Topic: Bitcoins economic growth is enormous in India | Amazing Future ahead (Read 402 times)

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.

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

why i agree with this 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

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.

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.

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.

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.

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.


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.

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.

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.

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.

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.

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.

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.

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.


Is this part of some stand-up comedy bit?

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.

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.

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.


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!  

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.

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

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.  

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.

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.

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 :

{ 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

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.

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.

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.

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/

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.

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.

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.

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.

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.

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.

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. 

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.

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.

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.

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.

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.

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!


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.

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

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.

Though we got over this before there is another article published by The Hindu which mentions the number of account holders are pretty much in millions only. But let’s forget about it for now until we get some good strong sources for the same.

It would be amazing if someone can really get us authentic source on the stats.

Yeah? How come?  


At least now we have a methodology. I'll go over the point of Russia and China not being in that list and focus only on methodology:


So, a bitcoin purchased in the USA is counted as one and one purchased in India as 10 because the PPP rates are also 10:1 on the median income. Nice....


Again, same issue! But it gets better:


So one user in the US is equal to 1 while one in India to two as the average number of users in India is barely 50% of the population. Now throwing in the 1:10 ratio for the GDP PPP, how accurate is this *** in reality?

This will be in accordance to the latest stat report: Crypto interest index

This stat report was released few weeks ago. Scroll the table to the right to check the crypto ownership.

I do not have indept knowledge about the methodology used but I believe it is beyond the use of noncustododial wallets. Likely including exchanges and other crypto services. The methodology used, Triple A is linked to Chainanalysis.

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.

Cryptocurrency =! Bitcoin, that's mean we can't know what Indian people hold either Bitcoin, Ethereum, Binance coin etc. So your statement of India is the largest Bitcoin holder is wrong. Anyway I can't find that's source, when I search it they give different statistic.



In this statistic India in 7th position among 22 countries of Bitcoin holders, however I'm not really sure how accurate their survey. There's a chance they do survey on P2P (e.g paxful or Localbitcoins) since Nigeria mostly using those platform. I'm speechless to see US and UK has very low Bitcoin holders...

In recent news it was reported that one of the main things Bitcoin was used for in India, was remittance. Many Indian people are working in other countries and they are sending money home to their family. The India government will not have an issue with that, because it is money flowing into their economy. 

https://economictimes.indiatimes.com/nri/invest/many-indian-expats-turn-to-crypto-to-remit-money/articleshow/87247432.cms

I have read somewhere that Bitcoin are taxed an investment asset and long-term capital gains are taxed at the flat rate of 20% (So it is not approved as legal tender) 

@stompix

Here are some great results from the Finder.
They carried out surveys throughout 27 countries with 47k peeps. The methodology used is explained in the report. The report states % involvement of the crypto currency user; whether it is bitcoin or other top most coins.

According to the source, different countries have been ranked as per shown in the following image.



Amongst all, India stands at 3rd number, with 30% adopters throughout the nation. From this, 16% contributes to the Bitcoin holder.
If considered by age group, then also India lists in the top column.
Assuming the youngsters are more involved this will pass on to more college students, part time workers very quickly and more peeps could on board the crypto.



There is amazing report which you can read here: Crypto Currency Adoption Rates
*Above images also taken from this report itself.

With the given sample set at least India stands a chance in the top most holder. The 30% of Indian population is definitely very high index. Idk looks to me logical to think India could be one of the largest holder of crypto.

I have read at past that India was going to ban crypto and make it illegal to hold bitcoins. It's great if something has changed in a very positive way in India in crypto world because India is a very poor country and I have no idea why the government wanted to lock one great way of earning of money for people, at least they do nothing that may harm someone, so, logically there is no problem.

When crypto is traded into local currencies, there are additional fees of exchange added, i.e. when you convert Bitcoin into INR, at first there is done Bitcoin - USD conversion and then USD - INR convert, that results in more fees.

WazirX is acquired by Binance, right? I remember when their coin reached very high price.

There are no facts, that's why I asked you to show the sources for these claims which are just out of this world.
And no, we don't need to pass positive vibes like in some therapy group as long as those vibes are generated by fake statements.


Until it stops being in the same league with the annual GDP of France with 80 million inhabitants and the total wealth of Italy with 60 million that's a long way to go, reaching China is a problem for the next three decades.


That might be possible, but only if we go by poeple with an account, not users.
If we go by the numbers of 100 million versus the trading volume it would mean there are about 10 billion users of exchanges in the world....
which I think it's not possible? Of course, we could add the fact that the average Indian trader would have less money to create volume but that would go against the other claim of them leading the race, so no, accounts opened and app downloads, yeah it's all possible. Real users, no!

Putting the 1:13 ratio to Mumbai it would mean there are 2 million bitcoin users there.
2 million users and 4 businesses accepting crypto on coinmap?
100 million users and 16 nodes? While Denmark has 17? 0.27BTC in LN channels?
By any metric that we have data on the 100 million is just now possible.

Again, I doubt all those claims about hundred of millions of users around the world.
Bitcoin would have not been stuck at 30k for that long with 300 million poeple buying and using the coin, there is a long way to reach that number and also a long growth in every aspect ahead of us.

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!

Since the article is from authentic source, I just referred the points from articles which has been referenced at the end.
 

Let us hope that most of the facts are at least close to what the article says. Just passing the positive vibes!

I instantly thought the same. They must count "exchange users" as Bitcoin holders, and it could indeed be there are 100 million people with an account on an exchange. That also means millions of people can lose their Bitcoin at the same time when the exchange disappears.
By my definition, you're not HODLing Bitcoin if you don't own the private keys. But if you treat it like stock, I guess it's okay to leave it at a broker.

I've used coindcx before and it looked to be a liquidity provider across a few exchanges. Also, if binance really does want to enforce kyc and limit deposits on its users - it doesn't look like the worst exchange to turn to.

I think India will probably grow to a similar size of China economically and then might face problems in growing after that. I think it's possible Indian firms in crypto might just leave India too if forced to by regulation elsewhere.

With just over 40 million addresses with a balance and with just under 700 million transactions on-chain in all of the history of bitcoin I seriously doubt this.


And any data to back this up?


Wazir has $221,872,044 in volume , Kraken $1,205,650,335, Coinbase $5,823,294,542.
Just saying, doesn't match the claims of India being number one


Volume says
Volume(24h) $79,779,039.57.
A bit short of 1 billion.


But you just said you're number one in everything, so how can you hope for number three?

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?