Bitcoin has always been a somewhat popular form of transferring value in India. New statistics posted on the MSN Money blog seem to indicate there are close to one million Bitcoin users in the country. That is an interesting statistic, considering how India may have more Bitcoin users than the rest of the world combined.
Bitcoin Continues To Make A Big Impact In India
The greatest impact for bitcoin will be in developing markets. Although the majority of educational efforts are focusing on the Western world, markets such as India are warming up to the idea of cryptocurrency.Although Bitcoin adoption in the country only seemed minor until now, the number of cryptocurrency users has increased exponentially.
What makes Bitcoin so appealing to residents is how it is not controlled by central banks. Everyone who is part of the Bitcoin ecosystem provides accountability and trust. Banks, on the other hand, are not ranked among the most trustworthy brands these days. That particular trend is not native to India, though as consumers all over the world are losing confidence in financial institutions.
Although Bitcoin has a bit of a colorful history, the cryptocurrency has been around much longer than most people had anticipated in the beginning. Whereas a lot of people associated Bitcoin with the term “fake internet money”, it turns out there is a lot of value to this concept. In fact, one could argue appreciation of cryptocurrency continues to grow on a monthly basis.
With close to 1 million Bitcoin enthusiasts in India alone, it is evident cryptocurrency will not go away anytime soon. Nor should it, as it is a more than viable ecosystem that focuses on financial inclusion. Since there are no prior requirements to become a Bitcoin user – other than having an Internet connection – it is a truly global currency.
As was to be expected, most Indian Bitcoin enthusiasts see cryptocurrency as an investment vehicle. There is nothing wrong with that train of thought, even though Bitcoin can be used for a lot of other things too. At the same time, companies such as ZebPay go to show plenty of people obtain Bitcoin to spend. Mobile top-ups, gift cards, and even movie tickets, are just some of the examples of what Bitcoin can be used for in the country.
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