Bitcoins economic growth is enormous in India | Amazing Future ahead - page 2.

Hydrogen

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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

Less than a month ago, we discussed how amazing cryptocurrency performance in india was.

Today we're discussing india's plans to crackdown on select cryptocurrencies to pave their way for their planned future CBDC.

I hope el salvador can follow through on its promises, bitcoin city is sounding like a better thing everyday.

Hydrogen

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One point interesting here is china and india being rivals. China and india have been on the brink of war for years. There is often news of trouble brewing on their shared border.

As we all know, china has adopted an anti crypto and anti bitcoin stance. In defiance of this, we may perhaps witness india adopt a pro crypto and pro bitcoin stance. Partly to piss off and defy china. And partly for the economic and job market benefits. The value of these measures is difficult to measure. Bitcoin's market cap today hovers around $1 trillion. How much could BTC appreciate in value. Perhaps in 5 or 10 years, bitcoin's value could be $5 or $10 trillion. If india succeeds in harnessing only a small percentage of bitcoin's growth from $1 trillion to $5 or $10 trillion. Perhaps that might be enough to give them an advantage over china.

Bitcoin and emerging new technologies like cryptocurrencies could have the power to rock the world and shake the power balance across nations. Perhaps a point worth considering that is being neglected atm.

fiulpro

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Undoubtedly the future of Bitcoins in India might be rewarding. Even though the data might not be correct we can be sure that the government, if they did support bitcoins and backed them up, sooner or later India might top the charts.

The data is highly inaccurate but we can always express great joy on it being a topic of *Indian government bans bitcoins* to *India growing enormously in lieu of cryptos like bitcoins*.

I remember when I was in India and bitcoins were banned, I still held onto my coins and so did a lot of others and soon enough government realized the tax opportunities and also the opportunities for growth and how they would be lagging behind if they would not support bitcoins and other cryptocurrencies and they lifted the ban. They are still far from being fond of cryptocurrencies but for sure they are taking positive steps in that direction.

Some data :

Quote

In terms of the number of crypto owners as a percentage of the total population, India stood at the fifth spot at 7.30%. Ukraine ranked first with 12.73% people of the total population owning crypto followed by Russia (11.91%), Kenya (8.52%) and the US (8.31%).

{ In terms of percentage of total population, but if we do calculate the numbers, India does have highest number of crypto owners }
Source : https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.livemint.com/market/cryptocurrency/india-has-highest-number-of-crypto-owners-in-the-world-at-10-07-crore-report/amp-11634110396397.html&ved=2ahUKEwiGvLuxyvfzAhUDmYsKHQSsAMkQFnoECAQQBQ&usg=AOvVaw281-CsolZBGsc9cDahNEXa&cf=1

Silberman

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Quote from: TheNineClub on October 29, 2021, 03:23:19 PM

Much has been said here about the data on this being correct or not, but the bottom line is that mass adoption of crypto, in general, is really not that far of. First, they have a huge population, so by sheer numbers, they will have much more adoption, but also, India has a huge low-income population, and those types of countries are more acceptive of crypto as it might help their overall situation.

We know it is coming and the signs are out there for anyone to see, now what we do not know is how long it would take for this to happen and this is when the accuracy of the data becomes more important, as that will help us to make more accurate predictions about when we could expect this to happen, still we are seeing many good signs coming from developing countries about their adoption growing up since a person living in a country with economic issues can more easily see why bitcoin exists and why it could be useful for them.

OnlineCasinoBoard

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Quote from: so98nn on October 26, 2021, 10:43:46 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.

The whole article here:- Explained | Why many investors rallying behind bitcoins?

Agreed with your point.Huge investments was raised in India as compared to any other developing country. Because India is a big market with huge population.We can't say no to this.Bitcoin rule many country economy including the Indian Economy. Many well settled person had their investment in bitcoin rather than a stock market now a days in India.

DrBeer

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Quote from: so98nn on October 26, 2021, 10:43:46 AM

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.

Sorry, but it looks like you are wrong, or you are using incorrect data sources. I took several specialized sources, and so there, as of 2021, they gave the following assessment for bitcoin:
Glassnode presented a study according to which the number of cryptocurrency users continues to grow linearly and monotonically. This indicates the maturity of the digital money market, experts say. The number of Bitcoin owners is approximately 23.1 million, while the number of addresses with a non-zero balance is at 28.4 million, according to Glassnode analysts.

Shenzou

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All this news comes at no surprise since India has been one of the leading countries in terms of innovation and technology, so seeing all these facts can be credited to its people who are always on top of the trends and among the firsts to embrace it, on top of that India is the world' first outsourcing destinations, meaning when it comes to any company looking to have it services offshore it would be their destination, hence explaining why there are a lot of crypto exchanges and wallets based there, and the government unbanning crypto is a an open invitation to any crypto related company. this article shows why India is considered the new silicon valley and how it represents a safe haven for crypto.
https://www.yourteaminindia.com/blog/india-rise-next-silicon-valley/

Fortify

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Quote from: so98nn on October 26, 2021, 10:43:46 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.

The whole article here:- Explained | Why many investors rallying behind bitcoins?

I'm curious where you got the 100 million plus figure from because it seems like a distorted and unreasonably high number. I also wonder what classifies as a "bitcoin holder" in this example, is it people that might have a bit of dust collected in a wallet that is an almost insignificant amount, because I would expect in such a low income country (no disrespect intended) that the average wallet would hold tiny and almost insignificant amounts if this figure was true. While cryptocurrency is a perfect idea for countries like this, I still think adoption has a long way to go before 8% of the population have adopted - who have limited internet access in large parts of the country and let's face it, the older generations are probably not buying much either.

Vaskiy

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Quote from: Stedsm on October 29, 2021, 05:44:05 PM

The growth of crypto in India completely depends upon the type of regulations the government and their set of crypto monitoring committee brings. If they are too stiff in their regulations, Indian exchanges might face a problem and as jackg said, may flee from here and sit with their business somewhere else. Same belongs to the citizens of India who'll either stop using crypto by the fear of losing their money just the way they did when RBI gave ultimatum to everyone to simply close their crypto dealings and leave it asap. There might be more than 100 million users of crypto in India, but there is no real number that can justify that how many of these 100 million users are active investors or are trading in crypto currently.

Two days back some information have come stating that government is much focused on regulating cryptocurrency than making a ban over it. The next general budget has got an agenda about cryptocurrencies regulation related discussion. In India often we get to see ban statements on cryptocurrency, but people continue to use it without considering the governments stand on cryptocurrency. During the pandemic active participant count of cryptocurrency users increased gradually. The same doesn't counts to be 100 million which is a big number. Only after regulation we can get precise data on the number of active users.

chrisculanag

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This is what cryptocurrencies can makes a better life, im not an Indian but i know this country is mostly active in cryptocurrency. There are some project that many Indians operate and now is so much success because there use in the online business .Im so glad that the cryptocurrency is a gives a good part to us also in many countries. There times that government will not already accept this kind of system. The good this is always share the benefits that can take by using of this like others countries do.

Stedsm

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The growth of crypto in India completely depends upon the type of regulations the government and their set of crypto monitoring committee brings. If they are too stiff in their regulations, Indian exchanges might face a problem and as jackg said, may flee from here and sit with their business somewhere else. Same belongs to the citizens of India who'll either stop using crypto by the fear of losing their money just the way they did when RBI gave ultimatum to everyone to simply close their crypto dealings and leave it asap. There might be more than 100 million users of crypto in India, but there is no real number that can justify that how many of these 100 million users are active investors or are trading in crypto currently.

Wawa2013

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Quote from: dezoel on October 29, 2021, 04:22:26 PM

I am happy to see that cryptocurrency, especially Bitcoin, keeps getting strong in so many countries. Before I used to hear stories of how there are plans to ban Bitcoin from India, but I’m very happy that despite everything that has happened, Bitcoin continues to grow strong in India and, people are adopting it, even celebrities.

And as long as celebrities are getting involved this time around it's going to help to push Bitcoin even further, because their fans will also be interested in cryptocurrency and Bitcoin. And I wouldn’t be surprised that some of their top politicians are also getting involved by now. So, that means Bitcoin is going to stand strong and have a strong foundation in India.

Even though I am not an Indian citizen, but I am quite happy to know Bitcoin is getting stronger in several countries including India. Because
we know India is a country with a large population and income in India is very low. So Bitcoin can help the economy of the Indian population,
so that the adoption process in India is faster, it requires the support of famous people in India. We know some big celebrities in India are starting
to support Bitcoin, this will indeed have a pretty big impact. Not only celebrities, according to rumors that I have heard, some politicians in India
have also begun to be interested in investing in Bitcoin. It is not impossible that if the development of Bitcoin in India is growing rapidly, India will
follow in the footsteps of El Salvador. Then it is hoped that if India follows in the footsteps of El Salvador, other countries around India will follow too.

dezoel

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I am happy to see that cryptocurrency, especially Bitcoin, keeps getting strong in so many countries. Before I used to hear stories of how there are plans to ban Bitcoin from India, but I’m very happy that despite everything that has happened, Bitcoin continues to grow strong in India and, people are adopting it, even celebrities.

And as long as celebrities are getting involved this time around it's going to help to push Bitcoin even further, because their fans will also be interested in cryptocurrency and Bitcoin. And I wouldn’t be surprised that some of their top politicians are also getting involved by now. So, that means Bitcoin is going to stand strong and have a strong foundation in India.

TheNineClub

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Much has been said here about the data on this being correct or not, but the bottom line is that mass adoption of crypto, in general, is really not that far of. First, they have a huge population, so by sheer numbers, they will have much more adoption, but also, India has a huge low-income population, and those types of countries are more acceptive of crypto as it might help their overall situation.

Leviathan.007

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That's indeed good news from India to see how people are getting into crypto and bitcoin, because of the idea people large popularity also as I can see the Indian people are really interested in new technologies and earn money with bitcoin and being active in this field by publishing articles and creating videos, by seeing China banning bitcoin, I believe India can be a place of bitcoin holders after this adoption.

Silberman

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Quote from: avikz on October 26, 2021, 11:47:09 AM

There is no doubt that the crypto community is growing at a superfast pace in India. Thanks to the community and the exchanges who are spending in millions to increase awareness about cryptos in India. If the growth continues without any hindrance, amazing future is indeed waiting for Indian economy and cryptos.

But the government is keeping silence all along! That's what worries me! The government is corrupted to the core and Indian banks have a really strong lobby here. Things can turn negative at any point of time!

It is not really surprising that once the government left people to their own devices they are adopting bitcoin, we must remember that the people in India like to use gold to store their wealth so it is natural they find in bitcoin a good way to store their wealth and try to increase it even further, however the data in the article is doubtful at best, but still what is happening in India is not exclusive of the country and it is happening everywhere as people are realizing the economies of the world are in problems.

YOSHIE

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Quote from: so98nn on October 26, 2021, 10:43:46 AM

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.

The whole article here:- Explained | Why many investors rallying behind bitcoins?

This is the result of all the problems that have arisen in india against crypto in 2019 to 2020,: the pros and cons of that time, some were against it, some supported it, the parliament against the prohibition law was almost made at that time.

Think clearly, India is a weak economic country and low currency, good decision for crypto users in India lately, maybe they realize that crypto is one element that can revive the economy of Indian society, Honestly I'm also happy to see the news, at least crypto users in India now don't need to be wary of banning crypto anymore, enjoy it while you live.

Natalim

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Quote from: paxmao on October 27, 2021, 04:24:11 AM

India is an eternal promise. A very populated country, namely, the largest democracy in the world (I do not know how strong or really democratic is tbh) that should be growing like crazy... yet is not. And it is not in terms of markets, GDP nor international relevance. It is very sad, but there are so many barriers that would need to be removed to enable the potential of India that it just seems impossible as of now to bet on it.

Glad to know adoption is good.

Despite of an overpopulated country that are full of barriers, its now undeniable that India has almost made it to the top when it comes to crypto and bitcoin. Yes, based on an Analytics insight report, Indians have invested around $6.6 billion in crypto till May 2021 and it was an over 600% jump from $923 million in April 2020. Although this survey is not really updated but come to think of it, how much more to this present time their total investment in crypto? It must be very huge by now. So its not surprising that India could be China or US in the coming years which will totally lead crypto adoption in the world. Well, as long as its government did not change their mind on crypto, then crypto will become mainstream in India by then.

Ozero

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Of course, against the background of the fact that the Reserve Bank of India previously explicitly prohibited subordinate banks from providing any assistance to institutions and organizations that use cryptocurrency in their activities, the cancellation of such a ban attracted the attention of people to cryptocurrency, who had at least some opportunity to generate income. ...
However, it must be borne in mind that in this country there is still no clear legislative regulation of the circulation of cryptocurrency. Although the statements of high officials about the need to ban it have recently disappeared, the situation can still change at any time.

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Quote from: so98nn on October 28, 2021, 10:26:50 AM

Good discussion until now.
Stompix must be very interested in economics subject, the way they are involved with this. Grin

I just pick a few topics usually and follow them if I feel there is a discussion based on numbers, I really love when there is something that we can base our conversation on, not just random speculation or the usual this is god this is bad drama.

It's not that I have something with India or Turkey or that I don't believe in adoption it's just that I don't see it reaching those numbers not even in the next few years. Even Europe and my own country are quoted with 10%, let's drop 20% in poeple under 18, let's drop half of the poeple over 60+ and if I consider the difference between rural communities and urban then this 10% would turn in the capital to something around 25% if not 30% of the adults.
Common!!!! Even if we neglect the fact that from my point of view the numbers would be biased since obviously, I would know more poeple who own bitcoins still 1 in every 4-5 adults around me would have to own coins, can anyone, anyone claim the same anywhere in the world? We have a long way to reach that percentage!

Quote from: so98nn on October 28, 2021, 10:26:50 AM

Well I envy the way everyone is studying this topic and it is giving some good reviews too. I think the survey that is done by finder is not much promising.

Surveys are misleading, you need to make them fairly distributed on all ages in all business sectors and on all levels of education. Imagine asking the same question in a village with no electricity and then in the Starbucks near the EA offices, one time the men over 80+ old and then youngster of 20+.
This data has to be always taken with a ton of salt, not just a grain, most of the time the surveys are paid by every industry to overexaggerate the interest for something and to make the headlines in news without really looking like an advert. That's why whenever I hear a survey I have a meh!! reaction.

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