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Author Topic: Way Ahead for Bitcoin in India  (Read 161 times)
teosanru
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December 18, 2020, 04:52:43 PM
Merited by Heisenberg_Hunter (2), pakhitheboss (1)
 #1

Whenever Bitcoin breaks an all-time high it's pretty obvious that these conversations are going to be in every corner and country. But in the Indian scenario what does a new all-time high mean? It's worthwhile to note that it was just a few months back that RBI had to withdraw the instructions given to banks regarding Crypto regulation. But after that, there has been a different kind of positivity in the Indian market. Even with some speculating that a law prohibiting cryptocurrencies might be around the corner the crypto space has grown just to give you a context of the growth:
Here are the growth metrics of various exchanges:



  • Total Number of bitcoins traded on Paxful P2P space grew by 234% from 2019 to 2020
  • A major exchange WazirX CEO said: "Our trading volume before the lockdown in India used to be around $1M. It has grown over 10X in just 60 days"


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December 19, 2020, 10:34:35 AM
 #2

A 5X increase in dollar values doesn't give much of a picture though, or does it? The price of BTC itself has increase by 4X from the low of 4000 in that time. So this would be expected even if the BTC volume remained the same. What i mean is that these figures may not be right and the real increase maybe far more than this.

The new exchanges have been good for the market. WazirX has become a clone of Binance with the same promotional trading schemes. They should be exploring options to provide more newbie friendly and small investor friendly promotions on the paltform.


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December 21, 2020, 06:10:26 AM
Merited by amishmanish (1)
 #3

A 5X increase in dollar values doesn't give much of a picture though, or does it? The price of BTC itself has increase by 4X from the low of 4000 in that time. So this would be expected even if the BTC volume remained the same. What i mean is that these figures may not be right and the real increase maybe far more than this.

The new exchanges have been good for the market. WazirX has become a clone of Binance with the same promotional trading schemes. They should be exploring options to provide more newbie friendly and small investor friendly promotions on the paltform.



I have stopped using WazirX after they got acquired by Binance because as you said (@amishmanish) they have become a desi clone of Binance. I have no doubt why BitBns has been generating consistent volumes throughout this year because of the ease, a new customer gets in investing in Bitcoin. Their bitdroplets plan had or has gained considerable popularity because they provide the cheapest way to invest in cryptocurrencies especially in Bitcoin.

P.S - I am not promoting Bitbns here, I actually do not use any of the mentioned exchanges in the image. I have only used Giottus because of the zero conversion fee and no minimum deposit/withdraw benefit for crypto.

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December 21, 2020, 05:30:24 PM
 #4

The crypto trading volume is growing worldwide and India is no exception! With the current bull run, a lot of people from 2017 suddenly woke up and booking their profits! So volume wise, the growth is really positive!

However, I am really skeptical about using Indian exchanges because IT department is seeking user's information from the exchanges operating from Indian soil. So people who have done some out of the box financial transactions, expect to receive a notice! So a lot of things are yet to be unfolded! My recommendation would be to avoid Indian exchanges if you are planning to execute high ticket trade!

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December 25, 2020, 12:04:53 PM
 #5

It's good to see the trading volumes increase but I am quite sure that once bitcoin starts dumping these trading volumes will fall back again.
It's how Indians play in the crypto market. They are not in it for the technology but for the money.
Once bitcoin starts pumping they throw their money into it and once bitcoin starts dumping they start taking the money out.
Let's see how these trading volumes fluctuate when bitcoin dumps this time.

I do wish though that the trading volumes doesn't fall more than usual fall back volumes.

.
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January 24, 2021, 08:09:19 AM
Merited by Heisenberg_Hunter (1)
 #6

Still, I would say that the userbase of crypto in India is pretty low, even among tech-savvy nerds. It's a really small niche and not a lot of people know about it, its just "some technical payment thing" according to most media. Recently I've been seeing loads of Indian articles regarding how bitcoin is used for nefarious purposes only, how scammers use it, and how it's a bad investment as its price is so unstable that its will just crash down to the ground one day. This is ridiculous. A lot of people don't really know what it actually is, and the media feeds them loads of bullshit. It is promoted as a ponzi/HYIP scheme.

I have seen some investors talking about bitcoin, but never directly on TV media. The crypto-prohibition by RBI certainly didn't help, even after being reversed, the general consensus is still "bitcoin is a scam". The pandemic has certainly urged more people to get in on the hype buy investing in something, and that something, for a lot of people has been bitcoin, but it is still a very tiny number among the population, if we look at the bigger picture, and had it not been for the media, this wouldn't have been the case. Although, I'm still interested to see where this goes and advances the bitcoin community as a whole in India.
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January 25, 2021, 04:04:30 PM
 #7

Still, I would say that the userbase of crypto in India is pretty low, even among tech-savvy nerds. It's a really small niche and not a lot of people know about it, its just "some technical payment thing" according to most media. Recently I've been seeing loads of Indian articles regarding how bitcoin is used for nefarious purposes only, how scammers use it, and how it's a bad investment as its price is so unstable that its will just crash down to the ground one day. This is ridiculous. A lot of people don't really know what it actually is, and the media feeds them loads of bullshit. It is promoted as a ponzi/HYIP scheme.

I have seen some investors talking about bitcoin, but never directly on TV media. The crypto-prohibition by RBI certainly didn't help, even after being reversed, the general consensus is still "bitcoin is a scam". The pandemic has certainly urged more people to get in on the hype buy investing in something, and that something, for a lot of people has been bitcoin, but it is still a very tiny number among the population, if we look at the bigger picture, and had it not been for the media, this wouldn't have been the case. Although, I'm still interested to see where this goes and advances the bitcoin community as a whole in India.

Good things take time. Although the image of bitcoin has been really down not just in India but all over the globe, many people have started to know what bitcoin actually is.
The number is still very low in India but it is increasing every year. The trading volumes in India have drastically increased since last year and this will increase a lot more when crypto is legalised in India.
I know that the media, RBI and other sources has been speaking shit about bitcoin since a long time but things will turn around since the number of bitcoin supporters/holders are increasing a lot these days.
As said, good things take time and it is upon us how we spread good awareness about bitcoin and encourage more people to learn about bitcoin and the blockchain.

.
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