Bitcoin trading in India is on fire

[tbterryboy]

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.

Even when bitcoins were banned a hefty number of users were trading, buying, selling and most importantly gambling with bitcoins which indicates that the people do not care as much about the govt. verdict as much they want to make money and when they hear that bitcoin price went 10 times they get mad and invest while some gamble with bitcoins because its not possible to track bitcoins and since betting/gambling is banned in India they enjoy such services and use bitcoins as a medium.

I have been into lot of guys from India and while I respect some and have bad experience with few, I have noticed that no one is actually interested in technology as much as they are interested in making money with trading or gambling. Trading has certainly been lifted by the court's decision to allow bitcoin transactions because now people can trade and cash their coins which earlier they had to use illegal methods.

[fullhdpixel]

India has the potential to take this technology to the Moon, just based on their population density, but their politicians are very sketchy to say the least. India are one of the countries with the highest corruption statistics in the world, so getting them to play ball.. would be next to impossible.

The population alone cannot help the bitcoin and crrypto adoption because the literacy rate is low and education system is very weak in India. The government is so confused that they ban bitcoins without a proper reason initially and their courts had to lift ban and it took a few years I believe thanks to the guys like unocoin and others who filed cases against that government decision.

I believe India would always be a good spot for crypto because like you mentioned India has the highest corruption rate and while I am not sure that is true but surely in countries where the corruption rate is high they are more cautious when allowing bitcoins and such methods because once approved it can cause mayhem given the crime rate and the nature of bitcoins.

[rathaha10]

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

Indian market truly holds lot of potentials to massive growth and I'm glad that the vision of bitcoin is spreading across the entire indian but however, there's still news flying around about the government and lawmakers of indians trying ban or highly regulate the activities of cryptocurrency. If this ever happens again, indiam will surely lose a great market deal as everything might got shut down by the government 

[Janation]

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 just hope it continues

There is another talk that the Indian government might ban again Bitcoin. I don't know why are they going back and forth like this since I see a good future of Bitcoin with them. I guess they are so scared of what might happen with traditional currencies and the banks if this popularity continues.

Here's an article about it

[Debonaire217]

There's no doubt bitcoin trading will be easy for Indians since they are technologically inclined, it would be easier for them to adapt to bitcoin, plus if I am not mistaken, bitcoin before was restricted to their country, so for the long wait, the hype must go too high as if most Indians engage in trading at the same time.

This definitely will not just impact the country India, the news concerning this might also spread and taken advantage by traders to ride the hype and buy more.

CMC apparently, doesn't show the effects of this news as of this moment.

[michellee]

It will certainly be after a court ruled in India that the use of cryptocurrencies have been legalized. I believe there were investors in India that wanted to invest in cryptocurrencies but they feared the rules but now that all these rules have been lifted they are at liberty to do of their own volition.

I guess some of them already invest in cryptocurrencies by secretly. They don't say to anybody except their closest friends or family because they don't want to break the rules. If the Indian government can lift the rules, I think that can encourage people to use crypto as their investment, and even they will try to get involved in the blockchain technology as other people. But I guess the rule is not to stay for a long time, and someday, the rule will be changed, so people can invest in cryptocurrency by free.

[24Kt]

It will certainly be after a court ruled in India that the use of cryptocurrencies have been legalized. I believe there were investors in India that wanted to invest in cryptocurrencies but they feared the rules but now that all these rules have been lifted they are at liberty to do of their own volition.

I guess some of them already invest in cryptocurrencies by secretly. They don't say to anybody except their closest friends or family because they don't want to break the rules. If the Indian government can lift the rules, I think that can encourage people to use crypto as their investment, and even they will try to get involved in the blockchain technology as other people. But I guess the rule is not to stay for a long time, and someday, the rule will be changed, so people can invest in cryptocurrency by free.

That's very possible as this forum alone has Indian local section and you can see that they have been here long time already. So of course, the time that it was not yet accepted by the government, they were very careful in disclosing their crypto activities to avoid such punishment. But since it is already legalized, it means, they are now free to deal with crypto and not be frightened for what may happen to them.

[Sanitough]

There's no doubt bitcoin trading will be easy for Indians since they are technologically inclined, it would be easier for them to adapt to bitcoin, plus if I am not mistaken, bitcoin before was restricted to their country, so for the long wait, the hype must go too high as if most Indians engage in trading at the same time.

This definitely will not just impact the country India, the news concerning this might also spread and taken advantage by traders to ride the hype and buy more.

Good new for them that government are now supporting crypto, but there's a rumor I read that crypto could be ban soon in India, just don't know its chances. Hopefully this would not happen.

https://news.bitcoin.com/indian-government-banning-cryptocurrency/

The Indian government is reportedly reconsidering a plan to ban cryptocurrency and the finance ministry has initiated related inter-ministerial consultations. The move is supposedly spurred by the supreme court quashing the banking ban imposed by the central bank, the Reserve Bank of India (RBI).

CMC apparently, doesn't show the effects of this news as of this moment.

I am not familiar with their exchanges, probably the increase of volume was notice in their local exchange?

[michellee]

It will certainly be after a court ruled in India that the use of cryptocurrencies have been legalized. I believe there were investors in India that wanted to invest in cryptocurrencies but they feared the rules but now that all these rules have been lifted they are at liberty to do of their own volition.

I guess some of them already invest in cryptocurrencies by secretly. They don't say to anybody except their closest friends or family because they don't want to break the rules. If the Indian government can lift the rules, I think that can encourage people to use crypto as their investment, and even they will try to get involved in the blockchain technology as other people. But I guess the rule is not to stay for a long time, and someday, the rule will be changed, so people can invest in cryptocurrency by free.

That's very possible as this forum alone has Indian local section and you can see that they have been here long time already. So of course, the time that it was not yet accepted by the government, they were very careful in disclosing their crypto activities to avoid such punishment. But since it is already legalized, it means, they are now free to deal with crypto and not be frightened for what may happen to them.

If everything can be legalized, it will make people free to use crypto, and people will try to obey the rule. But if something has a positive thing for people, but they can not use it because of the license, people will still try to use by secretly. They will try to prevent tracking from the government, and they don't want to make a deal with their government. Maybe that is happening in the country in which crypto is not yet legalized.

[iTradeChips]

I would compare this with the phenomenon at the time when the internet became so much accessible and cheap that many as in many people have started accessing social media and it also took Youtube by surprise with the Tseries / Pewdiepie feud. Like what happened to that many people started looking at Bitcoin as a way to end their poverty, or maybe to go higher than being Middle class. That is why there is this boom that is happening. But this is just one country. We need the elements of 2017 to happen again and sustain it for Bitcoin to back up and increase its value.

[zhelis74]

There's no doubt bitcoin trading will be easy for Indians since they are technologically inclined, it would be easier for them to adapt to bitcoin, plus if I am not mistaken, bitcoin before was restricted to their country, so for the long wait, the hype must go too high as if most Indians engage in trading at the same time.

This definitely will not just impact the country India, the news concerning this might also spread and taken advantage by traders to ride the hype and buy more.

Good new for them that government are now supporting crypto, but there's a rumor I read that crypto could be ban soon in India, just don't know its chances. Hopefully this would not happen.

https://news.bitcoin.com/indian-government-banning-cryptocurrency/

The Indian government is reportedly reconsidering a plan to ban cryptocurrency and the finance ministry has initiated related inter-ministerial consultations. The move is supposedly spurred by the supreme court quashing the banking ban imposed by the central bank, the Reserve Bank of India (RBI).

CMC apparently, doesn't show the effects of this news as of this moment.

I am not familiar with their exchanges, probably the increase of volume was notice in their local exchange?

Just a piece of advice, If you think you dont have enough expercience in trading bitcoin then first try becoming an investor. It would be a great way to start experiencing and exposuving into financial markets until you are confident to start trading.

[Reatim]

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.

great to Know that p2p transaction is what bitcoiner usually do in india compared to many countries that uses exchange and other form of trading.
and also glad to know that india is now on Fire while there are issues about banning Crypto again in that region.

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

Actually what you must wish is India will support not only Bitcoin but the rest of cryptocurrency,because this is the future and not only Bitcoin.

A few days ago, the Indian government wanted to band the crypto market for their country. However, the Indian government did not implement it. At such a time, the bitcoin trade in India is on fire. This is very good news for crypto traders.

That is just an issue but nothing concrete to happen,so Yeah there might be many changes that will come in the next days or weeks specially after this pandemic.

[jademaxsuy]

That is just an issue but nothing concrete to happen,so Yeah there might be many changes that will come in the next days or weeks specially after this pandemic.

I do not know how india think of about bitcoin. In that case if this activity will be successful then of course many of bitcoin users will also going to join and gamble on bitcoin. I know bitcoin is not a betting platform but the moment you buy bitcoin that is consider already a bargain for you could loss the potentially depending on market price movement of bitcoin.

For now, observing them would be at great advantage on how bitcoin could affect daily life living eapecially if it will be used as an  medium of exchange just like what others do already.

Well. then this could mean a major leap of development of bitcoin.

[mersal]

A few days ago, the Indian government wanted to band the crypto market for their country. However, the Indian government did not implement it. At such a time, the bitcoin trade in India is on fire. This is very good news for crypto traders.

This is not happening in the recent days, its just proposed months back even before court lift the ban, but the proposed bill yet to be passed by the government to make it illegal.I don't think this is going to happen in new future because we are in the pandemic so this bill won't be at their priority for now.

[Sanitough]

There's no doubt bitcoin trading will be easy for Indians since they are technologically inclined, it would be easier for them to adapt to bitcoin, plus if I am not mistaken, bitcoin before was restricted to their country, so for the long wait, the hype must go too high as if most Indians engage in trading at the same time.

This definitely will not just impact the country India, the news concerning this might also spread and taken advantage by traders to ride the hype and buy more.

Good new for them that government are now supporting crypto, but there's a rumor I read that crypto could be ban soon in India, just don't know its chances. Hopefully this would not happen.

https://news.bitcoin.com/indian-government-banning-cryptocurrency/

The Indian government is reportedly reconsidering a plan to ban cryptocurrency and the finance ministry has initiated related inter-ministerial consultations. The move is supposedly spurred by the supreme court quashing the banking ban imposed by the central bank, the Reserve Bank of India (RBI).

CMC apparently, doesn't show the effects of this news as of this moment.

I am not familiar with their exchanges, probably the increase of volume was notice in their local exchange?

Just a piece of advice, If you think you dont have enough expercience in trading bitcoin then first try becoming an investor. It would be a great way to start experiencing and exposuving into financial markets until you are confident to start trading.

Thanks for the advice but that's just what I have followed already.
I started investing in bitcoin and then try to learn trading, but I won't say I'm successful and I won't say as well that I'm losing a lot because I started trading with less knowledge and try to gain experience so it could help me to be successful in the long run. (not an easy journey)

Actually as long as you have the proper risk management, it should not be a problem even if you will not succeed right away as you are in control of the amount you risk.

[TheGreatPython]

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

Yup, I know for sure that India is one of the biggest places for Bitcoin and the growth is on high speed. I have a few friends that are living there and they are also into Bitcoin. Though as of recent , after the news that Bitcoin has been declared legal by the Supreme Court in India, another news I started seeing online was that their government is trying to ban it again. Though my friends have not talked about this, they are still making use of Bitcoin.

I strongly don’t wish for such a thing to happen. Their government should support and allow people to keep making use of Bitcoin, it’s going to benefit them in one way or the other. If they are not letting people to continue using cryptocurrencies then they may again think about legalizing usage of cryptocurrencies after few years by observing how Japan kind of countries are benefiting by allowing their people to adopt cryptocurrencies.