Bitcoin in India

[Wapinter]

Open question:

Why has Bitcoin so far gotten zero traction in India?

Some thoughts...
---
- India has more programmers/computer people than the rest of the world combined.
- People in India love tangible assets (gold/silver)
- The Rupee is crashing and the gold price has just hit an all time high in Rupees.
- > 10⁸ people in India have no bank account or otherwise access to financial services.
- Millions of Indians live outside India and send money to/from relatives in India.
- Unlike China, India has no "great firewall".

---

Last week, many Bitcoiners got very excited that the turnover on the Chinese Bitcoin exchange spiked for a few days. Why? Because there are a lot of potential Bitcoiners in China, of course.
But India does not even have a Bitcoin exchange of its own! Why not?

You can add illiteracy to the list too.I think low literacy is also one of the of the reasons why Indians are lagging behind in bitcoin adoption

[1714975757]

1714975757

[GermanFoobla]

That's not really strange that there are not many bitcoins users in india. That's because there is no good internet
connection and there are not enough Indians  who use bank accounts so they can't get any coins.

Yeah Bitcoin is becoming more popular so it is normal for people in India to make use of Bitcoins. India also lies in Asian, that is where the most Bitcoin users are from.

[BitcoinBabbler]

Ah, It will gain movement in time... However, people in India are not well versed with cryptocurrency and its benefits...

In India, cryptocurrency will face a stiff competition owing to the numerous pocket banks available such as PayTm, Freecharge, PayUMoney, Etc, that does the work of micropayments...

[CoinManiac1]

To be mainstream, it will take time... Where I work, hardly 1 or 2 people about bitcoin. That too, they said they read in a paper..

I am lucky to know about bitcoin when way back in 2013, I read about the Silk Road Market....

[JumperX]

To be mainstream, it will take time... Where I work, hardly 1 or 2 people about bitcoin. That too, they said they read in a paper..

I am lucky to know about bitcoin when way back in 2013, I read about the Silk Road Market....

Yeah even my friends are not aware about bitcoin, and the worst thing is that they are employed in top IT companies and still they have not heard about bitcoin yet.

[quintiilieo]

I guess this article is far way to old but the reality is india is one of the heavy users of bitcoin. Lot of bitcoin circling there country as of now because i think they have so many programmers hackers gamblers so they use the bitcoin to become untraceable and also with tax because bitcoin is tax free and easy to use just send someone a bitcoin and it will receive instantly.   

[Divinespark]

My guess is that there may be as many as 50k holders of BTC in India. Admittedly, most are young folks with relatively tiny holdings but it's still early days. BTC is getting a lot more PR in India these days.

[PacePay]

I have also seen a lot of Indian very active in online world, but one thing I have noticed they are more oriented towards USD and are less interested in crypto currency, but still a little number of Indians who are active on bitcoin are earning a big amount of it.

[gentlemand]

The lack of adoption in India might be similar to the lack of adoption in Venezuela. It's not about the skills of the people or if they are tech-savvy or not. I think it's mainly an acquisition problem: Everybody wants Bitcoin, but nobody wants inflationary Rupees / Pesos. So, who will sell Bitcoin to the people there?

As long as you have to pay your taxes and bills in inflationary toilet paper there's always going to be a need to sell coins for it.

I don't really get the lack of India action either. Right now there are 4 full nodes in India. That's one per 300 million. Bulgaria has 10 times more. Pull yer fuckin fingers out.

[newIndia]

I don't really get the lack of India action either. Right now there are 4 full nodes in India. That's one per 300 million. Bulgaria has 10 times more. Pull yer fuckin fingers out.

I dont think number of full nodes signify anything about adoption. There are 122 Chinese full nodes as opposed to 290 of UK. But, Chinese volume (which can be treated as a parameter of adoption) is far far higher than that of UK.

[quentincole32]

I have also seen a lot of Indian very active in online world, but one thing I have noticed they are more oriented towards USD and are less interested in crypto currency, but still a little number of Indians who are active on bitcoin are earning a big amount of it.

yes we know,i have some india friends on social media,and they look like not talk about bitcoin,and i wonder is there any indians people comment on this thread?so we can directly know what and how bitcoin develop on Bollywood country.

[Joel_Jantsen]

I don't really get the lack of India action either. Right now there are 4 full nodes in India. That's one per 300 million. Bulgaria has 10 times more. Pull yer fuckin fingers out.

That doesn't matter.Do you even know what are the primary problems of India ? Most of the people around don't know how to access Internet or say have no Internet services in their area.Well Internet is too far fetched,people don't have fuckin toilets so your ideology of running full nodes in ratio to the population should be keeping to yourself.You can't compare Bulgaria to India for 100 other reasons you haven't mentioned.

yes we know,i have some india friends on social media,and they look like not talk about bitcoin,and i wonder is there any indians people comment on this thread?so we can directly know what and how bitcoin develop on Bollywood country.

I'm from India and stop using Bollywood to portray your thoughts,it is shit.There are a lot of bitcoin users in India but that's nothing compared to the amount of people using Banks or other online payments.

[gentlemand]

I dont think number of full nodes signify anything about adoption. There are 122 Chinese full nodes as opposed to 290 of UK. But, Chinese volume (which can be treated as a parameter of adoption) is far far higher than that of UK.

I think it's a reasonable metric. I assume you can't mine without a full node and you'd be a bit insane to run an exchange without one.

Neither the UK or China have much real adoption. China has zero utility other than exchange gambling and mining. The UK has hardly any businesses accepting and no proper exchange.

So let's look at a country which does have a hint of real adoption such as the Netherlands. There are 329 nodes there.

[gentlemand]

your ideology of running full nodes in ratio to the population should be keeping to yourself.You can't compare Bulgaria to India for 100 other reasons you haven't mentioned.

Just watch me, baby. I'm sure a country that has a space program and is one of the largest buyers of consumer gold should be showing a hint of interest in Bitcoin.

Let's assume 25 million have a standard of living that a Westerner would start to recognise. That's still more than the population of the Netherlands.

[Joel_Jantsen]

Just watch me, baby. I'm sure a country that has a space program and is one of the largest buyers of consumer gold should be showing a hint of interest in Bitcoin.

What does any of it has to do with bitcoin? India has good scientists and rich people ,buying gold is part of the tradition and so is getting a college degree. Government has taken initiatives to make the space program happen.Btw if you ask an average Indian ,the name of India's space organisation(ISRO) I bet they can't answer.Why ? People barely care about stuff that doesn't matter directly to them.Its in their blood.

Let's assume 25 million have a standard of living that a Westerner would start to recognise. That's still more than the population of the Netherlands.

That's correct but don't think westerners cause a massive impact on people's POV.Fact is,the tech savvy,geeks and IT folks will use bitcoins but other than that its very hard to convince people to do something different.They don't want to be called out of their comfort zones.

[newIndia]

I think it's a reasonable metric. I assume you can't mine without a full node and you'd be a bit insane to run an exchange without one.

Not true. Miners do not need to run full node. Only pool operator does. And there is no pool in India. Many big exchanges run on BitGo or BlockCypher API. So, for exchanges also full node is not a requirement. In fact, right now there are 2 real time exchanges, 1 shop, 1 app and 1 block explorer in India. But, as u can see, there are 4 nodes only. Even if someone runs a full node for business, he'll most likely put it up on VPS instead of running it from office/home.

Neither the UK or China have much real adoption. China has zero utility other than exchange gambling and mining. The UK has hardly any businesses accepting and no proper exchange.

What are u talking about? Gambling is one of the biggest industry where bitcoin finds its adoption.

So let's look at a country which does have a hint of real adoption such as the Netherlands. There are 329 nodes there.

In India, bitcoin finds big adoption among online freelancers.

[bittrojan]

No need to worry about bitcoin in india,they completly good country with good potential for bitcoin adoption,just like another asian countries,india also have good place and people to make bitcoin have more users,and i see some users from india come up to this thread and explain anything,good luck for bitcoin in india.

[Joel_Jantsen]

No need to worry about bitcoin in india,they completly good country with good potential for bitcoin adoption,just like another asian countries,india also have good place and people to make bitcoin have more users,and i see some users from india come up to this thread and explain anything,good luck for bitcoin in india.

That is much appreciated but it is not as easy as it seems.Bitcoin in India will take a lot of time to bloom compared to other Asian countries.Assuming we have good tech savvy crowd here,we have fair chances though.

[gentlemand]

What are u talking about? Gambling is one of the biggest industry where bitcoin finds its adoption.

They gamble trading on the exchanges. There are no Chinese Bitcoin gambling sites. No doubt Chinese folks go to foreign gambling sites.

[Akupuniard]

In every country, different people with different interests, bitcoins is not trend in India right now, but with time more and more people will start using bitcoin.