Categories: CryptoNews

Some Concerns About New Indian Bitcoin Exchange Buyucoin

It is always positive to see new companies arrive on the scene in the Bitcoin world. Buyucoin is a company dedicated to making the sale of Bitcoin easier in India. Albeit this is a very new company, and caution is advised when dealing with unknown parties, this goes to show there is a big demand for cryptocurrency in India.

New Indian Exchange Buyucoin Is Live

Although the Buyucoin website looks nothing like most other exchange platforms, a book should never be judged by its cover. India could be a huge market for Bitcoin in the coming years. That also means there need to be multiple exchange platforms in operation. Buyucoin wants to be the next

Bitcoin exchange to make that happen.

Running a Bitcoin exchange is not an easy task, though. There are regular and regulatory guidelines to take into account. After all, an exchange operator is a money transmitter in the country he or she operates in. India has

no clear regulation for Bitcoin exchanges yet, but that situation may come to change in the future.

Supporting different payment methods is an important aspect of any Bitcoin exchange. Buyucoin supports different options, once the user has completed a verification procedure and their identity documents have been verified. Among the supported payment methods are credit and debit cards, as well as online banking.



Related Post

One thing that may be a concern to users is how the website uses an online HTML form to complete the verification procedure. There is only one page to create an account, and some interesting details are being asked. Not the most secure environment to host such a form, and it may turn away some users in the long run.

There is also very little company information on the website, which makes it hard to trust this platform from day one. Conducting a WHOIS search will reveal information regarding the person who registered the domain. Unfortunately, it was registered less than two weeks ago.

For the time being, caution is advised when dealing with Buyucoin.

Images credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

4 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

4 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

4 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

5 hours ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

5 hours ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

5 hours ago