What cryptocurrency in INDIA means now?

[pakhitheboss]

Recently I created a new topic on how the national media is all positive and promoting Bitcoin. As we are only few members who are active here it was not difficult to analyze what we all thought about those articles.

Most of us were having a negative approach and some were happy that atlast something positive came in the mainstream media. My actual reason for creating that topic was to make our indian members realize the hypocrisy of the mainstream media.

They would do anything to stay afloat and survive without journalism morals.

This was the same media who in 2018 were creating FOMO and FUD, today this is that same media who are praising about the return Bitcoin. They have never talked about the the reason why it was created and why people like it and still believe in it. In short they have never tried to talk to the community and have already come into their own conclusion about cryptocurrency in particular about Bitcoin.

If you are a newbie and if you are reading this post then always remember never to believe in mainstream media.

National Media is a money monger business, they will praise or report anything that pays them Good INR.

P.S - This is an outburst of what is happening around Bitcoin in India.

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[Melloiga]

Not all Indian mainstream media is bad so far. Some are still fighting for the truth but they're outnumbered.

And the reason they're behind because is they don't paint the pretty picture the government want them to portray and because of it they don't receive the government ads which makes it difficult for them to keep up with others and which is why many don't survive.

Also, what I fear most from this bull run is people who don't know anything about bitcoin will get lured in and invest something they can't afford to lose and if it happens that they incur a loss then they will be the first ones to cry foul play and that they were somehow scammed by this evil thing.

[pawanjain]

They would do anything to stay afloat and survive without journalism morals.

100% accurate. This is what even I think of Indian journalists. They can drop to any level just to spice up the news so that people watch their channel.
Few years ago they were criticizing bitcoin because it dropped hugely in price and created a news out of it and this time it's because it increased a lot in price.
Not only bitcoin but in every case the journalists find their way to spice up the news and show it to the people.
Well I guess it's not their fault because there are people who like this shit. They believe the news blindly and start acting upon it without any research or facts.
That's why I believe bitcoin is for the smart ones. The early adopters are the smartest and I consider ourselves as the early adopters because not even 25% of world population owns bitcoin.

[avikz]

It's bad that Indian media is speaking about cryptocurrency and particularly about bitcoin. The assholes in Finance ministry may rise up again and the process of banning cryptocurrency in India may gain traction. In last few months, due to Covid pandemic, the talks of banning cryptocurrency was taken back seat and I was really happy about it. Because till the time the top bosses in Finance Ministry don't take notice of something, will loose its importance! But if Indian media is making noise about the meteoric rise of bitcoin in recent time, you can expect some announcement from Finance Ministry soon. And considering the nature of Indian government departments and super corrupted officials - they will first talk about banning it! Don't keep much hope!

[amishmanish]

When it comes to cryptocurrencies and Bitcoin, I think even the western media behaves this way. They are equally ill informed. Just see how they shilled XRP alongside Bitcoin all along. There were even reports that suggested that one could buy XRP as it is not as costly to own.

A lot of Indians too have invested in XRP and the XRP shill army or for that matter any Alt-coin shill army will have more than its fair share of Indians. This other abomination TRON also seems so have a lot of Indians. There are no issues as long as people are in it for the quick bucks. But i am seeing a worrying trend of paid manual labor and referral groups which are propped up by those who are more experienced.

Media has its role cutout for such times where they can hopefully call out scams. Yet, what can you expect when even "The Hindu", aplarently the golden measure of Indian journalism published a full, front page advertisement fom that Amit Bhardwaj guy, the scammer of 2017-18 bull run.

[teosanru]

I think the way media is so well tied with government these days is giving me an idea that these little good news about Bitcoin might be linked somewhere to a nice little regulation coming in for Bitcoin to legalize it. Unless there is no way Media is going to praise something that government is trying to ban. I mean it's just a Wild guess and nothing more. But yes I agree with Melloiga in some cases even the western media behaves weirdly when it comes to Bitcoin maybe it's because there own lack of awareness towards it. We all know the quality of journalism we have today. Cross checking facts and acquiring knowledge are things of past in journalism today. Today it's all about delivering commercial content as per the mood of the nation.

[Shubh7668]

Yup mate
Not only media there are many more, specially in youtube community, Recently there's a video published by a youtuber who is in tech community (having millions of followers).He released all is frustration in his video, he should have 1st learn about Bitcoin.
Now if someone wants to invest in crypto and if he/she will see this kind of video,then most probably he/she will not invest.

[PhoenixZephyrus]

I think the way media is so well tied with government these days is giving me an idea that these little good news about Bitcoin might be linked somewhere to a nice little regulation coming in for Bitcoin to legalize it. Unless there is no way Media is going to praise something that government is trying to ban. I mean it's just a Wild guess and nothing more. But yes I agree with Melloiga in some cases even the western media behaves weirdly when it comes to Bitcoin maybe it's because there own lack of awareness towards it. We all know the quality of journalism we have today. Cross checking facts and acquiring knowledge are things of past in journalism today. Today it's all about delivering commercial content as per the mood of the nation.

Oh for SURE there will be a regulation soon. I'm pretty sure the government is working on it. They can't stand the idea of decentralized money, and they aren't of the opinion of banning bitcoin, as seen in the past months, they have been unwilling to impose a ban, but you can be sure there will be a regulation coming soon and it will be taxed.

And the numerous fraudsters scamming people in the name of bitcoin certainly doesn't help its status quo, as since its such a new technology, most people don't have enough know-how to avoid scams like pyramid schemes, cloud mining, and these will definitely mar Bitcoin's name and cause it to be regulated by government.

[avikz]

I think the way media is so well tied with government these days is giving me an idea that these little good news about Bitcoin might be linked somewhere to a nice little regulation coming in for Bitcoin to legalize it. Unless there is no way Media is going to praise something that government is trying to ban. I mean it's just a Wild guess and nothing more. But yes I agree with Melloiga in some cases even the western media behaves weirdly when it comes to Bitcoin maybe it's because there own lack of awareness towards it. We all know the quality of journalism we have today. Cross checking facts and acquiring knowledge are things of past in journalism today. Today it's all about delivering commercial content as per the mood of the nation.

Oh for SURE there will be a regulation soon. I'm pretty sure the government is working on it. They can't stand the idea of decentralized money, and they aren't of the opinion of banning bitcoin, as seen in the past months, they have been unwilling to impose a ban, but you can be sure there will be a regulation coming soon and it will be taxed.

And the numerous fraudsters scamming people in the name of bitcoin certainly doesn't help its status quo, as since its such a new technology, most people don't have enough know-how to avoid scams like pyramid schemes, cloud mining, and these will definitely mar Bitcoin's name and cause it to be regulated by government.

Indian government and the beaurocrats probably have finally understood that they can't arbitrarily ban cryptocurrency. If they do it, they will just loose the tax revenue which is a serious money right at this moment. So possibly a regulation is incoming our way where at last bitcoin will have a definition and a tax framework. While many would be against such regulation, I don't see it as a threat unless some exorbitant amount of taxes are imposed!

But looking at the farmer's protest and its tenacity, I doubt anything will come up within the first half of 2021.

[teosanru]

I think the way media is so well tied with government these days is giving me an idea that these little good news about Bitcoin might be linked somewhere to a nice little regulation coming in for Bitcoin to legalize it. Unless there is no way Media is going to praise something that government is trying to ban. I mean it's just a Wild guess and nothing more. But yes I agree with Melloiga in some cases even the western media behaves weirdly when it comes to Bitcoin maybe it's because there own lack of awareness towards it. We all know the quality of journalism we have today. Cross checking facts and acquiring knowledge are things of past in journalism today. Today it's all about delivering commercial content as per the mood of the nation.

Oh for SURE there will be a regulation soon. I'm pretty sure the government is working on it. They can't stand the idea of decentralized money, and they aren't of the opinion of banning bitcoin, as seen in the past months, they have been unwilling to impose a ban, but you can be sure there will be a regulation coming soon and it will be taxed.

And the numerous fraudsters scamming people in the name of bitcoin certainly doesn't help its status quo, as since its such a new technology, most people don't have enough know-how to avoid scams like pyramid schemes, cloud mining, and these will definitely mar Bitcoin's name and cause it to be regulated by government.

Indian government and the beaurocrats probably have finally understood that they can't arbitrarily ban cryptocurrency. If they do it, they will just loose the tax revenue which is a serious money right at this moment. So possibly a regulation is incoming our way where at last bitcoin will have a definition and a tax framework. While many would be against such regulation, I don't see it as a threat unless some exorbitant amount of taxes are imposed!

But looking at the farmer's protest and its tenacity, I doubt anything will come up within the first half of 2021.

Haha I was talking to webtricks that day looks like we are going to be the next ones to protest against the law when the crypto law comes up problem is that laws are generally framed either for betterment of the poor or big corporates who lobby government to get laws in their favour. in cryptospace there aren't many major corporates who may be lobbying the government into this law therefore chances are law won't be too favourable for us. That 18% gst article was pretty frightening in itself.

[lisarose9]

Keeping aside what the media is preaching, I believe that cryptocurrency has the potential to become popular in trading. People are already showing interests in trading Bitcoin in India. However, it should be noted that even though the Indian government has lifted the ban on Bitcoin, the RBI rules highly regulates and moderates the usage of Bitcoin. It is not exactly anonymous, as cryptocurrencies are supposed to be.

[webtricks]

Keeping aside what the media is preaching, I believe that cryptocurrency has the potential to become popular in trading. People are already showing interests in trading Bitcoin in India. However, it should be noted that even though the Indian government has lifted the ban on Bitcoin, the RBI rules highly regulates and moderates the usage of Bitcoin. It is not exactly anonymous, as cryptocurrencies are supposed to be.

It was Supreme Court who lifted the ban, not government. Government so far had negative outlook towards Bitcoin but it is expected that same is going to change in the upcoming budget, let see.

And as far as RBI is concerned, there isn't any specific set of rules for the Bitcoin regulation and moderation after Supreme Court quashed the RBI directive. RBI do put the regulatory framework on Exchanges similar to any Fintech company which involves KYCing the customers, etc. But that is because the involvement of Indian Rupee, not cryptocurrency. It is still possible to use cryptocurrencies anonymously if you don't use Exchanges for buying/selling.

[enhu]

It happens in every country. There is a TV show in my country that talks about money, they talk mostly of Stocks and although they sometimes talk about blockchain, its just pure blockchain and not mentioning BTC nor ETH.  I tried to comment on their facebook page about Bitcoin and they deleted it.

Instead of making people learn abiut the new economy for them to have chance of making money, they just divert to local stock market.