My First Bitcoin Purchase in India Proves to Me That Bitcoin is Real Money

For all the hype surrounding cryptocurrencies and let us be honest there is not much in my home country of India, buying something with Bitcoin in this part of the world can be a challenge. I have been writing articles about cryptocurrencies and the tech surrounding it since March of 2016. It is only now in July 2016 that I have been actually been able to buy something with Bitcoin. No it was not from a shop or a website. I convinced my friend who owns an Apple (think the phone, not the fruit) store to let me have a cheap iPad charging cable for Bitcoin. 

I must admit buying something tangible with cryptocurrency does change your perception about it. I have enjoyed keeping my Bitcoin in my wallet and watch the price rise and fall. I have even experienced changing it into Rupees and Euros and enjoyed the fruits of my labour but nothing actually quite screams 'money' like when you get to actually spend it. 

I am not convinced that Bitcoin or any other cryptocurrency for that matter will replace the Indian rupee anytime soon. The reason is simply the lack of awareness in the Indian populace about this sort of financial world. I am also not completely convinced that the Indian government would take kindly to a 'parallel' currency in the country. India is a country which still imposes capital controls and is sensitive about the local population holding foreign currency beyond a certain limit. They might ignore small amounts of crypto activity but should Bitcoin become an existential threat for the Rupee, they will hit hard.

This is really a pity because Bitcoin, Steem, Ether and other such cryptocurrencies have the power to transform the Indian landscape. These currencies can allow more Indians to work with people all over the world. It could basically improve the competitiveness of the country and cut down on the costs and time involved in transferring money from one part of the world to another. However one wonders if the government of India's obsession with being the sole custodian of all foreign currencies is India is not going to be a future stumbling block for the growth of cryptocurrencies in the country. Only time will tell who will win - Capital Controls or Free Flow of Thoughts, Talent and Money.