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How are people buying bitcoin on the street?
People started buying Bitcoin ‘on the street’. This means that ‘agents’ would buy Bitcoin and sell it for very high premium for cash which is no more legal tender. This cash would be exchanged for new valid notes by the agents and deposited in their accounts. An important thing to note is that not every person was doing this to convert black money.
Who are the early adopters of bitcoin in West?
Early adopters of Bitcoin in West were the libertarians as discussed earlier. However, this philosophy originated in the west and is still alien to India. For Indians, it was the attraction of a stable investment asset which was of utmost importance.
How is bitcoin going to grow in India?
For bitcoin and the similar technologies to grow, India needs huge innovation in Information Technology. Fortunately, India has the highest number of IT professionals.366 million people (31 per cent of the population) have access to improved sanitation as compared to 545 million cell phones.
What was the price of bitcoin before demonetization?
Suddenly all mainstream media (Business news and TV shows) started talking about Bitcoin. The price for 1 BTC kept on rising from 50,000 INR and reached almost 70,000 INR in 3 weeks (40% high). Early adopters of Bitcoin in West were the libertarians as discussed earlier.
Last Update: Oct 2021
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