• People will start doing Hawala via Bitcoin
isn't it already without fee when you use fiat? so why would they use bitcoin?!!
• An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
no, people won't be using something they acquire hard to pay for stuff when they can use fiat.
• Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
bribes will continue to happen using fiat with or without a bitcoin ban because it is the most convenient and most anonymous way.
• People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
that has nothing to do with a ban!!! they can do it anytime they want. and i still argue that the fees for this kind of conversion is still higher than using fiats.
The Rupee has been shit for 30 years...Indians have always held gold because nobody trusts the Rupee or the banks.
Bitcoin already has a flourishing underground market in the country, people aren't going to be fooled by THAT Fiat.
