BITCOIN DEMAND EXPLODE IN INDIA

[elite3000]

So the whole China will make bitcoin great again mirage is gone let's search for another El Dorado.
India...

Yeah 500 000 downloads. The number doesn't mean shift.
Let's see the number of users.
And after the number of users let's see the numbers of poeple buying.
And .. yeah it's getting funny after all this let's see how much in terms of BTC they have bought.

You can have 100 000 buyers but if they all come to 5$ in their pocket, I would prefer 10 guys with 1 million to spare.

Show me the trading volume, not inflated stories.
We know hoe the Chinese volume and usage was faked for years.

I'm not going to stay and listen to the same story about every damn country on this planet.

[1]:http://www.indiabitcoin.com/bitcoin-for-education-indian-mountain-school-accepts-bitcoin-donations-cointelegraph/

Story from FEB 04, 2015

Old story, uh?

How are things going today?

I think lots happened since them with new regulations being proposed and all the stuff?

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[Kprawn]

Wow, when last did you hear a company saying.... STOP STOP, our systems cannot handle the traffic to our site and we have to apply limits to

slow down the sales, because we running out of stock.  We are not going to allow international trades, so you just have to buy what we can

supply.  ....Oh well, let's appreciate the fact that they are allowing this to happen in India now. 

[zedsacs]

Wow 500,000 new regular users is such a blast! I mean, with that demand, the price also would explode, because if the demand is high, the price would rise too. And it's good to see that at least there are more and more people trying to explore thr world of bitcoin. Such a good news tho.

[Kemarit]

This is just a small percentage and not making a dent of the huge population on India. Plus I believed that a lot of our Indian brothers are already into bitcoin and this news is nothing really new. And there are still a civil war regarding the legality of bitcoin usage in their, Indian's parliament is against bitcoin, because they believed is in used in Ponzi and a lot of illegal ways. So we still have to wait what will be the decision is before we can really say that bitcoin will really "explode" in India.

[bitbunnny]

India was always good field for Bitcoins, let's say so, and there are always been many people interested in Bitcoins so this is actualy nothing new. And I beleive similar situation is in many big and poor countries because people often see Bitcoin as way out from poverty although we have witnessed many users from India involved in scam scheems.

[itsallpc]

We could see that already indians are late to bitcoin world when compared to chinese.China being dominant in bitcoin mining and india,neighbour country of china has almost 95% of whole population who don't even know about bitcoin.But now day to day progress in india is good to see and definitely it would help for the bitcoin progress.So,we could surely expect another spike in prices soon.

[Baofeng]

We could see that already indians are late to bitcoin world when compared to chinese.China being dominant in bitcoin mining and india,neighbour country of china has almost 95% of whole population who don't even know about bitcoin.But now day to day progress in india is good to see and definitely it would help for the bitcoin progress.So,we could surely expect another spike in prices soon.

I don't think that India is late with regards to bitcoin involvement. I think the problems lies with their government having a crackdown on bitcoin user there. Remember, India has demonetized because they want to clean their money system. So I believed that a lot of Indians has turned to bitcoin to store their money. Its that how the government has been acting against the used of bitcoin in their country.

[maku]

India will soon have even more impact on bitcoin economy - Reserve Bank of India and Ministry of Finance is 'Watching and learning about the development of Bitcoin".
Next year bitcoin might be fully legalized asset in India as it is 2nd most populated country in the world - it will open huge market for bitcoin.


More info: https://news.bitcoin.com/indias-government-may-be-preparing-to-legalize-and-regulate-bitcoin/

[Vishnu.Reang]

The shadow (grey) economy is huge in India, and here Bitcoin can become quite useful. Even during the recent demonetization exercise, a lot of people were showing interest in Bitcoin and the other crypto-currencies. And now with the tax authorities cracking down on real estate and bullion sectors, people are running out of options to store their unaccounted money. Bitcoin is one of the few remaining options.

[Junko]

Hey, every country has to start somewhere. I'd say this is a pretty decent start. If bitcoin can flourish, I'm highly optimistic about the prospects given India's population.

[streazight]

Wow, when last did you hear a company saying.... STOP STOP, our systems cannot handle the traffic to our site and we have to apply limits to

slow down the sales, because we running out of stock.  We are not going to allow international trades, so you just have to buy what we can

supply.  ....Oh well, let's appreciate the fact that they are allowing this to happen in India now. 

Yeah this is good and we must appreciate it that in India the Bitcoin is doing well. The demand of the Bitcoin in India is increasing and the basic reason for this growing demand is that the Information Technology in India is on its boom. Also sooner or later but the Indian government is thinking upon to legalize the Bitcoin in India and for this reason they have started working on it as well.

[BattalgiaTR]

India is a potentially huge market for bitcoins, considering the population as well as the technical orientation and mentality allot of Indians have, it can be a very good place for BTC, even the issue with the government can probably be solved since BTC is much more open and decentralized than PayPal, even a ban won't work.

[Yuuto]

India is a potentially huge market for bitcoins, considering the population as well as the technical orientation and mentality allot of Indians have, it can be a very good place for BTC, even the issue with the government can probably be solved since BTC is much more open and decentralized than PayPal, even a ban won't work.

India is already a huge market for bitcoin. However the actual percentage of people that actually uses bitcoin compared to the entire population is absolutely miniscule and can be ignored.

Just like China India is a big market because the population is big and there is a lot internet marketers. There is a lot of people that is using bitcoin to avoid capital redtrictions and not a lot of people actually use bitcoin to trade for physical goods etc.

Hopefully this can be changed though.

[franklin9]

The issue with India is the government, they did ban even PayPal from allowing in and out transactions, so now, after the grow interested and understand bitcoin, the possibility of making it illegal exist as they wouldn't be able to ban in/out transactions like PayPal with bitcoin having no central authority.

[kabit9]

this thread is like throwing darts backwards in the dark and hoping to hit a bullseye.

sudden spurt of interest in bitcoin in india was due to demonetization of cash notes. alot of india's economy operates on cash (undeclared & untaxed) income. all these business, corrupt politicians, real estate moguls, industrialists, corrupt policemen, etc who were hoarding cash (in the form of Rs 500 and Rs 1000 banknotes - the highest denomination at the time), got a big jolt in Nov 2016 when the Govt declared Rs. 500 and Rs. 1000 bank notes as illegal. Citizens of India had 45 days to exchange their old notes for new currency through their banks with restrictions imposed. Corrupt bank managers were ofcourse changing old notes for new at a premium, and several were caught. In the midst of this nation wide crisis of where to store money, Bitcoin appeared as an option.

I think i have summed it up quite well there

generally, bitcoin is still far from being adopted by even the 'early adopters', in India. interest is growing daily though..

http://timesofindia.indiatimes.com/trend-tracking/startups-banking-on-bitcoins/articleshow/59083430.cms

http://www.dnaindia.com/money/interview-our-bitcoin-turnover-is-over-rs-500-crore-sandeep-goenka-2286435

[moooonu]

Indeed Zebpay has grown alot quicker than we ever thought of. It is offering more higher prices as than LBC to its users and also the app made it very simple to manage it conveniently.

[Juggy777]

As far as I heard from my India friends, Bitcoin is grossly over hyped out there, one reason was the November 8th event and the government has decided to take a call on this very soon. So for Indians holding coins in exchanges I would suggest you to move out your coins to wallets that give you a private key, that way you shall be safe. Also Bitcoin has been playing very speculative out there which I feel is not all healthy for the growth of Bitcoins and it's users

[krishnapramod]

As far as I heard from my India friends, Bitcoin is grossly over hyped out there, one reason was the November 8th event and the government has decided to take a call on this very soon. So for Indians holding coins in exchanges I would suggest you to move out your coins to wallets that give you a private key, that way you shall be safe. Also Bitcoin has been playing very speculative out there which I feel is not all healthy for the growth of Bitcoins and it's users

Bitcoin demand was there in India since 2013, around this time RBI took a stand against it, but the note ban just increased the demand. The way government is handling things, it looks like they are going to go too hard on regulation. About a week ago bitcoin was dissed as a currency used for money laundering and illegal activites by a couple of ministers in the parliament with the statement that the regulation process would go hand in hand with cracking down illegal activites involving ponzi/pyramid schemes. Based on all these a report would be submitted by the end of July and then the government would decide if bitcoin needs to be regulated or not. The whole process would take at least more than a year.

Most Indian bitcoin users are just in for the speculation. Even with a 30% premium, Zebpay was breaking all volumes. Unocoin has partnered with a handful of merchants, but there are no major stores accepting bitcoins in India.

[naidray]

India was always good field for Bitcoins, let's say so, and there are always been many people interested in Bitcoins so this is actualy nothing new. And I beleive similar situation is in many big and poor countries because people often see Bitcoin as way out from poverty although we have witnessed many users from India involved in scam scheems.

Yes there are some valid reasons for the Indian people that made the situation more favourable in India as compare to any other country.

If we look at the Indian population we will find extreme rich and extremely poor people in India. For the rich people the Bitcoin is an opportunity for to increase their net wealth and for the poor it is an opportunity to come over and with the earnings from the BTC they can live their lives in a bit ease.

[SingAlong]

India was always good field for Bitcoins, let's say so, and there are always been many people interested in Bitcoins so this is actualy nothing new. And I beleive similar situation is in many big and poor countries because people often see Bitcoin as way out from poverty although we have witnessed many users from India involved in scam scheems.

Yes there are some valid reasons for the Indian people that made the situation more favourable in India as compare to any other country.

If we look at the Indian population we will find extreme rich and extremely poor people in India. For the rich people the Bitcoin is an opportunity for to increase their net wealth and for the poor it is an opportunity to come over and with the earnings from the BTC they can live their lives in a bit ease.

It is true that it can help people who are not well-of but not to those extremely poor actually like very poor to afford to buy a gadget or somewhat and internet to enable them to use and earn thru Bitcoin. Still it doesn't change the fact that by Bitcoin we can promote a financial stability and stand as a way to earn an extra income since it is convenient and will not take a huge effort and time that will affect their work in real life.