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Author Topic: Bitcoin to replace Gold in Indian household!  (Read 314 times)
pawanjain
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May 07, 2026, 03:31:49 PM
 #21

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.

Lol, is it for real ? I find it hard to believe because you must be into crypto long before her. So this would have given you the opportunity to accumulate more than her.
But anyway, it's good to hear that she is into crypto and is holding bitcoin. Good to see our elders giving bitcoin a shot and trying to understand what it is about.
Do make her aware about the ongoing scams and never let her lose the seed phrase to her wallet and do not let her publicly announce about her bitcoin holdings.

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May 09, 2026, 06:54:41 PM
Last edit: Today at 03:53:42 AM by eaLiTy
 #22

~
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?
I think you are talking about a period during the great depression in the US back in 1933, you do not need to go abroad, here is our Indian history for those who are not aware, during the India China war in 1962 the government raided requested majority of the wealthy people and was mandatory to declare how much gold you were holding.

They took gold from my family and there was a time when people bury their gold to avoid these raids during that period people did bury as there was a speculation that the police will start raiding home for gold and decades later my family got a few gold coins as a token of appreciation from the government.

~
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.
I believe your mother used to invest in stocks and bonds and hence ventured into the cryptocurrency market, if not usually you do not see people who are not into these investment ventures to suddenly start investing in crypto.

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Bitcoin Smith (OP)
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May 10, 2026, 08:21:14 PM
 #23

~
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?
I think you are talking about a period during the great depression in the US back in 1933, you do not need to go abroad, here is our Indian history for those who are not aware, during the India China war in 1962 the government raided majority of the wealthy people and was mandatory to declare how much gold you were holding.

They took gold from my family and it was a time when people bury their gold to avoid these raids during that period and decades later my family got a few gold coins as a token of appreciation from the government.

Means, schools should update the history books and start teaching our own history instead of the popular ones, we need to know who we are then we can focus on the history of other nations.

And yeah, this is what I am afraid of and a couple of people who I follow in the political related matters keep insiting that there is a possibility of this is happening in the next 5 to 10 years.

eaLiTy
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Today at 04:50:07 AM
 #24

~
Means, schools should update the history books and start teaching our own history instead of the popular ones, we need to know who we are then we can focus on the history of other nations.
I have to edit some because i was writing from my old memories what my grandmother told me decades ago, just had a casual query with my parents and they clarified this, it was just request by the authorities because India did not have a defense budget and no weapons, token of appreciation of a few cold coins were given by the government after two decades during early 80's.

And yeah, this is what I am afraid of and a couple of people who I follow in the political related matters keep insiting that there is a possibility of this is happening in the next 5 to 10 years.
One thing they are doing is, they are forming a system to identify all the assets held by individual and family including property, gold and other precious metal.

If you want to speculate wildly,  The problem that can arise is that if you revolt or raise your voice against the ruling class your assets can be seized or frozen in the name of anti social or anti national activities. They will not forcibly take your assets, they can take only with consensus either by creating a narrative with sentiments, if not they will not win the next election.

It is possible they can limit the amount you can spend, they are implementing these things for a while. If you sell gold worth 50k and above, the jeweler can only write a cheque and no cash transaction is allowed above that and this rule is in affect around 2016, they might have increased the valuation, have to check this. 


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pawanjain
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Today at 03:00:48 PM
 #25

~
Means, schools should update the history books and start teaching our own history instead of the popular ones, we need to know who we are then we can focus on the history of other nations.
I have to edit some because i was writing from my old memories what my grandmother told me decades ago, just had a casual query with my parents and they clarified this, it was just request by the authorities because India did not have a defense budget and no weapons, token of appreciation of a few cold coins were given by the government after two decades during early 80's.

And yeah, this is what I am afraid of and a couple of people who I follow in the political related matters keep insiting that there is a possibility of this is happening in the next 5 to 10 years.
One thing they are doing is, they are forming a system to identify all the assets held by individual and family including property, gold and other precious metal.

If you want to speculate wildly,  The problem that can arise is that if you revolt or raise your voice against the ruling class your assets can be seized or frozen in the name of anti social or anti national activities. They will not forcibly take your assets, they can take only with consensus either by creating a narrative with sentiments, if not they will not win the next election.

It is possible they can limit the amount you can spend, they are implementing these things for a while. If you sell gold worth 50k and above, the jeweler can only write a cheque and no cash transaction is allowed above that and this rule is in affect around 2016, they might have increased the valuation, have to check this. 



Just yesterday Modi gave a speech where he requestd Indian citizens to stop purchasing gold.
Why would anybody do that ? Why is the government concerned about this ? As long as people have money they should be able to buy gold.
I did not get the logic behind this. Does anyone of you know what could be the possible reason why the government doesn't want us to buy gold ?

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