[2017-01-26] Bitcoin On The Rise in India: Steady in Growth...

[Slow death]

Bitcoin On The Rise in India: Steady in Growth, Impossible to Shut Down



Over the past few months, local Indian Bitcoin exchanges including Unocoin have shown enormous growth, primarily due to the demonetization of banknotes and the financial crisis which subsequently hit the Indian economy.

In November and December, Unocoin hit record-breaking trading volumes, reaching the highest total monthly Bitcoin trading volume in November. The company also announced that it obtained the most users in a month in November, after the announcement by Indian Prime Minister Narendra Modi to impose strict financial regulations.

A Unocoin spokesperson tweeted:

Rapid growth of the Bitcoin industry in India


Belfrics, a Malaysia-based Bitcoin service provider and exchange, expanded its operations into India to strengthen the Bitcoin infrastructure and trading ecosystem of the country.

Recognizing the rapid growth rate of local Bitcoin exchanges, Belfrics decided to expand its services to India to ensure the general population of India has a wider range of Bitcoin service providers and trading platforms to choose from. The entrance of Belfrics into the Indian Bitcoin exchange market is expected to create solid competition for local Bitcoin exchanges.

Praveen Kumar, CEO of Belfrics, told a local publication in India during an interview that he is optimistic about the growth of the Bitcoin industry and the status of regulatory frameworks within the country. He firmly believes the Indian government is taking an appropriate approach in regulating both the Fintech and Bitcoin industries.

Read more here: https://cointelegraph.com/news/bitcoin-on-the-rise-in-india-steady-in-growth-impossible-to-shut-down

[Kprawn]

India has 1,252 billion people, compared to China with 1,357 billion people and also the USA with 316.5 million people. The only difference between

India and these countries are the levels of poverty.  India is estimated to have one-third of the world's poor. In 2012, 37 % of India's 1.21 billion

people fell below the international poverty line, which is $1.25 a day, according to the Indian Planning Commission. So who would you say, would

benefit the most from the advantages of Bitcoin?

[richardsNY]

India has 1,252 billion people, compared to China with 1,357 billion people and also the USA with 316.5 million people. The only difference between

India and these countries are the levels of poverty.  India is estimated to have one-third of the world's poor. In 2012, 37 % of India's 1.21 billion

people fell below the international poverty line, which is $1.25 a day, according to the Indian Planning Commission. So who would you say, would

benefit the most from the advantages of Bitcoin?

If you purely look at the level of poverty and put that against the constantly increasing transaction fees, then it's clear that using Bitcoin as currency to buy their daily needs is something that simple won't gain much attention. Mainly when you consider that in a country as India micro payments are very important to the majority of the people there. This basically goes up for the continent of Africa as well. What do we need to tell them -- pay $0.30-$40 in fees as minimum for transactions worth barely $1 in some cases? It doesn't work like that. Even for western standards the current fees are steep.

[eckmar]

Most countries in India are not well developed. Say what you want but in order for Bitcoin to become really popular country needs to be well developed and have to accept bitcoin in as many places as possible. I just don't see that happening in India for quite some time

[Papa Bear]

The organization also noted that Bitcoin is a decentralized network of peer to peer users and that even if the government wanted to shut it down, it wouldn’t be physically possible.

[Snorek]

India has 1,252 billion people, compared to China with 1,357 billion people and also the USA with 316.5 million people. The only difference between

India and these countries are the levels of poverty.  India is estimated to have one-third of the world's poor. In 2012, 37 % of India's 1.21 billion

people fell below the international poverty line, which is $1.25 a day, according to the Indian Planning Commission. So who would you say, would

benefit the most from the advantages of Bitcoin?

Does it really matters who will benefit from it? We can't change how world works. Even if we would give every bitcoin to these poor people in India poverty won't be stopped.
So, as long as bitcoin is introduced to more people, conquer new markets and adoption will grow every bitcoin user will benefit from it.

[aso118]

India, like China, has limited capital account convertibility. While this could be a possible use of Bitcoin, the bitcoins market in India remains small and isolated from other countries. That is one reason why Bitcoin sells for a premium in India.

[Kprawn]

India has 1,252 billion people, compared to China with 1,357 billion people and also the USA with 316.5 million people. The only difference between

India and these countries are the levels of poverty.  India is estimated to have one-third of the world's poor. In 2012, 37 % of India's 1.21 billion

people fell below the international poverty line, which is $1.25 a day, according to the Indian Planning Commission. So who would you say, would

benefit the most from the advantages of Bitcoin?

Does it really matters who will benefit from it? We can't change how world works. Even if we would give every bitcoin to these poor people in India poverty won't be stopped.
So, as long as bitcoin is introduced to more people, conquer new markets and adoption will grow every bitcoin user will benefit from it.

Bitcoin opens up global opportunities for these people that were not previously possible, because most of them were ignored by banks. They

enter the global economy for the first time. If a solution are found for the scaling problems, micro transactions will become cheaper and

faster and people will be able to perform micro tasks for micro payments. $2 in 1st world countries might not be much, but in 3rd world

countries, $2 makes a huge difference in their lives.