Do you think Bitcoins has a great future in India? - page 4.

HarHarHar9965

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Quote from: bryant.coleman on August 29, 2015, 08:38:37 AM

Quote from: HarHarHar9965 on August 29, 2015, 07:20:35 AM

I even know a few people who are young entrepreneurs planning to starting bitcoin based ventures despite the rules and regulations, their lawyer say they would be under protection so its all good. I think bitcoin in India has crazy potential, once there is more knowledge and media coverage about it there, I think it'd be pretty fire Wink

Never trust the lawyers. The laws regarding the usage of crypto-currency in India are very vague. They can be interpreted in many ways. And since the Reserve Bank of India is anti-Bitcoin, I wouldn't risk my investment in Bitcoin, if I was in India. First let them create laws and regulations offering protection for the ventures.

why would there be creation of law if there are no ventures asking for it? I think with more adoption between people, such problems can be overcome and such problems cannot be overcome if more people in India would start using bitcoin. I think its weird to expect Indians to use bitcoin without any local companies bitcoin in dealing themselves. Also, if I was them, I'd hire a white dude as a CEO and operate under his name so I don't have to deal with the RBI Tongue

bryant.coleman

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Quote from: HarHarHar9965 on August 29, 2015, 07:20:35 AM

I even know a few people who are young entrepreneurs planning to starting bitcoin based ventures despite the rules and regulations, their lawyer say they would be under protection so its all good. I think bitcoin in India has crazy potential, once there is more knowledge and media coverage about it there, I think it'd be pretty fire Wink

Never trust the lawyers. The laws regarding the usage of crypto-currency in India are very vague. They can be interpreted in many ways. And since the Reserve Bank of India is anti-Bitcoin, I wouldn't risk my investment in Bitcoin, if I was in India. First let them create laws and regulations offering protection for the ventures.

HarHarHar9965

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Quote from: pitham1 on August 28, 2015, 10:58:50 PM

Quote from: eternalgloom on August 28, 2015, 12:15:04 PM

Isn't Bitcoin already gaining some traction among the Indian tech crowd?
Definitely a huge market

Yes, the tech crowd is huge. So if it gains traction among the tech crowd, it will be a great success.
Some of the tech companies have started experimenting with the blockchain.

I even know a few people who are young entrepreneurs planning to starting bitcoin based ventures despite the rules and regulations, their lawyer say they would be under protection so its all good. I think bitcoin in India has crazy potential, once there is more knowledge and media coverage about it there, I think it'd be pretty fire Wink

pitham1

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Quote from: eternalgloom on August 28, 2015, 12:15:04 PM

Isn't Bitcoin already gaining some traction among the Indian tech crowd?
Definitely a huge market

Yes, the tech crowd is huge. So if it gains traction among the tech crowd, it will be a great success.
Some of the tech companies have started experimenting with the blockchain.

countryfree

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Your country may be your worst enemy

I haven't been to India for several years, but I think there's a lot of potential for BTC there. Not for all Indians though. This is a huge country with very different kinds of people. Only one part of the people may use and appreciate BTC, but that still means millions.

bryant.coleman

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Quote from: HarHarHar9965 on August 28, 2015, 11:13:39 AM

Quote from: bryant.coleman on August 28, 2015, 10:56:08 AM

I am a regular visitor to India (family ties, business.etc), and I don't think that Bitcoin will gain widespread acceptance in that country. Also, the Reserve Bank of India (RBI) is vehemently opposed to the usage of Bitcoin. Almost all the local Bitcoin exchanges and the other Bitcoin-based ventures have closed down due to the harassment from the RBI.

no, there are still local bitcoin based exchanges operating in India, and recently I have came in acquaintance with a lot of people who are in possession and even in business of cryptocurrency. I'm pretty happy that the market in India is expanding every year which proves that more adoption is taking place in India, pretty sure it will pick up soon.

There are a few bitcoin-based ventures in India, but they are not completely legal. The rules and regulations regarding the usage of Bitcoins in India generally fall within the grey zone. And to complicate the things further, Raghuram Rajan (the head of the Reserve Bank of India) is acting like Benjamin Lawsky of the NYDFS.

eternalgloom

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Isn't Bitcoin already gaining some traction among the Indian tech crowd?
Definitely a huge market

Kprawn

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India might have one of the highest population figures in the world, but the majority of them are very poor. They have very skilled IT people and I

know this, because I have worked with some of them. They are hard and disciplined workers like the Chinese people and a joy to work with.

The thing is, the laws in India regarding Bitcoin is not very friendly and this might put a damper on innovation in that country. They are one of

the countries in the world that would benefit the most from this technology. { Job creation and foreign capital investment and tourism income }

aakashsangwan

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I'm also from India.
So far no success in bringing people to Bitcoin. Nut I've brought one friend to bitcointalk.
Here majority of people work in offices from morning till evening or run their own shops, so no time for anything else.

HarHarHar9965

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Quote from: bryant.coleman on August 28, 2015, 10:56:08 AM

I am a regular visitor to India (family ties, business.etc), and I don't think that Bitcoin will gain widespread acceptance in that country. Also, the Reserve Bank of India (RBI) is vehemently opposed to the usage of Bitcoin. Almost all the local Bitcoin exchanges and the other Bitcoin-based ventures have closed down due to the harassment from the RBI.

no, there are still local bitcoin based exchanges operating in India, and recently I have came in acquaintance with a lot of people who are in possession and even in business of cryptocurrency. I'm pretty happy that the market in India is expanding every year which proves that more adoption is taking place in India, pretty sure it will pick up soon.

bryant.coleman

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I am a regular visitor to India (family ties, business.etc), and I don't think that Bitcoin will gain widespread acceptance in that country. Also, the Reserve Bank of India (RBI) is vehemently opposed to the usage of Bitcoin. Almost all the local Bitcoin exchanges and the other Bitcoin-based ventures have closed down due to the harassment from the RBI.

Priyanshu

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many people in India don't know about bitcoins so if people know ABOUT it then it will be a great feature for bit coins

HarHarHar9965

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Quote from: cellard on August 28, 2015, 08:32:58 AM

Quote from: Possum577 on August 27, 2015, 07:15:04 PM

Bitcoin has a great future anywhere there is electricity and commerce.

You need electricity to access the blockchain.

You need commerce to provide opportunity for bitcoin to be obtained or used.

I think it's that simple.

So India? Yes.

You not only need electricity, you need a device that can connect to the internet, so this means an entire village could run on a single smartphone acting as a bank, of course ideally you want every single person owning a smartphone/computer.

yes, even if internet connectivity is an issue sometimes, bitcoin wallet could still be accessed through sms and trading is possible. A lot of people underestimate the potential of bitcoin in India, and rules and regulations not supporting something like bitcoin does not satisfy the people making them not be involved in something like this. Rest, hardly few people know what's bitcoin here, lack of media attention in India towards bitcoin.

cellard

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Quote from: Possum577 on August 27, 2015, 07:15:04 PM

Bitcoin has a great future anywhere there is electricity and commerce.

You need electricity to access the blockchain.

You need commerce to provide opportunity for bitcoin to be obtained or used.

I think it's that simple.

So India? Yes.

You not only need electricity, you need a device that can connect to the internet, so this means an entire village could run on a single smartphone acting as a bank, of course ideally you want every single person owning a smartphone/computer.

avatar_kiyoshi

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Bitcoin in India will make that country bright in the future, although bitcoin will not replaced the fiat, just for alternative but it will be batter if they use it, like what OP said, half of population on India will make a win-win situation for bitcoin community. especially now AFAIK there are some bitcoin company in India, like exchanger for example.

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Quote from: mattiadeabtc on August 28, 2015, 03:16:47 AM

Quote from: torrentheaven on August 27, 2015, 05:52:34 PM

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Bitcoin might have a great future all around the world, but i think especially in poor country

That's totally right, poor country need a Bitcoin to make solve their money problem.
Because they're hardto afford high fee to send their own money

mattiadeabtc

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Quote from: torrentheaven on August 27, 2015, 05:52:34 PM

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Bitcoin might have a great future all around the world, but i think especially in poor country

Mickeyb

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Move On !!!!!!

Quote from: Tstar on August 28, 2015, 02:00:49 AM

Quote from: Mickeyb on August 28, 2015, 01:47:58 AM

Quote from: Winalunt on August 28, 2015, 01:40:42 AM

Quote from: torrentheaven on August 27, 2015, 05:52:34 PM

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Are you insane ?? you are expecting a change in currency from half of a country where 100% of the population is closeminded ,selfish and religion addicts..
I would say even expecting more than 2% (12 million people) will not be more than a dream..

People will use what you propose them if they find value in it. Simple as that. Offer Indian people that are living abroad a safe, cheap and relatively simple way to send their earnings back home to their families and they will use it instead of the Western Union that will charge them about 15%.

People can be religious and close minded as much as they want, but if you show them an easier and cheaper way, I know they will choose this way.

Cheers!

No they wont choose ....you cnt change the currency for 1.2 billion people ,plus what do you think BITCOIN is not accepted anywhere on shops etc.. people you re speaking iff require money to survive not to buy a ferrari ?
this is a fringe stream and its very difficult for third world countries to adopt it.

Give it time man, just give it time. Rome wasn't built in a day, nor new technology will replace old one in a day. How long it took for computers? How long did it take for email? And yes, the change won't come first in India, or Africa, it will probably first come in California and Amsterdam, but this is the way it works. Third world could countries will be probably late 5-10 years but this is normal.

Tstar

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Quote from: Mickeyb on August 28, 2015, 01:47:58 AM

Quote from: Winalunt on August 28, 2015, 01:40:42 AM

Quote from: torrentheaven on August 27, 2015, 05:52:34 PM

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Are you insane ?? you are expecting a change in currency from half of a country where 100% of the population is closeminded ,selfish and religion addicts..
I would say even expecting more than 2% (12 million people) will not be more than a dream..

People will use what you propose them if they find value in it. Simple as that. Offer Indian people that are living abroad a safe, cheap and relatively simple way to send their earnings back home to their families and they will use it instead of the Western Union that will charge them about 15%.

People can be religious and close minded as much as they want, but if you show them an easier and cheaper way, I know they will choose this way.

Cheers!

No they wont choose ....you cnt change the currency for 1.2 billion people ,plus what do you think BITCOIN is not accepted anywhere on shops etc.. people you re speaking iff require money to survive not to buy a ferrari ?
this is a fringe stream and its very difficult for third world countries to adopt it.

Mickeyb

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Activity: 798

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Move On !!!!!!

Quote from: Winalunt on August 28, 2015, 01:40:42 AM

Quote from: torrentheaven on August 27, 2015, 05:52:34 PM

Hello Friends,

Visited India few weeks back, and as we all know that it is a highly populated country, with some very great corporates and highly educated people, Some big IT companies also have their offices in India, But for my surprise very few of the population of India are aware about the bitcoins.

What could be the reason behind it?

Lack of awareness level
Government not supporting bitcoins
Banks not supporting too
Or people resist change

Looking at the population of India, If bitcoins gets positive feedback even from the half of the population from Indians, I believe it would a win - win situation for the bitcoin community.

Are you insane ?? you are expecting a change in currency from half of a country where 100% of the population is closeminded ,selfish and religion addicts..
I would say even expecting more than 2% (12 million people) will not be more than a dream..

People will use what you propose them if they find value in it. Simple as that. Offer Indian people that are living abroad a safe, cheap and relatively simple way to send their earnings back home to their families and they will use it instead of the Western Union that will charge them about 15%.

People can be religious and close minded as much as they want, but if you show them an easier and cheaper way, I know they will choose this way.

Cheers!

Topic: Do you think Bitcoins has a great future in India? - page 4. (Read 4954 times)