Topic: India = massive potential - page 2. (Read 3516 times)

it would be nice to see a boom in Ecuador.. probably far off though. they currently use USD and the assholes who tanked the Ecuadorian dollar (Sucre) are sitting pretty in the states with out any chance of the US gov. sending the bankers and former president back to face trial. fucking ass holes FUCK PISSES ME OFF!

(sorry off topic a little)

Yea from what I can tell after being here for a month, the regulation would just mess everything up. The people are friend and smart but as usual the governments are screwing everyone. I was on first class in a train and an educated looking woman was sitting across from me, she had some ID cards and stuff showing she worked for the reserve bank and had a copy of the FT. I should have struck up a conversation about BTC but I was not feeling in the mood at the time. Maybe at the conf there will be some representatives.

I had problems here because there is a 10,000 rupee limit on the ATM per day. That is a lot of money in India and I certainly don't spend that much on a routine basis but I needed 30k rupee for renting a house by the beach. It took 3 days to get it out! Then the ATMs give 500 INR notes which are pretty big, and most places won't have change. So I had to learn how to carry stacks of 500s, 100s, 50s, 20s, 10s, and maybe a few 5s. Really a pain and it took me awhile to get everything sorted out as I am used to using plastic in the US - and of course everyone in the US can almost always make change for anything other than the largest bills. So I was thinking how useful BTC would be just from that basis. Not to mention the fact that the rupee's exchange rate just happens to be falling apart.

At the airports there are signs saying gold imports are limited. If you check Google News you can see people getting arrested for bringing it in and not declaring it. I've read that the rate is about $80-$120 more per ounce in India. So you would think BTC is perfect for them but it is a problem of education. Also if I were to sell BTC why would I really want the rupees? So I can see BTC commanding a premium in India - bifurcated exchange rates due to capital controls?

I hear Indians have a lot of gold. Trade bitcoins for gold.

Definitely, but some countries clearly have more potential, and India is in the top league with a huge English speaking and computer literate population, and a depreciating currency which makes them looking for ways to save their earnings.

Brazil as well.

or let's just say.. the entire world can be potential markets?

maybe they could print some adresses with private key on their expensive cars for fun as a promo  

Yeah, there's massive potential

you need to contact Prince AlWaleed, he's a techie Prince . Should be interested already. Btw IIRC Global foundries is owned partly my rich people from middle-east.

Where are all the seich's from the middle east? They can buy hundreds of millions worth of bitcoins just for fun 

There are already a couple of exchanges established in India, i've been in touch and already been investigating potential there. The regulation is a hell hole which is the main hurdle that is why you didn't see any major exchange pop up. I believe recently some news came out that the government regulators are freaking out about bitcoin, just study the Gold climate there and you'll realize how hard the government makes it there for regular people to import and profit from gold.

and with bitstamp & BTC-e around it's easy enough for them to just trade there. Indians speak and read english so they don't need dedicated Indian websites. Also rupees are constantly depreciating so going to USD is also a plus for them.

Whole of south-east Asia, Latin America, Africa, Russia, can be potential markets.

I looked into an Indian exchange and it's biz suicide because of all the regulations. P2P does well but exposing any business to the Indian gov is crazy I imagine they would raid it every chance they got

in mid december there will be government hearing on digital currencies and bitcoin in particular, something like we just recently had here in the us. source: read somewhere in news during us senate hearing in november.

just another reason we need 'plastic bitcoin' before the masses will embrace it as a currency.

The irony on that is that you can trade bitcoins with paypal in india without having to worry about chargebacks 

I seriously doubt that. Paypal had serious problems with the Reserve Bank of India. They even thought of pulling out from that country all together. However, after lengthy discussions they decided to stay. But Indian Paypal users face a lot of additional restrictions and limits. If something like this can happen to Paypal, which is legal in almost all the world nations, how can we be optimistic about the legal status of BTC in India?

I think people think india as China2.0 in terms of the next bitcoin boom. Apart from the huge population i don't think there are other similar characteristics justifying the comparison.

I am visiting India for 6 months - just got here a month ago - I agree India and bitcoin will go well together. Would be nice to get a business going here but I hear the laws are very difficult.

The problem is selling bitcoins - why would I want rupees? Other than living expenses...

yes indeed. i think there is massive potential in india. new exchanges are opening:


First india Litecoin exchange without fees in Litecoin-trading

https://buysellbitco.in/