India = massive potential

[gsingh]

This could be a next big thing for Bitcoin if we can push to spread the awareness.

India is a huge market with massive potential!

http://www.forbes.com/sites/timworstall/2013/12/04/india-could-be-the-next-booming-market-for-bitcoin/

[cbeast]

You would think that someone in India would have started an exchange by now. Go figure.

[LiteCoinGuy]

yes indeed. i think there is massive potential in india. new exchanges are opening:


First india Litecoin exchange without fees in Litecoin-trading

https://buysellbitco.in/

[keystroke]

I am visiting India for 6 months - just got here a month ago - I agree India and bitcoin will go well together. Would be nice to get a business going here but I hear the laws are very difficult.

The problem is selling bitcoins - why would I want rupees? Other than living expenses...

[PenAndPaper]

I think people think india as China2.0 in terms of the next bitcoin boom. Apart from the huge population i don't think there are other similar characteristics justifying the comparison.

[bryant.coleman]

I seriously doubt that. Paypal had serious problems with the Reserve Bank of India. They even thought of pulling out from that country all together. However, after lengthy discussions they decided to stay. But Indian Paypal users face a lot of additional restrictions and limits. If something like this can happen to Paypal, which is legal in almost all the world nations, how can we be optimistic about the legal status of BTC in India?

[PenAndPaper]

I seriously doubt that. Paypal had serious problems with the Reserve Bank of India. They even thought of pulling out from that country all together. However, after lengthy discussions they decided to stay. But Indian Paypal users face a lot of additional restrictions and limits. If something like this can happen to Paypal, which is legal in almost all the world nations, how can we be optimistic about the legal status of BTC in India?

The irony on that is that you can trade bitcoins with paypal in india without having to worry about chargebacks 

[zimmah]

yes indeed. i think there is massive potential in india. new exchanges are opening:


First india Litecoin exchange without fees in Litecoin-trading

https://buysellbitco.in/

The system is quite simple. Purchase bitcoins inside India for rupees, place them on a USB stick, board plane to wherever and then sell the bitcoins for whatever the local cash of your choice is. We can tell that this has been happening in China because the local price of bitcoins is higher than the international price. There must therefore be a high demand inside the country.

just another reason we need 'plastic bitcoin' before the masses will embrace it as a currency.

[Serge]

I seriously doubt that. Paypal had serious problems with the Reserve Bank of India. They even thought of pulling out from that country all together. However, after lengthy discussions they decided to stay. But Indian Paypal users face a lot of additional restrictions and limits. If something like this can happen to Paypal, which is legal in almost all the world nations, how can we be optimistic about the legal status of BTC in India?

in mid december there will be government hearing on digital currencies and bitcoin in particular, something like we just recently had here in the us. source: read somewhere in news during us senate hearing in november.

[moni3z]

I looked into an Indian exchange and it's biz suicide because of all the regulations. P2P does well but exposing any business to the Indian gov is crazy I imagine they would raid it every chance they got

[goxed]

Whole of south-east Asia, Latin America, Africa, Russia, can be potential markets.

[GigaCoin]

There are already a couple of exchanges established in India, i've been in touch and already been investigating potential there. The regulation is a hell hole which is the main hurdle that is why you didn't see any major exchange pop up. I believe recently some news came out that the government regulators are freaking out about bitcoin, just study the Gold climate there and you'll realize how hard the government makes it there for regular people to import and profit from gold.

and with bitstamp & BTC-e around it's easy enough for them to just trade there. Indians speak and read english so they don't need dedicated Indian websites. Also rupees are constantly depreciating so going to USD is also a plus for them.

[PenAndPaper]

Where are all the seich's from the middle east? They can buy hundreds of millions worth of bitcoins just for fun 

[goxed]

Where are all the seich's from the middle east? They can buy hundreds of millions worth of bitcoins just for fun 

you need to contact Prince AlWaleed, he's a techie Prince . Should be interested already. Btw IIRC Global foundries is owned partly my rich people from middle-east.

[Naer]

Yeah, there's massive potential

[LiteCoinGuy]

Where are all the seich's from the middle east? They can buy hundreds of millions worth of bitcoins just for fun  

maybe they could print some adresses with private key on their expensive cars for fun as a promo  

[beetcoin]

Whole of south-east Asia, Latin America, Africa, Russia, can be potential markets.

or let's just say.. the entire world can be potential markets?

[Icaris]

Brazil as well.

[countryfree]

Whole of south-east Asia, Latin America, Africa, Russia, can be potential markets.

or let's just say.. the entire world can be potential markets?

Definitely, but some countries clearly have more potential, and India is in the top league with a huge English speaking and computer literate population, and a depreciating currency which makes them looking for ways to save their earnings.

[Siegfried]

I am visiting India for 6 months - just got here a month ago - I agree India and bitcoin will go well together. Would be nice to get a business going here but I hear the laws are very difficult.

The problem is selling bitcoins - why would I want rupees? Other than living expenses...

I hear Indians have a lot of gold. Trade bitcoins for gold.