Takeaway: One could argue that when Satoshi Nakamoto founded Bitcoin, India was probably the first to focus on its credibility as an alternative to financing.
In 2013, India relied on Bitcoin as a “Wild West territory,” where scams like Silk Road, the darknet drug trafficking market, flourished, and where greedy geeks caught people who were easily deceived into playing their money.
Although India did not know it at the time, its political and economic conditions made the country a complete Bitcoin game. Recent news shows that India is ready to be the first nation to control cryptocurrency.
India’s economic status vs. cryptocurrencies
India may be the 7th largest economy globally with its $ 2.5 trillion GDP. Still, a 2016 study by PricewaterhouseCoopers found that 233 million people in India, or 40% of its population, do not yet have a bank account. To put it bluntly, 66 million people living in Britain.
It implies means that there are 3.5 times more people in India than people living in the UK. Most Indians do not have banks because you need a form of identification and a fixed address, among other details, many homeless Indians, is not possible. Bitcoin news aggregator provides an analysis on the same.
These people then rely on cash, which hinders their spending. It comes with Bitcoin that allows you to quickly, cheaply, and securely make deals worldwide without the need for a bank account. Not surprisingly, so far, more than 600,000 Indians use Bitcoin, according to several bitcoin sites.
Popular Indian firms vs. cryptocurrencies
Last year, more than 500 merchants and firms in India and five major Indian companies, including Dell, accepted cryptocurrency payments as payment, according to GBminers founder Amit Bhardwaj. The number grows during the day.
Indeed, Bitcoin is not well known, and many Indians prefer fiat currency, but a recent Forbes report reports that Bitcoin’s madness continues to be that, to date, there are more than 600,000 users in the country.
Indian startups helping the upliftment of crypto economy
“The Indian market has great potential and future value for the crypto economy. We are focused on our efforts to bring digital money to more people across the country to help eradicate poverty, grow the economy, and create jobs, especially in the post-covid-19 economy, “said Ray Youssef, founder & CEO, Paxful.
Pundi X, a leading developer of blockchain-powered devices, developed a platform to allow cryptocurrency in Point of Sale (PoS) mobile app sales and contact payment card. According to the Singapore-based company, India is already the largest market for its XWallet mobile app launched in 2018.
Experts believe that the future is bright with digital currency, even though entrepreneurs should take care of India’s ongoing regulatory environment.
Many companies are also launching in the market with Bitcoin casino, which provides unlimited online gambling access to the users.