Bitcoin or Ethereum? Over half of Indians don’t want cryptocurrencies legalized

Bitcoin or Ethereum? 54% of Indian adults don’t want cryptocurrencies to be legalized. That’s according to a new cryptocurrency survey by LocalCircles, which survey 56,000 Indian adults in November 2021. Only 26% support the idea of legalizing cryptocurrencies. 20% of respondents have no opinion on the topic.

What is Bitcoin (BTC)?

Bitcoin is a revolutionary new payment network and a new form of electronic money. It’s a digital currency which enables secure and instant financial transactions at dramatically low costs between any two individuals anywhere on the globe. Bitcoin allows its users to transact directly, peer-to-peer, without an intermediary and can be used just like other currencies or assets in exchange for goods or services. Bitcoins are the unit of currency of the Bitcoin payment network. The most used abbreviations for Bitcoin are BTC or XBT.

Bitcoin is the very first cryptocurrency and was founded by an anonymous person or group of individuals, named Satoshi Nakamoto. To this day, Satoshi Nakamoto’s identity and nationality are still unknown. Bitcoin is decentralized. Unlike traditional currencies like the Euro or the US-Dollar, there is no government, institution or other central third party that oversees the issuance and circulation of Bitcoin. That means Bitcoin cannot be censored, manipulated or controlled by a single centralised institution or government. Also, if you store your Bitcoin in a digital, non-custodial wallet, no institution, government or third party is able to lock you out of your funds.

For more information about Bitcoin and other cryptocurrencies visit our Blockchain FAQ section.

How do I get Bitcoin (BTC)?

You can buy Bitcoin and other cryptocurrencies on so-called cryptocurrency exchange platforms, like Binance, Kraken or Coinbase.

Table & Chart Data

Source

Survey/Poll by

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Region

Asia

Release date

November 2021

Survey time period

November 2021

Additional Notes

56,00 Indian adults survey. Last updated November 26, 2021.

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