Bitcoin Forum

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In India bitcoin trading is flourishing during the lockdown. During the lockdown, growth of bitcoin trading has peaked high from around $2m to $22m within the time period of January 2020 to May 2020. This is something a 830% growth. This too a reason for the plan of India to ban cryptocurrency trading.
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Same time period Mumbai based trading Cryptocurrency exchange have recorded massive growth of over 400% in March and 270% in April. This is something very big in a country where it hasn't got any legal support.

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Indian government made a ban over cryptocurrencies during the year 2018, but people continued to use it. Lately it decided to come up with of launching its own cryptocurrency through blockchain. This means to make use of the blockchain technology and not the cryptocurrency trading. As a result banks stopped services associated with cryptocurrencies. Lately in the year 2020 filing lawsuit cryptocurrency usage ban was taken. Now once again planning for a ban.

It is always good to regulate the usage of cryptocurrencies and trading same as Singapore, China and South Korea. Government loses a big revenue out of cryptocurrency trading and through regulatory framework this can be solved. Right now consultation is going on with the law ministry and ministry of information technology to make laws for cryptocurrency.

Note : I've mentioned about my country, INDIA
            WHAT ABOUT YOURS ?

Source :  Money Control  (https://www.moneycontrol.com/news/eye-on-india/videos/explained-how-india-plans-to-regulate-its-cryptocurrency-trade-5857791.html/amp)

Those growth figures are huge. Newer exchanges, particularly WazirX seem to have captured a lot of attention. Though are you sure that figure is for bitcoin trading and not for crypto trading in general. Most people in India are dabbling into Alts and there are trading competitions on WazirX almost every week.
The lockdown has given people time to wet their feet into crypto particularly after the favorable ruling by Supreme court. The biggest threat right now is the Govt. It can take its characteristic autocratic decision any day and start banning people or jmprisoning them from using cryptocurrency. There really is no space for any intellectual or nuwnced discussion in the country right now. The moment media starts painitng it as "black money", things will quickly go down.

900% growth is good but what we will see if india will ban crypto again as they want?

I do not think my country has been too different during lockdown, especially as a lot of ATMs were down. Most countries where hodling Bitcoin is a taboo subject probably experience these kind of growths though. Knowing your country has been hostile to crypto before makes you take maximum advantage of the opportunity you have whenever your gov turns from hostility into support.

For lockdown condition  regular life has been  changed and online based transaction has increased in huge.Bitcoin is not acceptable  at the restourant of some countries and other sections like grocery.But in pendamic people are geeting into crypto and bitcoin is helping them to lead a  happy life. Besides,it is safe in pendamic.So it should not be banned again in India.

It's already given, they can do it again, they are government, they can do everything or impose some law about cryptocurrency if they find something not good on their side.
But we, people that want freedom, we will always find a way to use things that will make us free and have no boundaries to use our own money. That's why Bitcoin is there, and this is one of the advantages or benefits of these lockdowns in any part of the world, some people started to use Bitcoin.

Most of us are finding some sideline where we can make money amidst this pandemic.

There are a lot of people who are getting curious about bitcoin because of boredom and interest towards investment while staying at home. Also trading is really the best option to do instead of online businesses, and digital currencies such as cryptocurrency is really becoming more popular as you can see in some articles and news.

Bitcoin will really prevail during this time, in this crisis, it can be the solution to an economic crisis that we are experiencing.

It is evident by these figures how much India needs crypto? but the government has been reluctant in regulating it. I have been hearing about a ban from 2018 to date. A partial ban was placed in 2018 but was removed by the honorable Supreme court.

If a complete ban happens in the future the strong Indian crypto community will again move to supreme court for refuge and mostly they will succeed.

But, I still do not understand why the government is so reluctant in regulating this industry? They should contact the community and take their help in solving this issue, after all India is known for its democracy.

After some users here announces that Indian government had been adapting bitcoin legally and ssfe for their community consumption. I think this is the reason why bitcoin trading in your area had that much increase in terms of its market. I do believe also that Indian government had contributed to the spread of bitcoin system in your country.

Here in our country where networking scam are everywhere using cryptocurrency to scam then it made possible a little bit somehow an increase after seeing some networking friends promote admnd share to get a referral bonus to it which is relatively great.

The popularity of bitcoin is increasingly known until now, even more rapidly, this digital currency has been looked at by several other investors because it tends to be more stable during a pandemic, with their boredom at home, of course there will be good ideas by producing for daily needs including trading and investing in the world of bitcoin, I am sure many people have jumped into it and deepened how to actually invest and trade because it has been proven that we trade in bitcoin will pay off in no time.

Each countries have their own regulations and policies towards Bitcoin, one of the reasons that I have doubt that it is usually based on taxation and the financial system which can be made money laundering, tax evasion throughout the crypto and the possibility of terrorism act that might be funding terrorist needs.

So now, this is might the possible scenario that probably the insight of your government, just like gambling, I had heard that most gambling activity banned in India, whereas trading in crypto and gambling are almost the same. They probably completely regulate those activities but prohibit people using crypto, I don't think so, they will never stop people using it, they had freedom towards that, and masking identity while holding crypto are most crypto enthusiasts can do.

Luckily, my country didn't ban crypto, we're free to use it and besides, SEC warned people the possible consequences upon using it, such as massive loss. There's no need to ban crypto. During this lockdown and amidst pandemic, you can't stop people looking other opportunities or taking risk online.

It's nice to see that Bitcoin became more used in India during the pandemic, especially since Indians still have to fight for crypto legal status with those constant wars of bans and lifting the bans. As for Ukraine, I tried to search a bit, but did not find any information on whether trading habits changed during this time. But I also remember that some suggested the US saw a big change with many people allegedly investing their stimulus money into Bitcoin. All in all, I don't think Bitcoin started costing more because of the pandemic. Rather, it happened in spite of it. Because let's not forget how the lockdown started for Bitcoin.

Its good thing that more and more people have started to use or invest in bitcoin but now it seems after reading the post that the bigger issue is related to ban. Just think about if it comes in place then those % of growth everything will be lost and suddenly thousands of people will disconnect with bitcoin world. This will be sad story and probably government should look into how it can be advantages instead of banning it.

I think every country is gearing towards a contactless payment system and crypto or bitcoin could be one of the solutions. I said one of the solution because it seems the credit and debit card are still the best options for most of us. It doesn't mean though that crypto won't be viable, but at this point, not everyone is into it, besides governments around the world are pushing for their very own CBCD. Although we have two local exchanges, I'm not familiar with the growth but I will assume that it also getting bigger by the day, specially in terms of remittances, but not with the usual online shopping/buying.

During lockdown peoples had enough free time, so those are familiar with cryptocurrency, they are involved with trading and gambling as well. And that's the reason volume has been increased. At the same time, we have noticed a price trend going up since the use of bitcoin has been increased as well. We have been hearing for a long time India will ban crypto and so on. But I am not sure if they will ban it, and obviously, it will be a wrong decision in the current situation where developed countries legalizing bitcoin.

For my country, it has a ban from the beginning and there is no plan to legalize lately. Rather than the government taking action even who are using cryptocurrency in our country. So I am not expecting that very soon our governments going to legalize bitcoin.

An increase from $2m to $22m is really huge. This proves that governments can ban Bitcoin all they want but this doesn't affect the people. People are still decided to use Bitcoin anyway. A similar situation has happened in China too.   

Looking specifically at price, I think that the effects of Covid 19 on bitcoin have been in general about what we might have anticipated - a sharp drop followed by a recovery. Regardless of its long-term use-case, bitcoin is currently seen by many holders not as a safe-haven, but as a highly speculative asset. This meant that when the virus started spreading out from China, and lockdowns started, and it became apparent that it would affect every nation... people started moving their money away from 'risky' assets such as bitcoin and into safer non-crypto alternatives. And indeed we did see a huge initial price drop of around 50%.

The thing that surprised me was how rapidly the recovery started, and how after only a few months bitcoin had surpassed its pre-Covid level. One reason that might have contributed to this is that governments started bailing out everyone in sight an attempt to shore up their ailing economies. The 'money printer brrr' response is of course reminiscent of the 2008 crisis, and the subsequent birth of crypto. The euphemism of Quantitative Easing, coupled with other government responses, really highlights some of the deficiencies of centralised fiat currencies, and has done so again. Perhaps this gave bitcoin price some extra upwards impetus. Secondly, pre-Covid bitcoin was on an upwards trajectory anyway, so the rapid recovery should be seen as a part of that. A third - and more prosaic - reason might be simply that when prices fall suddenly and substantially, there is a tendency for overshoot, which almost always triggers some form of swift rebound.

Personally I think that all three reasons have contributed, but I am hopeful that the first reason is the primary factor. The sooner people realise that fiat is unfair, the more quickly bitcoin will become integrated into mainstream society.

That is really true that government has a power to impose everything even with regards to cryptocurrency but i hope they will not think negatively here in our country even though they didn't accept or legalize crypto here. We are glad that we can use it freely and it's really a big help during lockdowns caused of pandemic.

For me, it's actually okay to regulate the use of cryptocurrency on each country, but though in the case of bitcoin, this could not happen since no one can regulate it. But on tax implementation on cryptocurrencies, as long as an investor is gaining profit through this cryptocurrencies, then why not give some to your own government. But though this is a really debatable topic, I agree on just a little taxation because it could help their country's economy to rise after the negative impact of the lockdown.

Bitcoin is a decentralized any where in the world,  you don't need to visit any government officials befor you can join the platform, because is not control by the government.
During the pandemic many youths  in some  countries which allow their youths to engaged their self in cryptocurrency to reduce unemployment in their societies.

I agree with your point. Since this pandemic started, many has been unemployed and had a hard time seeking for a job.
And this forum being accessible to everyone for as long as you have internet, has been a significant aid to those people.
As you have mentioned, it helped the youths, especially to places that do not have jurisdictions regarding cryptocurrencies.

When I need cash I look for a P2P exchange platform where I can sell my Bitcoin at the best price and safely. And I can also see that there is good activity in trade with my compatriots. There is a good reference of Venezuelans with a high volume of trade in localbitcoin that has been reviewed by specialized media, which indicates that they are using Bitcoin to protect their capital.
For my part I can say that Bitcoin has served me as a means of payment due to my signature and also as savings.

Bitcoin growth was so high during the lockdown, I don't think India's only experienced it. But indeed globally during the lockdown,
Bitcoin in any country experienced significant growth. Because when the lockdown occurs people will look for ways to be able to make
money even though they are still at home. And by trading and investing in Bitcoin it can be done. So in 2020 Bitcoin's performance is
very good, with lots of people starting to buy Bitcoin, and this is what made the Bitcoin price reach $ 12,000 in August. I believe that
by the end of this year Bitcoin will be able to hit the price of $ 15,000.

States do not yet understand the full meaning of cryptocurrency and do not understand that it can help them in the development of the financial system of the entire state. The same transaction taxes can go to the state Treasury and then it will become psychologically easier for people to switch to cryptocurrencies. I believe that the state should be engaged in PR and advertising of cryptocurrency and implement it in its financial instruments.

Unlikely, our country did the support and never heard about banning but they are giving us the word to warns people when it comes to investing Bitcoin as the spread of scamming activities holding the name of Bitcoin is getting worse. Although we have that freedom to use and accumulate Bitcoin but the problem is that only a few establishments accepting Bitcoin that it slows down the adoption.

in time, more merchants will accept bitcoin or crypto. you really cant blame them because even right now, the tx fee is very high and sometimes if you pay low fees it would take long before your tx go thru.
 so if they use other alts, maybe doge or xrp, they will appreciate more about the benefits of using crypto - because they are cheap and fast. but since the popular one is bitcoin, the tendency of most businesses is to stick with btc. it is indeed work in progress, this adoption thing.

I wonder how they're getting legitimate statistics if bitcoin tradinfg for fiat is not allowed.

Are they measuring black market numbers or stats absed on altcoin and stablecoin exchange rates?


It did not change that much. I know people who work from home like teachers and they keep getting exactly the same wages every month with the difference that now they don't have to commute to work. The lockdown wasn't hard on everyone.

As for Nigeria during the lockdown crypto currency was a plus for us as many made huge amount of money from crypto currency exchange and other investments. But the now there is a threat on crypto currency as the Government is kicking against it.

Wow, I assume most of you guys from Nigeria are trade experts?
I myself is struggling to find anything crypto related which I could actually earn "huge" amount of money during this lockdown period. The least I can do is to hope for Btc to rise like a 2017ish bullrun.
But, heck how do you guys pull a "huge" amount of profit like it's a normal thing in crypto space? Lol.

Nothing much change in my country. Traders still doing there activity, it's just that those who's job was affected were turn their interest into cryptocurrency trading.

Each countries has different crypto regulations. Our country is a crypto friendly community, this pandemic actually put some opportunity for some to try other passive income such as bitcoin trading.

In my country, the use of the bitcoin is not too popular but only a few people are approaching the use of it.

In the country, I think they are just ignoring the use of the bitcoin but I and my friends are still supporting the use of the bitcoin trading some of us are already small earners.



I'm so proud that my country see supporting the use of the cryptocurrency unlike the other country they are banned the use of this. On my county there are some businesses use this as a payment method.

Right now I didn't try this for now because of this covid

It's great to know that this pandemic many people are looking in Cryptocurrency but I feel sorry for India since most of the trading services are now banned now I just want to know if using cryptocurrency is illegal as well or just trading it?

I think in my country the citizens that are joining crypto are also expanding, it seems they realize that it's also good to invest especially in cryptocurrency, but for me the majority of them are getting scammed, because not only the price that is growing but the also the scams and fraud are spreading during lockdown.

It could just depend on the country or the government, we can't really expect the government to easily just accept bitcoin since the technology is decentralized, government is not always gonna risk just to support it.

I think in my country bitcoin is not really popular and not a big percentage of people are using bitcoin probably because of a lot of news that involving it in scams, Government do not ban it but not really support it.

The government can't really fully banned it since people can still use it even if they did ban it, lockdown also could potentially boost bitcoin at some point because the government is encouraging digital transactions.

The growth is huge in relative numbers, yet the absolute numbers are tiny. On coinmarketcap Bitcoin has a total volume of 23 billion, so India's volume is just 1/1000th of it, and it's really small, as India is one of the largest countries in the world in terms of population. Also, the author confuses Bitcoin and cryptocurrency, so if that figure wasn't the volume of Bitcoin and was the volume of all crypto trading, than it's even much smaller.

Are you from India? What's your point anyway why you have to know? A quick google search will help you to get your answer but anyway here it is.
https://news.bitcoin.com/will-india-ban-crypto/

There's a rumor circulating in India that the government might ban again the use and trading of crypto currency. Yes, it does create a little panic over to those who have crypto currency but Indian government hasn't been making a move yet.