Bitcoin in India? Not for a LOOOOONG time.

[BTCBinary]

India is the worlds biggest democracy. There are a lot of cryptocurrency companies in india,
So I'm positive about the future of digital currencies in the country.

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[aakashsangwan]

Indian government will not allow bitcoins for so easily to use reason is simple they can't track the transactions and and also can't collect the taxes for these transactions. This was the reason even paypal is exit the India. Paypal didn't agree to pay the taxes for transactions so Indian government didn't allow them to operate in India. It looks like in near future may not happen any things but if bitcoins gain more popularity around the world than they may consider.

The current governor of the Reserve Bank of India (Raghuram Rajan) was the mastermind behind driving Paypal out of India. The Indian tax authorities are insane. They are going after middle-class and lower-middle class people, while allowing the high net worth individuals to engage in tax evasions. They have forcibly closed down many of the local bitcoin exchanges. Bitcoin-based businesses are not allowed to open bank accounts. The red tape and bureaucracy is just unbearable. Horrible country, horrible people.

I think it will happen fast. The world is becoming more digital and that is quite good. I hope that it will be more popular also.
And that more countries is going to use it. But you never know about the value. It is hard to predict.

I totally agree that till the politician are their bitcoin technology to india is very hard in every technology they want their profit, and in bitcoin they cannot control it and tax problem. Their are users of Bitcoin and you can see the so many traders are their in localbitcoin site who are mostly from india . So their are peoples who have knowledge and knew the potential of bitcoin. It will take time but we will see India also emerging in Bitcoin Technology very soon.

[Pattart]

India is including a large country with a very high population. we need to spread the bitcoin in india. This is very important. for accelarate adoption

[Invulner]

Yes, because India has so many people to educate! Also, they have no need for BTC, unlike Chinese citizens which commonly use it to cashout their CNY.

India might have the same amount of people that know about Bitcoins compared to the USA, but the percentage might be only 1%-2% of the population.

[pneumatic5]

India is including a large country with a very high population. we need to spread the bitcoin in india. This is very important. for accelarate adoption

Yeah, and even the small proportion of population adopts bitcoin then it can create a huge difference in overall users of bitcoin as the population is high it will add more value to the bitcoins.

[mrhelpful]

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We are back from a long trip to India and Nepal.  If wanted I can share pics with those interested.

I see that "not much" that I can see has happened in "Bitcoinistan" since I left.

I will mention that NO ONE has heard of Bitcoin save ONE person in our tour group (18 of us total). 

Bitcoin may be BIG in China, but not in India (certainly not Nepal, now under a fuel embargo by India -- complicated).

India IS progressing faster than I woulod have guessed, they have seen the light re infrastructure (and other things to advance, you know, things like economic freedom, etc.) and of course a relatively tranquil democracy.  But, BTC ain't ready for primetime there.  Pity.

I play xbox live with a huge group of gamers mostly from America and not one of them had heard of bitcoin either got two of them hooked now after a long time explaining.

So this pretty much sums up everything that reinforces op`s statement.

If its not being aware in our own country like u.s then it will be less likely in another country. Esp when we have more u.s venture bitcoin start ups esp in the u.s it still has to penetrate here 1st.

most of the twitch audience heard of it, but wont go any deeper then the mt.gox incident pricing or being a scam.

[panju1]

India is including a large country with a very high population. we need to spread the bitcoin in india. This is very important. for accelarate adoption

High population, but significantly poor.
They might bring in the numbers, but not necessarily the dollars/ruppees.

[romero121]

Its because people in India don't believe in technology much rather than the human physical work. Now it seems more users are coming into it and started earning through bitcoin. But high profile traders are found in India than other countries.

[jokerrj]

I have a friend in India who is working with top IT company, but when I asked him about bitcoin, he was totally blank and that gave me idea that it will take long time for India to adopt bitcoins.

[Indianacoin]

Actually the present scenario is that most Indians do not prefer to adopt virtual currencies where liquidity is the main reason behind its support.

I am from India and I have seen very few of my peers showed interest when I tried to explain them bout it in details.
They just call it "magic internet money" and start mocking me.

A few of them starts going deeper and when they hear about the recent controversies about bitcoin they tend to avoid the topic and start hoping for everything to settle down before reaching out again.

Overall, I guess the present generation is too ignorant about it. Lets wait and see what happens to the newer gen.

[kartaggen]

I am from India, and I don't see any major development in my country when it comes to bitcoins, people are just busy in using fiat and credit cards, and if we tell them about bitcoins, they just start laughing and say that these type of currency will not survive in future 

[aardvark15]

My guess is that most people where I am (rural America) either haven't heard of bitcoin or have heard of it but don't really know what it is.  It's probably the same all over the world.

[kacak41]

My guess is that most people where I am (rural America) either haven't heard of bitcoin or have heard of it but don't really know what it is.  It's probably the same all over the world.

That's true we are facing same problem everywhere, in my country people have heard about bitcoins but haven't used it, as they are not getting any guidance from the people who are using it, and we know that getting into bitcoins needs initial guidance and give proper knowledge related to bitcoins.

[partysaurus]

I have a friend in India who is working with top IT company, but when I asked him about bitcoin, he was totally blank and that gave me idea that it will take long time for India to adopt bitcoins.

top it company and dont know about bitcoins? how is that even possible. india top it companys are a joke confirmed

[doctor877]

I think not many are aware about bitcoins, and even if they are aware they will never tell people around them that they are earning with bitcoins, and its a human nature, on one side we want user adoption and on the other side we don't want that people should start earning in bitcoins  as we are earning it 

[KiwiParty]

India is including a large country with a very high population. we need to spread the bitcoin in india. This is very important. for accelarate adoption

Yeah, and even the small proportion of population adopts bitcoin then it can create a huge difference in overall users of bitcoin as the population is high it will add more value to the bitcoins.

Just that a lot of people are going to use BTC, won't increase its value automatically.
On a pragmatic viewpoint yes, but not in terms of market capitalization.
Here is were the second markets kick in. All stuff related to BTC, but not BTC itself.
Sites, which host exchange and wallet services, mining sites, mining equipment, just everything.
And I doubt India in its current view of cryptocurrency is going to add substantially to it.
People in India might not make the most smart impression on us western citizens,
but they know how to earn money, if its possible.

[romero121]

India is the worlds biggest democracy. There are a lot of cryptocurrency companies in india,
So I'm positive about the future of digital currencies in the country.

Though India is world's biggest democracy, with various cryptocurrencies the adoption of Bitcoin is very low. The reason I found is most companies initially grow and in a short time everything gets shut down with loss to the people.

[faridkifly]

maybe soon they will know bitcoin.
in fact that was not a matter of race. but it is the person, if they want to open their eyes of virtual currency they will know as soon as possible

[justspare]

India is not really good with the technology side of the world. They are better for their factories and industrial stuff.

[TPTB_need_war]

Smart phone penetration is 20% already in India and 2nd largest smart phone market in the world:

http://qz.com/608005/india-has-overtaken-the-us-to-become-the-worlds-second-largest-smartphone-market/

I will penetrate India with crypto currency. They key is giving them a reason to use it on their smart phones. It has to relate to what they want to use their smart phones for.

It won't be a "LOOOOONG time". The shift will be quite rapid once it begins.

Who cares about Bitcoin, it is dying.