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Author Topic: Bitcoin in India: Drivers and Barriers to Adoption  (Read 1370 times)
spndr7
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September 03, 2013, 08:36:57 PM
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Analysis of India's current financial situation and scope of bitcoin.

http://thegenesisblock.com/bitcoin-in-india-drivers-and-barriers-to-adoption/

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BTCIndia
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November 19, 2013, 04:12:45 PM
 #2

Barrier:

1. Ignorance
2. Lack of courage to take part in new experiment.
3. Indians do what other do. So, Indians will start when Indian start. (Paradox)
4. Neither we like virtual currencies nor we've experience with virtual curriencies.
5. Transaction are pain in ass in India.
6. Majority of people don't have credit/debit card.
7. They don't understand Bitcoin not have "spirit of inquiry."
8. RBI would never take Bitcoin seriously.

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
subvolatil
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November 19, 2013, 05:11:45 PM
 #3

Barrier:

1. Ignorance
2. Lack of courage to take part in new experiment.
3. Indians do what other do. So, Indians will start when Indian start. (Paradox)
4. Neither we like virtual currencies nor we've experience with virtual currencies.
5. Transaction are pain in ass in India.
6. Majority of people don't have credit/debit card.
7. They don't understand Bitcoin not have "spirit of inquiry."
8. RBI would never take Bitcoin seriously.


A  very  interesting  list. 

I  would  add 

-  India  does not  have a good  open source software culture. (most  indians  look down on  opensource software, that includes  a  vast  majority of  people in the  IT  industry)
- Trust  problem.  What i  mean  by that  is  that there is  an  inherent  issue  when  trying  to  collaborate  in  projects  for  the  love  of  it . only  driven  by  the motive  to  earn money.
- The  British Raj mentality. i.e -  will  wait  until  authority   will tell  them  it is  ok  to  do it. hence  give rise  to  License Raj
- Corrupt  government departments. -  which   create  a  fear in people  starting  businesses  that  corrupt   governmental  official  would   raid  them  on  false  pretex and  create  problems.
- Extremely  hard to  start a   Incorporated Company (ltd). usually  taking  any thing  from a  month  to  6  months  to   get  all the paperwork  finished.





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November 20, 2013, 03:11:07 PM
 #4

I'll add these:

- Lack of a libertarian world view (the government is considered corrupt but not THE BIG BOSS)
- Lack of individuality - do what society tells you to. Imagine if you had Rs. 6.5 crores in your bank. You are a USD MILLIONAIRE! But, what if you had the equal or even 10 times the amount of BTC ? No girl will want to marry you Tongue
- Risk aversion - evident from several million SBI customers in India - I have had to deal with SBI on multiple occasions (parents bank there..) it's a total nightmare. Yes, they have improved over the past 10 years but still..


Bitcoin adoption will SKYROCKET in India if there was a way to move black money into BTC. I guess politicians *could* theoretically move their swiss bank money into BTC. That would definitely give it a push in India.

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November 20, 2013, 04:10:14 PM
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- Extremely  hard to  start a   Incorporated Company (ltd). usually  taking  any thing  from a  month  to  6  months  to   get  all the paperwork  finished.


[/quote]

Subvolatil, I doubt your claim. Today, they sanctioned CoinMonk's license-B87631354 after a long internal discussion and will sure sanction future application in shorter time compared to his. 

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
subvolatil
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November 20, 2013, 06:26:42 PM
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- Extremely  hard to  start a   Incorporated Company (ltd). usually  taking  any thing  from a  month  to  6  months  to   get  all the paperwork  finished.



Subvolatil, I doubt your claim. Today, they sanctioned CoinMonk's license-B87631354 after a long internal discussion and will sure sanction future application in shorter time compared to his. 

[/quote]

I  have no idea  what  you are  talking  about  as i am  not  Familiar  with  CoinMonk, But  i  am  Familiar  with is   starting a  few   business and  the  bureaucracy  i  have  faced  in   doing  this. 

May  you are  one  of  those  privileged ones  who  use  the   Red tap and  nepotism to expedite the  process. 
Benson Samuel
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November 21, 2013, 05:13:41 PM
 #7




- Extremely  hard to  start a   Incorporated Company (ltd). usually  taking  any thing  from a  month  to  6  months  to   get  all the paperwork  finished.

Subvolatil, I doubt your claim. Today, they sanctioned CoinMonk's license-B87631354 after a long internal discussion and will sure sanction future application in shorter time compared to his.  


Nice!! Congrats!

What kind of licence? Is it something specific to Bitcoin?

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