Bitcoin trading in India is on fire

[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.

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).

But as you can see, the growth started around May, so it has something to do with people (not just in India), working from home and looking for other ways to make an income. I would say that bitcoin is already big even prior to the pandemic itself, but it added more in the statistics during the crisis itself.

But for me, India is still in the gray area though, the government is still 50/50 as far as supporting it. RBI (Central Bank) is challenging Supreme Court's ruling, so this growth might put to a stop, just saying.

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[MCobian]

I feel happy knowing trading in India is on fire, hopefully the price of bitcoin will go up with enthusiasm of traders in India. Remain careful,
not to be provoked by FOMO, because it can be dangerous if you get to FOMO. Always analyze the movements of bicoin, if not careful, you
can buy at the price of the peak. I hope not only that trading in India is on fire, but throughout the other country too. So the price of bitcoin
can pump.

[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.
(....)

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).

If this will continue, we will have strong adoption in this country. Considering the huge population of India, this will drive mad in adoption. I hope it will affect in bitcoin's price later on.

Just imagining, if the whole Asia adopts bitcoin as a currency.  The price of bitcoin will boom to $100k easily. I keep wondering why the Asia countries find it hard to legalize bitcoin. Are they all afraid of bitcoin uniqueness or something else. Is it not yet time for them (Asian's) to accept digital currency as an avenue of financial freedom

[kryptqnick]

I feel happy knowing trading in India is on fire, hopefully the price of bitcoin will go up with enthusiasm of traders in India. Remain careful,
not to be provoked by FOMO, because it can be dangerous if you get to FOMO. Always analyze the movements of bicoin, if not careful, you
can buy at the price of the peak. I hope not only that trading in India is on fire, but throughout the other country too. So the price of bitcoin
can pump.

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.

That's very true. I also wanted to point out that there was a thread about similar things happening in Russia (way more people registering on Binance lately) just yesterday. Some might think that increased trading will lead to higher prices, but that's not necessarily the case. If people are in it for trading, the price can stay exactly the same even if the number of people is significantly higher. So it's not a reason to get excited. It means that people believe they can profit from Bitcoin, but not that Bitcoin is the future or something like this.

[AniviaBtc]

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.

According to an article, India is planning to ban cryptocurrency again in their country due to some serious problem that is still unclear.

https://www.businessinsider.com/india-may-ban-cryptocurrencies-again-and-its-unnerving-the-community-2020-6

But as far as I know, India's economy is really far from recession and cryptocurrency activities are still ongoing and active. Trading volume really got bigger as people in India are trusting bitcoin so much, and they are so confident that its price will increase. They are aware of the volatility but still people are risking their assets and they treat bitcoin as a source of huge money. They should know its importance and how volatile it is in the market. They should be accountable if the bitcoin's price comes down in a certain season.

[bearexin]

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

I saw another topic here yesterday which is about after legalizing Bitcoin in India that the government is about to ban it again, if a new bill should be approved. Someone posted that here yesterday in this Bitcoin discussion section of the forum, but I didn’t really believe it, and I’m hoping it will be just another false news.

As of now that Bitcoin is legal in India I know for sure that there will be a huge adoption there and India is going to be among the biggest community in the cryptocurrency industry. It’s really going to push us ahead and the price will even keep growing as more people from there are adopting it.

Considering the population of India and China, both should remain friendly to crypto space. Because any restriction from either one of these country will lead to significant impact on bitcoin markets. Like most other people I too do not want that to be happening. But, we cannot be sure what these governments are planning behind the screen as we do get mixed news from these countries.

[davis196]

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

The Paxful CEO and founder Ray Youseff said that India is a "sleeping giant" for the cryptocurrency world.
I agree with him,but there's no clear statement coming from the Indian government regarding Bitcoin and cryptocurrency trading.Will India join the group of crypto-friendly countries or will it remain in the group of anti-crypto authoritarian regimes of the third world?
I hope that China will follow India's example and allow cryptocurrency trading.This would be great news for the future of our community and industry.

[mk4]

According to an article, India is planning to ban cryptocurrency again in their country due to some serious problem that is still unclear.

https://www.businessinsider.com/india-may-ban-cryptocurrencies-again-and-its-unnerving-the-community-2020-6

But as far as I know, India's economy is really far from recession and cryptocurrency activities are still ongoing and active. Trading volume really got bigger as people in India are trusting bitcoin so much, and they are so confident that its price will increase. They are aware of the volatility but still people are risking their assets and they treat bitcoin as a source of huge money. They should know its importance and how volatile it is in the market. They should be accountable if the bitcoin's price comes down in a certain season.

Idunno man. The "x country is planning on banning bitcoin/cryptocurrencies" news have been thrown out a lot throughout the years that I mostly just think that it's BS. I'm definitely not saying that it's impossible for Bitcoin/crypto to get banned on India because it's definitely possible, but I'll believe it when I actually see it.

[OcTradism]

Hey. The crypto market has so many news, FUDs on "Bitcoin is banned", "Bitcoin is on fire in USA., India, China", etc. Months or years later, we have bitcoin is allowed to trade.

Facebook's Libra coin is prohibited to launch, that is a news months ago in 2019. Latest months, Facebook launched their Facebook shop, that is another step to move closer to Facebook Libra coin.

Don't worry because the fate is bitcoin is the future and the destiny of the world's financial ecosystem. Blockchain-based technology will change the global financial payment ecosystem.

[Ridwan Fauzi]

Three days ago I found this article https://inc42.com/buzz/india-likely-to-ban-cryptocurrency-us-to-add-crypto-features-to-dollars-more/amp/ and have read it.

The indian government will ban crypto currency for the second times, but it is just a rumor and it may a FUD only.

However, legalized bitcoin or crypto currency as a whole at the current time is the right thing to do, especially for crypto user. There will be many people who will try to buy crypto and will be made as trading place or investing place.

[Latviand]

This might may not continue for long as new report indicates that India is planning to put the law in place to ban the cryptos from the country. This may not be the good news for the all the crypto enthusiastic who were happy when the court ruled out the RBI judgement and stated that they were legal. Will need to wait for further updates on the is matter.

Maybe their country is really not that prepared in engaging into cryptocurrency and yet they allow it. Probably they are having a hard time right now manipulating cryptocurrency in their economy because they don't have proper plans or actions regarding their legalization of cryptocurrency.

As they plan to discontinue the use of cryptocurrency, i'm pretty sure that there are a lot of bitcoin users who are worrying about their assets and they will have a hard time managing and using their cryptocurrency in their country once they prohibit again the use of cryptocurrency.

We have nothing to do with that, they should accept what the authorities asked them to do if the legalization of cryptocurrencies will go back to normal where it is not allowed to operate in the market.

[CoinFoxs]

Since the day of judgement by the Supreme court of India, Crypto-based activities on exchanges have been rocketed up. After 2 days following the decision, Cashaa India which is a cryptocurrency banking services platform, observed an increase of 800% in trading volumes. India is country with population over 1.3 billion people which will definitely make India one of the biggest market for cryptocurrency and as Bitcoins are now legal investors will feel more secure and safe.

[sayulita]

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

This is due to the fact that for a long period of time bitcoin transactions were banned in India and also the exchanges also withdraw support for bank transfers if you would have sold your bitcoins. The supreme Court of India decided to allow bitcoin trading again and this caused all those people who used to trade bitcoins to come back and start doing business again, now I think bitcoin is even more popular in India than ever as the case got a lot of media coverage thus getting publicity.

[ChiBitCTy]

Speaking with my good buddy who is Indian/ lives in India, he believes there is a real chance that India bans bitcoin /cryptocurrency again. I'm sure that could certainly have something to do with this hot streak.  I sure hope India decides not to ban cryptocurrency however.  Would just be another step backwards for a country who is already stuck in the past in far too many ways.

[Bitcoinislife09]

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

A lot of companies are also interested in India. A lot of articles also published where India legalizing bitcoin also a lot of companies also investing in India. Still, a lot of companies are going to see big potential in the country since there are surely investors in the country that is interested in bitcoin technology, etc. Still, there are rumors online where India could ban bitcoin in their country but I doubt it since it could be a good opportunity to the country to adopt in bitcoin technology. Like other countries, bitcoin adopting bitcoin is a great opportunity in that country.

[akhjob]

A lot of companies are also interested in India. A lot of articles also published where India legalizing bitcoin also a lot of companies also investing in India. Still, a lot of companies are going to see big potential in the country since there are surely investors in the country that is interested in bitcoin technology, etc. Still, there are rumors online where India could ban bitcoin in their country but I doubt it since it could be a good opportunity to the country to adopt in bitcoin technology. Like other countries, bitcoin adopting bitcoin is a great opportunity in that country.

Indian companies interested in Blockchain technology and foreign blockchain-based companies planning to invest in India has nothing to do with the legalisation of Bitcoin in India. Most of the previous official recommendations in India always accepted the technology behind Bitcoin ie. Blockchain technology but not Bitcoin.

The surge in Bitcoin trades in the past months doesn't mean that it is going to boost the prices or improve the adoption. And as far as I'm concerned, the recent news that India is planning to ban Bitcoin is just a FUD. Unless we have an official statement we shouldn't be much bothered much about it.

[FlightyPouch]

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

It is good for the Indians and also good for the overall adaption of bitcoins. When it become legal in a country, the more the people will use it. There will be many people who will come to know about bitcoin after hearing this legalization news.

I think this depends on the country as well. Bitcoin is not illegal in our country and it is legalized for some time now but I am not seeing any development and improvement of it for years now. An ATM was built but after that, no that many stores actually are accepting it. Maybe it would still take some time but for now, I hope that it would continue for India.

[Rafiqul]

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

This is good news for cryptocurrency. The spread of cryptocurrency in a populous country like India will have an impact on the entire crypto world. But the fear is that the RBI may ban bitcoin in India again and they are there to do so Trying my best - https: //bitcPointalk.o/index.php? Topic = 5255351.0 Earlier, they had tried to ban crypto in India, but it could not be implemented due to the intervention of the Supreme Court of India. If they want to ban crypto in India this time, I hope the people of India and the Supreme Court will resist.

[amishmanish]

--snip--
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.

I wouldn't say that the govt has regressive thinking just judging from cryptocurrencies. You can very well expect the govt to embrace blockchain based solutions and simultaneously reject the idea of crypto-"currencies" altogether. The policymakers and the power-holders in India take the concept of "black money" pretty strongly. The "concept" is that real, coercive power flows from "untraceable money" and only they should have it while the public shouldn't.

The Indian public is far from being mature enough to have a debate on a hedge against inflation. People are mostly content if they are making some money. They couldn't care less about the concept of banking cartels and individual privacy.

The basic problem is that bitcoin is 50 years too early for a country like India.

[OcTradism]

I wouldn't say that the govt has regressive thinking just judging from cryptocurrencies. You can very well expect the govt to embrace blockchain based solutions and simultaneously reject the idea of crypto-"currencies" altogether. The policymakers and the power-holders in India take the concept of "black money" pretty strongly. The "concept" is that real, coercive power flows from "untraceable money" and only they should have it while the public shouldn't.

The Indian public is far from being mature enough to have a debate on a hedge against inflation. People are mostly content if they are making some money. They couldn't care less about the concept of banking cartels and individual privacy.

The basic problem is that bitcoin is 50 years too early for a country like India.

Black money are used everywhere with many payment methods, not only with Bitcoin or crypto. Governments are not able to ban fiats or INR because of black money from some companies, foundations, organizations. Hence, they will not ban bitcoin or crypto because of money launderings.

Real bans or FUDs, such news only initiate Indians choose to use P2P marketplaces more often. The combined volume on P2P marketplaces, LocalBitcoins, and Paxful is increasing.

Source of the chart: https://www.usefultulips.org/combined_INR_Page.html

It is not a good one that help us to come to a conclusion because the opposite trend is found in China and CNY trading volume: https://www.usefultulips.org/combined_CNY_Page.html