Do you think Bitcoins has a great future in India?

[torrentheaven]

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

[1714872947]

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[1714872947]

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[1714872947]

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[1714872947]

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[bitcoinmasterlord]

Bitcoin is hit by a rule of the RBI regulations in India. As per the current law banking institutions can only release any prepaid payment instruments. In some senses bitcoin may be considered a prepaid payment instrument because to get bitcoin you need to initially make payment in either dollars or rupees or any other currencies. Current RBI regulations do not permit this.

However there is nothing which prevents people from trading and using bitcoin among themselves. For example, if you are offering services for me and are willing to take payment in bitcoin that cannot really be prevented. Remember however that if we enter into a contract which says that you will be paid in bitcoin, that contract will not be valid because the compensation is not recognized by law.

I think as of now it is not so popular but sooner or later it may become popular  

[torrentheaven]

Bitcoin is hit by a rule of the RBI regulations in India. As per the current law banking institutions can only release any prepaid payment instruments. In some senses bitcoin may be considered a prepaid payment instrument because to get bitcoin you need to initially make payment in either dollars or rupees or any other currencies. Current RBI regulations do not permit this.

However there is nothing which prevents people from trading and using bitcoin among themselves. For example, if you are offering services for me and are willing to take payment in bitcoin that cannot really be prevented. Remember however that if we enter into a contract which says that you will be paid in bitcoin, that contract will not be valid because the compensation is not recognized by law.

I think as of now it is not so popular but sooner or later it may become popular  

That is true, and I believe that people must be using bitcoins for online transactions but are not disclosing it that they are already using it, but if people in India starts accepting and adopting bitcoins than it can have a greater impact on bitcoin community, as we want that more and more users gets involved into bitcoins as we want that the value of bitcoin should be stable in future.

[Possum577]

Bitcoin has a great future anywhere there is electricity and commerce.

You need electricity to access the blockchain.

You need commerce to provide opportunity for bitcoin to be obtained or used.

I think it's that simple.

So India? Yes.

[Pab]

Like i ve been reading,India Central Bank is very open for Btc
it can be good specially now whan developing countries may suffer,becouse of economic chaos

[Shinpako09]

Not only in India, bitcoin has also a great future in other country if there countrymen and goverment will adopt the bitcoin.

[MinerHQ]

Bitcoin has a great future anywhere there is electricity and commerce.

You need electricity to access the blockchain.

You need commerce to provide opportunity for bitcoin to be obtained or used.

I think it's that simple.

So India? Yes.

If you talk about electricity then India may fail because most of the states do not have a electricity even for daily normal usage during summer time.

[irfan01]

I think, wherever there is bitcoin will definitely get better, so I guess in india also bitcoin has a great future
the more widely known bitcoin then the better

[Amph]

if they are not going to suddenly change their mind on the matter and ban, heavy restrict it, i guess it could have a future like in any other countries where there ar enot heavy rule, it only a matter of what their governments will do

i thinl that right now the price play an important role, because until we have a good marketcap bitcoin will be simply ignored by the majority of the governments

[zero01]

Yes, of course
if in india wear bitcoin, certainly the future of bitcoin there could be better

[Winalunt]

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Are you insane ?? you are expecting a change in currency from half of a country where 100% of the population is closeminded ,selfish and religion addicts..
I would say even expecting more than 2% (12 million people) will not be more than a dream..

[Mickeyb]

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Are you insane ?? you are expecting a change in currency from half of a country where 100% of the population is closeminded ,selfish and religion addicts..
I would say even expecting more than 2% (12 million people) will not be more than a dream..

People will use what you propose them if they find value in it. Simple as that. Offer Indian people that are living abroad a safe, cheap and relatively simple way to send their earnings back home to their families and they will use it instead of the Western Union that will charge them about 15%.

People can be religious and close minded as much as they want, but if you show them an easier and cheaper way, I know they will choose this way.

Cheers!

[Tstar]

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Are you insane ?? you are expecting a change in currency from half of a country where 100% of the population is closeminded ,selfish and religion addicts..
I would say even expecting more than 2% (12 million people) will not be more than a dream..

People will use what you propose them if they find value in it. Simple as that. Offer Indian people that are living abroad a safe, cheap and relatively simple way to send their earnings back home to their families and they will use it instead of the Western Union that will charge them about 15%.

People can be religious and close minded as much as they want, but if you show them an easier and cheaper way, I know they will choose this way.

Cheers!

No they wont choose ....you cnt change the currency for 1.2 billion people ,plus what do you think BITCOIN is not accepted anywhere on shops etc.. people you re speaking iff require money to survive not to buy a ferrari ?
this is a fringe stream and its very difficult for third world countries to adopt it.

[Mickeyb]

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Are you insane ?? you are expecting a change in currency from half of a country where 100% of the population is closeminded ,selfish and religion addicts..
I would say even expecting more than 2% (12 million people) will not be more than a dream..

People will use what you propose them if they find value in it. Simple as that. Offer Indian people that are living abroad a safe, cheap and relatively simple way to send their earnings back home to their families and they will use it instead of the Western Union that will charge them about 15%.

People can be religious and close minded as much as they want, but if you show them an easier and cheaper way, I know they will choose this way.

Cheers!

No they wont choose ....you cnt change the currency for 1.2 billion people ,plus what do you think BITCOIN is not accepted anywhere on shops etc.. people you re speaking iff require money to survive not to buy a ferrari ?
this is a fringe stream and its very difficult for third world countries to adopt it.

Give it time man, just give it time. Rome wasn't built in a day, nor new technology will replace old one in a day. How long it took for computers? How long did it take for email? And yes, the change won't come first in India, or Africa, it will probably first come in California and Amsterdam, but this is the way it works. Third world could countries will be probably late 5-10 years but this is normal.

[mattiadeabtc]

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Bitcoin might have a great future all around the world, but i think especially in poor country

[Jeremycoin]

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Bitcoin might have a great future all around the world, but i think especially in poor country

That's totally right, poor country need a Bitcoin to make solve their money problem.
Because they're hardto  afford high fee to send their own money

[avatar_kiyoshi]

Bitcoin in India will make that country bright in the future, although bitcoin will not replaced the fiat, just for alternative but it will be batter if they use it, like what OP said, half of population on India will make a win-win situation for bitcoin community. especially now AFAIK there are some bitcoin company in India, like exchanger for example.

[cellard]

Bitcoin has a great future anywhere there is electricity and commerce.

You need electricity to access the blockchain.

You need commerce to provide opportunity for bitcoin to be obtained or used.

I think it's that simple.

So India? Yes.

You not only need electricity, you need a device that can connect to the internet, so this means an entire village could run  on a single smartphone acting as a bank, of course ideally you want every single person owning a smartphone/computer.

[HarHarHar9965]

Bitcoin has a great future anywhere there is electricity and commerce.

You need electricity to access the blockchain.

You need commerce to provide opportunity for bitcoin to be obtained or used.

I think it's that simple.

So India? Yes.

You not only need electricity, you need a device that can connect to the internet, so this means an entire village could run  on a single smartphone acting as a bank, of course ideally you want every single person owning a smartphone/computer.

yes, even if internet connectivity is an issue sometimes, bitcoin wallet could still be accessed through sms and trading is possible. A lot of people underestimate the potential of bitcoin in India, and rules and regulations not supporting something like bitcoin does not satisfy the people making them not be involved in something like this. Rest, hardly few people know what's bitcoin here, lack of media attention in India towards bitcoin.

[Priyanshu]

many people in India don't know about bitcoins so if people know ABOUT it then it will be a great feature for bit coins