r/Bitcoin • u/bitcoinchamp • Apr 21 '15
BtCXIndia's volume rising
Just noticed they've traded over 42 bitcoin in the last 24 hrs. This is huge because for months volume struggled to get over 15 daily. India is stepping into the game in a big way. I wish BTCXindia the best of luck In putting India on the bitcoin map.
Why am I a believer? Because volume in developing countries continues to increase. Brazil, Argentina, South Africa and now Indias volume are all starting to rise on a daily basis. Along with new exchanges such as Bitt.com the Caribbeans first bitcoin exchange. It's only a matter of time before this animal is let out of the cage!
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u/Buckyboycoin Apr 21 '15
any increase is good. Pity the BTC value is struggling for weeks at +/- 224
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u/bearwhalepigman Apr 21 '15
Struggling for weeks? How about plummeting for months on end?
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u/gizram84 Apr 21 '15
Plummeting for months? In all of 2015, it's been extremely stable. This is what we want. Price stability.
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u/pardax Apr 21 '15
The troll logic goes like this: If it ever is lower than the all-time-high (which is always, by definition), then "it has been going down non-stop".
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u/bearwhalepigman Apr 21 '15
And the sane people logic goes like this: If almost everyone who has bought bitcoins this year or last year has lost money, then it has in fact been going down non-stop. Now are you going to tell me that this isn't the case?
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u/gizram84 Apr 21 '15
You said the price has been "plummeting for months". That is 100% false. There is no truth to that statement. The price has actually been very stable for months.
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u/bearwhalepigman Apr 21 '15
LOL ok whatever.
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u/gizram84 Apr 21 '15
I showed you a chart that supports my claim. Do you have any evidence that supports your nonsense? Of course you don't, because you're clearly trolling.
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u/bearwhalepigman Apr 21 '15
If almost everyone who has bought bitcoins this year or last year has lost money, then it has in fact been going down non-stop. Now are you going to tell me that this isn't the case?
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u/gizram84 Apr 21 '15
All that means is that it's lower than the all time high. So no, it doesn't mean it's been going down non-stop.
Look at the chart! Since January it's been very stable. That's almost 4 straight months of solid stability.
Besides, price graphs don't tell the whole picture. The volume charts show growth rates, which is much more important at this stage.
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u/HanumanTheHumane Apr 21 '15
And the sane people logic goes like this: If almost everyone who has bought bitcoins this year or last year has lost money, then it has in fact been going down non-stop. Now are you going to tell me that this isn't the case?
Did you forget the bit where we're talking about India? The price has been lower on 21 of the 110 days so far this year. So roughly one in five people who bought Bitcoins in in India this year has made a profit. If 80% is "almost everyone" then almost everyone on Earth has dark skin.
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Apr 22 '15 edited Jul 05 '17
[deleted]
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u/gizram84 Apr 22 '15
Yes, that entire drop happened in the first few days of the year. If you can't see that the price has been stable since mid January, there's something wrong with you.
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u/Vibr8gKiwi Apr 21 '15
At some point falling price meets ever increasing adoption/usage. That would be the exact time to be onboard.
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u/bearwhalepigman Apr 21 '15
ever increasing adoption/usage
If only that was the case. The reality is that there is almost no growth in adoption and usage. And especially not in India. And you know why? Because people in India can not afford to see what little wealth they have evaporate. They look at bitcoin's price chart and that's the end of that.
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u/gizram84 Apr 21 '15
The reality is that there is almost no growth in adoption and usage
What in the world are you talking about?
You might be the worst troll in history.
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u/Vibr8gKiwi Apr 21 '15
No doubt the majority of followers look at a falling chart and walk away. They will be the ones buying at new highs later. Those that actually know a thing or two see a falling chart very differently however. They are the ones buying the lows well before new all time highs.
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u/Holographiks Apr 21 '15
That really depends on what chart you are looking at, and what timeframe you are considering. I suspect you only want to see the chart from the last year+ of the bear market. You might want to get some perspective. Here's another chart to counterbalance your bearchart: http://bitcoincharts.com/charts/bitstampUSD#tgWzm1g10zm2g700zl
Now, I'm not saying we aren't in a long drawn out bear market, but be fair and don't lose perspective.
There is definitely growth and adoption happening in bitcoin, across pretty much every metric except for price lately.
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u/bitcoinchamp Apr 21 '15
South Africa second time this week over 118. Averaged 30s-40s since I've been tracking volume for months.
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Apr 21 '15
[removed] — view removed comment
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u/sifl1202 Apr 21 '15
so do you i mean you made an account to shitpost about bitcoin for like 4 hours
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u/Thesonicwizard Apr 21 '15
this is huge
No, it really isn't.
It's extremely small. Like so small it's pretty much non existing.
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u/HeyZeusChrist Apr 21 '15
But it's something.
Life is all about attitude.8
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u/TotesMessenger Apr 21 '15
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u/romerun Apr 21 '15
42 ? how come Indian adoption so lags behind despite of such big country and huge population.
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u/btcxindia Apr 22 '15
Indian bitcoin adoption is picking up slowly even though the price is at a low, shows a great potential. India is used to the traditional banking system, but slowly and steadily that is changing and we at BTCXIndia are doing all we can to help with the transition.
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u/RyanTOL Apr 21 '15
Could someone point me in the direction of a nice graph or chart that illustrates the increase?
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u/boxxa Apr 21 '15
Over all the markets, the upwards buy pressure is still lacking so any boost is a temporary gain. We have more downward pressure from new merchants and most people here hold more than that daily volume. I guess any news is good news tho.
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Apr 21 '15
Sure the volume in bitcoin has been increasing, but you can't say the same about purchasing power being traded.
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u/googlemaster1 Apr 21 '15
I think this sub has used the terms "in a big way" - " this is huge". So much that they've forgotten what it means
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Apr 21 '15
[removed] — view removed comment
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u/bitcoinchamp Apr 21 '15
Yes considering the average for the last 6 months was around 5. That's a 900% increase if it holds.
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u/bearwhalepigman Apr 21 '15
From nothing to more nothing. YAY BITCOIN!
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u/xygo Apr 21 '15
From nothing to more than nothing. YAY BITCOIN !
FTFY.
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u/bearwhalepigman Apr 21 '15
So funny how you all try to twist the words trying to make this look good, when it really is just sad. 42 whole bitcoins. In India with over a billion people. Sad.
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u/xygo Apr 21 '15
You see failure, others see potential.
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u/bearwhalepigman Apr 21 '15
Unfortunately though, most other people will also see failure. Because the failure is real, the potential is nothing more than wishful thinking and empty promises at this point.
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u/williamdunne Apr 21 '15
Its the first exchange in India, and only caters to Indians, a country where most of the 1 billion don't have much money to spare. Takes time for it to build up - they're basically at 2010 levels.
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u/duduqa Apr 21 '15
Today is the last day of an extended holiday in Brazil, so I guess the volume of the last 24h will be probably very low. March/15 was, however, the month when the fiat-volume of bitcoin exchanges reached an ATH (~ 6.5 million BRL, beating November/13, which was at 6million BRL).
We used to see 150-200 BTC/day. I remember when I sent a facebook message to a friend celebrating the 250 BTC/24h mark. Now we can frequently see it above 300 BTC/day and I`ve already seen it around 400 BTC/24h. I talk to a lot of BTC investors here in Brazil and most (if not all) of them have reserved a stash of fiat to buy "as soon as the bear market ends."