Topic: [2016-10-9] Bitcoin Adoption in India May Surge during Diwali Festival (Read 482 times)
October 09, 2016, 07:06:28 AM
where has this 'bitcoin is it in india' narrative sprung from? I assume all of it is zebpay pr because I can't see much or any evidence of the rest of india giving a shit.
October 09, 2016, 07:01:21 AM
Online shopping during the festival time is huge, but Bitcoin shopping has hardly made an impact.
It is still credit cards, credit cards and credit cards.
It is still credit cards, credit cards and credit cards.
I agree. The article is pure speculation based on an unrealistic Bitcoin-centric view. The truth is that there are very few businesses that accept Bitcoin and very few Indians that know Bitcoin. So there might be an effect, but it will be barely noticeable.
Basically the article is promoting ZebPay. That however is not the real thing. The true power of Bitcoin can only unfold if it is used for native, direct payments without intermediary fiat conversion. That holds especially true for the remittance market. Services that use Bitcoin as an intermediary to transmit money overseas are not a much better solution than traditional remittance methods, because these services add fees and exchange costs to the process as well.
The true power of Bitcoin can only unfold by entirely eliminating the middle man: If local businesses (supermarkets and grocery stores) around the world (and especially in developing countries) would start to accept Bitcoin as direct form of payment, all fiat conversions would become obsolete. This way, Bitcoin could flow seamlessly from sender to recipient and would be directly usable for purchases. That would be the real revolution and the end of fiat.
ya.ya.yo!
October 09, 2016, 06:19:37 AM
Online shopping during the festival time is huge, but Bitcoin shopping has hardly made an impact.
It is still credit cards, credit cards and credit cards.
It is still credit cards, credit cards and credit cards.
October 09, 2016, 03:29:23 AM
Festivals and celebrations have quite an effect on Bitcoin. While people celebrate with their friends and family during the holiday season, the adoption and number of Bitcoin transactions tend to increase as well. The variations are usually visible days if not weeks before the holiday season. Like Christmas and New Year, the Hindu festival of lights — Diwali is a huge deal in India.
People usually go on a shopping spree before Diwali. Online commerce platforms see a huge surge in sales, which is further encouraged by discounts and other offers. The budding Bitcoin ecosystem in India is also expected to see a rise in adoption with increased transaction volumes by October 20, the beginning of 5-day long Diwali celebrations.
Apart from trading, the Indian Bitcoin community is expected to spend their Bitcoin holdings on online shopping platforms. However, the lack of Bitcoin debit cards and Bitcoin-accepting e-commerce platforms in the country is forcing the Bitcoin community to use platforms like ZebPay to cater to their online shopping needs. ZebPay allows users to buy gift cards of the country’s major online retailers like Flipkart and Amazon with Bitcoin. The platform offers an additional discount of at least 5% on these gift cards.
At the same time, remittance industry is another sector where Bitcoin is soon going to play a huge role in the country. India is known to have the largest remittance market, receiving about $70 billion each year. The Indian diaspora spread across the world are known to send money to their immediate families and relatives back home. The remittance volumes also show a significant increase during festivals. While some people already use Bitcoin for cross-border transactions, the Indian Bitcoin companies are gradually moving to capture their share of the market as well.
http://www.newsbtc.com/2016/10/09/bitcoin-adoption-in-india-may-surge-during-diwali-festival/
People usually go on a shopping spree before Diwali. Online commerce platforms see a huge surge in sales, which is further encouraged by discounts and other offers. The budding Bitcoin ecosystem in India is also expected to see a rise in adoption with increased transaction volumes by October 20, the beginning of 5-day long Diwali celebrations.
Apart from trading, the Indian Bitcoin community is expected to spend their Bitcoin holdings on online shopping platforms. However, the lack of Bitcoin debit cards and Bitcoin-accepting e-commerce platforms in the country is forcing the Bitcoin community to use platforms like ZebPay to cater to their online shopping needs. ZebPay allows users to buy gift cards of the country’s major online retailers like Flipkart and Amazon with Bitcoin. The platform offers an additional discount of at least 5% on these gift cards.
At the same time, remittance industry is another sector where Bitcoin is soon going to play a huge role in the country. India is known to have the largest remittance market, receiving about $70 billion each year. The Indian diaspora spread across the world are known to send money to their immediate families and relatives back home. The remittance volumes also show a significant increase during festivals. While some people already use Bitcoin for cross-border transactions, the Indian Bitcoin companies are gradually moving to capture their share of the market as well.
http://www.newsbtc.com/2016/10/09/bitcoin-adoption-in-india-may-surge-during-diwali-festival/
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