We take a look at the equation of Bitcoin with India. The Indian Bitcoin community is estimated to be anywhere between 30, to 50, people strong and growing. As more and more people begin taking part in this new economy the government has also taken interest and started engaging the community.
We will take a look at the current state of the Bitcoin phenomenon in India as well as its potential. Bitcoin Conference The level of interest over Bitcoin in India reached such high levels that a Bitcoin Conference was organised where active parties and curious individuals could gather.
The conference was divided into two days – first for socialising and the second for panel discussions where 20 speakers from various backgrounds discussed Bitcoin and its various aspects. In addition to the panel discussion the conference also had participant booths that promoted and educated attendees about various new products and technologies related to Bitcoin. They also demonstrated how Bitcoin mining takes place. The other booths present dealt with three key areas of Bitcoin – mining, trading and alternatives.
In addition to which there were informative booths that talked about Laxmicoin the highly anticipated Indian version of Bitcoin that was expected to be launched soon.
The panels were divided into four key areas of discussion – Bitcoin and decentralisation, mining and security, Bitcoin trading, and Bitcoin regulations, trends and altcoins. The discussions placed various individuals from specialised fields together to present their viewpoints on the issues. Bitcoin usage in India is already on the rise with a limited reach but in a diverse distribution. The main promises made were based around the immense potential Bitcoin has towards personal profit making.
This point in specific is very much against the intended purpose of the Bitcoin philosophy. As a currency Bitcoin is intended to free people from extra costs and make transactions more convenient and trustworthy, however by advocating for short-term profit in trading, it is unlikely that the currency would find an easy acceptance in the broader marketplace. Speculative trading on Bitcoins, which is what was significantly highlighted at the conference, weakens the overall potential of Bitcoin finding stability in exchanges and having any worthwhile future as a mainstream currency.
As a venue for learning more about Bitcoins, this conference gave a thorough introduction to the elementary concepts of Bitcoin mining and usage.