Bitcoins economic growth is enormous in India | Amazing Future ahead

wxa7115

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Quote from: so98nn on November 28, 2021, 08:47:21 AM

Many of them here started to think that the OP is incorrect after the incidence that happened last week in India. The bill that is generated is not clear at all. Moreover please note that it’s merely draft and there are hundreds of possibilities out there where this bill will come out as positive wave!!

There is bullet point in the bill by the way which states crypto which are completely private will be banned from trading however others won’t. As we all know bitcoin is not private currency it won’t have any major impact.

Just have patience and surely India will boom once the bill is out.

I think that what they mean by private is that all coins that are not printed by a public entity, like a bank or a government, are not going to be allowed to be traded there, and under that definition then that will be an indirect ban against bitcoin.

However at the end it does not matter, if governments want to shoot themselves in the foot then that is fine, if they do not want to take advantage of all the advantages that bitcoin offers over their own fiat currencies that is OK, because smart people are not going to miss this chance even if sometimes this is going to mean defying the orders from their governments.

husnija

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only time can tell, many countries have prepared digital money that will slowly replace paper money
indirectly it will be a good opportunity for cryptocurrencies, especially bitcoin to declare regulations that support its existence

alpamar99

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Quote from: savetheFORUM on November 28, 2021, 12:29:17 PM

Quote from: so98nn on November 28, 2021, 08:47:21 AM

Many of them here started to think that the OP is incorrect after the incidence that happened last week in India. The bill that is generated is not clear at all. Moreover please note that it’s merely draft and there are hundreds of possibilities out there where this bill will come out as positive wave!!

News about India and their stand with bitcoin can be really confusing at times, because you can’t tell whether they are with bitcoin or not. Sometimes I would see some threads that would say that India has banned cryptocurrency, and declared it illegal, and after some days I will also see news that cryptocurrency is booming in India lol.

It really confuses and you can’t tell what is really happening. Well it is good to know that cryptocurrency has been flourishing in India and a lot of people are interested in it and also ready to keep investing and pushing it forward.

why i agree with this Cheesy

i often see some threads and some articles saying that in india now is booming about crypto and the government is starting to make policies about crypto in india.
on the other hand I also see that there are several articles that say that China and India are strong opponents of bitcoin at this time.

I don't understand why something like this happens and why there are two overlapping news at almost the same time

molsewid

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Quote from: savetheFORUM on November 28, 2021, 12:29:17 PM

News about India and their stand with bitcoin can be really confusing at times, because you can’t tell whether they are with bitcoin or not. Sometimes I would see some threads that would say that India has banned cryptocurrency, and declared it illegal, and after some days I will also see news that cryptocurrency is booming in India lol.

It really confuses and you can’t tell what is really happening. Well it is good to know that cryptocurrency has been flourishing in India and a lot of people are interested in it and also ready to keep investing and pushing it forward.

I have an experienced working with an Indian national (cryptocurrency aspect type of work) and even if I just knew a few Indian I can say that these people were very much engage with crypto platform and if ever Indian government will going to impose a policy banning crypto transaction in their country this would greatly affect those people. It's really confusing what really the laws or regulation that the India has when it comes to cryptocurrency but on the other hand the government could either ban or not ban crypto transaction it's just that I don't think the government of India could restrict it because cryptocurrency are already booming in this country.

habebe

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Bitcoin and other cryptocurrencies are the strongest trading assets in India despite all the many restrictions from the Center and Reserve Bank of India. yet some of the estimates, more crore to Indians in its cryptocurrencies, take place in India the country with the highest number of Bitcoin crypto currency holders in the world.

savetheFORUM

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Quote from: so98nn on November 28, 2021, 08:47:21 AM

Many of them here started to think that the OP is incorrect after the incidence that happened last week in India. The bill that is generated is not clear at all. Moreover please note that it’s merely draft and there are hundreds of possibilities out there where this bill will come out as positive wave!!

News about India and their stand with bitcoin can be really confusing at times, because you can’t tell whether they are with bitcoin or not. Sometimes I would see some threads that would say that India has banned cryptocurrency, and declared it illegal, and after some days I will also see news that cryptocurrency is booming in India lol.

It really confuses and you can’t tell what is really happening. Well it is good to know that cryptocurrency has been flourishing in India and a lot of people are interested in it and also ready to keep investing and pushing it forward.

so98nn

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Many of them here started to think that the OP is incorrect after the incidence that happened last week in India. The bill that is generated is not clear at all. Moreover please note that it’s merely draft and there are hundreds of possibilities out there where this bill will come out as positive wave!!

There is bullet point in the bill by the way which states crypto which are completely private will be banned from trading however others won’t. As we all know bitcoin is not private currency it won’t have any major impact.

Just have patience and surely India will boom once the bill is out.

wxa7115

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Quote from: sana54210 on November 27, 2021, 02:20:37 PM

I also believe that no nation could technically "ban" crypto since its anonymous as long as you want to. What they actually ban is you having crypto becoming a public information. Would you be able to turn your fiat into crypto or vice versa from an exchange easily? No you won't be. However you could still own crypto if that is all you want to do, as long as you do not let your government know about it, holding it won't become a problem. This is true for China or any other nation that wants to ban crypto.

The problem with holding bitcoin secretly at China is that the government has control of everything, I am sure there is spyware on every single smartphone used by the Chinese citizens, so the moment you install a bitcoin wallet you are risking the police paying you a visit on the middle of the night.

Quote from: sana54210 on November 27, 2021, 02:20:37 PM

On top of that world will grow so much around crypto that all these nations who want to ban will not have a chance to ban it in the future, they will have to revert their decision and support crypto even if they do not want to. Why? Because we simply can't be watching crypto grow and help a lot of nations and make them richer while our nation goes to dump, governments will lose a lot of votes if opponents start to promise crypto support, and that is why everyone will accept it eventually.

On this I agree, many countries even if they are against bitcoin will have to eventually accept it if they see it is a positive influence and as an industry that brings a lot of money to other countries, however by the time they do it they could be so far behind that it will not do too much of a difference, this is why what is happening at El Salvador is important as they could be setting up themselves for huge success during the next decades by adopting bitcoin so completely.

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Quote from: tygeade on November 26, 2021, 05:41:15 AM

I read that India is again going to pass a bill to ban or regulate and the outcome of Indian's stand against cryptocurrencies is still undecided. Considering the population and probable user userbase from world's second largest populated country, I guess any stand will definitely will have intensive impact on all cryptocurrencies. At the same time, we need to recall that China's recent ban was defeated by bitcoin community.

I mean China's negative stand made some downfall into bitcoin markets but the true believers of bitcoins made use of those opportunities for accumulating more and that way bitcoin was able to get a new ATH. So, whatever India government is going to decide against crypto space, I am sure bitcoin is on its own course of sailing toward $100k/$200k/$400k.

I also believe that no nation could technically "ban" crypto since its anonymous as long as you want to. What they actually ban is you having crypto becoming a public information. Would you be able to turn your fiat into crypto or vice versa from an exchange easily? No you won't be. However you could still own crypto if that is all you want to do, as long as you do not let your government know about it, holding it won't become a problem. This is true for China or any other nation that wants to ban crypto.

On top of that world will grow so much around crypto that all these nations who want to ban will not have a chance to ban it in the future, they will have to revert their decision and support crypto even if they do not want to. Why? Because we simply can't be watching crypto grow and help a lot of nations and make them richer while our nation goes to dump, governments will lose a lot of votes if opponents start to promise crypto support, and that is why everyone will accept it eventually.

Fortify

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Quote from: so98nn on October 26, 2021, 11:43:46 AM

There is an amazing article that was recently published by news network - The Hindu. They have explained some good points on how bitcoin is taking off in Indian economy and in the hearts of Indian peeps.

The very first thing the price that’s increasing all the time. Every year we have seen huge up surge in the bitcoin prices.

However, there is always little higher price difference in USD and INR. Even I have observed that for all the coins including bitcoin the price is little higher as compared to USD-INR-Fiat pair.

Second largest point is regulatory stuff.

Until 2019-2020, RBI which is Reserve Bank of India had ban all the crypto related transactions. This led to stiff drop in crypto users for temporary period since mega exchange like Zebpay, WazirX and others started facing issues with banking partners.

However, soon in the 2021 bill Supreme Court of India passed the judgement that RBI should not be banning such transactions which can contribute to the Indian economics.

Well well well, when it’s regulations no one can go against it. When highest court is from your side then it’s just most amusing thing for India.

Good Facts from Articles:

1) There are 100 million plus bitcoin holders in the India.
2) India is now of the largest bitcoin holder by its number of users and value.
3) India is witnessing largest growing exchangers and wallets. Viz., WazirX, CoinSwitch Kuber, CoinDCX, Zebpay and BuyUCoin.
4) CoinDCX alone has crossed $1 billion milestone.
5) Bollywood stars like Amitabh Bacchan, Salman Khan are set to create NFT based digital autographs to sell and they will be the first one to do.

And many more amazing facts about India and it’s growing relationship with the crypto currencies.

I believe that suddenly India will be one of the top 2nd or 3rd country to trade, mine, exchange the crypto currencies and specifically Bitcoin.

This looks like a facepalm considering the events of the last few weeks and how the Indian government is currently debating banning all except government issued cryptocurrencies soon. You're right that India does have some of the biggest potential, as one of the highest population and reasonably democratic countries. They shouldn't really ban crypto, but work to educate people about how it can be abused in order to facilitate scams just like a bank would want to teach it's customers how not to throw away their money. A healthy country would have no problem putting their government backed crypto up against any transparent and open market crypto if it was really that confident in it.

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Quote from: Pejoh Asu on November 27, 2021, 04:09:55 AM

There are many reports that India is a country that uses bitcoin and the top 3 largest cryptocurrencies after China and the USA, with the second largest population after China, of course, it is a good opportunity if the Indian government legalizes crypto such as El Salvador, and with the potential that continues to grow, it will make Indian citizens gain increased well-being.

India is neither have good approach towards regulating the Bitcoin nor they hold too much amount of bitcoin as you claims, they have huge amount of population but their Central bank trying to stop the adoption from the beginning by restricting cryptocurrency trading then it was ruled over by the court, now they are trying to pass bill against cryptocurrency in near future.

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Quote from: so98nn on October 26, 2021, 11:43:46 AM

And many more amazing facts about India and it’s growing relationship with the crypto currencies.

I believe that suddenly India will be one of the top 2nd or 3rd country to trade, mine, exchange the crypto currencies and specifically Bitcoin.

I doubt we have any major mining farms for BTCitcoin in 2021, in the early days there were mining farms but not huge ones where we used to see in China. The rest of the things are true, the cryptocurrency market is booming and it has direct relation to the uncertainty of the ruling government and their economic policies as the general public does not trust them and they are investing heavily in the cryptocurrency space.

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Quote from: Pejoh Asu on November 27, 2021, 04:09:55 AM

There are many reports that India is a country that uses bitcoin and the top 3 largest cryptocurrencies after China and the USA, with the second largest population after China, of course, it is a good opportunity if the Indian government legalizes crypto such as El Salvador, and with the potential that continues to grow, it will make Indian citizens gain increased well-being.

India is famous for being known as a place to hide the blood of genius with outstanding techniques and technologies, especially their population, which is so overcrowded and coincidentally these two factors combined was able to make bitcoin's growth exponential but an exceptional reason seems to have interfered and ruined this unique combination. It's a matter of culture as well as politics, their investment culture always has strange thoughts and limits many issues and politics like many other countries, not too supportive of bitcoin when repeatedly proposed to ban participation in this market.

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There are many reports that India is a country that uses bitcoin and the top 3 largest cryptocurrencies after China and the USA, with the second largest population after China, of course, it is a good opportunity if the Indian government legalizes crypto such as El Salvador, and with the potential that continues to grow, it will make Indian citizens gain increased well-being.

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Quote from: tygeade on November 26, 2021, 05:41:15 AM

I mean China's negative stand made some downfall into bitcoin markets but the true believers of bitcoins made use of those opportunities for accumulating more and that way bitcoin was able to get a new ATH. So, whatever India government is going to decide against crypto space, I am sure bitcoin is on its own course of sailing toward $100k/$200k/$400k.

And by that logic,
when the US will ban bitcoin we will get to 1 million
when the EU will ban bitcoin we will be at 10 million
when the rest of the world bans bitcoin we reach 1 billion per coin...

Yeah right, it was just that in reality behind all those rumors, China didn't really matter, the growth would have been there anyhow, as, for India, you can see that some news about a new virus strain was 10x more effective than the news from India.
A country's ban can't stop bitcoins' growth as at this point it's clearly under-evaluated but the problem will arise long-term as you will never reach the maximum potential by cutting 1/3 of the world's economy from the picture. But I can live with just half of the world-embracing it, it's more than enough.

Quote from: Rufsilf on November 26, 2021, 04:59:09 AM

Thanks to the wonderful minds in India's Supreme Court

Is this part of some stand-up comedy bit?

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Quote from: Rufsilf on November 26, 2021, 04:59:09 AM

after the ban that had took place 2years ago the whole Indian community and country have been benefiting of crypto, bitcoin in particular. Thanks to the wonderful minds in India's Supreme Court who passed the bill where it enables its people again to make transactions in crypto related stuffs legally.

You meant lift back of ban? But, I read that India is again going to pass a bill to ban or regulate and the outcome of Indian's stand against cryptocurrencies is still undecided. Considering the population and probable user userbase from world's second largest populated country, I guess any stand will definitely will have intensive impact on all cryptocurrencies. At the same time, we need to recall that China's recent ban was defeated by bitcoin community.

I mean China's negative stand made some downfall into bitcoin markets but the true believers of bitcoins made use of those opportunities for accumulating more and that way bitcoin was able to get a new ATH. So, whatever India government is going to decide against crypto space, I am sure bitcoin is on its own course of sailing toward $100k/$200k/$400k.

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Quote from: so98nn on October 26, 2021, 11:43:46 AM

However, soon in the 2021 bill Supreme Court of India passed the judgement that RBI should not be banning such transactions which can contribute to the Indian economics.

Well well well, when it’s regulations no one can go against it. When highest court is from your side then it’s just most amusing thing for India.

First thing, the OP didn't put any source to verify its facts where he stated in India's crypto holders.

However, after the ban that had took place 2years ago the whole Indian community and country have been benefiting of crypto, bitcoin in particular. Thanks to the wonderful minds in India's Supreme Court who passed the bill where it enables its people again to make transactions in crypto related stuffs legally.

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Quote from: OmegaStarScream on November 24, 2021, 06:48:36 AM

What is actually going on though? I've seen a post on Reddit that says that all prices went down by 15-25%

I was shocked by the same thing, and actually, I accused the author of smoking something but indeed it was real, only happened in India, nothing reflected on global exchanges, 1% is not even worth mentioning.
Probably Indians thought the news would have some impact globally, but nobody cares.

Quote from: Hydrogen on November 23, 2021, 07:10:37 PM

October 26th 2021: Bitcoins economic growth is enormous in India
(this thread)
November 23rd 2021: India plans law that will prohibit ‘all private cryptocurrencies,’ with ‘certain exceptions’
https://techcrunch.com/2021/11/23/india-plans-law-that-will-prohibit-all-private-cryptocurrencies-with-certain-exceptions/
Isn't it amazing how much things can change in less than a month. Shocked

Pretty easy to understand, the growth was never there at all
There is another example:

Peer-to-peer trades are sustaining Nigeria’s crypto activity despite a ban
one month later:
Nigeria: A 43% drop in Bitcoin P2P trading

Reality checking in! Grin

Sebas.tian

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The government has realized that bitcoin can contribute a lot to the growth of economy in a country. Before India took such decision to allow their citizens to have ways to cryptocurrency trading in the country because it will reduce unemployment and make the citizens to engage their selves in online business where they can earn money to feed their family and grow their businesses in the country.
India has a large number of population in the country which their fait money will not enough for them to grow their economy and make it stable without involving cryptocurrency which is decentralized currency.

OmegaStarScream

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What is actually going on though? I've seen a post on Reddit that says that all prices went down by 15-25%[1] due to the latest news but by the time I checked WazirX, it appears that the prices are starting to recover?[2]

[1] https://www.reddit.com/r/CryptoCurrency/comments/r0i8fr/massive_crypto_crash_in_india_most_coins_down_25/
[2] https://wazirx.com/exchange/BTC-INR

Topic: Bitcoins economic growth is enormous in India | Amazing Future ahead (Read 374 times)