Forget China, India will be next | Bitcointalksearch.org

zoinky

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Quote from: arbitrage001 on May 20, 2014, 02:54:41 PM

If India government trying to ban gold import to stop the outflow of money.

Guess what they will do to bitcoin when they discover it can totally by pass their control of rupee?

Start buying bitcoin?

arbitrage001

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If India government trying to ban gold import to stop the outflow of money.

Guess what they will do to bitcoin when they discover it can totally by pass their control of rupee?

Erdogan

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Many people - thirst for gold - non-total-government control - networks being built as we speak.

bryant.coleman

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Quote from: wachtwoord on May 16, 2014, 06:33:13 PM

Does anyone have an opinion about the election outcome?

Good news mate.

Quote from: goxed on May 17, 2014, 05:22:47 AM

Looks like a new government just got elected in India. Apparently the leader Mr. Modi is business and tech friendly. Could be a bullish signal.

The right-wing pro-Business party (BJP) got a simple majority on their own. That is a very positive signal to the business community, including the Bitcoin-based businesses. There will be less harassment from the ED, and lower taxes.

RockHound

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Nice summary list of Legality by Country:

http://en.wikipedia.org/wiki/Legality_of_Bitcoins_by_country

Some Indian exchanges have gained full regulatory compliance (would be interesting to see how their trade volume develops). Also, further governmental clarification is surely to be expected?

Do we have any Indian Bitcoiners on here, would be great to hear your views.

Natural tendency to think the Bitcoin protocol would be embraced by capitalisation-based emerging markets (India, SE Asia, S America). However, the opposite could be also be true (and have greater significance) like Countries with central banks facing bail-outs or negative interest rates.

segeln

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Quote from: Wilhelm on May 18, 2014, 08:16:21 AM

Quote from: goxed on May 17, 2014, 05:22:47 AM

Looks like a new government just got elected in India. Apparently the leader Mr. Modi is business and tech friendly. Could be a bullish signal.

India still is a prohibitism and have banned bitcoin by default in the last India bubble.
If the new government becomes anything modernish like a democratic or republic it will be bullish.
Until that happens don't think that India will ever enter bitcoin unless their government approves bitcoin and explicitly allows it.

I think so as well

segeln

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Quote from: bryant.coleman on May 17, 2014, 08:17:24 AM

Quote from: Pepin on May 17, 2014, 05:46:42 AM

Corruption, red-tape, and cronyism didn't stop Chinese exchanges from being set up, so I wouldn't think that it would stop Indian ones either.

I have been to India multiple times. And trust me, India is extremely hostile to business ventures, when compared to the business-friendly China. Sure, corruption do exist in China, but the magnitude of the problem is much lower when compared to that in India.

I agree

Wilhelm

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Quote from: goxed on May 17, 2014, 05:22:47 AM

Looks like a new government just got elected in India. Apparently the leader Mr. Modi is business and tech friendly. Could be a bullish signal.

India still is a prohibitism and have banned bitcoin by default in the last India bubble.
If the new government becomes anything modernish like a democratic or republic it will be bullish.
Until that happens don't think that India will ever enter bitcoin unless their government approves bitcoin and explicitly allows it.

DustyRah

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Quote from: Ron~Popeil on May 15, 2014, 10:02:27 AM

I have been to India. The caste system would never allow bit coin to thrive. The mere thought of the lower classes having wealth not controlled by the upper echelon would be unpalatable.

That's an untrue statement. India is an extraordinarily complex country with so many types of people living and it is not controlled by one type of people. The upper class does not mean wealthy in Indian caste system AFAIK. They have some weird religion based caste system.

I don't think Bitcoin will go main stream there simply because most people are not that tech savvy as Chinese and still rely on cash to do trade at low level. The government has incredibly tight capital controls and banks are also tightly regulated.

Any type of Bitcoin craze in India would be very good news for BTC.

bitcoin4eva

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Hopefully we will see a rise in the price of bitcoin!

bryant.coleman

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Quote from: Pepin on May 17, 2014, 05:46:42 AM

Corruption, red-tape, and cronyism didn't stop Chinese exchanges from being set up, so I wouldn't think that it would stop Indian ones either.

I have been to India multiple times. And trust me, India is extremely hostile to business ventures, when compared to the business-friendly China. Sure, corruption do exist in China, but the magnitude of the problem is much lower when compared to that in India.

Pepin

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Quote from: bryant.coleman on May 15, 2014, 07:17:47 AM

India is plagued by decades of corruption, red-tape and cronyism.

Corruption, red-tape, and cronyism didn't stop Chinese exchanges from being set up, so I wouldn't think that it would stop Indian ones either.

goxed

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Bitcoin / Crypto mining Hardware.

Looks like a new government just got elected in India. Apparently the leader Mr. Modi is business and tech friendly. Could be a bullish signal.

bryant.coleman

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Quote from: kokojie on May 15, 2014, 03:02:15 PM

There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

Not true. Have you ever checked the India sub-section of the Bitcointalk?

https://bitcointalk.org/index.php?board=89.0

It is one of the most active subsections in the Local section.

Elwar

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Quote from: wachtwoord on May 16, 2014, 06:33:13 PM

Does anyone have an opinion about the election outcome?

They are saying there is a huge turnaround from the elections. A very business friendly government was elected, their markets soared after the election.

The Bitcoin exchanges in India need to get the ear of key people in power to open things up.

R2Pleasent

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India does not have the infrastructure to make anywhere near the impact of China. Furthermore, India's government already took a strong stance against Bitcoin. Just because it has a high population and an exchange does not mean it's going to take 50% market share overnight.

edwardspitz

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Quote from: cuddaloreappu on May 15, 2014, 11:11:58 AM

I am from India...the story that India will be the next for bitcoin is as aspiring as each if bitcoin reaching 100000$.

So take some grains of salt, actually lot of salt..

Does the site seem legit to you? I have serious doubts about it...

wachtwoord

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Does anyone have an opinion about the election outcome?

leopard2

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LOL to the bears

India is the world's No. 1 gold buyer, and despite government efforts it is also No1. gold smuggling nation

They will love the digital alternative... Grin

beetcoin

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hasn't india really been reclusive.. and they like to block a lot of "foreign" things. i remember they didn't even like coca cola into the country. seems like, historically, their government is fractured and i guess you could say xenophobic.

saif92

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Quote from: Eotnak on May 16, 2014, 01:09:57 PM

Quote from: Malin Keshar on May 15, 2014, 08:15:38 PM

Quote from: kokojie on May 15, 2014, 03:02:15 PM

There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

That means a huge market still unexplored. As far as I know there are lots of people with lots of money, and they are very strong in the IT industry, so for me it is like a room full of natural gas, just waiting to a spark to blow up

A room full of natural gas needs more than a spark to blow up...it needs oxygen.
Just like a country needs more than a lot of people for bitcoin to blow up there.

I don't think Indian economy have any impact on bitcoin because central agencies already raided exchanges and Central government not allowing exchanges to work openly

Eotnak

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Quote from: Malin Keshar on May 15, 2014, 08:15:38 PM

Quote from: kokojie on May 15, 2014, 03:02:15 PM

There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

That means a huge market still unexplored. As far as I know there are lots of people with lots of money, and they are very strong in the IT industry, so for me it is like a room full of natural gas, just waiting to a spark to blow up

A room full of natural gas needs more than a spark to blow up...it needs oxygen.
Just like a country needs more than a lot of people for bitcoin to blow up there.

hellscabane

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Quote from: beetcoin on May 15, 2014, 08:20:48 PM

Quote from: Malin Keshar on May 15, 2014, 08:15:38 PM

Quote from: kokojie on May 15, 2014, 03:02:15 PM

There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

That means a huge market still unexplored. As far as I know there are lots of people with lots of money, and they are very strong in the IT industry, so for me it is like a room full of natural gas, just waiting to a spark to blow up

seems to me that india has less of a financial or entrepreneurial spirit than a country like china though. i don't think it'll grow seemingly overnight like it did in china.. but who knows, maybe i'm wrong.

I mostly agree with this sentiment. Historically growth in India has been slower because of the social systems and the constant status quo of disparity. So it'll be hard to gain lasting penetration.

However, this disparity has burgeoned a small group of people who are quite financially adept (i.e. the people who run the major in-house IT companies, and there are a few of them). So there is definitely a market that can be tapped into.

beetcoin

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Quote from: Malin Keshar on May 15, 2014, 08:15:38 PM

Quote from: kokojie on May 15, 2014, 03:02:15 PM

There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

That means a huge market still unexplored. As far as I know there are lots of people with lots of money, and they are very strong in the IT industry, so for me it is like a room full of natural gas, just waiting to a spark to blow up

seems to me that india has less of a financial or entrepreneurial spirit than a country like china though. i don't think it'll grow seemingly overnight like it did in china.. but who knows, maybe i'm wrong.

Malin Keshar

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Quote from: kokojie on May 15, 2014, 03:02:15 PM

There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

That means a huge market still unexplored. As far as I know there are lots of people with lots of money, and they are very strong in the IT industry, so for me it is like a room full of natural gas, just waiting to a spark to blow up

hellscabane

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Quote from: Davis14 on May 15, 2014, 06:38:56 PM

Am I sensing a new bubble for btc?

Yes, a very, very, very tiny bubble. But hey, a bubble's a bubble right?

Davis14

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Am I sensing a new bubble for btc?

beetcoin

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i don't see india quite as money hungry or ambitious like china. seems to me that there is something in asian cultures that likes non-manmade commodities.. i mean, china has a history of loving their gold.

at this point, i think the most important thing is to establish bitcoin's presence in the poorer countries with unstable currencies.

jc01480

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Nope..

Quote from: pandher on May 15, 2014, 04:48:33 PM

India is never going to be a suitable market for bitcoin

Don't make me call the help desk and ask them! Lol

Bibop

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Quote from: kokojie on May 15, 2014, 03:02:15 PM

There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

+1

doubt their ability to change at their situation..

newIndia

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Quote from: gentlemand on May 15, 2014, 02:25:34 PM

They've already done their share of banning.

No, they never banned Bitcoin. Read the Central bank's circular => http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247

pandher

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Stagnation is Death

India is never going to be a suitable market for bitcoin

kokojie

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There's nearly zero adoption in India, no nodes, no miners, no exchange, no infrastructure, nothing. I don't see it changing any time soon.

gentlemand

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Welt Am Draht

They've already done their share of banning.

russokai

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Yes India will be next.....next to ban bitcoin and crush the price.

neighborrr

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The Chinese government are going to regret trying to completely stop any real BTC development there!

jc01480

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Nope..

What I fear is the global turmoil that will ensue as a result of people, who've never before had access to an economic equalization system, gaining access to one that cannot be manipulated by their respective governments. Man, I'm glad I'm out of the military.

I pray for a peaceful implementation of the principles of Bitcoin in all markets that will have it.

Lauda

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Terminated.

Quote from: maikelblogo on May 15, 2014, 11:24:55 AM

Quote from: cuddaloreappu on May 15, 2014, 11:14:28 AM

Quote from: Ron~Popeil on May 15, 2014, 10:02:27 AM

I have been to India. The caste system would never allow bit coin to thrive. The mere thought of the lower classes having wealth not controlled by the upper echelon would be unpalatable.

+1..well said..the caste system is the greatest evil on the planet...some Mothers kill their own daughter in the name of honor killing if the daughter married a boy from another caste.

I don't think so. India's cast sistem will adopt very well the bitcoin for cast issues. They can adopt everything wich is good for the health of economy.

However, if it's hard as you say. No matter.

US$ 100.000,00? Shocked

Maybe not for this year, i hope so at the end of 2015 if banning won't come thru before....

At the end of this year. The bitcoin will be from to 15.000 to 25.000 only in a optimistic case...

Well it can be worth $1,000,00 or any number that is. Because the inflation levels are slowly killing the USD. I'd like to see Bitcoin worth much more before that happens.

innocent93

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Quote from: hellscabane on May 15, 2014, 11:52:38 AM

Quote from: innocent93 on May 15, 2014, 11:47:27 AM

India has a population that above 10 billions,However, the size of economy is too small.

What? Where did you get that the population of India is over 10 billion?

Anyhow, yes, as many others would agree, the economy is quite small and their financial markets are not as developed as many of the other countries that could make an impact.

Sorry , just made a mistake.It should be “Over billion”

hellscabane

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Quote from: innocent93 on May 15, 2014, 11:47:27 AM

India has a population that above 10 billions,However, the size of economy is too small.

What? Where did you get that the population of India is over 10 billion?

Anyhow, yes, as many others would agree, the economy is quite small and their financial markets are not as developed as many of the other countries that could make an impact.

innocent93

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India has a population that above 10 billions,However, the size of economy is too small.

maikelblogo

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Mayuyacoin promoter.

Quote from: cuddaloreappu on May 15, 2014, 11:14:28 AM

Quote from: Ron~Popeil on May 15, 2014, 10:02:27 AM

I have been to India. The caste system would never allow bit coin to thrive. The mere thought of the lower classes having wealth not controlled by the upper echelon would be unpalatable.

+1..well said..the caste system is the greatest evil on the planet...some Mothers kill their own daughter in the name of honor killing if the daughter married a boy from another caste.

I don't think so. India's cast sistem will adopt very well the bitcoin for cast issues. They can adopt everything wich is good for the health of economy.

However, if it's hard as you say. No matter.

Quote from: cuddaloreappu on May 15, 2014, 11:11:58 AM

I am from India...the story that India will be the next for bitcoin is as aspiring as each if bitcoin reaching 100000$.

So take some grains of salt, actually lot of salt..

US$ 100.000,00? Shocked

Maybe not for this year, i hope so at the end of 2015 if banning won't come thru before....

At the end of this year. The bitcoin will be from to 15.000 to 25.000 only in a optimistic case...

cuddaloreappu

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Quote from: Ron~Popeil on May 15, 2014, 10:02:27 AM

I have been to India. The caste system would never allow bit coin to thrive. The mere thought of the lower classes having wealth not controlled by the upper echelon would be unpalatable.

+1..well said..the caste system is the greatest evil on the planet...some Mothers kill their own daughter in the name of honor killing if the daughter married a boy from another caste.

cuddaloreappu

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I am from India...the story that India will be the next for bitcoin is as aspiring as each if bitcoin reaching 100000$.

So take some grains of salt, actually lot of salt..

dreamspark

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Quote from: Ron~Popeil on May 15, 2014, 10:02:27 AM

I have been to India. The caste system would never allow bit coin to thrive. The mere thought of the lower classes having wealth not controlled by the upper echelon would be unpalatable.

This is a good point.

I think that the upper echelon will for sure try and resist it but in a world wide system there is almost nothing they can do to stop people acquiring it.

It is somewhat akin to the situation in China though. On a global scale Bitcoin is unstoppable in regards to owning it and transacting in it, thats the beauty of a decentralized system.

What can be done is to make it harder and harder to get. Luckily with the internet and the wealth of knowledge contained within it this the ''getting" part is becoming easier and easier.

coindozer7

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I can definitely see India becoming a huge market in Bitcoin.
But, China is not dead yet and hope it will bounce back soon after Chinese gov't soothes out on its regulation policy

TrailingComet

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India is unlikely to see game changing adoption quickly
Bot will be a factor in coming years
Step in the right direction thpugh

Ron~Popeil

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I have been to India. The caste system would never allow bit coin to thrive. The mere thought of the lower classes having wealth not controlled by the upper echelon would be unpalatable.

BitCoinDream

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The revolution will be digital

Quote from: Nathan101 on May 15, 2014, 08:48:50 AM

Indian is a big market. So i think it is the best time to Launched in India. I want to know is Bitcoin legal is India?

Why are u posting the same thing again and again ? Yes, Bitcoin is absolutely legal in India. Using it for illegal purposes is illegal, just like cash.

Nathan101

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Indian is a big market. So i think it is the best time to Launched in India. I want to know is Bitcoin legal in India?

ChuckBuck

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better everyday ♥

I've been trying to forget about China, but China can't seem to forget about Bitcoin. Sad

Just when you think they're out, they pull us all back in.

Nathan101

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Indian is a big market. So i think it is the best time to Launched in India. I want to know is Bitcoin legal is India?

bryant.coleman

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Quote from: gentlemand on May 15, 2014, 07:52:40 AM

An Indian market would be strangled by their government before it got going in any meaningful way. They have capital controls in place and restrictions on gold importation.

lol.. already the Enforcement Directorate and other central government agencies have raided multiple Bitcoin businesses in India, despite some of those businesses having valid licenses. Anyway, the Indians are having a change of government tomorrow, so let's hope that the new government will be less hostile to the crypto when compared to the previous / current ones.

gentlemand

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An Indian market would be strangled by their government before it got going in any meaningful way. They have capital controls in place and restrictions on gold importation.

dreamspark

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Quote from: 1Referee on May 15, 2014, 07:28:34 AM

Let's hope India will not follow China with banning everything related to bitcoin.

But India has so many people that are working for a salary that is $300 a year. Why would they care about bitcoin when their first and probably only priority is survining.

Indias GDP is 1.842 trillion USD (2012). The wealth distribution is also terrible, yes there are plenty of poor civilians but a gdp in the top 10 should answer your question. In the same way that there are homeless people and people living on the breadline in western countries who would not be interested in BTC as their main priority is to survive.

Funny thing as well is Bitcoin can actually help the homeless and less well off http://www.wired.com/2013/09/bitcoin-homeless/

Faucets and the sig campaigns on here are like a months wages to some people throughout the world.

minorkacologne

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China had only 7% of btc volume.

It wasn't as big as most people were panicking about.

India for sure is the most natural market for any cryptocurrency.

Light

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Circa 2010

Another competing exchange is always good to see - competition drives up innovation and value for consumers. I have my doubts though as to whether this will really have much of an impact on Bitcoin overall - India at the moment is certainly no where near the level of China in terms of economy scales and the population there isn't exactly suited to an online cryptocurrency yet.

BitCoinDream

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The revolution will be digital

Quote from: 1Referee on May 15, 2014, 07:28:34 AM

Let's hope India will not follow China with banning everything related to bitcoin.

But India has so many people that are working for a salary that is $300 a year. Why would they care about bitcoin when their first and probably only priority is survining.

300 USD a year people wont use internet, from whichever part of the world they are. So, u cant expect them to be using bitcoin.

1Referee

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Let's hope India will not follow China with banning everything related to bitcoin.

But India has so many people that are working for a salary that is $300 a year. Why would they care about bitcoin when their first and probably only priority is survining.

bryant.coleman

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The Indian economy is only around 1/10th of the size of the Chinese one. So an Indian boom won't be doing any wonders to the Bitcoin sector, as the Chinese boom did earlier. Also, India is plagued by decades of corruption, red-tape and cronyism. That will make setting up Bitcoin exchanges and other services extremely risky there.

Lauda

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Quote from: _smudger_ on May 15, 2014, 06:11:54 AM

http://www.coindesk.com/indias-first-fully-open-bitcoin-exchange-launched/

Well this will take time, for adoption. If you look at the exchange right now, there are only a few trades going from time to time.

BitCoinDream

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The revolution will be digital

Quote from: _smudger_ on May 15, 2014, 06:11:54 AM

http://www.coindesk.com/indias-first-fully-open-bitcoin-exchange-launched/

Do they accept non-inr payment from overseas account ? AFAIK NO. To actually compete with BTC China or Huobi volume... first Indian regulators need to open up foreign money to come in and go out at ease ...which is till date impossible. Even PayPal has got crippled in India. 2 Indian cant exchange money within India using PayPal. So, unless regulation changes, u cant accept any Indian exchange to compete China volume LEGALLY !!!

...But well. A really good move and hope it'll open up many doors in future ...In India, Bitcoin is still in its infancy

cr1776

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Quote from: dreamspark on May 15, 2014, 06:18:59 AM

The Chinese government are only trying to protect their own currency (fair enough with the state of the $) but they're going to regret trying to completely stop any real BTC development there.

India is a booming economy and can easily spark the next bull run.

By protecting their currency they are trying protect their power - the power of the rulers. You are right about both India and China.

dreamspark

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The Chinese government are only trying to protect their own currency (fair enough with the state of the $) but they're going to regret trying to completely stop any real BTC development there.

India is a booming economy and can easily spark the next bull run.

doof

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Yep

blatchcorn

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Perfect timing for a rally

_smudger_

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http://www.coindesk.com/indias-first-fully-open-bitcoin-exchange-launched/

Topic: Forget China, India will be next (Read 3890 times)