Bitcoin Expands In India - Another News Story That Shows Why Bitcoin Is Heading To $2,000
I came across this article about the use of Bitcoin in India. Apparently it is becoming how a big deal there. How big: Around 2,500 people in India are making an account for zebpay exchange every single day. As the article mentions that does not mean they are putting money in, but you join an exchange for a reason. If this is true, that this site is going up by this much every day, that means that new users are joining the cryptoworld. You can talk about investments, but that could be the same people and the same money, but with an increase in new users it shows interest in the coin is getting bigger.
India has over a billion people. From what I have been reading, it is a great country to invest in as they are becoming more and more technologically connected. That is going to lead to large numbers of people who are entering the online world which includes Bitcoin. If this becomes the norm there it will lead to another big push for the currency.
And this is another country that has Bitcoin on the rise. Japan has accepted it as legal cash. I wrote about Australia accepting it on July 1, 2017, including protecting Bitcoin businesses. The United States has not yet, but with ETF's being tried, it might push through in the United States. Every country that adds the currency is a big deal. It makes it an international currency that is accepted and supported around the world.
Here is the link if you are interested in more information. Ignore the title, it is a little misleading:
Got any big Bitcoin news? Let me know in the comments.
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
India is a huge cointry with very fast adoption to technology. With the removal of the 500R & 1000R I believe many people became aware of the need for alternatives to store and transfer value. I have worked with many very high skilled SAP developers from India in Germany and was shocked how much money they lose by sending the hard earned Euros back to their families through Western Union. They take enormous exchange & transaction fees :(
Absolutely true
just saw my typo: cointry *country. I wanted to edit it but coin-try is maybe also suitable as it is a big coin experiment if a large population of India would start to use coins instead of rupee ;)
Thats really witty to make such puns :)
;)
What i have seen, people in India mostly treat cryptos as an asset. But I'm sure we can use it as a currency after a POS is installed.
Bitcoin would be perfect for India as government restrict cash and gold
And it's illegal there.
No it's neither illegal nor legal. But the insiders news is it soon will acquire legal tender
Before, Wikipedia was saying it was illegal. Now it says this:
This is a complete flip-flop that took me completely by surprise.
Recently some ministers tried to put a ban. Wrote article on it, the literature merit might not be good but you'll get a basic idea of the current scenario.
https://steemit.com/bitcoin/@rishi2184/let-us-help-bitcoin-and-other-cryptocurrencies-to-retain-their-legal-tender-in-india
The demonetization that took place last year was the time when a chunk of Indians educated themselves about cryptocurrencies. Since they have got the taste of decentralized money now, no warnings of any central authority they will listen to when it comes to getting cryptocurrencies.
Thanks for the insight, you obviously have a much better perspective than I :).