India

[henryreardon]

India = lots of tech geeks + lots and lots of government corruption.  BTC could be the country's salvation.

I wonder if an announcement from India in the not-too-distant future will launch BTC to new heights...

[Hfertig]

No. it seems you have not realized that we are going down from here. Not even India can stop this.

[Edward50]

I thought it was funny when  people thought china is the reason bitcoin is so high. Nobody realizes that china is a third world county and most people make a few dollars a day. I was just over in Asia last winter so I know how poor those people are.

Now India is just as bad and even worse, Indians are known to be the cheapest or frugal people in the World. They simply are too cheap to buy expensive bitcoins. Ask anyone who visited India just how cheap they are.

Expecting third world countries to bail out bitcoin is just ridiculous.

[Boxman90]

India doesn't have money.

[Edward50]

India doesn't have money.

Yup, you think Indians are stupid enough to send their money over to geeky Americans holding bitcoins. Nope,

You see the china are stupid enough to keep bailing Americans out, and they will continue to get burned while doing it.

[PenAndPaper]

India = lots of tech geeks + lots and lots of government corruption.  BTC could be the country's salvation.

I wonder if an announcement from India in the not-too-distant future will launch BTC to new heights...

Right now any announcement from anywhere can only do things better because things don't look good at all.

[spndr7]

India doesn't have money.

India is at 10th position in terms of GDP above Canada and Australlia, according to World Bank,IMF and UN.

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)#Lists

[goxed]

India doesn't have money.

Yup, you think Indians are stupid enough to send their money over to geeky Americans holding bitcoins. Nope,

You see the china are stupid enough to keep bailing Americans out, and they will continue to get burned while doing it.

Most Indians are very traditional and risk averse.

[btcprice]

India put an exhorbitant tax on importing gold into the country and they have very little native gold. That is partly why gold has gone down in price. The Indians buy a lot of gold during the last 3 months of the year except for this year.

That money has to go somewhere.

[sumantso]

India doesn't have money.

Yup, you think Indians are stupid enough to send their money over to geeky Americans holding bitcoins. Nope,

You see the china are stupid enough to keep bailing Americans out, and they will continue to get burned while doing it.

Most Indians are very traditional and risk averse.

... and would rather put money in the bank with almost 9% annual interest.

[PenAndPaper]

India put an exhorbitant tax on importing gold into the country and they have very little native gold. That is partly why gold has gone down in price. The Indians buy a lot of gold during the last 3 months of the year except for this year.

That money has to go somewhere.

What we need right now is a country to rule that bitcoin can be used as a currency. China ruled that bitcoins is gold and see what happened.

[antimattercrusader]

No. it seems you have not realized that we are going down from here. Not even India can stop this.

But Aliens can. I heard NASA is working on a warp drive, perhaps we can use it to ask Aliens to come here and panic buy!

[antimattercrusader]

India put an exhorbitant tax on importing gold into the country and they have very little native gold. That is partly why gold has gone down in price. The Indians buy a lot of gold during the last 3 months of the year except for this year.

That money has to go somewhere.

What we need right now is a country to rule that bitcoin can be used as a currency. China ruled that bitcoins is gold and see what happened.

Ok, in all honesty, and I've been preaching this, but Africa could be bitcoin's true future for use as a currency. Africa is RIPE for bitcoin adoption on a massive scale. They use mobile phones/sms payments now, are (probably) sick of hyper inflation, sick of monetary corruption, lack a strong banking sector to resist and compete, and already are semi-familiar with non-gov backed currencies. (LR back in the day, etc). If we could get even one small African country to officially adopt bitocin, that would be excellent - harder to fight something which is a legit currnecy without diplomatic consequences, but it'd be an excellent proof of concept.

We need to get the bitcoin foundation to push this HARD. I heard somewhere that around 30% of Kenyans have already downloaded the bitcoin software (I HEARD that, not saw it, it's a rumor). Anyway, interesting if true.

[niothor]

India doesn't have money.

India is at 10th position in terms of GDP above Canada and Australlia, according to World Bank,IMF and UN.

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)#Lists

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita

And around 140 , by GDP per capita.
Not India is buying coins , people in India.

[niothor]

India put an exhorbitant tax on importing gold into the country and they have very little native gold. That is partly why gold has gone down in price. The Indians buy a lot of gold during the last 3 months of the year except for this year.

That money has to go somewhere.

What we need right now is a country to rule that bitcoin can be used as a currency. China ruled that bitcoins is gold and see what happened.

At least Bitcoin was recognized by Germany as 'private money'. I'm still waiting for them to adopt the lasw regarding this.

[GriTBitS]

India will get into bitcoin!!! they work all over the middle east and need to send money home to there family,,, there is only one way to do this, western union!!!!! Bitcoin just needs to be introduced to them. Same as mexico,,, its not long my friends!

[niothor]

India will get into bitcoin!!! they work all over the middle east and need to send money home to there family,,, there is only one way to do this, western union!!!!! Bitcoin just needs to be introduced to them. Same as mexico,,, its not long my friends!

But you know , in order to get bitcoins in the middle east or mexico , you will need to go to a bank , or even worse , to WU. =))))))

[sumantso]

India will get into bitcoin!!! they work all over the middle east and need to send money home to there family,,, there is only one way to do this, western union!!!!! Bitcoin just needs to be introduced to them. Same as mexico,,, its not long my friends!

But you know , in order to get bitcoins in the middle east or mexico , you will need to go to a bank , or even worse , to WU. =))))))

... and once those Bitcoins are in India, they need to be sold off to get the money in the first place.

Amazing at the levels nerds are desperate to convince themselves people are ready to hand them over money and make them rich.

[ajax3592]

Umm...I'm from India

Bitcoin is a fairly new concept.
Currently if I utter bitcoin to my upper middle-class friends/relatives here, 10/10 do not know about it.
Even after explaining Bitcoin's concept to them 6/10 find it as a fraudulent scheme.
(Google - SpeakAsia, a recent $350 Million fraud that promised online surveys worth $10 every week for $200 one time lifetime membership, so 80% get-rich-quick population got into it and are currently in state of fear after massive losses.)

Since BTC are costly I'm assuming only middle class or higher grade population can afford it leave aside buying it.

Only 10% come under middle class category or higher, out of which I assume >60% would be in 8-10 hour service job and won't have time to study/understand a whole together new concept. People here may accept BTC but certainly not anytime soon. Most of the population hasn't even moved to online banking here and go to physical banks and wait hours in lines to deposit/withdraw money how would you expect them to move to a $1000 currency.

Long story short we are not so quick at adopting new technologies.

Quick facts-
Literacy rate here is 74%
25% population earns less than $1 daily
I'm guessing only <10 cities here have high density of techie/geeks.

[PenAndPaper]

Since BTC are costly I'm assuming only middle class or higher population can afford it leave aside buying it.

Targeting countries based on population is wrong anyway but there isn't such a thing as "costly bitcoin". Bitcoin is not an iphone or something.
This is only a psychological barrier and it will get removed when more and more people start referring to mbit.