Crypto in Indian Economy? | Bitcointalksearch.org

Vishnu.Reang

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Quote from: RewFrew on May 13, 2023, 02:57:55 PM

India is very big country. Very high population there. Indian economic growth is very poor even from Bangladesh. Some times indian government give legality for crypto currency and sometimes do ban.so indian people could not invest on crypto currency. Now cryptocurrency is legal in india. Indian economy is big economy if they utilize Bitcoin or another goog crypto currency then it will creat positive impact on indian economy i think. So i can tell Crypto-currency is very important subject for indian economy.

First of all tell me one thing, if India is very poor country then Bangladesh then why Bangladeshi people is migrating from Bangladesh to India? because better living conditions, to escape poverty, to support their financial condition. And another thing is India have very large grey economy. The reason is that the people always show lower then actual shell prices while trading or shelling vehicle, house or purchasing plot in order to reduce taxes. This gives an impression that the Indian economy is small although economy is much larger.

Dewiana

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Quote from: mk4 on January 31, 2022, 05:22:37 AM

Isn't India a country with a crap ton of technologically knowledgeable people? I remember back then; whenever I had specific problems with anything concerning programming(or tech stuff in general), there's always that one Indian dude on YouTube that has the solution lol.

Also, probably due to the desire to get out of poverty? Like how we also see significant adoption of crypto in places like Venezuela.
If we look at and read every time there is crypto news in India related to this, India has come a long way in the world of technology so it's impossible if crypto in india is banned by local government, currently they are currently making standard regulations so that it is easier for people who enter this world to develop and the economy there is more than the worst

CageMabok

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Quote from: Moeda on May 11, 2023, 09:22:05 AM

The number of crypto users is comparable to the population of India. When the state is unable to provide adequate services to its population, the people of that country will automatically become self-sufficient. They will look for alternative jobs to meet their daily needs. This is what causes the growth of crypto in India so fast compared to other countries.

Some of India's residents continue to use crypto as their current job, due to the lack of jobs there for residents. After all, crypto is also an opportunity for them to become independent according to their expertise. This is proven by the presence of several Indians who are still in the crypto project team in the last two years so others also started to follow crypto for income. And I think that if the life of the people in India will be better because of crypto, the government will definitely see this as a good space to take advantage of.

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America has sophisticated technology, and the community is actively involved in the development of this technology, so that the level of activity of the people is also higher, people generally don't have enough time in terms of crypto development unless they are businessmen.

America is also not spared from crypto because generally the residents there are also familiar with crypto so they also use it very well even though they already have other jobs in their lives. And I think that not only business people have enough time for crypto development, but ordinary people also have enough time to see crypto development and follow it wisely because they can do crypto at any time without any time constraints when they want to work.

Bitcoin_people

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I have heard in many newspapers that most crypto traders are found in India. Young people in India mostly trade in crypto only. And every now and then various cryptos including Bitcoin are gaining good popularity for these youngsters in India. India is not so advanced economically and technologically but they have the highest bets in various casinos. And most of the casinos are in India for which most of the people in the country are currently more interested in this crypto business. Thus if the crypto business in India continues to progress then surely the country will prosper economically and in future they can move forward.

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Quote from: laredo7mm on January 31, 2022, 05:34:18 AM

Quote from: sunsilk on January 31, 2022, 05:18:25 AM

Quote from: laredo7mm on January 31, 2022, 05:01:22 AM

How is it possible to raise so much awareness about crypto in a country so technologically and economically poor

I don't think economically they're poor. Based on this link, they're #1 in GDP(PPP): https://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)

According to the world bank, India is 13 poorest country in Asia. They are even behind their small neighbor country Bangladesh. More than 68% of indias total population live under poverty whose daily wages is only 2$. 30% of them earned 1.25$ daily. Source Link.

Really brother, still you think India is not economically poor?

Quote from: sunsilk on January 31, 2022, 05:18:25 AM

And based on this article for their technological stats: India jumps 2 spots to 46th rank in Global Innovation Index 2021

Only 54% of indians have mobile phones and from which only 24% have smart phone. Source Link.

It's almost half of the total population of the country.

Quote from: sunsilk on January 31, 2022, 05:18:25 AM

Quote from: laredo7mm on January 31, 2022, 05:01:22 AM

will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

Honestly, every country that sees a great source for the living of their people and for the government, it's what's matters to them. But I'm more confused about the news that has become trendy there last year about RBI banning bitcoin.

I think Indian officials don't know what they should do. They ban crypto then again unban it now they are saying they want to regulate crypto. I think they do not understand crypto very well and how they can be benefited from it.

India is very big country. Very high population there. Indian economic growth is very poor even from Bangladesh. Some times indian government give legality for crypto currency and sometimes do ban.so indian people could not invest on crypto currency. Now cryptocurrency is legal in india. Indian economy is big economy if they utilize Bitcoin or another goog crypto currency then it will creat positive impact on indian economy i think. So i can tell Crypto-currency is very important subject for indian economy.

coinerer

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Quote from: laredo7mm on January 31, 2022, 05:01:22 AM

India currently has the largest number of crypto users at over 100 million. Nowadays, crypto has become very popular among the young people of India and many of them are involved in the crypto business. How is it possible to raise so much awareness about crypto in a country so technologically and economically poor and will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

India is very advanced in all fields and India is a big country and Indian people are in big positions in the world CEO of tech giants like Google are Indian. India has a population of around 1.42 billion so it is natural that there will be high rate of crypto users in India because India is technologically advanced. and in this modern world using technology, India is moving ahead economically too.

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Quote from: crwth on January 31, 2022, 05:57:47 AM

Possibly, most of them have finally experienced the things that they want. The transparency and the decentralized part of the crypto economy make it even better for everyone there, and they could maximize their earnings with it. It's the freedom everyone is capable of. A lot of technological enthusiasts live in India. They are geniuses when it comes to computers. So why are people surprised by this? I hope it's being used the right way.

Yes, the transparency and decentralization offered by the crypto economy can provide individuals with greater financial freedom and the ability to maximize their earnings. India is known for its thriving tech industry, and many individuals in the country are technologically savvy and well-versed in computer science. It is not surprising that many in India have been drawn to the opportunities offered by cryptocurrency.

Vishnu.Reang

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Quote from: KiaKia on May 11, 2023, 09:44:41 AM

India could be economically poor but trust me, those people are one of a kind, I am not a indian but those people are one of the most smartest human race I've ever known, they are genuinely smart, both small and old indians, that's why you will find these people in every big companies around the world.

You talking technologies? Indians are made for this, go to Microsoft, Nvidia, AMD, Gigabyte, and MSI companies, Indians have the highest numbers of the most employee in these companies.

I remember a lecturer of mine who once told me that he loves having indians has his students, he claimed that are born smart, he said their IQ of learning is very fast, he made fun of himself getting married to an India lady because of this and we all laughed. The way they speak English may sound funny to you but do not underestimate Indians.

India used to called golden bird, do you know why India used to called golden bird? India's history is very large and very rich with culturally and economically. India was the land of brave kings which was famous for it's royalty. India was one of the major export hub which use to fulfill 43% needs of world. During 300BC under the rule of Mauryan Empire that time World's western country was already doing trade with India. During the Mauryan Empire borders was secured with guards their modes of trading was gold coins. Now you can think how rich India was. At that time 732000 gurukuls was there in India from where genius students use to come out like Aryabhata who invent Zero, in his book Aryabhata in 499 AD at that time he already written about Astronomy, Astrophysics and mathematics. In 1835, the British brought the English Education act to India. This destroyed the Gurukul system.

KiaKia

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India could be economically poor but trust me, those people are one of a kind, I am not a indian but those people are one of the most smartest human race I've ever known, they are genuinely smart, both small and old indians, that's why you will find these people in every big companies around the world.

You talking technologies? Indians are made for this, go to Microsoft, Nvidia, AMD, Gigabyte, and MSI companies, Indians have the highest numbers of the most employee in these companies.

I remember a lecturer of mine who once told me that he loves having indians has his students, he claimed that are born smart, he said their IQ of learning is very fast, he made fun of himself getting married to an India lady because of this and we all laughed. The way they speak English may sound funny to you but do not underestimate Indians.

Moeda

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The number of crypto users is comparable to the population of India. When the state is unable to provide adequate services to its population, the people of that country will automatically become self-sufficient. They will look for alternative jobs to meet their daily needs. This is what causes the growth of crypto in India so fast compared to other countries.

America has sophisticated technology, and the community is actively involved in the development of this technology, so that the level of activity of the people is also higher, people generally don't have enough time in terms of crypto development unless they are businessmen.

Vishnu.Reang

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People need to understand the basic of cryptocurrency. It is not a currency which is backed and regulated by government. It's highly risky and can't be regulated since it's not trackable. Those who are dreaming of getting millions by investing in it are being ignorant. There is difference between cryptocurrency and blockchain technology. So don't get confused and don't risk your money on something which is very complicated and you don't understand. Don't just daydream about being rich in no time. If you are investing little from your income then its ok but don't take risk and don't invest your all, you might lost your money.

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Quote from: gaston castano on May 06, 2023, 07:15:56 AM

Quote from: mk4 on January 31, 2022, 05:22:37 AM

Isn't India a country with a crap ton of technologically knowledgeable people? I remember back then; whenever I had specific problems with anything concerning programming(or tech stuff in general), there's always that one Indian dude on YouTube that has the solution lol.

Also, probably due to the desire to get out of poverty? Like how we also see significant adoption of crypto in places like Venezuela.

then what about the distribution of castes in India?
I mean only people with the upper classes can access things about this and others.
like there is already a limit for each caste, is that not true?
if everyone as you say know about programming.

I have a lot of Indian friends, so yeah they are into education to get out of poverty.

But in any case, and as far as I know, India government is really anti-crypto, but hopefully it won't stop our technically incline bitcoin enthusiast from India to still go and invest and involved themselves in the market.

We all know that bitcoin and crypto can't be stopped, and as much as the Indian government has a hard line stance, it's going to be very difficult for them to totally curb it.

gaston castano

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Quote from: mk4 on January 31, 2022, 05:22:37 AM

Isn't India a country with a crap ton of technologically knowledgeable people? I remember back then; whenever I had specific problems with anything concerning programming(or tech stuff in general), there's always that one Indian dude on YouTube that has the solution lol.

Also, probably due to the desire to get out of poverty? Like how we also see significant adoption of crypto in places like Venezuela.

then what about the distribution of castes in India?
I mean only people with the upper classes can access things about this and others.
like there is already a limit for each caste, is that not true?
if everyone as you say know about programming.

loopes

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Quote from: crwth on January 31, 2022, 05:57:47 AM

Possibly, most of them have finally experienced the things that they want. The transparency and the decentralized part of the crypto economy make it even better for everyone there, and they could maximize their earnings with it. It's the freedom everyone is capable of. A lot of technological enthusiasts live in India. They are geniuses when it comes to computers. So why are people surprised by this? I hope it's being used the right way.

I totaly agree with you, most Indians are the technologically savvy. They are being a master on various technology, including blockchain technology and crypto currency, so that is why India has the most crypto currency users around the world. since 2017 until 2023, percentage of bitcoin adoption grow by a whopping 760%, then as per March 2023 user of crypto currency in india is potentially more than 150 million mark on this year.

Davidvictorson

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Quote from: laredo7mm on January 31, 2022, 05:01:22 AM

How is it possible to raise so much awareness about crypto in a country so technologically and economically poor

Raising crypto awareness in impoverished regions is hard but can be done. In my opinion, introducing Bitcoin to these people should be done in phases and an evaluation should be done after the training phase. Evaluation will enable the facilitator to check how effective the Bitcoin awareness training is whether it should be continued or not. It will also enable them to tailor the awareness training to suit the audience.

erep

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Quote from: WatChe on May 05, 2023, 02:35:27 PM

India is a country with 1.5 billion people and they have converted this massive population as there strength. Today there are Indians occupying top positions of Big giants like Microsoft, Google, World bank and more. India also has replaced UK and is now worlds 5ht largest economy. Still there is poverty in India, though it has come down significantly. In country like India where there is immense skilled IT manpower, it was obvious that crypto adoption will be high compared to rest of the world.

I am amazed for the IT experts in India even though the majority of people in India are poor but they have the third largest crypto community in the world, I think they want to understand everything about the world of IT and networking, so many influential people from the biggest companies are from India and even the hacker community reliable also comes from India, so the development of the IT world is very easy to develop in that country even though we don't expect it when we see videos of community activities there.

WatChe

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Quote from: GigaBit on May 05, 2023, 11:57:20 AM

India is one of the richest countries in the world and it is recognize as a self sufficient country in terms of meeting the basic needs of people. It can be said that they are economically prosperous countries. The education rate of this country is also very high. Moreover, Indians now lead some of the world's largest corporations. In terms of technology, they are much more advanced at the moment. It also developed as a powerful country of military power. As such, there is no doubt that their position in crypto will remain high. India is currently the only country with a large cryptocurrency market. Some of the largest crypto projects are owned by Indians. The Indian government initially tried to regulate crypto but failed. Instead they support crypto. India may emerge as a cryptocurrency hub in the future.

India is a country with 1.5 billion people and they have converted this massive population as there strength. Today there are Indians occupying top positions of Big giants like Microsoft, Google, World bank and more. India also has replaced UK and is now worlds 5ht largest economy. Still there is poverty in India, though it has come down significantly. In country like India where there is immense skilled IT manpower, it was obvious that crypto adoption will be high compared to rest of the world.

Ucy

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Quote from: laredo7mm on January 31, 2022, 05:01:22 AM

India currently has the largest number of crypto users at over 100 million. Nowadays, crypto has become very popular among the young people of India and many of them are involved in the crypto business. ~~How is it possible to raise so much awareness about crypto in a country so technologically and economically poor~~ and will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

Bitcoin/crypto isn't that difficult to acquire considering it's peer-to-peer currency that can easily be found, acquired via the internet and is global. Besides Crypto must have been recommded, shared, promoted, spoken about on the internet and media to many. And it doesn't really cost that much to have, and has lesser barrier to entry...

There are several other factors that can contribute to countries having more users/holders than other countries. Being Economically or Technologically rich not really main factors because smart phones, internet are widely available in countries that seem poor and can be used for buying (many can afford to buy) and holding.

GigaBit

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India is one of the richest countries in the world and it is recognize as a self sufficient country in terms of meeting the basic needs of people. It can be said that they are economically prosperous countries. The education rate of this country is also very high. Moreover, Indians now lead some of the world's largest corporations. In terms of technology, they are much more advanced at the moment. It also developed as a powerful country of military power. As such, there is no doubt that their position in crypto will remain high. India is currently the only country with a large cryptocurrency market. Some of the largest crypto projects are owned by Indians. The Indian government initially tried to regulate crypto but failed. Instead they support crypto. India may emerge as a cryptocurrency hub in the future.

ringgo96

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The use of crypto is now widespread throughout the world and countries like India certainly won't be left behind because they are one of the most densely populated countries, and currently many Indian countries have mastered the field of technology and they are very active on social media so it's no wonder if they have invested a lot in the crypto world at this time, because they know the mistake they are feeling right now is very bad and want to get out of this problem and they believe bitcoin is one way to solve this problem.

Topic: Crypto in Indian Economy? (Read 459 times)