[2016-12-09] The Rise of Bitcoin in the Wake of Demonetization in India

[tyz]

The Rise of Bitcoin in the Wake of Demonetization in India

The buzz around Bitcoin has been growing stronger steadily over the past few years. Though, a vast majority in India is still unaware of the digital currency.  The government’s decision to demonetize Rs. 500 and Rs.1000 currency notes has catapulted Bitcoin into the foreground of people’s attention as they explore various cashless mechanisms in the face of currency ban in India.

http://www.newsbtc.com/2016/12/09/rise-bitcoin-wake-demonetization-india/

[1714668049]

1714668049

[1714668049]

1714668049

[1714668049]

1714668049

[1714668049]

1714668049

[cr1776]

The Rise of Bitcoin in the Wake of Demonetization in India

The buzz around Bitcoin has been growing stronger steadily over the past few years. Though, a vast majority in India is still unaware of the digital currency.  The government’s decision to demonetize Rs. 500 and Rs.1000 currency notes has catapulted Bitcoin into the foreground of people’s attention as they explore various cashless mechanisms in the face of currency ban in India.

http://www.newsbtc.com/2016/12/09/rise-bitcoin-wake-demonetization-india/

The sad thing is that the government of India trusts their citizens so little and wants to control them so much that they are banning what amounts bills that are $7-8 bill and $15.  It is sick that their morality thinks that they have the right to try to control this many people.  Perhaps the Brexit/Italy/Trump effect will hit India next.

[notthematrix]

In india they will simpeley start using BTC ,,, The gov was probably NOT aware of its existence.
or tought they could control it , and now realizing they released the beast out of the bag.
Gov in India are like in europe non tech people.
India has a lot of tech people that do understand btc , and you only need 1 per family to spread it like wild fire.
 

[just_Alice]

In india they will simpeley start using BTC ,,, The gov was probably NOT aware of its existence.
or tought they could control it , and now realizing they released the beast out of the bag.
Gov in India are like in europe non tech people.
India has a lot of tech people that do understand btc , and you only need 1 per family to spread it like wild fire.
 

I think almost all the governments in the world are "non tech people". All they can do is drinking alcohol and party with high class hookers. Oh, and rise taxes to have money on all that. Unfortunately the article isn't opening for me but from the title I think that's a good news for Bitcoin.

[harrymmmm]

The Rise of Bitcoin in the Wake of Demonetization in India

The buzz around Bitcoin has been growing stronger steadily over the past few years. Though, a vast majority in India is still unaware of the digital currency.  The government’s decision to demonetize Rs. 500 and Rs.1000 currency notes has catapulted Bitcoin into the foreground of people’s attention as they explore various cashless mechanisms in the face of currency ban in India.

http://www.newsbtc.com/2016/12/09/rise-bitcoin-wake-demonetization-india/

The sad thing is that the government of India trusts their citizens so little and wants to control them so much that they are banning what amounts bills that are $7-8 bill and $15.  It is sick that their morality thinks that they have the right to try to control this many people.  Perhaps the Brexit/Italy/Trump effect will hit India next.

I gotta agree.
A global revolution is at hand.
People know they want a change, but don't know how to achieve it.
They don't trust the (publicly stated) opinions of experts/leaders any more.

That said, I think Indians are more brainwashed and risk-averse than americans. It would be a big job to overthrow the establishment there ... but this is a real tidal wave already. If it gets bigger, anything can happen.

[notthematrix]

https://www.youtube.com/watch?v=Bu5Mtvy97-4&t=0s

This youtube lecture explains whats going on in India in a clear not hard to understand manner.
 

[Kprawn]

This is causing a chain affect, because some other countries are starting to do the same. A recent example is Venezuela, where they are doing

this to take on the Mafia --> http://www.bbc.com/news/world-latin-america-38284485 .... People are gradually losing faith in bigger fiat

denominations, because it's mostly used in illegal activities. { Strange... I thought Bitcoin was the only currency being used for crime } 

[affordableweb]

Bitcoin is only the solution in India if the miners fees remain low

[cr1776]

This is causing a chain affect, because some other countries are starting to do the same. A recent example is Venezuela, where they are doing

this to take on the Mafia --> http://www.bbc.com/news/world-latin-america-38284485 .... People are gradually losing faith in bigger fiat

denominations, because it's mostly used in illegal activities. { Strange... I thought Bitcoin was the only currency being used for crime }  

I love how India considers "bigger fiat" to be $7.

Venezuela is worse: "In a surprise announcement, Mr Maduro said on Sunday that the 100-bolivar note, worth about 2 US cents (£0.015) on the black market, would be taken out of circulation on Wednesday".  So the only bills left would be worth a penny or less! 😀

They can't just man up and admit they really don't like freedom to spend how you see fit to and want to control you completely.

'He said the aim of these "forces" was "to destabilise out economy and our society, to leave the country without 100-bolivar notes".'

No one needs to destabilize the economy, the socialists have taken care of that themselves.