Topic: Realization of bitcoin as a currency, killed it in India! You all killed it! (Read 217 times)

Even if it was marketed in such a way that it will favor the banks, it would not be long before they realize that the system does nit actually favor them that much because of its decentralized nature.What the citizens does not know is that the government will forever just put them still in the bondage that bitcoin has liberated them from forever if they ever allow the coin to be banned.

Unfortunately there is nothing much that can be done about it because the number of fiat users in India still outweighs the number of cryptocurrency users a lot, and there is no way staging of protest would have worked, but I believe that India’s are smarter than this, they will probably just work over vpn and transact without the knowledge of the government or even them being monitored over the internet.

Firstly, many cryptos including bitcoin were supposedly designed to work as a currency.
Autorities around the world are struggling to realize the change blockchain is brining to our world. They fear cryptocurrecy might shrink their income sectors.
The more opressive the government, the harder they punish the people who looks for freedom.

Okay, first of all, it's just a project law, so it's not the right time to panic just yet. There's still a chance it won't come into force, right?
Secondly, Bitcoin is not very beneficial to central bankers, no matter how you market it. But, why try making a useful coin out of Bitcoin when there already are cryptos like Ripple, centralized and willing to work with banks? And what's this project law's stance on Ripple, by the way?
Moreover, if banks want to benefit from blockchain, they can simply issue their own tokens.
But without Bitcoin being decentralized I don't see how the crypto revolution could happen. Instead, it would be a minor improvement of the same system that now allows not to fake money and to spend less of fees.

Over time, meanings evolve. Circumstances change, so do meanings of words. The meaning of currency has to broaden as the world is becoming more borderless over time. Bitcoin is a currency. That is clear to all of us. And surely it is not used exclusively by a certain country. There is no single country with Bitcoin as its official currency. It is a global currency. Cryptocurrencies are modern forms of currencies. They could be used within a certain virtual ecosystem, or within a certain company, or within a certain country.

So do cash. The advancement of modern technology has to extend the limit of the meaning of cash from physical bills or coins to digital or virtual versions. Bitcoin is designed as an electronic cash.

In the same manner that India will have to evolve as the times have also changed a lot. They simply cannot be overprotective of their rupee to the point of sticking to what is outdated and obsolete. They have to open up for changes. 

eh??  Im sorry to hear that your government have full of short sighted people and probably too corrupt to think about the benefits of people in cryptocurrency, instead they just thinking of enriching their own.  Do not put the blame on people and countries that supported Bitcoin the way it should function.  Blame your own government for being too selfish and blind on the possibilities and opportunities if they regulate cryptocurrency in a positive way. 

The problem is with your government, so long as people vote for that kind of government, she will never be able to live in harmony and freedom. Today I read this news:

Expert: India Will Lose An Almost $13 Billion Market By Banning Crypto

this kind of government that is against freedoms and development only creates suffering and poverty in most people


well i don't doubt


I agree and the people of india will continue to vote for such people

drugs are illegal in india.. people still do drugs in india
alcohol is illegal in many states of india... people still drink alcohol in india
public nudity is illegal in india... people still get naked in india

short summary
bitcoin will be used in india. just no one will admit to it if it becomes illegal to even hold bitcoin as a individual

Hilarious. This guy acts like the 10 year proposal has already been implemented at the moment. Firstly, India will definitely ban crypto at some point or another, but I doubt they would want to implement such a stupid proposal.

India isn't an arab nation where the rules are pretty strict in almost all cases. If you wish to blame someone, blame your government and blame the people who voted for such a stupid party who are clearly scared of BTC.

cur·ren·cy
/ˈkərənsē/
Learn to pronounce
noun
noun: currency; plural noun: currencies

    1.
    a system of money in general use in a particular country.


It is not a currency it is a peer to peer e-cash

cash and currency are different.

Tell your goverment to ban league of legends riot points, gift cards, robblox bux, steam cash, fortnite coins, etc now

Don`t blame us, blame your governments leaders. Do something about it, hack all the biggest youtube channels in india and spread the message you have corrupt leaders and your fiat money is a $cam.

Well, a decade has passed since Bitcoin was launched and it is still here, very much alive and well. Bullish even.

Why do you think that Bitcoin will be dismantled simply because a couple of countries are averse to it? Bitcoin began to grow without even a single country supporting it. No, Bitcoin even grew this huge despite powerful countries opposing it. The silkroad issue has long been buried. Bitcoin didn't die when it became a strong issue. Bitcoin didn't die when china, a more populated country, started to ban mining, trading, ICO, and other Bitcoin or crypto-related transactions. It won't die because India doesn't want it. For all I know, a thick community of Indians are at the back of Bitcoin, loyal and unflinching.  

Blockchain is an integral part of Bitcoin. It is synonymous with each other. Bitcoin has been promoted together with it. It was not left out. In fact, there are a lot of instances in which the blockchain technology is appreciated but not Bitcoin. There are a lot of people who bought the idea of blockchain but not Bitcoin. And we are seeing a lot of development using the blockchain technology. But whether we like it or not, in one way or another, we owe it to Bitcoin.

And the governments and the central banks cannot threaten Bitcoin with an internet switch off. Let us all admit that it is absolutely ludicrous. They do that, they commit suicide. Bitcoin will remain unscathed after that while the entire government and private dealings are terribly hampered if not dead.

You think if we all pretended that Bitcoin isn't a currency and just an asset that will somehow benefit central banks, it would fool anyone? Like India's government would instead embrace it and integrate into their central bank framework?

Besides, India is one of the countries that waged war on cash, so their stance on Bitcoin should be viewed as logical continuation of that. You really can't blame Bitcoiners here.

Unfortunately the fact is despite the rumors the government actually decides what to do , thus if they decided on this trust me they wanted to do that since a long long time.
The government doesn't take into the account of all the people that are comprising the community , they just hindge themselves to the ones from whom they can gain a profit from , therefore I think it is not to be blamed on the people but actually on the government itself.
People will say whatever they want , we cannot stop them.

OP, you have shown that you didn't understand Bitcoin. Too bad.
Then, from what I've read, India is a democracy and there were some elections in 2019. Did you vote for the less stupid politicians?

My take is that you should not blame Bitcoin for being "advertised" exactly what it is, instead of blaming your politicians for their narrow views.

I don't think you can blame anyone for decisions that government in India made. It's their decision how to regulate bitcoin it and they've chosen the bad way. Still I don't think that will prevent people in India from using bitcoin and that can't be stopped.

hate to tell you , but it seems bitcoin will  be dismantled before it even begins to try. Two  large populated countries of the world are exactly averse to it for the exact same reason. added on top if it is the anarchic idealism with silkroad and other stories that just paint a bad name beyond any repair, add to it the ransomware. people in power of Governments know how to manipulate people and bitcoin just handed over them in a platter of how bad it is.This is the problem of decentralization and how things die down.

If ever bitcoin was a private corporation , the marketing strategy could have been very different. They would have started with hype about blockchain on how it will help reduce corruption, help states in logistics and reduce crime, bring about financial inclusion and then somehow present bitcoin as a fuel or token to the system that is necessary for the blockchain to function , there would have been a greater chance of its success.. But the reverse happened leading to its eventual doom.

at some point people have to realize that there is something called a internet kill switch and states can switch it off if they wish. then it would have given some clear understanding of who is in power and how to make bitcoin survive in such a world.

you are wrong. people who understand bitcoin, specially back in the days, never had any trouble classifying bitcoin as a currency. then came the government a couple of years later and the "tax man" who tried defining bitcoin as something else such as commodity to take hefty taxes from anybody mining, owning, trading or using bitcoin.

i disagree. it has nothing to do with how bitcoin is "portrayed" it is all about bitcoin being decentralized which makes it something THEY can not control. it is a threat to corrupted systems be it the entire government body or just the banking system.

So far, this is the most ironic post on this forum.

Bitcoin ==> Decentralized, anonymous, transparent, peer-to-peer, electronic cash, fully owned by users, freedom, with appreciating value, etc.

Central Banks ==> Centralized, paper bills and metal coins, owned by the state, value determined by the central bank, with powerful third-party players, depreciating in value, bound by rules of the state, etc.

Therefore, Bitcoin =/= Central Banks!

How could we then promote Bitcoin to its truest sense at the same time please the central banks and the governments? In the first place, Bitcoin was never made for them, it was made for the people. It was not made to support the central powers, it was made to give freedom to the people. It was not made to make these central bodies stronger, it was made precisely to dismantle them. It was not made to preserve the status quo and keep the system intact, it was made to disrupt the system.

And what or who is stopping them from adopting the bitcoin(blockchain technology), bitcoin is obviously created in "that" way, for it to be beneficial to all, if only they will accept the technology, and also know that it would reduce the ease with which they perpetuate their corrupt practices.

Bitcoin isn't finding it's feet, this is a technology that is making waves, if China decides to stop it's citizens from trading bitcoin, I do not think it'll have that much adverse or lasting effect on it.
I'll be prepared to buy more coins during that period, as the whole furore would definitely see a temporary reduction in price, "buy on the news"

What's your take then? For Bitcoin to be marketed as a SoV instead of a currency so that the Indian government wouldn't look at it as competition to the rupee? Good luck with that. I'm pretty sure they already know that bitcoin has a transparent ledger(hence traceable) in the first place. Bitcoin will get banned in some countries, and this might just be the tip of the iceberg, but I'm pretty sure that's not going to stop some people from owning/holding bitcoin. Get over it.

Yes the western world from which bitcoin came was so fascinated about its use as a currency , trouble started right there.

Back in the days, people had trouble classifying bitcoin as a commodity or currency, the truth is there is no clear cut idea as to how to classify this s***.

The cultural and ideological painting of bitcoin as decentralized, anonymous and a tool of liberty from the tyranny of the state and the central bank has all done what?

Killed it , yes all you guys killed it, these ideologues are the reason it is killed in India. All of you grossly underestimated the power of the state and central bankers.

India setup a committee 2 years ago and it took them such a long time to come out with the s**** recommendation to put anyone who holds , sells, buys crypto for 10 years jail time. This bill  is going to be tabled in winter session of parliament around December 2019.  that is hardly 4 months away. Since it is portrayed as a currency it becomes a challenger to the rupee. since it cannot be considered a legal tender it has to be banned. thats how their recommendations goes.

If bitcoin was atleast marketed in a way that it will benefit the central bankers and state then it would have had some chance at survival. India with its 1.4  billion population will be out of this crypto revolution , while the rest of the world be happy with your crypto experiment.