Bitcoin trading in India is on fire

[Onuohakk]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.


If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

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[mk4]

If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

Take note. When a person is trading bitcoin, it doesn't automatically mean that he's betting that bitcoin will get big. It could be the case that a certain person is only trading bitcoin just to take advantage of the high volatility, and just mainly to take money. I personally could frequently trade XRP and at the same time think that it's a completely useless project.

[batang_bitcoin]

I've seen the news about the surge of trading in India just like as it's stated from these sources a few months ago.

Crypto trading rises in India after SC overturns RBI payments ban
RBI Says No Restrictions on Banks Providing Accounts to Crypto Traders

Yeah, they're betting on bitcoin. Meanwhile there's the most recent news that the RBI is stopping or causing the delay of the fun and giving again the potential ban on bitcoin and fining users that will be caught if its become a law.

[bitbunnny]

If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

Take note. When a person is trading bitcoin, it doesn't automatically mean that he's betting that bitcoin will get big. It could be the case that a certain person is only trading bitcoin just to take advantage of the high volatility, and just mainly to take money. I personally could frequently trade XRP and at the same time think that it's a completely useless project.

Well, people always interprete signs in a wrong way. So, in this case increase of trading volume is looked as "betting big" on Bitcoin which, of cours, doesn't necessary be the case.
I just expect predictions how this will impact the global market and that because of this Bitcoin price will "rise to the moon". This is something that usually follows.

[Pffrt]

Don't forget that RBI may again ban Bitcoin in India and they are trying hard to do that seems like- https://bitcointalk.org/index.php?topic=5255351.0
However, it's good that volume is increasing there although it's common. When you have no restriction on trading, it gets easy to run business, do trades frequently with flexibility, the volume will increase. Do you have any statistics on your claim? Would be good to know.

[mk4]

Well, people always interprete signs in a wrong way. So, in this case increase of trading volume is looked as "betting big" on Bitcoin which, of cours, doesn't necessary be the case.
I just expect predictions how this will impact the global market and that because of this Bitcoin price will "rise to the moon". This is something that usually follows.

Pretty much. Don't get me wrong, more traders is actually a good thing, as it would give the markets a lot more liquidity. Hence, there would be faster sort of "price discovery", and probably less market volatility. It's just that a lot of people think that every positive crypto news automatically means higher price.

[20kevin20]

The "good Bitcoin bad Bitcoin" has been going on in many countries and India is in a state of confusion probably because it's harder to keep up with all BTC users at once.

With first-world countries going more & more digital, it's going to be easier for authorities to spectate & analyze what's going on with Bitcoin holders and traders while in 3rd world countries you have less digital, more physical & even barter. It probably scares them that a quite significant number of traders may not be submitting proof of identity.

As far as I can see, there is an exchange in India that allows deposits + withdrawals of up to 4 BTC per day without KYC, so no surprise the trading's on fire right now.

[avikz]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.


If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

Sorry for the spoiler!

The bitcoin trading is on fire in India but probably that's the reason why Indian government is planning a blanket ban through a law. It includes punitive actions against the bitcoin holders in India.

Ref: https://economictimes.indiatimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

While majority of the countries in the world is seeing it as an opportunity, Indian government is seeing it as risk and hence trying to ban it.

Such kind of thinking only comes from a regressive mind unaware of the world development. In 5 years, India will see more temples filled with beggers than factories full with employed population.

[Saisher]

It looks like they are on the loose after bad reports circulating that they are going to totally ban Cryptocurrency in India, it's a display of power for Indian investors and traders that they are many and  that they can change things if they unite, government should positively see the advantages of this technology because they already have a lot of people supporting Cryptocurrency.

[malekbaba]

Good things are happening in India. Global crypto exchange aggregator already have launched coinswitch kuber which delivers best rate by aggregating exchange rate data accross all indian exchanges and supports 100s of currencies. After that some exchanges even reported 10x surge in trading volume accross the nation.

[Triffin]

Good things are happening in India. Global crypto exchange aggregator already have launched coinswitch kuber which delivers best rate by aggregating exchange rate data accross all indian exchanges and supports 100s of currencies. After that some exchanges even reported 10x surge in trading volume accross the nation.

its very good news for us because now crypto currencies is going successful in all type of countries so its very great for Indians they can easily trade in crypto in India , i think now weak and poor people will also feel secure about crypto currencies and they will feel safe and trusted about crypto so its really positive news for all crypto users.

[pixie85]

If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

Take note. When a person is trading bitcoin, it doesn't automatically mean that he's betting that bitcoin will get big. It could be the case that a certain person is only trading bitcoin just to take advantage of the high volatility, and just mainly to take money. I personally could frequently trade XRP and at the same time think that it's a completely useless project.

It can also mean that someone is buying coins to purchase products unavailable for fiat money or wants to move money abroad with some more anonymity than he'd have with bitcoin.

He could be paying hookers and telling his wife that he's trading for all that we know.

Bitcoin is still only a speculative asset for most investors. Not many people have the brains and the courage to hold.

[FlightyPouch]

If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

We don't know about that yet but all we know is that it is flourishing in their country. Not being a party pooper here but I've read a thread that there is a rumour about India banning bitcoin again in the country. Reading the OP, I hope this will not happen. India might be one of the countries where bitcoin mostly circulate and being used. That could attract users there and that also means tourists for them.

[TravelMug]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.

Isn't it just because everyone is at hope working and in front of their pc?
Or there are a lot of crypto enthusiast out there just making a lot of trades last month. So good for them, at least crypto has moved a lot since they legalised it.

If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

Not just in India, but every nation has a great potential if their people opted to used crypto and trade it. The only advantage is that the India population is huge, making it one of the biggest market for bitcoin. But we will have to see. The government seems to be not solid as far as their crypto plans, if there are any.

[GreatArkansas]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.
(....)

Isn't it just because everyone is at hope working and in front of their pc?
Or there are a lot of crypto enthusiast out there just making a lot of trades last month. So good for them, at least crypto has moved a lot since they legalised it.

I don't think the reason is working in front of their PC and also because of the pandemic.
It's just simple for me; they want Bitcoin, they want to own Bitcoin.
As you can see in the OP, much more bitcoin has traded on local/peer-to-peer exchange. So for sure, they are much into HODLING, especially the about trading bitcoins in India already lifted or already legalized (based on OP).

[kawetsriyanto]

In the past, Indian seemly plans to consider banning crypto. However, they believe that banning crypto as part of technology is not a good solution.
By this good news o legalizing cryptocurrency including Bitcoin in India, it opens the wide ranges of crypto activities.
And when related t the trading activities, it is normal enough that trading should be increasing after this legalizing. Moreover, it probably because of the lockdown era during this pandemic, it leads many more people to come to enter the crypto world. And bItcoin becomes a good choice to trade with its great profits and probably risks.

[Yamifoud]

It was then India has ban crypto last year
https://www.bbc.com/news/world-asia-india-43669730

And after the battling of the said issue( almost 1 year), they'll come into the resolution of this and allowing their people to use and invest crypto. I appreciate how their leaders foresaw the possible positive impact on their economy and the life of their people. Their openness will drive for a better future of their country and never left behind to this new technology. Ain't that it instantly giving a huge impact but as it continues to adopt the system will actually see the results and much they appreciate it especially for investors and traders.

[btc_angela]

It was then India has ban crypto last year
https://www.bbc.com/news/world-asia-india-43669730

And after the battling of the said issue( almost 1 year), they'll come into the resolution of this and allowing their people to use and invest crypto. I appreciate how their leaders foresaw the possible positive impact on their economy and the life of their people. Their openness will drive for a better future of their country and never left behind to this new technology. Ain't that it instantly giving a huge impact but as it continues to adopt the system will actually see the results and much they appreciate it especially for investors and traders.

It was their leader who fight for bitcoin legality in India, RBI issue a ban, group of people (mostly crypto exchanges) raise the issue on IDC, and IDC sided with crypto guys. But it's not over yet as RBI are going to fight it out, https://www.coindesk.com/indias-central-bank-plans-to-fight-supreme-court-crypto-ruling. So it's going to be a never ending battle in India. And perhaps traders are just taking advantage of the situation because they don't know what's going to happen next.

[giammangiato]

It is good for btc to be legalized in more and more countries of the world, it is moving towards an ever greater mass adoption. Hoping (at least for me) that the value of bitcoin and other altcoins will benefit. After all, the future will be increasingly inclined to adopt cryptocurrencies for payments for goods and services.

[crwth]

This is an excellent gain for Bitcoin itself because India has one of the largest populations in the world, and legalizing Bitcoin means other countries could follow as well. They are also one of the major economic forces in the world. Additionally, there's a technological advancements there that they could offer, possibly addition to the security or more inventions that could benefit the cryptocurrency community. This, for sure, is an advantage, and hopefully, others will follow as well.