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.

[Bitcoin Smith]

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

Yeah for sure there will be some ways and even if the law is completely tight you just need to bribe the officer accordingly to leave you out of any trouble, money speaks better than anything in our country.

And this is to explore the possibility and imagine even 1% of people who accumulate gold turned into bitcoin then it will be a huge boost on the price as well as the adoption which is win win for both the parties, so I hope people who search about bitcoin and gold may end up here somehow.

[Cointikka]

BTW.. Both Gold and Bitcoin are out of the reach of the middle class as of now and might continue in the future. Both are now high-value commodities, and with the uncertainty in the global economy due to the war in Iran there prices will go up, and so will the oil prices. The US has created a mess in the Middle East and now does not know how to stop this war.

[Jimmymoriarty]

BTC will never replace gold in Indian households, but it has already become popular over there as a great alternate and unpredictable speculative asset with gold being the primary, predictable asset. This is basically the best of both worlds for such households.

Usually, the old gen stockpile gold while the new gen stockpile BTC and other cryptocurrencies.

[pawanjain]

BTW.. Both Gold and Bitcoin are out of the reach of the middle class as of now and might continue in the future. Both are now high-value commodities, and with the uncertainty in the global economy due to the war in Iran there prices will go up, and so will the oil prices. The US has created a mess in the Middle East and now does not know how to stop this war.

Why do you say that bitcoin and gold are out of reach of the middle class ?
Both of them can be bought in fractions which makes it convenient for every class to buy it.
It might be that they won't be able to purchase it in huge amount but whatever they can afford they can surely go for it.
That's how one should do it in fact. Keep accumulating and it will be worth a huge amount in the long term.

[henmark]

BTC will never replace gold in Indian households, but it has already become popular over there as a great alternate and unpredictable speculative asset with gold being the primary, predictable asset. This is basically the best of both worlds for such households.

Usually, the old gen stockpile gold while the new gen stockpile BTC and other cryptocurrencies.

I have seen a few old gens as well, piling bitcoins and other cryptocurrencies. I think India has shown a really good acceptance rate when it comes to cryptos. Not just the youth but even the elderly are showing interest in Tier-1 cities. Cryptos have reached Tier-2 and Tier-3 youth which again displayed great growth. If we continue by the same speed, I will say within next 5 years, more than half of the population will know about bitcoins. Not all will invest but they will at least have an understanding about how they work.

Poverty rate in India is pretty high which makes most of the population away from such technology. As the poverty rate decreases, technology will emerge and cryptos will be the first thing to boom because awareness will already be generated.

[Jimmymoriarty]

Poverty rate in India is pretty high which makes most of the population away from such technology. As the poverty rate decreases, technology will emerge and cryptos will be the first thing to boom because awareness will already be generated.

Personally, I do not like BJP one bit, but they have somehow managed to decrease the poverty rate in our country noticeably in recent years though it's still not comparable countries like China, Vietnam etc where poverty rates have pretty much nullified.

Anyway, more and more people in the country will definitely learn about crypto, but the old gen will continue sticking to gold etc while new gen will invest in BTC etc in my opinion going forward.

[pawanjain]

Poverty rate in India is pretty high which makes most of the population away from such technology. As the poverty rate decreases, technology will emerge and cryptos will be the first thing to boom because awareness will already be generated.

Now that's something I wish should happen sooner. You're right when you say that technology emerges as poverty decreases.
I guess that's why see middle class people who were earlier in lower middle class or poor category, embracing technology.
I have personally seen few families who are actually doing good in life when compared to their earlier self.

[BitDiscussion]

Poverty rate in India is pretty high which makes most of the population away from such technology. As the poverty rate decreases, technology will emerge and cryptos will be the first thing to boom because awareness will already be generated.

Personally, I do not like BJP one bit, but they have somehow managed to decrease the poverty rate in our country noticeably in recent years though it's still not comparable countries like China, Vietnam etc where poverty rates have pretty much nullified.

Anyway, more and more people in the country will definitely learn about crypto, but the old gen will continue sticking to gold etc while new gen will invest in BTC etc in my opinion going forward.

As of now, we do see the new gen investing in bitcoins but even the old gen is somehow showing interest. India is leading in terms of crypto users. I think if it goes the same, within a few years we will see bitcoins in every house hold. I do not think it is that time as of now. Yet many people are not aware about cryptos here in India.

I very common example would be about my mother. She never has an idea about what bitcoins or cryptos are but she knew I am quite active lately so she decided to give it a try and now she has an amazing portfolio beating mine.

This makes it clear to me that people are ready to learn and adapt cryptos here in India.

[TSen]

BTW.. Both Gold and Bitcoin are out of the reach of the middle class as of now and might continue in the future. Both are now high-value commodities, and with the uncertainty in the global economy due to the war in Iran there prices will go up, and so will the oil prices. The US has created a mess in the Middle East and now does not know how to stop this war.

This war has definitely impacted us Indians, but the situation is manageable. I see even after the LPG supply was cut short, the availability was still there through government portals, so this did not really affect the middle-class families. I think that even the middle class is now emerging great into technology. Every kid in the middle-class family has interest in some or other technology as availability of computers and electronics gadgets has turned out to be much easier now here in India.

I think this will bring the e-revolution and the entire youth which will drive the future of country will be well experienced when it comes to technology. I don't really think bitcoins or gold is out of their reach as even now, they earn enough to satisfy their daily needs while keeping a fixed savings. That savings can be into their bank accounts, gold or bitcoins.