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Author Topic: Bitcoin in India  (Read 8409 times)
Stephen Gornick
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June 13, 2012, 02:48:10 AM
 #21

Two Bitcoin articles that were in the media in India:

 - http://www.moneycontrol.com/news/wire-news/factbox-what-is-bitcoin-currency-or-con_687590.html - 2012-04-2
 - http://blogs.economictimes.indiatimes.com/choicerules/entry/trust-and-bitcoin - 2011-09-11

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cbeast
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June 13, 2012, 03:14:28 AM
 #22

I don't want to come off as a racist, but I don't think Bitcoin will be accepted anywhere before SE Asia, South America, and Africa. Basically, Bitcoin will thrive where people have been recently oppressed and don't give a shit anymore.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 13, 2012, 07:18:54 AM
 #23

I just penned a post about my return trip form India, not aware about this thread. Guess I missed it.

I just happened to me in India during the '01 Christmas season. I toured the country for three weeks. I vividly remember the talk on the street everywhere I went about the stock exchange in India. In fact, if I recall correctly, a lot of the trading was taking place outdoors, outside of the stock exchange buildings. The reason I remember this obscure fact is because I happened to remember at the time that the original stock exchange here in the US took place under a tree on Wall Street (paraphrased).

The reason for stating the above is that I experienced first hand how the Indian people feel about finance, money, dollars, and gold. In fact, I was informed beforehand to make sure I bought with me to India as many dollars as possible. When I say dollars, I mean singles, opposed to fives, tens, and twenties. For some odd reason, the merchants liked the singles the best. I later learned that they exchange the dollars (not just singles) in Iran for gold. Once the gold was in India, the jewelry makers formed it into those Mr. T-type necklaces the Indian women are accustomed to wearing. In fact, it was, and maybe still is, cheaper for people to buy a tooled piece of 22K gold jewelry in Indian, than buying the same weight in 18K gold here in the US. On the surface, it sounds crazy, but trust me, because I knew first-hand that this is/was true back then.

All that said, I firmly believe that Bitcoin could easily prosper in India. And they do wire a hell of a lot money overseas from the US, as well as other countries. All it would take is to show them how much money they would save on transfer fees alone, and they would be all over it like flies on a freshly made Chicken Marsala dinner.

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June 13, 2012, 08:55:48 AM
 #24

If btc is to be used as an intermediary in remitance business, there will still be a need to get usd or euros into India and exchange them for rupees that are paid out to the receiver. This will reinstate the very same cost you were trying to avoid.
If there were simply an exchange in India or Filipines or Vietnam, the imbalance would drive the local btc value down until arbitrage becomes an option - and arbitrage would involve exchange fees, spread, and wire transfer fees.
Someone on this forum pointed out that the cost of moving government fiat across borders is much lower for banks and such, so they win again...   

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June 13, 2012, 10:08:40 AM
 #25

If btc is to be used as an intermediary in remitance business, there will still be a need to get usd or euros into India and exchange them for rupees that are paid out to the receiver. This will reinstate the very same cost you were trying to avoid.
If there were simply an exchange in India or Filipines or Vietnam, the imbalance would drive the local btc value down until arbitrage becomes an option - and arbitrage would involve exchange fees, spread, and wire transfer fees.
Someone on this forum pointed out that the cost of moving government fiat across borders is much lower for banks and such, so they win again...   

When india understand what Bitcoin is, and this happens there will be no need to exchange the Bitcoins and Bitcoins will be the thing that everyone wants.




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cbeast
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June 13, 2012, 11:48:30 AM
 #26

If btc is to be used as an intermediary in remitance business, there will still be a need to get usd or euros into India and exchange them for rupees that are paid out to the receiver. This will reinstate the very same cost you were trying to avoid.
If there were simply an exchange in India or Filipines or Vietnam, the imbalance would drive the local btc value down until arbitrage becomes an option - and arbitrage would involve exchange fees, spread, and wire transfer fees.
Someone on this forum pointed out that the cost of moving government fiat across borders is much lower for banks and such, so they win again...   
Remittances from USD or Euro to local currencies can be paid for by people that typically make a living through risk such as pawn shops and private lenders. The convenience of giving their customers a way for overseas loved ones to simply send a few bucks to cover an emergency through Bitcoin will make business owners have less risk with their money. It is cost prohibitive to send small sums via Western Union.

There are bank remittance branches of foreign banks in the US that make transfers fairly cheap, but not very convenient when the local banks themselves are sparse, crowded, and not open when you need them. People need cash. In developing countries you don't just pull out a VISA card at a street merchant. Bitcoin can be that cash.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 13, 2012, 12:02:27 PM
 #27

Bitcoin can be that cash.

I have doubts that that's true. Ignoring all the fees right now, people sending remittance usually aren't the richest and probably try and save every penny they can so I'd think trustworthiness of a currency is pretty high on their value scale meaning Bitcoin must become a lot ore established before people like that would trust it over traditional banking. Now I don't see a reason why some day this wouldn't happen I just don't think we're anywhere close to that day right now, at least not on a grand scale.

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bitcoinTrader
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June 13, 2012, 07:07:37 PM
 #28

Nice to see the discussion about bitcoin in my native country.
Yes, gold and stock market is a common form of investment in India.

I have known bitcoin now for more than a year.
I am an expat and sending inward remittance to India every month.

There is a transaction fees of 15 AED (~4 USD), and the money is credited in 24 hours or less.

So for me, I dont think currently remittance in the form of bitcoin is feasible.

Just my thoughts.

Stephen Gornick
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June 13, 2012, 07:20:44 PM
 #29

So for me, I dont think currently remittance in the form of bitcoin is feasible.

How about augmenting the remittance with a little bitcoin?  Make it a challenge, to see what the recipient could trade them for.  Think of it as seeding the field. and learning.

And soon, in India there will be actual expenses that can be paid for with bitcoins.  If those bitcoins will pay to buy airtime on Airtel and TATA wireless, then that is money that didn't need to go through the remittance service.

 - http://www.bitcoinwireless.com (coming soon)  
 - http://bitcointalk.org/index.php?topic=84348.0

bitcoinTrader
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June 13, 2012, 07:28:17 PM
 #30

So for me, I dont think currently remittance in the form of bitcoin is feasible.

How about augmenting the remittance with a little bitcoin?  Make it a challenge, to see what the recipient could trade them for.  Think of it as seeding the field. and learning.

And soon, in India there will be actual expenses that can be paid for with bitcoins.  If those bitcoins will pay to buy airtime on Airtel and TATA wireless, then that is money that didn't need to go through the remittance service.

 - http://www.bitcoinwireless.com (coming soon)  
 - http://bitcointalk.org/index.php?topic=84348.0


bitcoinwireless seems good, having etisalat in the list as well (telecom provider where I live, UAE)

kangasbros
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June 13, 2012, 07:36:51 PM
 #31

Nice to see the discussion about bitcoin in my native country.
Yes, gold and stock market is a common form of investment in India.

I have known bitcoin now for more than a year.
I am an expat and sending inward remittance to India every month.

There is a transaction fees of 15 AED (~4 USD), and the money is credited in 24 hours or less.

So for me, I dont think currently remittance in the form of bitcoin is feasible.

Just my thoughts.

Unless indians themselves start to see bitcoin as an investment option. You just need one investor, willing to buy with cash at market rate, in one city, to have functioning remittance with 1% fee. I think there might be people who are willing to invest like this, since it is nices to buy bitcoins with cash, than with bank transfer.

Perfect utility for this is of course my newly launched service localbitcoins.com Wink

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June 13, 2012, 07:54:04 PM
 #32

I wonder about this also. For the reasons the OP mentioned, it seems a natural fit.

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August 17, 2012, 02:10:16 PM
 #33

Quote
Like it or not, the world is run by the media. It's possible that there just hasn't been much news about Bitcoin in Indian media. This combined with the regulation could be why Bitcoin is not used there yet.

Actually no one knows about such technology and concept about bitcioin.Partly cause, it has not caused any major scandal or such events.Indian media gives very less importance to international news unless, its direct involved with local interest.Media will definitely highlight bitcoin as untraceable medium of sending money if one such incidence happens and this news will be out to our 1.23 billion population.Already there has been issues regarding top politician,corporates and businessmen dumping their black money to tax havens of swiss banks.

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August 17, 2012, 05:26:07 PM
 #34

sounds like India just needs a publicity stunt. You guys have a income tax system of some kind over there yes? Office place that administers such with a public building with sidewalk frontage? How about standing in front of it with a sign "My Bitcoins cannot be taxed. LOL!" and film it. I'd love to see this on youtube, done for every country that imposes an income tax on its cattle slaves people.
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August 18, 2012, 09:40:07 AM
 #35

Does anyone here already tried to buy coins using MrBitcoins ?
Is it reliable ?
Is there other easy ways to buy bitcoin in India ?

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August 18, 2012, 11:38:52 AM
 #36

Has there been any developments towards bitcoin adoption in India this past month?

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August 18, 2012, 11:41:09 AM
 #37

Has there been any developments towards bitcoin adoption in India this past month?
Aside from this:
 https://bitcointalk.org/index.php?topic=101463.0

“Banking doesn’t involve fraud, banking IS fraud.”
- Tim Madden
Stephen Gornick
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August 18, 2012, 12:31:11 PM
 #38

Does anyone here already tried to buy coins using MrBitcoins ?
Is it reliable ?

Mr. Bitcoins is affiliated with CryptoXChange -- which has been around for over a year now.   Because there is no per-transaction cost, you can try with a small amount, and then when you have bitcoins, do the same thing with a larger amount.  There is no penalty for the small amount.

Is there other easy ways to buy bitcoin in India ?

You might find a digital currency exchange where you can then buy Liberty Reserve or something and convert that to bitcoin. It probably isn't easy or cheap.  Here's one (which I know nothing about):

 - http://www.sitepanel.in/buy-now.html

[Edit: or hey ... here's one that takes bank transfer and sells bitcoins:

 - http://www.ecurrencyzone.net/buy.php#3 ]

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August 18, 2012, 05:43:01 PM
 #39

Seen this link on Twitter - http://www.ecurrencyzone.net/sell.php - Buy bitcoins in India, Bangladesh and Nepal.

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August 19, 2012, 01:31:58 PM
 #40

I have bought today Liberty reserve from sitepanel.in,waiting for my LR balance to increase .

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