Bitcoins economic growth is enormous in India | Amazing Future ahead

[so98nn]

There is an amazing article that was recently published by news network - The Hindu. They have explained some good points on how bitcoin is taking off in Indian economy and in the hearts of Indian peeps.

The very first thing the price that’s increasing all the time. Every year we have seen huge up surge in the bitcoin prices.

However, there is always little higher price difference in USD and INR. Even I have observed that for all the coins including bitcoin the price is little higher as compared to USD-INR-Fiat pair.

Second largest point is regulatory stuff.

Until 2019-2020, RBI which is Reserve Bank of India had ban all the crypto related transactions. This led to stiff drop in crypto users for temporary period since mega exchange like Zebpay, WazirX and others started facing issues with banking partners.

However, soon in the 2021 bill Supreme Court of India passed the judgement that RBI should not be banning such transactions which can contribute to the Indian economics.

Well well well, when it’s regulations no one can go against it. When highest court is from your side then it’s just most amusing thing for India. 

Good Facts from Articles:

1) There are 100 million plus bitcoin holders in the India.
2) India is now of the largest bitcoin holder by its number of users and value.
3) India is witnessing largest growing exchangers and wallets. Viz., WazirX, CoinSwitch Kuber, CoinDCX, Zebpay and BuyUCoin.
4) CoinDCX alone has crossed $1 billion milestone.
5) Bollywood stars like Amitabh Bacchan, Salman Khan are set to create NFT based digital autographs to sell and they will be the first one to do.


And many more amazing facts about India and it’s growing relationship with the crypto currencies.

I believe that suddenly India will be one of the top 2nd or 3rd country to trade, mine, exchange the crypto currencies and specifically Bitcoin.

The whole article here:- Explained | Why many investors rallying behind bitcoins?

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[stompix]

1) There are 100 million plus bitcoin holders in the India.

With just over 40 million addresses with a balance and with just under 700 million transactions on-chain in all of the history of bitcoin I seriously doubt this.

2) India is now of the largest bitcoin holder by its number of users and value.

And any data to back this up?

3) India is witnessing largest growing exchangers and wallets. Viz., WazirX, CoinSwitch Kuber, CoinDCX, Zebpay and BuyUCoin.

Wazir has $221,872,044 in volume , Kraken $1,205,650,335, Coinbase $5,823,294,542.
Just saying, doesn't match the claims of India being number one

4) CoinDCX alone has crossed $1 billion milestone.

Volume says
Volume(24h) $79,779,039.57.
A bit short of 1 billion.

I believe that suddenly India will be one of the top 2nd or 3rd country to trade, mine, exchange the crypto currencies and specifically Bitcoin.

But you just said you're number one in everything, so how can you hope for number three?

[jackg]

I've used coindcx before and it looked to be a liquidity provider across a few exchanges. Also, if binance really does want to enforce kyc and limit deposits on its users - it doesn't look like the worst exchange to turn to.

I think India will probably grow to a similar size of China economically and then might face problems in growing after that. I think it's possible Indian firms in crypto might just leave India too if forced to by regulation elsewhere.

[LoyceV]

1) There are 100 million plus bitcoin holders in the India.

With just over 40 million addresses with a balance and with just under 700 million transactions on-chain in all of the history of bitcoin I seriously doubt this.

I instantly thought the same. They must count "exchange users" as Bitcoin holders, and it could indeed be there are 100 million people with an account on an exchange. That also means millions of people can lose their Bitcoin at the same time when the exchange disappears.
By my definition, you're not HODLing Bitcoin if you don't own the private keys. But if you treat it like stock, I guess it's okay to leave it at a broker.

[so98nn]

~snip~

Since the article is from authentic source, I just referred the points from articles which has been referenced at the end.
 

Let us hope that most of the facts are at least close to what the article says. Just passing the positive vibes!

[avikz]

There is no doubt that the crypto community is growing at a superfast pace in India. Thanks to the community and the exchanges who are spending in millions to increase awareness about cryptos in India. If the growth continues without any hindrance, amazing future is indeed waiting for Indian economy and cryptos.

But the government is keeping silence all along! That's what worries me! The government is corrupted to the core and Indian banks have a really strong lobby here. Things can turn negative at any point of time!

[stompix]

Let us hope that most of the facts are at least close to what the article says. Just passing the positive vibes!

There are no facts, that's why I asked you to show the sources for these claims which are just out of this world.
And no, we don't need to pass positive vibes like in some therapy group as long as those vibes are generated by fake statements.

I think India will probably grow to a similar size of China economically and then might face problems in growing after that.

Until it stops being in the same league with the annual GDP of France with 80 million inhabitants and the total wealth of Italy with 60 million that's a long way to go, reaching China is a problem for the next three decades.

I instantly thought the same. They must count "exchange users" as Bitcoin holders, and it could indeed be there are 100 million people with an account on an exchange. .

That might be possible, but only if we go by poeple with an account, not users.
If we go by the numbers of 100 million versus the trading volume it would mean there are about 10 billion users of exchanges in the world....
which I think it's not possible? Of course, we could add the fact that the average Indian trader would have less money to create volume but that would go against the other claim of them leading the race, so no, accounts opened and app downloads, yeah it's all possible. Real users, no!

Putting the 1:13 ratio to Mumbai it would mean there are 2 million bitcoin users there.
2 million users and 4 businesses accepting crypto on coinmap?
100 million users and 16 nodes? While Denmark has 17? 0.27BTC in LN channels?
By any metric that we have data on the 100 million is just now possible.

Again, I doubt all those claims about hundred of millions of users around the world.
Bitcoin would have not been stuck at 30k for that long with 300 million poeple buying and using the coin, there is a long way to reach that number and also a long growth in every aspect ahead of us.

[shield132]

I have read at past that India was going to ban crypto and make it illegal to hold bitcoins. It's great if something has changed in a very positive way in India in crypto world because India is a very poor country and I have no idea why the government wanted to lock one great way of earning of money for people, at least they do nothing that may harm someone, so, logically there is no problem.

However, there is always little higher price difference in USD and INR. Even I have observed that for all the coins including bitcoin the price is little higher as compared to USD-INR-Fiat pair.

When crypto is traded into local currencies, there are additional fees of exchange added, i.e. when you convert Bitcoin into INR, at first there is done Bitcoin - USD conversion and then USD - INR convert, that results in more fees.

WazirX is acquired by Binance, right? I remember when their coin reached very high price.

[so98nn]

[....]

@stompix

Here are some great results from the Finder.
They carried out surveys throughout 27 countries with 47k peeps. The methodology used is explained in the report. The report states % involvement of the crypto currency user; whether it is bitcoin or other top most coins.

According to the source, different countries have been ranked as per shown in the following image.



Amongst all, India stands at 3rd number, with 30% adopters throughout the nation. From this, 16% contributes to the Bitcoin holder.
If considered by age group, then also India lists in the top column.
Assuming the youngsters are more involved this will pass on to more college students, part time workers very quickly and more peeps could on board the crypto.



There is amazing report which you can read here: Crypto Currency Adoption Rates
*Above images also taken from this report itself.

With the given sample set at least India stands a chance in the top most holder. The 30% of Indian population is definitely very high index. Idk looks to me logical to think India could be one of the largest holder of crypto.

[Kakmakr]

In recent news it was reported that one of the main things Bitcoin was used for in India, was remittance. Many Indian people are working in other countries and they are sending money home to their family. The India government will not have an issue with that, because it is money flowing into their economy. 

https://economictimes.indiatimes.com/nri/invest/many-indian-expats-turn-to-crypto-to-remit-money/articleshow/87247432.cms

I have read somewhere that Bitcoin are taxed an investment asset and long-term capital gains are taxed at the flat rate of 20% (So it is not approved as legal tender) 

[Jawhead999]

The report states % involvement of the crypto currency user; whether it is bitcoin or other top most coins.

Cryptocurrency =! Bitcoin, that's mean we can't know what Indian people hold either Bitcoin, Ethereum, Binance coin etc. So your statement of India is the largest Bitcoin holder is wrong. Anyway I can't find that's source, when I search it they give different statistic.

Updated Oct 18, 2021
Finder's Cryptocurrency Adoption Index measures the growth of cryptocurrencies across the world through a regular survey of 41,645 individuals in 22 countries.

In this statistic India in 7th position among 22 countries of Bitcoin holders, however I'm not really sure how accurate their survey. There's a chance they do survey on P2P (e.g paxful or Localbitcoins) since Nigeria mostly using those platform. I'm speechless to see US and UK has very low Bitcoin holders...

[paxmao]

India is an eternal promise. A very populated country, namely, the largest democracy in the world (I do not know how strong or really democratic is tbh) that should be growing like crazy... yet is not. And it is not in terms of markets, GDP nor international relevance. It is very sad, but there are so many barriers that would need to be removed to enable the potential of India that it just seems impossible as of now to bet on it.

Glad to know adoption is good.

[Charles-Tim]

2) India is now of the largest bitcoin holder by its number of users and value.

And any data to back this up?

This will be in accordance to the latest stat report: Crypto interest index

This stat report was released few weeks ago. Scroll the table to the right to check the crypto ownership.

I do not have indept knowledge about the methodology used but I believe it is beyond the use of noncustododial wallets. Likely including exchanges and other crypto services. The methodology used, Triple A is linked to Chainanalysis.

[stompix]

The methodology used is explained in the report.

Yeah? How come?  

**For more information on this or any other Finder survey methodology, please contact Graham Cooke, head of consumer
research at Finder by email at graham@finder.com.

It's a survey and you can see how accurate it is because it tells a completely different story than yours.
Sory but surveys are garbage, and ones that show close to 800 million users in the world right now are just fiction.

I do not have indept knowledge about the methodology used but I believe it is beyond the use of noncustododial wallets. Likely including exchanges and other crypto services. The methodology used, Triple A is linked to Chainanalysis.

At least now we have a methodology. I'll go over the point of Russia and China not being in that list and focus only on methodology:

Our methodology
On-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita
The goal of this metric is to rank each country by total cryptocurrency activity, but weight the rankings to favor countries where that amount is more significant based on the wealth of the average person and value of money generally within the country.

So, a bitcoin purchased in the USA is counted as one and one purchased in India as 10 because the PPP rates are also 10:1 on the median income. Nice....

On-chain retail value transferred, weighted by PPP per capita

Again, same issue! But it gets better:

Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users
P2P trade volume makes up a significant percentage of all cryptocurrency activity, especially in emerging markets. For this index, we rank countries by their P2P trade volume and weight it to favor countries with lower PPP per capita and fewer internet users, the goal being to highlight countries where more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions.

So one user in the US is equal to 1 while one in India to two as the average number of users in India is barely 50% of the population. Now throwing in the 1:10 ratio for the GDP PPP, how accurate is this *** in reality?

[so98nn]

Good discussion until now.
Stompix must be very interested in economics subject, the way they are involved with this. 

Well I envy the way everyone is studying this topic and it is giving some good reviews too. I think the survey that is done by finder is not much promising.

Though we got over this before there is another article published by The Hindu which mentions the number of account holders are pretty much in millions only. But let’s forget about it for now until we get some good strong sources for the same.

It would be amazing if someone can really get us authentic source on the stats.

[stompix]

Good discussion until now.
Stompix must be very interested in economics subject, the way they are involved with this. 

I just pick a few topics usually and follow them if I feel there is a discussion based on numbers, I really love when there is something that we can base our conversation on, not just random speculation or the usual this is god this is bad drama.

It's not that I have something with India or Turkey or that I don't believe in adoption it's just that I don't see it reaching those numbers not even in the next few years. Even Europe and my own country are quoted with 10%, let's drop 20% in poeple under 18, let's drop half of the poeple over 60+ and if I consider the difference between rural communities and urban then this 10% would turn in the capital to something around 25% if not 30% of the adults.
Common!!!! Even if we neglect the fact that from my point of view the numbers would be biased since obviously, I would know more poeple who own bitcoins still 1 in every 4-5 adults around me would have to own coins, can anyone, anyone claim the same anywhere in the world? We have a long way to reach that percentage!

Well I envy the way everyone is studying this topic and it is giving some good reviews too. I think the survey that is done by finder is not much promising.

Surveys are misleading, you need to make them fairly distributed on all ages in all business sectors and on all levels of education. Imagine asking the same question in a village with no electricity and then in the Starbucks near the EA offices, one time the men over 80+ old and then youngster of 20+.
This data has to be always taken with a ton of salt, not just a grain, most of the time the surveys are paid by every industry to overexaggerate the interest for something and to make the headlines in news without really looking like an advert. That's why whenever I hear a survey I have a  meh!! reaction.

[Ozero]

Of course, against the background of the fact that the Reserve Bank of India previously explicitly prohibited subordinate banks from providing any assistance to institutions and organizations that use cryptocurrency in their activities, the cancellation of such a ban attracted the attention of people to cryptocurrency, who had at least some opportunity to generate income. ...
However, it must be borne in mind that in this country there is still no clear legislative regulation of the circulation of cryptocurrency. Although the statements of high officials about the need to ban it have recently disappeared, the situation can still change at any time.

[Natalim]

India is an eternal promise. A very populated country, namely, the largest democracy in the world (I do not know how strong or really democratic is tbh) that should be growing like crazy... yet is not. And it is not in terms of markets, GDP nor international relevance. It is very sad, but there are so many barriers that would need to be removed to enable the potential of India that it just seems impossible as of now to bet on it.

Glad to know adoption is good.

Despite of an overpopulated country that are full of barriers, its now undeniable that India has almost made it to the top when it comes to crypto and bitcoin. Yes, based on an Analytics insight report, Indians have invested around $6.6 billion in crypto  till May 2021 and it was an over 600% jump from $923 million in April 2020. Although this survey is not really updated but come to think of it, how much more to this present time their total investment in crypto? It must be very huge by now. So its not surprising that India could be China or US in the coming years which will totally lead crypto adoption in the world. Well, as long as its government did not change their mind on crypto, then crypto will become mainstream in India by then.

[YOSHIE]

I believe that suddenly India will be one of the top 2nd or 3rd country to trade, mine, exchange the crypto currencies and specifically Bitcoin.

The whole article here:- Explained | Why many investors rallying behind bitcoins?

This is the result of all the problems that have arisen in india against crypto in 2019 to 2020,: the pros and cons of that time, some were against it, some supported it, the parliament against the prohibition law was almost made at that time.

Think clearly, India is a weak economic country and low currency, good decision for crypto users in India lately, maybe they realize that crypto is one element that can revive the economy of Indian society, Honestly I'm also happy to see the news, at least crypto users in India now don't need to be wary of banning crypto anymore, enjoy it while you live.

[Silberman]

There is no doubt that the crypto community is growing at a superfast pace in India. Thanks to the community and the exchanges who are spending in millions to increase awareness about cryptos in India. If the growth continues without any hindrance, amazing future is indeed waiting for Indian economy and cryptos.

But the government is keeping silence all along! That's what worries me! The government is corrupted to the core and Indian banks have a really strong lobby here. Things can turn negative at any point of time!

It is not really surprising that once the government left people to their own devices they are adopting bitcoin, we must remember that the people in India like to use gold to store their wealth so it is natural they find in bitcoin a good way to store their wealth and try to increase it even further, however the data in the article is doubtful at best, but still what is happening in India is not exclusive of the country and it is happening everywhere as people are realizing the economies of the world are in problems.