Bitcoin in India: Drivers and Barriers to Adoption

[laserwolf]

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

[luckyindia]

Thats a fantastic write-up on Bitcoin status in India. The deciding factor to decide what is legal and illegal is THE PURPOSE and whom a particular programme or project serves. I am listing a few areas where BTC may be adopted
   1) Chits funds are places of scam. But there are thousands of successful unregistered operators and lakhs of participants (who are denied funding by banks)  who get their funding for personal needs repayable monthly.
These honest successful chit fund operators with proven track record may be motivated to run weekly chits through bitcoin.
   2) All major BTC forum LACK INFORMATION about the SECURITY aspect of BTC.It must be defined in a common mans language.Who creates the digital wallet? what is private key? who has access to it? what is the legitimate process of coin transfer? If BTC is so secure why are so many scams taking place ? How Miners and progammers control the price ?
    3)  Inter-school and college quiz ,essay and debate contest on BITCOIN will help in promoting BTC.AWARENESS.

[Eternity]

Thanks for the info mate

[xxjs]

Excellent article.

One comment about gold adoption in India and the effect on the trade balance: If you regard gold as a normal commodity, it strains the trade balance, and this is obviously the view of the Indian government. If you, however, regard gold as money or potential money, the effect is the opposite. The trade balance picture would then be different. So long as this is not the case, the situation is capital drought in India.