India is the upcoming crypto market
Sep 04, 2017 Posted / 3745 Views
After the demonetization drive, India has emerged as one of the fastest growing economy that has resulted into wide utilization of digital wallets and transactions. Nowadays, people are very much open to accept the new mode of transactions and cryptocurrency can be another mode that can draw large number of people who want immediate money transactions. We can consider India as one of the largest market of cryptocurrency in coming future. In 2015, the Reserve Bank of India published a financial stability report on commotion in financial technology. In this report, it acknowledged the significance of private blockchains, which have the prospective to renovate how bank back end operations function, and increasing the speed of payments. It said that with its potential to fight forgery and scams, the blockchain is expected to bring about a most important revolution in the functioning of financial markets, guaranteed identification, and payments systems. BitIndia, a platform which is blockchain based and will allow people to trade in cryptocurrencies in India is set to launch its Pre-ICO on 11th September, has commented that as per the growing crypto market, India will definitely be one of the biggest upcoming cryptocurrency market.
Since it is based on the blockchain network, it makes an easy and safe environment for people to buy, sell in Bitcoins, Ethereum, Ripple in every part of India. It has launched its cryptocurrency wallet, so that more people get into the blockchain network and it plans to boost the usage of cryptocurrencies in India. The economy can see a massive change, positively, if more number of people move to blockchain and cryptocurrencies. But, initially it is important to understand the blockchain technology for the Indian industry.
BitIndia is not only providing a crypto wallet and exchange platform, but also wants to move 20% population of India on blockchain and cryptocurrencies. Blockchain and cryptocurrencies can be utilized in many sectors of the Indian economy, like real estate, banks, to make payments, for trading of goods and services, as well as for investment purpose. Since, blockchain is a network which is transparent and ledger based, this will help to create a scam free network in India. BitIndia platform is decentralized, that means there are no intermediaries involved, and users can make payments or transactions safely using cryptocurrencies, with the use of blockchain. BitIndia is an easy and fast platform, which aims to become the largest trading platform which would let all the people to trade and invest with the ruling cryptocurrencies. It aims to increase the percentage of people using blockchain and cryptocurrencies, and bring around more and more population into blockchain, and providing a reliable platform, for blockchain and cryptocurrencies related trade in India. The BitIndia wallet is an easy to use and understand platform which emancipates the user to have secure transactions, through which he/she can trade in digital currency and hold the private keys of the crypto money residing on the blockchain nodes. The BitIndia Wallet will lead to a significant transformation to the current concept, structure and mechanism of the crypto wallets.
This Wallet aims to extend the horizons for the transactional activities, which will further include the usage of other cryptocurrencies as well, through the wallet. The fundamental objective of BitIndia Wallet is to grant people the opportunity and platform to buy, sell their desired commodity in India in the real world, thus permitting the Indian user's to freely make purchases on a local level in the upcoming days.
The process of mass adoption is still in progress but as the understanding of the technology increases, blockchain will surely enter the mainstream and adopted on a larger scale. Blockchain and cryptocurrencies can help in a great way to boost the economy, but their implementation is the initial challenge, before we see a mass adoption of the technology.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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