored with

Disagree. BTC-e and Bitstamp (both European) combined have some significant volumes, larger than either MtGox or BtcChina.

And that's just BTC/fiat trading. As for Bitcoin-economy itself, it's booming here in Europe. Germany accepted Bitcoin as an official currency (obviously with taxed in mind, but hey, legislation is a good thing to grow!) and Berlin is becoming the "Bitcoin capital of Europe" with new businesses (not just online, but actual shops, bars, etc) accepting Bitcoin appearing almost daily.

(from http://www.thegenesisblock.com/wp-content/uploads/2013/05/downloads-per-capita.png?be58f1 - sorry about the size)

http://www.thegenesisblock.com/wp-content/uploads/2013/05/downloads-per-capita.png?be58f1

I have never yet met a New York taxi driver who knew what a bitcoin was.  There are a lot of new users in the pipe.

So basically, you're saying you're retarded? Because if you're paying $10 a coin, you're paying a WHOPPING $10,000 per MEGACOIN. Who the fuck would spend that much on a megabitcoin?
Heck, where would a poor indian guy find a hundred grand to buy a gigabitcoin?
ITT idiots who fail at units notation.

Honestly, people, UNITS?  DECIMAL PLACES? Don't they still teach that shit in highschool?

By the way, $10 is a fucking LOT of money for a bitcoin when it was .001 a couple januarys before that, douchetard. How is this not hard to understand? Why do you think 2 orders of magnitude is too much but 4 is negligible? Why is .001 to $10 OK but $10 to $1000 is too much for a whole bitcoin? Are you basing this on the price at the point you personally got into bitcoin? *SMH*

The price will go up when the new group of miners comes into power. The new pre-order deliveries will put the supply in their hands, hence they are selling cost! Miners control supply, supply dictates price.

it will pass that milestone but for other reasons. people expect/ed significant correction after huge increase for the past two months, once they see it being stable  at 1k-ounce of gold demand will kick in again. of course it could turn the other way too short term but with so much attention bitcoin has been getting lately it is very unlikely in my view, although one could never know, people like to mass panic on slightest change of wind direction at times

I do not agree that doing merchant stuff with bitcoin as it is, seems very encouraging(at least I fail to see such projects as something important ), but this is beside topic.
Am I wrong when I claim that only US based  departments of  mentioned exchanges has any meaningful volume? Europe is  sleeping and we need them to rise. that is my point

Sorry for being nit-picky, but just for the record:  If a Bitcoin is $10, for $10,000 you get a Kilobitcoin, not Megabitcoin.  And a Gigabitcoin would be much, much more than "a hundred grand".  (In fact, there doesn't even exist (or ever will) a full Gigabitcoin, at least not without fractional reserve banking)  But I agree with your point, the absolute price is (at least should be) irrelevant when talking about whether or not people want to invest.

Even if 'most' people were below the poverty line, don't forget that the population of india is 1.2 billion.

If 'most' is replaced with some arbitrarily large proportion, say 99.9% that still leaves 0.1%.

0.1% of 1.2 billion is still 1.2 million people.

http://ihds.umd.edu/IHDS_files/02HDinIndia.pdf

Its a lot of money. A mind boggling amount of money.

why will they invest in bitcoin? what user base exists now?

What we need is those good old businesses accepting Bitcoin.

I think that establishing a bitcoin economy in India will be hard...laws are not so accomodating over there.
I'm not sure, but I think someone mentioned that an exchange was planning on opening there?

With each new country getting their own exchange the price will go up.

A big one few people think about is Africa.

The fact that M-Pesa is so popular and they are used to paying for things with their cell phones makes it a simple transition.

I will speak about what i know : brazil.
I belive it has a major role to play here is why :

-1 brazil has loads of rich poeple. wealth there is VERY unequally distributed so quite a lot of brazilian got a hell lot of money. Thoose poeple need to protect their asset from point 2.

-2 Brazilian state basicly takes money from the middle class (low to high) to give it to the poor and national project. The whole brazillian middle class  seems to seek a way to avoid taxes. For  instance inflation is around 8%, there is taxes for everything, your car, your profession (if you get graduated, you have to pay taxes to keep the status), importation ( 100% over imported products). This politic has been quite a success though.

-3 Money flow control is high there, Brazil is not argentina but still to buy anything on internet you need to put your "id". Sending or receiving money from aboard can be complicated for sum over 4k€!

-4 Brazilian looks like the most trendy geek nation i've seen so far given how poor they might be and how expensive is electronic stuff. They like technology, they love the hype around new technology like smartphone, bluetooth speakers, dslr...They go to bolivia europe or usa, to buy all the electronic china might produce. Maybe because it's new to them... I think they love anything that goes fashion. Snowball effect can be impressive there.

-5 black market is huge.

Now bitcoin needs some money flexibility, given how the state is strict on money control, exchange are probably the weakpoint of all this...

Don't also wait for other country's to change the way bitcoin will behave.
Spread the word of bitcoin to people in real life, so they start to know it and can maybe start investing in it.
I have some people who started to invest in bitcoin, just by talking about it. And also said it can crash of course..
But you can tell how brilliant it is.
It will go slower then the media but it gets big if we all do it  ;D

Europe is in Bitcoin? Have I missed something? I live in germany and nobody of my friends, family or whoever knows what a Bitcoin is.

Kipochi :
http://motherboard.vice.com/blog/one-third-of-kenyans-now-have-a-bitcoin-wallet

But the fact:
Kipochi is dead.
There is only one person who sells bitcoins via Mpesa/cash in whole Kenya on localbitcoins.

It's like people playing wow.
If 2 of their friends play wow  and they meet another person playing wow they think all the planet is playing wow.
I doubt there are more than 10 millions people who really have a clue in the whole world.

There is more to come from Europe.

Kipochi is weird... does seem to be dead, but still appears in the news.  They also have had quite an active twiiter feed (at least up until a week ago.. that also seems to have gone quiet...)

But there is also BitPesa that seems to be taking a stab at remittances: http://www.coindesk.com/bitpesa-uses-bitcoin-slash-kenyan-remittance-costs/

Who knows whether they will go the same route as Kipochi?  But I think the point is that M-Pesa integration and African remittance opportunities are still viewed as a large potential market, just waiting for someone to make it all work.