Do you think Bitcoins has a great future in India?

[bryant.coleman]

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.

In India, just around 25,000,000 people pay their income tax (that is around 2% of the population). And remember that everyone earning more than $4,000 per year has to pay income tax to the government. This means that 98% of the population is earning less than $4,000 per year, or around $330 per month. That said, 25 million is a good number.

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[HarHarHar9965]

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.

In India, just around 25,000,000 people pay their income tax (that is around 2% of the population). And remember that everyone earning more than $4,000 per year has to pay income tax to the government. This means that 98% of the population is earning less than $4,000 per year, or around $330 per month. That said, 25 million is a good number.

yes, you are right, I remember India's finance minister talking about how only 2-3% people pay tax, around 36 million people, and that is pretty much understandable why conditions are still not so good at rural places in India, because India is a big, big, big country when it comes to people, not land   A population of 1.25 billion people, that's like 1/6th population of the world is living in India :/

[bryant.coleman]

Yes, you are right, I remember India's finance minister talking about how only 2-3% people pay tax, around 36 million people, and that is pretty much understandable why conditions are still not so good at rural places in India, because India is a big, big, big country when it comes to people, not land   A population of 1.25 billion people, that's like 1/6th population of the world is living in India :/

I am a regular visitor to India. I am part ethnic Indian (25%). I have family ties, as well as business interests in India. Two most important things I have noticed about India:

1. There is a huge discrepancy between the rich states (such as Kerala, Goa, and Himachal Pradesh), and the poor states (such as Bihar and Orrissa).

2. There is a huge informal sector. This is very evident in real estate, manufacturing.etc.

Bitcoin can have a huge effect on the informal sector, if utilized properly.

[RocketSingh]

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.

Half of the population of India can not sign their name and you expect them to support bitcoin. Good luck to day dreaming.

[HarHarHar9965]

Bitcoin can have a huge effect on the informal sector, if utilized properly.

yes, it could benefit India vastly, because there are so many trades taking place in the infromal sector, where there is no government moderating transactions. Street markets and other products which are not taxed or governed by a designated authority could benefit largely, unfortunately literacy is a major problem which needs to be overcome in order to achieve such a trance of economy.

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.

Half of the population of India can not sign their name and you expect them to support bitcoin. Good luck to day dreaming.

BURNNNNNN  

[bryant.coleman]

Half of the population of India can not sign their name and you expect them to support bitcoin. Good luck to day dreaming.

India is having a total population of 1,300 million (and growing at a rate of 2% per year). The number of IT professionals in India is more than the total population of Ireland or Denmark. So it doesn't matter whether a large proportion of the Indians are illiterate or not. There are enough tech savvy people in that country, to take the Bitcoin adaption to a higher level.

[HarHarHar9965]

Half of the population of India can not sign their name and you expect them to support bitcoin. Good luck to day dreaming.

India is having a total population of 1,300 million (and growing at a rate of 2% per year). The number of IT professionals in India is more than the total population of Ireland or Denmark. So it doesn't matter whether a large proportion of the Indians are illiterate or not. There are enough tech savvy people in that country, to take the Bitcoin adaption to a higher level.

even entrepreneurial growth in India has been increasing and their involvement with cryptocurrency can boost positive results for bitcoin as a currency, disregarding about the rules, regulations, etc in India from RBI about bitcoin. I think that India has developed a lot in human resources as well. Good to see people choose diverse careers rather than just doctorship or engineering, a common case in India I believe, yes?

[HeroCat]

No, because there are not so many computer users in India. India is very poor country, and in foreseen future I do not see any possible changes in India 

[RealBitcoin]

No, because there are not so many computer users in India. India is very poor country, and in foreseen future I do not see any possible changes in India 

You dont need PC, you need only a phone, which obviously guys have. Even africans have phones.

Basically put a bitcoin wallet on a smart phone, (internet via mobile internet , since i doubt some poor villages have cable internet).

Problem resolved. I see many hackers and programmers from india, so they must have to know how to use PC obviously.

[techgeek]

No, because there are not so many computer users in India. India is very poor country, and in foreseen future I do not see any possible changes in India 

You dont need PC, you need only a phone, which obviously guys have. Even africans have phones.

Basically put a bitcoin wallet on a smart phone, (internet via mobile internet , since i doubt some poor villages have cable internet).

Problem resolved. I see many hackers and programmers from india, so they must have to know how to use PC obviously.

Most people dont see it as a mobile play thats why I guess.

But I feel india already has a huge poential based on what you pointed out with "phones" itself being the PC.

[Rude Boy]

As an indian, i can say the reason for peoples why doesn't use bitcoin is they didn't have enoug awareness about bitcoins and they resist to change INR (fiat) to BTC. And also lack of technical skills (you can take a survey). Most of the peoples were educated, Just educated. Not technically, but by theories.

[rubberbandloser]

With the way free trade is moving,  I believe more jobs will going to where the labor is cheapest.  I believe there is potential for bitcoin in India,  But it is gonna be at least another 10 years.

[bitcoinmasterlord]

No, because there are not so many computer users in India. India is very poor country, and in foreseen future I do not see any possible changes in India 

I think your wrong most of the indian educated people are technical graduates only not exposed to bitcoins. There are over 1.5 Million engineering pass outs in India every year but they do not have an idea of bitcoin use. As of now bitcoin market itself not matured and is limited to less the 4 billion dollar market. So lets think on how to grow first in developed countries instead India. I don't think even 10% population are using bitcoins in USA and other developed countries.

[bf4btc]

Bitcoin has a great future everywhere, India is also a big place where are you getting your stats from that says there are less users there than in other countries? Please don't tell me because you visited a few places and less than 0.000001% you see didn't know about Bitcoin.

You are right thinking if half the population is positive about it becoming very successful indeed, less than that will do the job. In good time many countries around the world will know about Bitcoin, we need to be patient and help it along its way.

[MinerHQ]

No, because there are not so many computer users in India. India is very poor country, and in foreseen future I do not see any possible changes in India  

I think your wrong most of the indian educated people are technical graduates only not exposed to bitcoins. There are over 1.5 Million engineering pass outs in India every year but they do not have an idea of bitcoin use. As of now bitcoin market itself not matured and is limited to less the 4 billion dollar market. So lets think on how to grow first in developed countries instead India. I don't think even 10% population are using bitcoins in USA and other developed countries.

It is true, if all educated people in India wants to buy bitcoins then it will be bitcoin shortage in market    Where to go then?

[btccashacc]

IM sure bitcoin will be great to be biggest online payment at world also at india

[qiwoman2]

There is a lot of poverty in India and lack of resources for a huge part of the population but as India is emerging as the most populated nation on earth, surpassing China, if there is a collective hoard of people beginning to adopt it then it could take hold and benefit especially a lot of areas where there are no banking facilities. Even in a village you could get one computer in every village and every villager can access his bitcoin account from that one computer..You don't need huge resources for people to have their own wallet..It may be a cheaper way for people to use and access money having one computer in every village or all the villagers each having a smartphone given to them, maybe can generate wealth for many many who have nothing or no access to banking. I think it could be a game changer in India if they see it in this light.

[worhiper_-_]

For it to have future there there'd need someone to provide products competitive to what people in other countries have access to. If you read the news today, a startup dedicated to providing financial services to unbanked dropped bitcoin from their services because of the high cost trading bitcoin in Aftica would require.

[HarHarHar9965]

No, because there are not so many computer users in India. India is very poor country, and in foreseen future I do not see any possible changes in India  

I think your wrong most of the indian educated people are technical graduates only not exposed to bitcoins. There are over 1.5 Million engineering pass outs in India every year but they do not have an idea of bitcoin use. As of now bitcoin market itself not matured and is limited to less the 4 billion dollar market. So lets think on how to grow first in developed countries instead India. I don't think even 10% population are using bitcoins in USA and other developed countries.

It is true, if all educated people in India wants to buy bitcoins then it will be bitcoin shortage in market    Where to go then?

The literacy rates in India too have been growing tremendously anually. I think that even if the English speaking class displays interest in bitcoin, it could really be a nice opportunity for bitcoin to shine. 10% of India speaks the English language fluently, leaving a market of more than 125 million people. In fact, India’s population is more than the combined population of US, Russia, Canada, Mexico, Brazil, Argentina, South Africa, Japan, UK, Germany, Australia, Italy, Spain and New Zealand!

[botany]

The literacy rates in India too have been growing tremendously anually. I think that even if the English speaking class displays interest in bitcoin, it could really be a nice opportunity for bitcoin to shine. 10% of India speaks the English language fluently, leaving a market of more than 125 million people. In fact, India’s population is more than the combined population of US, Russia, Canada, Mexico, Brazil, Argentina, South Africa, Japan, UK, Germany, Australia, Italy, Spain and New Zealand!

Corruption too is high in India.
If a small portion of bribe payments were routed through bitcoins, the price would receive a massive boost.