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Author Topic: Bitcoin in India? Not for a LOOOOONG time.  (Read 14199 times)
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May 19, 2017, 05:49:20 PM
 #281

I don't think India takes the market next to China. Compared to China India has got only very small user base as well very small service sectors for bitcoin. During the demonetization India gained a enormous growth of bitcoin users. So I believe from that a gradual growth in the adoption and acceptance around the country might have begun.

Well yes the growth in India has taken place and now more people are interested in India to know about btc and how it can be used. But now its upto govt and its authorities if they will legalize btc or make it a ban in India and this will make the future about btc in India. May be world is also now waiting and watching how does India react and make or break it.

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May 19, 2017, 05:54:02 PM
 #282

I thought bitcoin is well known in India? Because I read some articles that people are investing in bitcoin in India as safe haven because demonization is still not lifted by the government? And if we could just get even just 1% of the total population of India, bitcoin price will definitely will rise because the demand coming for the Indian market is huge. I guess we are not seeing the clearer picture in terms of bitcoin usage in that country.

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May 19, 2017, 06:10:45 PM
 #283

I thought bitcoin is well known in India? Because I read some articles that people are investing in bitcoin in India as safe haven because demonization is still not lifted by the government? And if we could just get even just 1% of the total population of India, bitcoin price will definitely will rise because the demand coming for the Indian market is huge. I guess we are not seeing the clearer picture in terms of bitcoin usage in that country.
Most of the people doesn't even know how to use online banking . Bitcoin is way too far for "whole population " of India . Yes Indian market will impact a lot on BTC but I think it should be promoted in India . Trading must be educated first because not all know about it .

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May 20, 2017, 03:47:31 AM
 #284

The government may not be supportive, but the people are taking to Bitcoin. In countries with high inflation like India, Bitcoin is a natural attraction. One of the exchanges in India - Zebpay, is adding ~2500 users every day.

http://profit.ndtv.com/news/market/article-bitcoin-users-growing-in-india-despite-rbi-concerns-1694857
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May 20, 2017, 03:52:57 AM
 #285

The government may not be supportive, but the people are taking to Bitcoin. In countries with high inflation like India, Bitcoin is a natural attraction. One of the exchanges in India - Zebpay, is adding ~2500 users every day.

http://profit.ndtv.com/news/market/article-bitcoin-users-growing-in-india-despite-rbi-concerns-1694857


Zebpay is not 100% legal. It has got some of the licenses, but some are lacking. So don't keep too many of your coins in the exchange, as it can be closed down at any moment. Until the government of India and the RBI recognizes BTC as a legal currency, you can't be sure about anything.

 
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May 20, 2017, 04:03:24 AM
 #286

The government may not be supportive, but the people are taking to Bitcoin. In countries with high inflation like India, Bitcoin is a natural attraction. One of the exchanges in India - Zebpay, is adding ~2500 users every day.

http://profit.ndtv.com/news/market/article-bitcoin-users-growing-in-india-despite-rbi-concerns-1694857


Zebpay is not 100% legal. It has got some of the licenses, but some are lacking. So don't keep too many of your coins in the exchange, as it can be closed down at any moment. Until the government of India and the RBI recognizes BTC as a legal currency, you can't be sure about anything.
All of the business based on crypto are always in the gray area. I don't think if they were included on the legal business. As long as there will be no a rule to prohibited the crypto business and I can say still safe to run a business based on the crypto currency.

 
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June 13, 2017, 11:01:37 AM
 #287

It seems to be a strange thing that china being dominant in bitcoin mining and its neighbour India have very less people who knows bitcoin.But things have started changing slowly.There is a discussion going on in government on how to regulate bitcoin.There has been a gradual increase in number of people using bitcoins in india.We could instantly change our bitcoins into cash using localbitcoins.com.

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June 14, 2017, 07:43:04 PM
Last edit: June 15, 2017, 05:28:47 PM by rickadone
 #288

Partially agreed with op, but there is another thing which we have to accept is, bitcoin is known and is being used by a select few who are mostly tech savvy. If you bounce on any common man in the most developed world who has nothing to do directly with technology, you will be in the same mathematics.

Some people misinterpret about India just because of India is the neighbor country of China. But adoption level of bitcoins between these two countries are in two different extremes.
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June 14, 2017, 08:23:24 PM
 #289

Partially agreed with op, but there is another thing which we have to accept is, bitcoin is known and is being used by a select few who are mostly tech savvy. If you bounce on any common man in the most developed world who has nothing to do directly with technology, you will be in the same mathematics.
The same with my area too, 99% of the people don't no anything about bitcoin. The few people that have hear about bitcoin are those that are familiar with internet which only form about seventy percent of our country populace. People that know about it compared it mmm or pozin scheme. India is a great nation and they adoption of bitcoin will be a boost to blackchain industry.
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June 14, 2017, 09:11:02 PM
 #290

Partially agreed with op, but there is another thing which we have to accept is, bitcoin is known and is being used by a select few who are mostly tech savvy. If you bounce on any common man in the most developed world who has nothing to do directly with technology, you will be in the same mathematics.
That is the fact,you cannot expect everyone to use bitcoin but there will be a special class of users,who are technology savvy who will be using bitcoin and use its platform as a mode of transactions and to save their assets and with a country like India which is known as a technology hub,it is a matter of time that we see more people using bitcoin.


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June 14, 2017, 09:19:32 PM
 #291

Wow that's weird. Indians are known to be techy, the IT support at my work office (large company >10000 people) are in fact indians. I have also seen ton of youtube tech videos made by indians, not many americans if you take an extra look, but it's the Americans who grow big.

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June 15, 2017, 02:04:03 PM
 #292

Partially agreed with op, but there is another thing which we have to accept is, bitcoin is known and is being used by a select few who are mostly tech savvy. If you bounce on any common man in the most developed world who has nothing to do directly with technology, you will be in the same mathematics.
The same with my area too, 99% of the people don't no anything about bitcoin. The few people that have hear about bitcoin are those that are familiar with internet which only form about seventy percent of our country populace. People that know about it compared it mmm or pozin scheme. India is a great nation and they adoption of bitcoin will be a boost to blackchain industry.

How so? India is a poor country and if they get to be known as a country that's using bitcoin, they can give a bad name to large investors because they would probably think that the coin is for poor people. But all these can result as a good thing as well. If bitcoin finally resolve scaling issues and the Indian people are able to do microtransactions, then that means smaller business can adopt to bitcoins as well.

Unfortunately, none of these are going to happen in the foreseeable future. SegWit will never be activated. UASF? I don't think that will be a success at all. When you take a look at the global scale of the game, no one cares about microtransactions, only people that are outpriced for bitcoin which are just a bunch of small players.

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June 15, 2017, 07:12:48 PM
 #293

They can still use bitcoin indirectly via alt coins.  The technology is still available just not that unique brand, I too also hope bitcoin refines their protocol to avoid elitism but even if they dont its not a reason why India is not going to use bitcoin.

The biggest factor is probably infrastructure, I dont know if Indian population has good telecommunications or not.  I presume they still require actual physical development in many parts for the general population to even be able to take an interest.
Then beyond that as a beginning bitcoin is just a hobby or past time, I dont anticipate them just immediately picking it up as part of business.   Its a venture that must propagate almost idly as education or simple experimentation.  We have already decided it has a use but that has to be recognised almost personally by India as a culture and likely its not close.

But as an end game I see BTC as more relevant to India then China.   India is far more a growing country, the reason I say that is demographics and the majority of the population is young.  This means a great pickup in use is possible where as China has a declining working population and a restricted amount of youth in comparison.  Obviously both are developing economies but India in theory at least has far more potential and would benefit more from btc

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