Bitcoin has been gaining popularity in one of the most populous countries in the world, India. The digital currency is backed by the Blockchain technology, which has established itself as the driver and backbone in many fields.
Both Bitcoin and Blockchain technology have been around since 2009 when Bitcoin emerged on the world stage and have steadily impacted the financial services industry and how it delivers products and services. Recently The Hindu Business Line, an Indian newspaper, quoted Nicolas Cary, President of Blockchain, one of the world’s largest Bitcoin Software Company as saying:
“Over the past 12 months, we’ve seen unprecedented activity and growth in India. We think India could be the most significant market in the world for digital financial services. Within the next five years, it can potentially be bigger than that of the US.”
However, what will it take for India a country with 22 major languages, a billion plus people a geographic span of 3.2 mln kilometers to get onboard the Blockchain revolution?
India needs specific solutions and BitIndia, a company that is promising to deliver a Blockchain wallet and decentralized crypto exchange “for the streets of India,” is emerging as an India centric platform that can act as a driver for the growth of both cryptocurrencies and Blockchain in the subcontinental country.
Can BitIndia be the Paytm of digital money in India?
BitIndia is emerging as a total financial platform that provides users with a mobile wallet for their Apple and Android devices as well as their web browsers and allows them to store cryptocurrencies securely.
They are also working on building an ‘instant exchange,’ which will allow people to transact between digital currencies and the local currencies – this even as the user will have complete control over their private keys.
An Alpha version of the product will be available for download by the end of 2017. The currencies that will be traded on the platform include Bitcoin, Ethereum, Ripple and Litecoin. BitIndia wants to offer comprehensive services for users, who can buy, sell and save in digital currencies, allow merchants to accept payments with very reasonable and low transaction fees and help traders find opportunities to profit from cryptocurrencies.
If BitIndia can reach 20 percent of the Indian population as is their stated aim they would be in a position to challenge established players like Paytm, who have already found a niche in the sprawling Indian market. Keep in mind only 0.5 percent of Indian population currently transacts in digital currencies according to BitIndia. cointelegraph.com