bryant.coleman
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August 28, 2015, 03:56:08 PM |
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I am a regular visitor to India (family ties, business.etc), and I don't think that Bitcoin will gain widespread acceptance in that country. Also, the Reserve Bank of India (RBI) is vehemently opposed to the usage of Bitcoin. Almost all the local Bitcoin exchanges and the other Bitcoin-based ventures have closed down due to the harassment from the RBI.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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HarHarHar9965
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August 28, 2015, 04:13:39 PM |
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I am a regular visitor to India (family ties, business.etc), and I don't think that Bitcoin will gain widespread acceptance in that country. Also, the Reserve Bank of India (RBI) is vehemently opposed to the usage of Bitcoin. Almost all the local Bitcoin exchanges and the other Bitcoin-based ventures have closed down due to the harassment from the RBI.
no, there are still local bitcoin based exchanges operating in India, and recently I have came in acquaintance with a lot of people who are in possession and even in business of cryptocurrency. I'm pretty happy that the market in India is expanding every year which proves that more adoption is taking place in India, pretty sure it will pick up soon. |
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aakashsangwan
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August 28, 2015, 05:03:24 PM |
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I'm also from India.
So far no success in bringing people to Bitcoin. Nut I've brought one friend to bitcointalk.
Here majority of people work in offices from morning till evening or run their own shops, so no time for anything else.
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Kprawn
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August 28, 2015, 05:10:44 PM |
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India might have one of the highest population figures in the world, but the majority of them are very poor. They have very skilled IT people and I
know this, because I have worked with some of them. They are hard and disciplined workers like the Chinese people and a joy to work with.
The thing is, the laws in India regarding Bitcoin is not very friendly and this might put a damper on innovation in that country. They are one of
the countries in the world that would benefit the most from this technology. { Job creation and foreign capital investment and tourism income }
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eternalgloom
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August 28, 2015, 05:15:04 PM |
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Isn't Bitcoin already gaining some traction among the Indian tech crowd? Definitely a huge market  |
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bryant.coleman
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August 28, 2015, 05:42:30 PM |
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I am a regular visitor to India (family ties, business.etc), and I don't think that Bitcoin will gain widespread acceptance in that country. Also, the Reserve Bank of India (RBI) is vehemently opposed to the usage of Bitcoin. Almost all the local Bitcoin exchanges and the other Bitcoin-based ventures have closed down due to the harassment from the RBI.
no, there are still local bitcoin based exchanges operating in India, and recently I have came in acquaintance with a lot of people who are in possession and even in business of cryptocurrency. I'm pretty happy that the market in India is expanding every year which proves that more adoption is taking place in India, pretty sure it will pick up soon. There are a few bitcoin-based ventures in India, but they are not completely legal. The rules and regulations regarding the usage of Bitcoins in India generally fall within the grey zone. And to complicate the things further, Raghuram Rajan (the head of the Reserve Bank of India) is acting like Benjamin Lawsky of the NYDFS. |
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countryfree
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August 28, 2015, 10:46:08 PM |
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I haven't been to India for several years, but I think there's a lot of potential for BTC there. Not for all Indians though. This is a huge country with very different kinds of people. Only one part of the people may use and appreciate BTC, but that still means millions.
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I used to be a citizen and a taxpayer. Those days are long gone.
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pitham1
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August 29, 2015, 03:58:50 AM |
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Isn't Bitcoin already gaining some traction among the Indian tech crowd? Definitely a huge market Yes, the tech crowd is huge. So if it gains traction among the tech crowd, it will be a great success. Some of the tech companies have started experimenting with the blockchain. |
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HarHarHar9965
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August 29, 2015, 12:20:35 PM |
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Isn't Bitcoin already gaining some traction among the Indian tech crowd? Definitely a huge market Yes, the tech crowd is huge. So if it gains traction among the tech crowd, it will be a great success. Some of the tech companies have started experimenting with the blockchain. I even know a few people who are young entrepreneurs planning to starting bitcoin based ventures despite the rules and regulations, their lawyer say they would be under protection so its all good. I think bitcoin in India has crazy potential, once there is more knowledge and media coverage about it there, I think it'd be pretty fire  |
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bryant.coleman
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August 29, 2015, 01:38:37 PM |
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I even know a few people who are young entrepreneurs planning to starting bitcoin based ventures despite the rules and regulations, their lawyer say they would be under protection so its all good. I think bitcoin in India has crazy potential, once there is more knowledge and media coverage about it there, I think it'd be pretty fire Never trust the lawyers. The laws regarding the usage of crypto-currency in India are very vague. They can be interpreted in many ways. And since the Reserve Bank of India is anti-Bitcoin, I wouldn't risk my investment in Bitcoin, if I was in India. First let them create laws and regulations offering protection for the ventures. |
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HarHarHar9965
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August 29, 2015, 06:22:48 PM |
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I even know a few people who are young entrepreneurs planning to starting bitcoin based ventures despite the rules and regulations, their lawyer say they would be under protection so its all good. I think bitcoin in India has crazy potential, once there is more knowledge and media coverage about it there, I think it'd be pretty fire Never trust the lawyers. The laws regarding the usage of crypto-currency in India are very vague. They can be interpreted in many ways. And since the Reserve Bank of India is anti-Bitcoin, I wouldn't risk my investment in Bitcoin, if I was in India. First let them create laws and regulations offering protection for the ventures. why would there be creation of law if there are no ventures asking for it? I think with more adoption between people, such problems can be overcome and such problems cannot be overcome if more people in India would start using bitcoin. I think its weird to expect Indians to use bitcoin without any local companies bitcoin in dealing themselves. Also, if I was them, I'd hire a white dude as a CEO and operate under his name so I don't have to deal with the RBI  |
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wearepoor
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August 29, 2015, 08:04:16 PM |
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Isn't Bitcoin already gaining some traction among the Indian tech crowd? Definitely a huge market Yes, the tech crowd is huge. So if it gains traction among the tech crowd, it will be a great success. Some of the tech companies have started experimenting with the blockchain. I even know a few people who are young entrepreneurs planning to starting bitcoin based ventures despite the rules and regulations, their lawyer say they would be under protection so its all good. I think bitcoin in India has crazy potential, once there is more knowledge and media coverage about it there, I think it'd be pretty fire Yes, India is a huge market for bitcoins and young tech savy crowd is already excited about bitcoins. On other hand there are some wrong information in the mind of the people regarding bitcoins that its a scam and RBI has already expressed that they will never regulate bitcoin in india. There is a need to spread the knowledge regarding bitcoins via mainstream media or via some celebrities. I agree that bitcoins has great future not only in india but also in entire world. |
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Tstar
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August 29, 2015, 08:46:43 PM |
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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
Oh really ,may i ask you whose alt account are you Sir  and plus just thinking that bitcoin has good future at someplace where there is more population is not just closeminded but also a time waste. India is a place for rich people only ,and nothing can change that until the people get out od their religious and superstitious bullshit. majority of the population in India dont even have a National ID ,until the new id launched back some years ago known as Aadhar ,which still hasent covered more than a quarter of the polulation . |
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faridkifly
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August 30, 2015, 12:43:07 AM |
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yeah i think so. but to be honest i hope bitcoin will have a great future in my country
because the rate is very low now in my country
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MinerHQ
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August 30, 2015, 12:56:00 AM |
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India have many people who works in software development industry surely many people should be knowing about bitcoin by now but may not be using it because bitcoin is still not accepted in any mainstream businesses.
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RealBitcoin
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August 30, 2015, 08:46:28 AM |
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I`m not familiar with indian legislation or regulations.
But India has already a big taste for gold, so they are into alternatives, plus they are pretty opportunistic and wealth loving which is good, so if they pursue it, i think bitcoin can have a big future in India.
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bryant.coleman
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August 30, 2015, 09:16:33 AM |
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The Indian authorities are famous for taking retarded and retrograde steps regarding new innovations. I still remember the incident which occurred in the late 1980s, when computers were first imported to India. The local communist party thugs destroyed all of those systems, claiming that computers will make ordinary Indians unemployed. And after two decades, these same thugs can't live without computers. |
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lahm-44
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August 30, 2015, 09:56:50 AM |
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yes I think bitcoin has a good future at india but I am still little bit confused about the corruption in india as it can still apoint the bitcoin system if it used for the corruption
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HarHarHar9965
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August 30, 2015, 11:33:34 AM |
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India might have one of the highest population figures in the world, but the majority of them are very poor. They have very skilled IT people and I know this, because I have worked with some of them.
Poverty in India has been addressed to decrease at a pace, and I don't think that majority of them are poor, that is such an immature thing to say man. I think 30-35% population might be poor. And I am defining poor as a person who has a very cheap house, no savings and probably no job and resources. There are millions of RICH FILTHY RICH Indians living in India and other places, trust me, India is not as poor as foreigners assume it to be. Attached a graph proving how it has reduced its position in the chart from other countries.  |
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