Trust me CHC has the user base and there are already a good number of chinese exchange there, number of people, involved in bitcoin in china is verry high compared to india with just a few hundred (and yes i know some news report said 2000 but i dont think so) . banking system there are also not that ridgit.
Creating another fork of a alt coin is easy, but the usability , acceptance, and overall new users is hard to gain. if a desi coins is created, the first problem is the people using in india would be low. miners from outside the country would have a instant monopoly on the generation of the coins. hard for exchanges to accept the coin until a certain user numbers are reached. New alternative desi coin can only work once the user base of crypto currency increases. p.s - i'm not a ripple fan.
FTC has 4X the number of coins as Litecoin. making it fare more suitable for transactions on a daily basis.
And also I proposed this as a method to increase the volume of bitcoins in india. once the volume is there, over pricing from sellers would vanish. (oops i think i am making some enemies already).
FTC is new and Can be mined, without people investing in ASIC , or FPGA, mining can be kept with many people, not only the ASIC miners like in bitcoin.
*Question out of topic, why is it that india being one of the largest software industry in the world, still manages to lag being China in terms community driven open source projects?*
Topic: Solution for low bitcoin volume in India (FeatherCoin FTC) - page 2. (Read 17283 times)
Check out ChinaCoin/CHN which has almost instant transactions and is slightly better thought out than ftc.
Having a DesiCoin with instant transactions and maybe proof of stake could be what India needs. I've bartered with cryptos but I've yet to make a direct purchase.
Having a DesiCoin with instant transactions and maybe proof of stake could be what India needs. I've bartered with cryptos but I've yet to make a direct purchase.
Indian banks overloaded with bad loans, it is just question of time when it will crash.
Solution for low bitcoin volume in India (FeatherCoin FTC)
So for the past few months, i've been trying to find a way to increase the volume of bitcoins into india.
I looked at the volumes, an ASIC of a FPGA mining riggs could generate, but the investment and the shear amount of initiation money needed was huge. and also risking a monopoly in the supply chain. {i'm for open market.}
The other road blocks are the rigidity and boneheaded banking system we face.
The Four horseman is used to justify this clamp down on free flow of money for the common man.
1. Terrorism
2. Money laundering
3. Drugs
4. Child pornography
This has always been the best weapon used by big businesses in line with government to stop free market and progress. There are too many rules and regulations that prevent people to do any thing. Trust me people if these rules was to keep corruption and criminals down , then it has failed badly. there are criminals and corrupt people using the same banks for Terrorism, Money laundering, and drugs. And that is a fact. Crypro currency, is by far the most effective currency out there, better than Fiat currency, better than online digital currency, and far better than the old barter system.
The second option for the increase in the volume of Bitcoin is obviously trade, but that also gives verry little inflow unless services are provided in a massive scale.
for this what can be created is a point of contact that provides freelancing jobs to prople looking for these type of work and those who want to give work. payments from the freelancer to be made in INR and the receipt from the person seeking freelancers to be made in Bitcoin.
India has no shortage of skilled people, outsourcing is a dam well defined industry. I guess we just need people to get together. and form a loose net organizing group and start creating a list of freelancers, then go out and provide that service out.
The most effective solution Feather Coin :
But the far more effective method of getting volumes into India is to use an alternative crypto currency. Right now i seee Feather Coin FTC as a good option. relatively new , accepted in a good number of exchanges, they have reliable pools for mining , the exchange rate to BTC is also quite good. it is ASIC resistant, so cpu and gpu mining can take place , letting people with average budget to mine the coins.
If we can put out enough mining rigs out in the wild, the rate and volume of FTC increases. using the FTC to eventually get bitcoins, or just use FTC as Standard for india which ever is better.
Mining -> FTC -> BTC -> FTC -> INR
Or Mining -> FTC -> INR -> FTC
Feather coin like Lite coin is fast, faster then BTC, and small groups of miners can actually get together , start a mining pool and start hashing .
I know we have been talking about a creation of a new crypto currency, even i am for it , but looking closer to what the new currency would add is alot of PR time to have it accepted by other exchanges , and the problem of acceptability with other users from around the world.
I will start awarding FTC soon to indian users so as to increase the acceptability of it, and in the process also build the volume of btc in india. Which on a longer run translates into businesses accepting bitcoin . Who know's it may work it may not. but that is just an idea. What do you guys think.
More info on Feather Coin :-
Official FeatherCoin Site - http://feathercoin.com/
Bitcointalk Forum : - https://bitcointalksearch.org/topic/ftc-the-feathercoin-information-thread-181807
Official FeatherCoin Forum - http://forum.feathercoin.com/
FTC Exchange
BTC-e - https://btc-e.com/exchange/ftc_btc
Miners (mining software)
cgminer - https://bitcointalksearch.org/topic/official-cgminer-mining-software-thread-for-linuxwinosxmipsarmr-pi-4110-28402
Mining pool
http://feathercoin.is-a-geek.com/
Mining Info
http://dustcoin.com/mining
FeatherCoin Blockchain Statistics - http://benhohner.com/feathercoin/statistics.php
How to Mine Feathercoin on Windows Guide - http://bitcoinboard.net/how-to-mine-feathercoin-on-windows
.
So for the past few months, i've been trying to find a way to increase the volume of bitcoins into india.
I looked at the volumes, an ASIC of a FPGA mining riggs could generate, but the investment and the shear amount of initiation money needed was huge. and also risking a monopoly in the supply chain. {i'm for open market.}
The other road blocks are the rigidity and boneheaded banking system we face.
The Four horseman is used to justify this clamp down on free flow of money for the common man.
1. Terrorism
2. Money laundering
3. Drugs
4. Child pornography
This has always been the best weapon used by big businesses in line with government to stop free market and progress. There are too many rules and regulations that prevent people to do any thing. Trust me people if these rules was to keep corruption and criminals down , then it has failed badly. there are criminals and corrupt people using the same banks for Terrorism, Money laundering, and drugs. And that is a fact. Crypro currency, is by far the most effective currency out there, better than Fiat currency, better than online digital currency, and far better than the old barter system.
The second option for the increase in the volume of Bitcoin is obviously trade, but that also gives verry little inflow unless services are provided in a massive scale.
for this what can be created is a point of contact that provides freelancing jobs to prople looking for these type of work and those who want to give work. payments from the freelancer to be made in INR and the receipt from the person seeking freelancers to be made in Bitcoin.
India has no shortage of skilled people, outsourcing is a dam well defined industry. I guess we just need people to get together. and form a loose net organizing group and start creating a list of freelancers, then go out and provide that service out.
The most effective solution Feather Coin :
But the far more effective method of getting volumes into India is to use an alternative crypto currency. Right now i seee Feather Coin FTC as a good option. relatively new , accepted in a good number of exchanges, they have reliable pools for mining , the exchange rate to BTC is also quite good. it is ASIC resistant, so cpu and gpu mining can take place , letting people with average budget to mine the coins.
If we can put out enough mining rigs out in the wild, the rate and volume of FTC increases. using the FTC to eventually get bitcoins, or just use FTC as Standard for india which ever is better.
Mining -> FTC -> BTC -> FTC -> INR
Or Mining -> FTC -> INR -> FTC
Feather coin like Lite coin is fast, faster then BTC, and small groups of miners can actually get together , start a mining pool and start hashing .
I know we have been talking about a creation of a new crypto currency, even i am for it , but looking closer to what the new currency would add is alot of PR time to have it accepted by other exchanges , and the problem of acceptability with other users from around the world.
I will start awarding FTC soon to indian users so as to increase the acceptability of it, and in the process also build the volume of btc in india. Which on a longer run translates into businesses accepting bitcoin . Who know's it may work it may not. but that is just an idea. What do you guys think.
More info on Feather Coin :-
Official FeatherCoin Site - http://feathercoin.com/
Bitcointalk Forum : - https://bitcointalksearch.org/topic/ftc-the-feathercoin-information-thread-181807
Official FeatherCoin Forum - http://forum.feathercoin.com/
FTC Exchange
BTC-e - https://btc-e.com/exchange/ftc_btc
Miners (mining software)
cgminer - https://bitcointalksearch.org/topic/official-cgminer-mining-software-thread-for-linuxwinosxmipsarmr-pi-4110-28402
Mining pool
http://feathercoin.is-a-geek.com/
Mining Info
http://dustcoin.com/mining
FeatherCoin Blockchain Statistics - http://benhohner.com/feathercoin/statistics.php
How to Mine Feathercoin on Windows Guide - http://bitcoinboard.net/how-to-mine-feathercoin-on-windows
.
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