Bitcoin Business in India|is it profitable 2020
Where you get all your crypto news coming from India Bitcoin Business in India is legal of not let’s find out
In this episode, let’s talk about bitcoin business in India and since then the restrictions that RBI has imposed on banks in the last year definitely come to bitcoin business in the country.
And bitcoin businesses do not just include exchanges where you can go to buy or sell cryptocurrencies,
but they also include mining companies that produce hash rates that make the bitcoin network more secure and new bitcoins The production also includes 10 minutes each.
But if we start with exchanges and what’s happened to exchanges a lot of these exchanges have shut down their offices or moved abroad.
And Unocoin is one example of an exchange in the country that has definitely suffered from these INR deposits and withdrawal restrictions now that exchange platform is working well for all of the traders.
if you go on the unicorn website you can see that they don’t mention the price of Bitcoin or Ethereum for that matter. They don’t mention the price of these cryptocurrencies and obviously the reason is that they were no longer tradable on these platforms for right they are working live with their exchange service;
however during the last bull market when Bitcoin trading was definitely popular in India we noticed that there was a massive price premium when it came to cryptocurrencies in the country.
And of course one of the reasons for this is most likely because there are so many capital restrictions in the country of India.
When we look at the number of nodes that are present in the country of India, it looks like there are almost close to none. There are almost close to 0 nodes. You have to click on more countries and look for India which is ranked 40.
So according to this website, there are only 19 active nodes, that are not behind a firewall that is not behind a VPN but bitcoin mining in India now has lower restrictions.
But it’s still surprising when you think about a country with over 1.3 billion people only has 19 Bitcoin nodes. When you look at where most of the nodes are they’re in the United States and most of them are in Europe.
Global node map: https://bitnodes.earn.com/
It’s only recently the number of nodes in China has started to rise and I personally believe a reason for this is because a lot of these nodes used to be behind firewalls or they used to be operated behind VPNs to overcome strict government regulations.
You probably already know that the country of China has been trying to ban Bitcoin for many many years now.
It’s very possible a lot of these Asian nodes are actually being operated in Asian countries, but using a VPN where the servers are located in Western countries that are more accepting of cryptocurrencies.
So always keep that in mind, and it’s possible that that is the case with India. And running your own personal node
if you have a Bitcoin business also means that you don’t have to rely on a third party node and that also means that when you do propagate your transaction signals you no longer have to wait until another node picks up your signal
it’s your own node that is transmitting your transaction to the whole Bitcoin network. And something that has particularly surprised me for the last few years especially during the last bull market when you saw everyone was setting up
Bitcoin mining India
Is Bitcoin mining profitable in India: https://www.quora.com/Is-Bitcoin-mini…
Bitcoin mining centers is the fact that India is one of the cheapest countries when it comes to the price of electricity per kilowatt-hour that also would that bitcoin mining in India is profitable or not.
Electricity Comparison: https://www.statista.com/statistics/2…
Now we have definitely seen many mining centers being set up in the country of China and also in other countries where electricity is relatively cheap. We’ve seen mining centers being set up in Iceland.
Perhaps mining businesses have found that the average temperatures in India are not really suitable for when it comes to cooling your mining equipment. Maybe there’s a lot more electricity that has to be put into cooling these miners.
You can see that mining is very profitable in the country – it only takes around half a year to break-even. Once again it’s something that hasn’t really caught on yet and it’s definitely possible that it will catch on in the future.
For now, it seems there’s a massive opportunity press in the country for anyone looking to set up mining. So moving forward my personal opinion on the digital rupee that the Ministry of Finance might seem to be proposing at some point for the government to consider seriously and to make it a reality,
4. Live spreadsheet on Mining Profitability in India: https://docs.google.com/spreadsheets/…
Importance of rupee for buying Cryptocurrency
This is that digital rupee is potentially making it easier for people to buy cryptocurrencies. If the Indian government perhaps allows people to buy or sell cryptocurrencies at some point with the KYC regulations
the world of AML, then in a world where it is possible for 1.3 billion people to use digital assets, which is 24/7 Is qualified and potentially exchange it for other currencies where they can send. Suppose perhaps Facebook is a libra coin and eventually directly or indirectly called cryptocurrency.
we really need to see the Indian government release some form of definite regulation for the digital rupee and we need to see what the digital rupee is going to be capable of doing.
Will people be able to send it where they want to send it will people be able to buy what they want to buy with it, or is it just going to be a Centralized shit coin that the government says we will tell you what you can buy yourself and we will also monitor everything that you buy yourself with the digital rupee. We need to see all of this stuff coming out in detail from the government and as soon