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  • Just stumbled upon Laxmicoin - which seems to be the Indian version of Bitcoin. As of writing this post, the laxmicoin.com website is only looking for early adopters and is requesting them to subscribe to their mailing list so that users can be notified as soon as they launch. I also read that they've submitted their application to the Reserve Bank of India (RBI) for approval to operate the virtual currency in India.

    What do you think about Laxmicoin? What does Laxmicoin offer that Bitcoin doesn't? What are the advantages of being India specific?
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  • Ankita Katdare

    Administrator • Jan 14, 2014

    I find the concept of Bitcoin quite confusing (thanks to my limited finance knowledge) But I am reading.
    I think it is important to know about virtual currency.
    This is because there are already close to 70 virtual currencies available across the world with total market valuation of about $15 billion (about Rs. 90,000 crore).

    In addition to that, Bitcoins Alliance India (BAI), a community of Bitcoin entrepreneurs, said it welcomed the RBI warning about the risks surrounding the purchase, sale or use of Bitcoins. BAI has appointed Nishith Desai Associates, an international Legal and Tax Counsellors, to examine the legality of Bitcoins.

    We might need a separate discussion about virtual currency and educate fellow engineers. (I am one curious reader on this issue.)
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  • Pensu

    Member • Jan 14, 2014

    Sounds interesting. But I guess a lot of people are confused about the concept of virtual currency (including me!). I hope we can find someone to elaborate on this.
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  • micheal john

    Member • Jan 14, 2014

    Pensu
    Sounds interesting. But I guess a lot of people are confused about the concept of virtual currency (including me!). I hope we can find someone to elaborate on this.
    Vitrual currency, want here more about this.👍
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  • Abhijit Dey

    Member • Jan 25, 2014

    First the consumers in India need to build up trust on online transactions. Though people are nowadays going for online shopping, they are still sceptical about paying with their credit cards and opt for cash on delivery. Once they trust the online gateways, only then the concept of virtual money be brought and started up in the country. And at the right time, India could build a considerable global market in virtual currency.

    Laxmicoin seems more inclined to the Hindu community. The initiative should have been based on a name which doesn't depict a particular religion in a country like India.
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  • Satya Swaroop Dash

    Member • Jan 26, 2014

    Virtual currency have not gained much popularity in India because we find the concept quite confusing and complicated.
    Lets, take the Bitcoin for example. The app sits in your computer, sucks computing power out of your processor and GPU and mines coins. This process awards coins based on the amount of computing power you have contributed and this means some one who has employed a big and powerful machine like a workstation is going to gain the lion's share and the user who uses a humble run-off-the-mill PC will be left with the crumbs.

    Virtual currency has earned its share of bad press thanks to the now defunct online drug store Silk Road and many countries are refusing to accept the concept, India being one of them.

    I definitely agree with @#-Link-Snipped-# 's opnion. Most Indians have not learnt to trust the online transaction of money and people will not be trusting a technology like BitCoin anytime soon.
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  • Ankita Katdare

    Administrator • Jan 26, 2014

    @#-Link-Snipped-# Thank you for explaining Bitcoin in such simple words.

    I think you all should go through this article -
    Bitcloud Plans To Create A Shadow Internet System Based On Bitcoin Protocol.
    <a href="https://www.crazyengineers.com/threads/bitcloud-plans-to-create-a-shadow-internet-system-based-on-bitcoin-protocol.72931">Bitcloud Plans To Create A Shadow Internet System Based On Bitcoin Protocol</a>
    and please share your opinions.
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  • Ankita Katdare

    Administrator • Feb 11, 2014

    Those of you don't understand how bitcoins work, here is the simplest explanation for you -

    #-Link-Snipped-#
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  • Sanyam Khurana

    Member • Apr 16, 2014

    Ankita Katdare
    Those of you don't understand how bitcoins work, here is the simplest explanation for you -

    #-Link-Snipped-#
    This is a really great piece written about bitcoins, cleared many of my doubts 😀
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