The RBI has recently frozen all the PMC Banks assets in India, making close to a million customers unable to access their money. The Reserve Bank of India has also had to overhaul the reporting system banks in India use, while customers protest and “hope” to have access to their funds.
Bitcoin on the other hand, is open and available 24 hours a day, 365 days a year for the last 11 years. People in India with access to a $20 cell phone can have a bitcoin wallet and still transact with the digital gold that everyone claims has died hundreds of times. If waiting 10 – 30 minutes for a bitcoin transaction seems long, trust us, the people in India who banked with PMC, have waited months and only received excuses about the money they used to have.
The RBI was kind enough to increase the 6 month withdrawal limits from Rs. 1,000 ($14 USD) to Rs.
10,000 ($140 USD) over 6 months. Nice!
This is why Banks in India (and around the world) should focus on lending money and leave storing digital money to bitcoin. Its public how much bitcoin each wallet has, which wallets the miners hold and which transactions move between wallets.
Centralized third parties like banks (who serve shareholders, not customers) aren’t required to hold digital money like bitcoin or transfer it, saving customers tons of money in fees and 24 hour access to their funds.
India Rupee vs. Bitcoin
The India rupee is a perfect example of why the price of Bitcoin doesn’t matter
Over ten years the holders of Rupee lost a lot of spending power with their money. Three years ago, the RBI removed 500 and 1,000 rupee notes (the highest denomination) overnight but couldn’t make any effort to protect thousands of customers from this bank scam.
India is a country that has primarily valued gold over their own currency for decades, the reasons which are obvious to any outsider. The currency has never been considered “sound money,” considering the economic crisis in 1966, crisis in 1991, revaluation and depreciation periods that followed.
This is a country that has needed a stable currency forever, which brings marketers “selling” the next bitcoin to Indians constantly. There is no next bitcoin, only scum bags trying to profit off of the people who don’t understand bitcoin. Buying 0.00002 Bitcoin from India (or any country) has proven to be more valuable over the last 10 years than any alt-coin or “crypto” that other teams are building.
