Yes the western world from which bitcoin came was so fascinated about its use as a currency , trouble started right there.
Back in the days, people had trouble classifying bitcoin as a commodity or currency, the truth is there is no clear cut idea as to how to classify this s***.
The cultural and ideological painting of bitcoin as decentralized, anonymous and a tool of liberty from the tyranny of the state and the central bank has all done what?
Killed it , yes all you guys killed it, these ideologues are the reason it is killed in India. All of you grossly underestimated the power of the state and central bankers.
India setup a committee 2 years ago and it took them such a long time to come out with the s**** recommendation to put anyone who holds , sells, buys crypto for 10 years jail time. This bill is going to be tabled in winter session of parliament around December 2019. that is hardly 4 months away. Since it is portrayed as a currency it becomes a challenger to the rupee. since it cannot be considered a legal tender it has to be banned. thats how their recommendations goes.
If bitcoin was atleast marketed in a way that it will benefit the central bankers and state then it would have had some chance at survival. India with its 1.4 billion population will be out of this crypto revolution , while the rest of the world be happy with your crypto experiment.
cur·ren·cy
/ˈkərənsē/
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noun
noun: currency; plural noun: currencies
1.
a system of money in general use in a
particular country.
It is not a currency it is a peer to peer e-cash
cash and currency are different.
Tell your goverment to ban league of legends riot points, gift cards, robblox bux, steam cash, fortnite coins, etc now
Don`t blame us, blame your governments leaders. Do something about it, hack all the biggest youtube channels in india and spread the message you have corrupt leaders and your fiat money is a $cam.
Over time, meanings evolve. Circumstances change, so do meanings of words. The meaning of currency has to broaden as the world is becoming more borderless over time. Bitcoin is a currency. That is clear to all of us. And surely it is not used exclusively by a certain country. There is no single country with Bitcoin as its official currency. It is a global currency. Cryptocurrencies are modern forms of currencies. They could be used within a certain virtual ecosystem, or within a certain company, or within a certain country.
So do cash. The advancement of modern technology has to extend the limit of the meaning of cash from physical bills or coins to digital or virtual versions. Bitcoin is designed as an electronic cash.
In the same manner that India will have to evolve as the times have also changed a lot. They simply cannot be overprotective of their rupee to the point of sticking to what is outdated and obsolete. They have to open up for changes.