Crypto trading is spreading rapidly in Tier 2 and 3 cities

[Bitcoin Smith]

Craze is now spreading to Tier 2 and Tier 3 towns where many young aspirants wish to turn it into a sustainable livelihood option, as per a latest report by Reuters.

The report states how young Indian men and women, in the age group 20-35, are increasingly shifting their focus to cryptocurrencies after their disappointment with traditional stock market performance in recent times. From Ranchi to Pune to Jaipur to Botad, the small towns of India are witnessing a silent crypto revolution and its evident from recent survey report of CoinSwitch, a leading crypto exchang

many Tier 2 cities like Jaipur, Lucknow and Pune, found place in the top ten crypto investors’ cities of India. What was most surprising was Botad, a small district in Gujarat, finding itself as the 10th most crypto friendly city in India.

Crypto Trading is Booming in Small Towns of India: Reuters

Indians never failed to grab the money making opportunities and this survey replicates that, now things are going in some way I guess despite the hefty 30% tax on gains. I won't call this as adoption for the reason that they don't know anything about crypto apart from money making thing, they started to treat it like gold, stocks and anything that's speculative.

Government is being the hurdle in-between their citizen and real adoption, by any chance people enter in an amount that's inevitable can force them to reduce the taxes or our FM 'Nirmala Sitharaman' will dictate no matter what?

[TheUltraElite]

I also read the linked article to Botad Bulls and I am not very optimistic about the positions of these traders. They sound to me like the get rich quick type of low-mid class working people who are getting into shitcoins. I hope this site does not end up covering how much losses these groups will be making sometime in the next couple of years.

Botad Bulls: How Crypto Won Over a Small Indian City

Adoption is good but mal-adoption is happening in my opinion. Knowledge about bitcoin should be clear and hesitancy to buy bitcoin because of its price is illogical, but it does not seem to change among certain groups of people.

Just like in stock market some people will keep on doing the wrong thing. Let them ruin themselves.

[Bitcoin Smith]

^Atleast they started thinking about financial freedom and only way is to make money as early as possible. Making mistake once or twice is okay but keep repeating is what stopping them from achieving the success. Let's just hope they things in both ways and learn from their mistakes, we can always be open to teach them in every possible way.

[pawanjain]

^Atleast they started thinking about financial freedom and only way is to make money as early as possible. Making mistake once or twice is okay but keep repeating is what stopping them from achieving the success. Let's just hope they things in both ways and learn from their mistakes, we can always be open to teach them in every possible way.

The motive behind investing in bitcoin truly matters because if they are investing for getting rich quick then there's no point of it.
If their motive behind investing in bitcoin is financial freedom, decentralization etc... then we can consider that India is stepping ahead.
Considering the current stock market situation, I am not surprised to see investors turning to bitcoin as it has already proven to be the best asset of the decade.

[avikz]

It's great to see that crypto adoption is increasing in India. This is indeed encouraging. However the biggest road block of crypto in India, is the Indian government itself. 30% tax is non sustainable and even Indian government knows it. Since they have not chosen to reduce the tax, I guess they want to discourage the cryptocurrency spread in India.

As OP has correctly pointed out - Indians never fails to grab money making opportunities. But the reality is, a majority of these crypto traders do not really understand the structure of cryptos. It's just a money making tool for them. That's dengerous! Because they way these people are flocking into crypto market, similarly they will move out when they are not making money.

For now, the information of increasing adoption is encouraging. But we will have to see how sustainable it is..

[Bitcoin Smith]

Because they way these people are flocking into crypto market, similarly they will move out when they are not making money.

For now, the information of increasing adoption is encouraging. But we will have to see how sustainable it is..

I will be happy if that's the case but most often they just lose money and exit the market without knowing what's investment and what's the assets they are investing. Fundamental analysis is really important for an investor and that's what most successful with long careers just keep repeating to the upcoming generation but they just watch a random movie about investing or just manipulated by a youtuber to become one without knowing what it is.

[TheUltraElite]

Seeing the number of people who have been scammed by this con-artist called Asmita Patel, I am again consolidated on my opinion regarding poor financial literacy and the lack of self-discipline among the Indian citizens. This similar mindset leads to involvement in crypto related rugpulls like what NFTs have been in the past.

However such scammers will continue to spread and it is only a matter of time before they start coming to crypto. We have to be prepared to handle misinformation when that happens.

[pawanjain]

Seeing the number of people who have been scammed by this con-artist called Asmita Patel, I am again consolidated on my opinion regarding poor financial literacy and the lack of self-discipline among the Indian citizens. This similar mindset leads to involvement in crypto related rugpulls like what NFTs have been in the past.

However such scammers will continue to spread and it is only a matter of time before they start coming to crypto. We have to be prepared to handle misinformation when that happens.

They are already present in crypto (Uhm, Bitconnect). They are just trying to find out new techniques to lure fellow newbies towards their so called get rich quick schemes.
We as Indians, for some reason, fall quickly for such schemes because of our greed and until people don't educate themselves it's hard to avoid such scams.

[Bitcoin Smith]

India is also a hub of cyber scams and that explains why we have hundreds of account freezes everyday they simply use the others account that they got access via sim swapping or in other ways and get away with Bitcoin and other crypto.

Indians are basically smart but as said previously they lack critical thinking and the urge of making immediate money force them to do such stupid things even though there are many similar cases that went scam soon after launch.

[JSRAW]

Might be surprising to many, but plenty of millionaires are coming out from tier-2 cities.

The new rich class in India is investing in properties abroad like Dubai, London, Portugal, Spain etc, for different reasons (Taxation, Golden Visas, Lifestyle upgrade) and the majority of investors are from Tier 2 and Tier 3 towns. So BTC/Crypto buzz in those parts makes perfect sense.

[libert19]

I know few guys who made plenty money trading back in 2020-'21 bull market, the money that would be dream for a middle class citizens. Crypto is boon despite it's scams and stuff; this is place of opportunities and importantly no gatekeeping.

[TheUltraElite]

I know few guys who made plenty money trading back in 2020-'21 bull market, the money that would be dream for a middle class citizens. Crypto is boon despite it's scams and stuff; this is place of opportunities and importantly no gatekeeping.

The important thing is to understand how the scams work and have a basic knowledge of cybersecurity and common sense. Hurry leads to bad decisions here and going the FOMO train is something Indians have done for years in every sector.

I would like to see how USA finally concludes the crypto bullish move they started - it will determine how India handles it.