Why Indians are not Adopting BTC over Gold?

pawanjain

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Quote from: Tiger Fist on October 21, 2023, 11:45:06 AM

Quote from: pawanjain on October 19, 2023, 10:10:37 AM

16% of Indian citizens own crypto ? I guess the number was lower than 10%. According to previous years reports I guess less than 5% global population owns crypto.

Quote from: Bitcoin Smith on October 21, 2023, 11:22:30 AM

I doubt that even 5% is unrealistic based on comparing the Indian population. If 5% is true then we should have 210 million crypto users from India and if that is true then why the biggest crypto Indian community is filled with numbers less than 20. Cheesy

Actually, 16% of people aged 25 to 44 years old. That means it's not 16% of the total population. This was already mentioned in the survey as well. This is an average percentage. Of course, a survey company cannot do this survey with every person living in India because we know it's a huge country.

Most Crypto users are young people.

Sorry that's my miss. So we can see that the number of people owning crypto is still very low. The current regulatory status contributes a lot to this low number.
Hence Gold obviously becomes a major potential asset for all Indians and this is why Indians are not adopting BTC over Gold.

Tiger Fist

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Quote from: pawanjain on October 19, 2023, 10:10:37 AM

16% of Indian citizens own crypto ? I guess the number was lower than 10%. According to previous years reports I guess less than 5% global population owns crypto.

Quote from: Bitcoin Smith on October 21, 2023, 11:22:30 AM

I doubt that even 5% is unrealistic based on comparing the Indian population. If 5% is true then we should have 210 million crypto users from India and if that is true then why the biggest crypto Indian community is filled with numbers less than 20. Cheesy

Actually, 16% of people aged 25 to 44 years old. That means it's not 16% of the total population. This was already mentioned in the survey as well. This is an average percentage. Of course, a survey company cannot do this survey with every person living in India because we know it's a huge country.

Most Crypto users are young people.

Bitcoin Smith

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Quote from: pawanjain on October 19, 2023, 10:10:37 AM

16% of Indian citizens own crypto ? I guess the number was lower than 10%. According to previous years reports I guess less than 5% global population owns crypto.
So we can imagine how early we are and what will happen when the number goes above 10%.
Indian citizens contribute a lot to the global crypto population and I think the number will keep increasing.

I doubt that even 5% is unrealistic based on comparing the Indian population. If 5% is true then we should have 210 million crypto users from India and if that is true then why the biggest crypto Indian community is filled with numbers less than 20. Cheesy

Gold is far ahead in India in terms of comparison but the upcoming generation starts to realize the importance of investment, so hopefully they will choose the decentralized bitcoin over shitcoins.

pawanjain

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Quote from: avikz on October 17, 2023, 09:51:29 AM

Lol! What a question! No asset can beat Gold in India. Gold is not just an investment, it's an emotion. Also it is linked with Hindu religion in many ways. So Bitcoin or any other investment can never beat gold in India ever.

I personally purchase digital gold on every Thursday. Because in my religion, Thursday is considered auspicious. Bitcoin has no chance in breathing gold no matter how attractive the return looks like.

You purchase gold every Thursday ? You must be filthy rich then Grin

Is it sovereign gold bonds or anything else ?

Quote from: Tiger Fist on October 16, 2023, 12:42:05 PM

Bitcoin has still a long way to go in India. People know about Bitcoin but the percentage is not huge. According to Times of India, 83% Indians aware of cryptocurrencies but only 16% own it. The recent survey results say 20% own it. It's impressive that four percent increase in two years. Crypto users age from 25 to 44 old men. Only men have participated in this survey.

Now back to the point. Indians still adopt gold because it's a part of the tradition. It's physical. Gold price is kind of stable and price increases over time and most of the time you can sell it for profit in the future. Compared to this, Bitcoin is volatile and not physical. It can give you profit in the long run but you might need urgent money during the bear market. So, you will be forced to sell at a loss.

Still, we should stay positive. Increasing 4% in two years is a huge change, my friend. You will notice some big changes five or ten years later.

16% of Indian citizens own crypto ? I guess the number was lower than 10%. According to previous years reports I guess less than 5% global population owns crypto.
So we can imagine how early we are and what will happen when the number goes above 10%.
Indian citizens contribute a lot to the global crypto population and I think the number will keep increasing.

As for the gold vs bitcoin comparison, I think bitcoin is better than gold obviously but it's better to diversify our wealth into both of these.
Gold is no doubt a popular choice of investment in India and that's the reason why majority of the people prefer buying gold than bitcoin.

LucyFurr

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Quote from: pakhitheboss on October 17, 2023, 10:36:09 AM

I don't understand why you would want to hurt the sentiments of every Indian. Regardless of diversity of India every Indian in some way or the other is bound to make a purchase of Gold. Hindus do it because of religion, minorities do it because it is acceptable for dowry. Almost everyone buys gold as a gift. The Indian subcontinent follows what I wrote, buying gold is a tradition. It is not possible to overcome traditions with technology, by technology I meant Bitcoin.

Money has no religion, everyone wants to become rich and I never saw any female in India say no to gold jewelry for gifts, dowry, inheritance, etc.

For middle-class family, it acted as the best store of value of their assets even without their knowledge because our ancestors understood the importance of preserving their asset value and the concept of tradition/culture/religion.

pakhitheboss

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I don't understand why you would want to hurt the sentiments of every Indian. Regardless of diversity of India every Indian in some way or the other is bound to make a purchase of Gold. Hindus do it because of religion, minorities do it because it is acceptable for dowry. Almost everyone buys gold as a gift. The Indian subcontinent follows what I wrote, buying gold is a tradition. It is not possible to overcome traditions with technology, by technology I meant Bitcoin.

TheUltraElite

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So anyway, I applied as a merit source :)

Inheritance and the sentimental value of Gold is whats makes it attractive.

When the partition of Bengal happened, dividing Bengal In India as West Bengal and Bangladesh as former East Bengal, refugees left overnight to move into India with nothing but their Gold ornaments, using which they set up in different places in India and used that gold to eventually set themselves up. These stories give you goosebumps but they are true.

However the younger generation is gradually getting into crypto sadly this term implies mostly shitcoins that make quick bucks to them. I personally have the opinion that every asset has its pros and cons and all should be tried based on your own taste.

avikz

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Lol! What a question! No asset can beat Gold in India. Gold is not just an investment, it's an emotion. Also it is linked with Hindu religion in many ways. So Bitcoin or any other investment can never beat gold in India ever.

I personally purchase digital gold on every Thursday. Because in my religion, Thursday is considered auspicious. Bitcoin has no chance in breathing gold no matter how attractive the return looks like.

elevates

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One simple reason why Indians love Gold! It shines and it is what make Indian woman more beautiful when they wear it. Indian women are the reason why Indian men do not invest in Bitcoin Grin

Tiger Fist

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Quote from: bitnote on October 17, 2023, 03:10:33 AM

energy-consuming mining

General Bitcoin users have nothing to do with the energy-consuming mining. Same as general Gold users who do not dig the gold from the gold mine. Right?
We are just users. Miners verify blocks and they get a reward for not. There are mining farms that take energy from solar panels as well.

bitnote

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Some more benefits of bitcoin and gold.

|

Bitcoin:

Benefits:

Security and decentralization.

Supply is limited and deflationary.

Transactions that are anonymous and cross borders.

Disadvantages:

Price turbulence.

Challenges with scalability.

energy-consuming mining.

|

Gold:

Advantages:

Physical, tangible asset.

Known as a reliable store of value across time.

An inherent scarcity.

Disadvantages:

Inability to move around.

Being a target for stealing.

Limited ability to divide.

LucyFurr

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PoW>>>PoS

India is one of the country where gold is mostly used in the form of jwellery and also it acts as great asset when it comes to emergency situation so Indians used to take gold loans with their jewels whenever they want. Another important reason is marriage, gold is still acts as the standard of deciding factors of the brides family status so they can't get rid of gold.

Apart from gold middle class people never exposed to other assets even they consider investing in stocks is only for richest community.

cafter

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Mostly Indians play safe with their money, most of the indian are young people who invest in crypto, in that more than half of them fall for shitcoins and dumb youtubers, watch videos of 0.01% education and 99.99% shit.
The majority of people simply recognize bitcoin as online money that is increasing in value and invest in it without even understanding it.

Some people who are familiar with bitcoin and its benefits invest in it and view it as digital gold.

You should always invest the majority of your money in safe investments such as gold, property, etc. Also, Indians have a special relationship with gold.

Tiger Fist

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Bitcoin has still a long way to go in India. People know about Bitcoin but the percentage is not huge. According to Times of India, 83% Indians aware of cryptocurrencies but only 16% own it. The recent survey results say 20% own it. It's impressive that four percent increase in two years. Crypto users age from 25 to 44 old men. Only men have participated in this survey.

Now back to the point. Indians still adopt gold because it's a part of the tradition. It's physical. Gold price is kind of stable and price increases over time and most of the time you can sell it for profit in the future. Compared to this, Bitcoin is volatile and not physical. It can give you profit in the long run but you might need urgent money during the bear market. So, you will be forced to sell at a loss.

Still, we should stay positive. Increasing 4% in two years is a huge change, my friend. You will notice some big changes five or ten years later.

Bitcoin Smith

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Basically, Indian subcontinent filled with rich kingdoms for thousands of years so gold also been a part of everyone's life even before 3 to 4 thousand years ago as per the research.

From financial point of view gold has been the real store of value for centuries for average middle class family and bitcoin is hardly over 10 years old so it will take time to change a habit that has been in practice for generations. IMO gold is really important in everyone's portfolio and to be honest I will rate the gold one step over bitcoin but accumulating gold over 100 or 200 gms is not really worth compared to the returns that can be made by investing the same money in other assets such as bitcoin.

Bureau

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As Indians, we all know how much Gold plays an important part in our lives, inheritance, and solution to a crisis situation. In our culture, gold plays an important role. We are taught to keep our family's gold safe and add more to the existing amount. The reason is simple, which is to safeguard the future of our child or the generation that will come after us.

The belief that Gold is an asset in times of uncertainty, a standard of purity, and an object of desire needs to be changed. We are in 2023, we Indians have now sent a rover to the moon and next, we might be on the moon. Still, we buy Gold because of our belief in gold and our obligation to our elders, why not change this attitude for the future of our children, why not diversify our portfolio of assets that we can give to our future generations?

Let's do a small comparison as to why we should think about Bitcoin before we buy Gold. I will write about Gold and then about Bitcoin, you can add to my reasoning in your replies.

Gold VS Bitcoin:

Gold has a limited supply, which we do not know.
Bitcoin has a supply of 21 million, which we all know
Gold has an inflation hedge of +5%
Bitcoin has a store value and +100% inflation hedge

What do you think would be the biggest difference between Gold and Bitcoin?

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Topic: Why Indians are not Adopting BTC over Gold? (Read 184 times)