BitIndia has come up with an ambitious program that will see over 20% of the Indian population having access to cryptocurrencies. But is it really happening?
Is PayTM likely to take over the Surge of Cryptocurrencies in India?
India’s economy is one of the fastest growing in the world. Its economy boasts of a GDP of US$ 2.45 Trillion thus its economic status cannot be ignored. This coupled with its ever-growing population which currently stands at 1.3 billion and a government that propels the goal of Digital India, makes it a promising provider of financial services. Despite these milestones, about 19% of Indians, however, remain unbanked. This is because of a poor and slow process of last mile connection.
The majority of these people live in rural India where the provision of financial services is a headache that financial institutions have to contend with. Consequently, it requires a lot entrepreneurial spirit, ingenuity and critical and analytical thinking to establish such institutions.
BitIndia is, however, working around the clock to introduce digital currencies to Indians who are currently behind in this emerging technology. According to their recent estimates, only 0.5% of India’s population know and deal with cryptocurrencies and as a result of this, BitIndia has come up with an ambitious program that will see over 20% of the population having access to cryptocurrencies.
PAYTM to deal with Cryptocurrencies
PAYTM is a payment application that is popular in India. This is because the company was heavily involved during India’s demonetization back in November 2016. After the successful demonetization, the government has been supportive of all the efforts that will enable the country to go cashless.
In the same light, BitIndia wants to achieve the same success in the sector of cryptocurrencies. With about 68% of India’s population residing in the rural areas, BitIndia can succeed in their endeavor by tailoring services that are accessible even in the remotest village in India. Their primary motivation is to deliver quality services that apply to all Indians and are entangled in their local favors. This means that they have to have a good understanding of all the 22 major local languages. On top of this, they have to spread their network across 3.2 million kilometers in India.
The discovery of Crypto in India
Just like the way demonetization popularised applications for digital payment it has also propelled interest in cryptocurrencies in the Asian Country. According to Scroll, the volume of trading in Bitcoin has grown. As a result of this, some 2500 Indians are currently trading in Bitcoins daily. Moreover, trading in rupee generates the third highest volume after the American dollar and the Chinese Yen. The excitement that is bitcoins has also affected Indian movie stars who are now shifting gear to Bitcoin.
Business Line which is a Hindu newspaper, recently quoted Blockchain’s president, Nicolas Cary as having said that the Indian market will be more significant as compared to that of US in the days to come. BitIndia is thus fast-tracking the launch of their digital currency wallet.
Having the right team on board
BitIndia has put together a talented team to oversee their ambitious plan. It includes John McAfee, the world renown owner of McAfee Antivirus, who is a partner and advisor in BitIndia. In fact, he enthusiastically tweeted the company’s pre-ICO sale which he highly praised. Also in the team is BitIndia’s CEO Sahil Kohil who is knowledgeable in matters of cryptocurrencies with a lot of experience on crypto trading. On top of this, He is also one of the founders of Applancer.co. BitIndia’s founder, Saumil Kohil, is a founding member of two technology companies and also has a background in crypto trading. Their Technology lead is one Kunal Nandwani who is uTrade solution’s founder and CEO. uTrade deals with financial trading. Other BitIndia advisors are Reuben Godfrey of Blockchain Association based in Ireland and Victor Wong the CEO of Sparkle Coin.
Strategy to fully satisfy India’s needs
BitIndia aims at providing digital currency solutions to the Indian people. Its platform incorporates a digital wallet that enables storage, receiving and sending of digital currencies such as Ethereum, Litecoin, Ripple, and Bitcoin. The currencies will be stored on the company’s servers that they promise are secure and scam free. The company also incorporates an instant exchange mechanism that enables an effortless exchange of cryptocurrencies and local currency. On top of this, the company, promises customers control over their keys. In the same light, the Alpha for the wallet is readily available in the market.
The company is also developing an exchange plan that will enable trading of Bitcoins with other altcoins. Consequently, traders can explore various trading opportunities. Furthermore, merchants can receive payment after a small transaction fee and store their money in the currency they desire. This, therefore, makes BitIndia a financial partner that meets all the crypto needs of India.