Bitcoin to replace Gold in Indian household!

[Bitcoin Smith]

Just a thought, we, Indians always embraced gold in any form, and it has long history since the very beginning and now that people keep saying bitcoin is the digital gold so let's just debate will gold ever be replaced by India as some kind of financial security ever?

There are reasons to do it because our government is also cracking down the gold, they paused it but we had a thing like a citizen is only allowed to hold x amount of gold and anything above that qill require documentation of ownership or government has the right to take it away but I guess they can't do it with bitcoin.

[IIrik11]

younger generation might prefer bitcoin more over gold

but not uncles and auntys

they're hypnotized by this shiny yellow metal

[Bitcoin Smith]

younger generation might prefer bitcoin more over gold

but not uncles and auntys

they're hypnotized by this shiny yellow metal

Can't argue about that.

India is probably holding the most amount of gold than any country and the best part is it is with the people not with the government which no one with the authority don't like that is why I am afraid that gold will be the next target and if that happens then we got best alternative that is not under their control, so just in case.

[TheUltraElite]

Gold is way popular than bitcoin, there is no doubt about it. People in India have never thought about gold replacing bitcoin. They have treated gold as the old king and bitcoin as the new prince.

I dont feel there is a need to replace but both can be obtained for investment purpose and as store of value. Either has its pros and cons. Better to use both and reap benefits from both.

We never know when government might impose another taxation rule over bitcoin. For the short term life of the Indians, better to invest in all sorts of assets.

[JSRAW]

Just a thought, we, Indians always embraced gold in any form, and it has long history since the very beginning and now that people keep saying bitcoin is the digital gold so let's just debate will gold ever be replaced by India as some kind of financial security ever?

There are reasons to do it because our government is also cracking down the gold, they paused it but we had a thing like a citizen is only allowed to hold x amount of gold and anything above that qill require documentation of ownership or government has the right to take it away but I guess they can't do it with bitcoin.

In general, corn is too complicated to adopt by the masses in here.

Having said that, I see one scenario where aam aadmi thinking of adopting, if not replacing gold. Back in 2014, some experts were saying that UPI won't succeed in India because aam Aadmi tech nahi samajhta aur internet ki reach nhi hai but Nandan Nilekani & co made it so simple that ab iske bina kaam hi nahi chalta kisi ka bhi and imo exactly same approach is needed in corn.

[Bitcoin Smith]

~
I dont feel there is a need to replace but both can be obtained for investment purpose and as store of value. Either has its pros and cons. Better to use both and reap benefits from both.

We never know when government might impose another taxation rule over bitcoin. For the short term life of the Indians, better to invest in all sorts of assets.

There is no need to replace, if gold is the was it is now but what if the government got eyes on gold too, because we all know they proposed some kind of limits that how much an individual can have as gold but it was delayed. Imagine they made an announcement that one person can only 50gms or 100 gm of gold and anything over should be sold to the government at a fixed price because it happened in US right?

[henmark]

In India, people are overly obsessed with gold. They don't just consider gold as a form of investment, but they compare gold as their pride. People, mostly females will always hold gold no matter what. Gold is considered not just a luxury but a real avatar of the females in every Indian household. People will surely consider bitcoins, but I don't think bitcoins can ever replace actual gold at least in India. Most people don't just want to keep their investments in gold, but they also want to showcase their gold by wearing multiple ornaments in a simple festival. These people will never consider switching to bitcoins instead of gold.

But for those who consider gold as a secure form of investment can surely think of bitcoins as an alternative as there will be much less paperwork and the holdings can be kept safe from thefts as well. Even for me, I would consider investing a portion of my gold holdings in bitcoins as I do not hold a lot of gold and would always like to keep some in my portfolio.

[pawanjain]

Indian households hold more Gold than any other country's households.
In fact, it holds more Gold than the reserves of US, Germany, Italy, France, Russia and China "all combined".
US takes the lead when it comes to bitcoin though. It holds large amounts of BTC and certainly more than India.
May be this could change in the future if the government lowers taxation on crypto.
For now though, Gold is a huge market and bitcoin is still far from replacing Gold.

[Bitcoin Smith]

Indian households hold more Gold than any other country's households.
In fact, it holds more Gold than the reserves of US, Germany, Italy, France, Russia and China "all combined".
US takes the lead when it comes to bitcoin though. It holds large amounts of BTC and certainly more than India.
~

This is one of the reasons why I brought up this discussion, because the government will not be happy when their people are holding more assets that is what align with the decentralization of bitcoin and we already have that integrated from culture makes bitcoin is the best alternative if government ever limit purchase of gold for any reason in our country.

[pawanjain]

Indian households hold more Gold than any other country's households.
In fact, it holds more Gold than the reserves of US, Germany, Italy, France, Russia and China "all combined".
US takes the lead when it comes to bitcoin though. It holds large amounts of BTC and certainly more than India.
~

This is one of the reasons why I brought up this discussion, because the government will not be happy when their people are holding more assets that is what align with the decentralization of bitcoin and we already have that integrated from culture makes bitcoin is the best alternative if government ever limit purchase of gold for any reason in our country.

So this makes bitcoin as a better alternative to Gold since it cannot be directly controlled by the government.
If the majority of Indian households start investing in bitcoin we can't even imagine where that will take bitcoin price to.
Sooner or later that is going to happen I believe and that is why it's the best to accumulate as much bitcoin as we can at lower prices.

[TheUltraElite]

This is one of the reasons why I brought up this discussion, because the government will not be happy when their people are holding more assets that is what align with the decentralization of bitcoin and we already have that integrated from culture makes bitcoin is the best alternative if government ever limit purchase of gold for any reason in our country.

We can make people aware, but we cannot force people to buy bitcoin. Gold though people will keep buying for a long term store of value. Indians have traditionally been collecting gold over the years since generations and the newer generations are getting interested in bitcoin as well.

So I think it is the best of both worlds owning both for the coming generations from their ancestors.

Government might impose rules, but there will always be some or other loophole.