8 comments on “Bitcoin – Reaching India! Why Is It So Important?

  1. > What made me grab my pen was learning that it had reached the shores of India.

    Finally! Great to see, isn’t it?

    A year ago about the only BTC/INR trading was at Tradehill, which is now defunct. Then Bitcoin-Central.net added it and they’ve since stopped.

    But now with Mr. Bitcoins providing a cash deposit method at HDFC, and ECurrencyZone.net offering cash and bank transfer methods for buying and selling bitcoins in India, its use as a currency can start to build.

    • This is a well lit up point. These methods of purchase reaching India is great. What we need to see is a more convenient and easily recognizable way to get it into the hands of consumers and merchants.

  2. “While our current forms of currencies are backed by mining gold and gold reserves,”

    This is not correct. Modern government currencies have absolutely no backing or link to gold whatsoever. The US dollar, for example, has not been connected to gold since 1971. Government money is thus already digital currency – banks do not store gold to back your account, it is simply numbers in a database.

  3. “Still in its infancy, Bitcoin has been subject to numerous hacks”

    This is incorrect. Bitcoin itself has not been hacked. However, some websites which use Bitcoin (such as some of the exchanges) have been hacked. It’s an important distinction.

  4. The legal process begins when the contract for the purchase
    agreement is signed and thee deposit paid. Any relevant enquiries need to be made with the seller.

    Many state courts have said that there must nott be any potengial of a
    claim when you place your assets beyond the reach of the creditors.

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