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Can BitIndia Become the Paytm of Digital Money in India?

Bitcoin has been gaining popularity in one of the most populous countries in the world, India. The digital currency is backed by the Blockchain technology, which has established itself as the driver and backbone in many fields.

Both Bitcoin and Blockchain technology have been around since 2009 when Bitcoin emerged on the world stage and have steadily impacted the financial services industry and how it delivers products and services. Recently The Hindu Business Line, an Indian newspaper, quoted Nicolas Cary, President of Blockchain, one of the world’s largest Bitcoin Software Company as saying:

“Over the past 12 months, we’ve seen unprecedented activity and growth in India. We think India could be the most significant market in the world for digital financial services. Within the next five years, it can potentially be bigger than that of the US.”

However, what will it take for India a country with 22 major languages, a billion plus people a geographic span of 3.2 mln kilometers to get onboard the Blockchain revolution?

India needs specific solutions and BitIndia, a company that is promising to deliver a Blockchain wallet and decentralized crypto exchange “for the streets of India,” is emerging as an India centric platform that can act as a driver for the growth of both cryptocurrencies and Blockchain in the subcontinental country.

Indian solutions for India

The Indian market is so diverse and segmented that products and services that do not take an Indian hue and color often fail to impress the local populace. It is also important to understand that the rural population of the country is as high as 68 percent and constitutes a significant economic backbone of the country.

Back in the 1990s when India was undergoing what the local media dubs as ‘liberalization’ of the economy, newly-launched MTV played English music and had only English speaking VJs. Fast forward to today — MTV in India has completely taken a ‘regional’ hue. Businesstoday described the TV channel as neither ‘fish nor fowl.’

Localization and understanding of the market is the key to success for any business in the country and BitIndia is well aware of that. In a whitepaper, they underscore their approach towards the Indian market:

“BitIndia wants to create a user-friendly, secure, decentralized atmosphere for India so that people can carry everyday transactions through BitIndia wallet. BitIndia further envisions to reach out to every person in India, starting from urban areas to educate at least 20 percent of the population about Blockchain and cryptocurrency.”

Can BitIndia be the Paytm of digital money in India?

BitIndia is emerging as a total financial platform that provides users with a mobile wallet for their Apple and Android devices as well as their web browsers and allows them to store cryptocurrencies securely. They are also working on building an ‘instant exchange,’ which will allow people to transact between digital currencies and the local currencies — this even as the user will have complete control over their private keys.

An Alpha version of the product will be available for download by the end of 2017. The currencies that will be traded on the platform include Bitcoin, Ethereum, Ripple and Litecoin. BitIndia wants to offer comprehensive services for users, who can buy, sell and save in digital currencies, allow merchants to accept payments with very reasonable and low transaction fees and help traders find opportunities to profit from cryptocurrencies.

If BitIndia can reach 20 percent of the Indian population as is their stated aim they would be in a position to challenge established players like Paytm, who have already found a niche in the sprawling Indian market. Keep in mind only 0.5 percent of Indian population currently transacts in digital currencies according to BitIndia.

A strong India centric team backed by John McAfee

Cointelegraph covered recently how BitIndia is supported by John McAfee, the founder of the famous McAfee Antivirus. McAfee’s confidence is not misplaced as BitIndia has built a strong team to deliver their platform to the Indian public. John McAfee acts as a partner and advisor in BitIndia.

Sahil Kohli, the CEO of BitIndia knows cryptocurrencies and has a strong background in crypto trading. Kohli is also the co-founder of Applancer.co. Saumil Kohli, Founder of BitIndia, has co-founded two tech companies and also has a crypto trading background. The technology lead is Kunal Nandwani, the founder and CEO of uTrade Solutions, a company operating in the financial trading domain. BitIndia have found support in a strong advisory team which includes Reuben Godfrey, co-founder of the Blockchain Association of Ireland, Victor Wong, CEO of Sparkle Coin and others.

Rearing to go post token sale

BitIndia have recently concluded a token distribution and launched their ERC 20 compatible BitIndia token. They are planning to launch token trading by December 2017. Their roadmap indicates that they would like to create a future in which 25 percent of the global Blockchain trading will occur in India. Not an unlikely scenario if India is to surpass the US as the biggest digital financial services market in the world. The potential is there, the conditions are ripe, and we will all just have to wait and see if BitIndia can snag the opportunity and become the Paytm of digital money in India.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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How Blockchain Can Be the Backbone of India’s Economy, Explained

1.

India is currently the seventh-largest economy in the world.

It currently has an estimated population of about 1.34 bln people, or about 18 percent of the world’s population, according to the World Economic Forum. Despite its GDP dropping by roughly 5.7 percent in the quarter that ended June of this year, India remains the fastest growing large economy in the world — other than China.

If estimates are anything to go by, India will have overtaken China as the world’s most populous country by 2024, which would help solidify its position as the nation with the world’s largest youth population. The World Economic Forum also projects that India’s economy will be the second-largest economy in the world by 2050, with China occupying the first position.

In 2016, the Indian government, led by Prime Minister Narendra Singh Modi, announced that the nation’s two highest-denomination bank notes would cease to be legal tenders. At the time, the two denominations accounted for roughly 86 percent of cash in circulation in India. People who possessed the banknotes were to deposit them in the bank. With the move, the Indian government aimed to punish tax evaders in retrospect. The logic was that people with hoards of “black money” would have to answer questions if they attempted to deposit the demonetized banknotes.

While wealthy tax evaders were the target of the demonetization policy, it was the average Indian on the street that suffered the effects the most. At first, the policy led to an intense cash crunch, with Indians pictured queuing for hours at banks and automated teller machines, or ATMs. If you have a minute understanding of economics, you’d quickly realize that the slackened GDP growth in recent quarters found its root in the cash crunch that arose from the demonetization policy.

Poor as the policy might have been for average Indians, though, there were bright spots for proponents of a cashless economy. The World Economic Forum reported that the number of digital transactions in India increased following the demonetization policy — a plus for the government, who would now have increased ability to track the flow of money within the economy. The growth in digital transaction in India is, in turn, a big plus for Blockchain and cryptocurrency.

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Indian Blockchain Revolution Backed by John McAfee

Nearly one out of every six people on the planet is an Indian. Indians dominate the world in demographics, but of late the country is also known as an Information Technology (IT) hub. According to IBEF, the Indian IT Business Process Management (BPM) sector is estimated to grow at a CAGR of 9.5 percent to nearly $300 bln in 2020. In all likelihood, India will continue to be a significant player in the IT space.

Financial technology would be a significant component of IT as a whole. India is adopting Bitcoin and other cryptocurrencies enthusiastically with India accounting for nearly 10 percent of global cryptocurrency trades in May 2017 according to the news website thequint.com. However, India holds a far greater potential as can be seen from the example of African countries. As an example mentioned in a report of the Economist, titled The Future of Cryptocurrency, over half of national GDP is operated in digital currency.

A project to boost digital currency use in India

BitIndia has plans to leverage the tremendous potential that an emerging market like India holds. At the moment according to them, only 0.5 percent of the Indian population is ‘into Bitcoins,’ and they plan to raise this number to 20 percent. In order to do this, they will create products like a secure BitIndia Wallet and also develop an open source and free platform which is fast and easy to use for people living in all parts of India. In the future, they also plan to roll out several free services to their users, which will add to the usability of the platform.

BitIndia private pre-sale is live-tweeted by John McAfee

BitIndia would emerge as the first crypto exchange in India. In a tweet made by John McAfee who also happens to be a partner and advisor to BitIndia, he announced that the BitIndia private pre-sale went live on Sept. 20, 2017. John has been an enthusiastic supporter of cryptocurrencies and is best known for being the founder of the famous McAfee antivirus that to date bears his name.

In a whitepaper, BitIndia has announced that they would be holding a public pre-token swap starting Oct. 11 until Nov. 11, 2017. The public token swap would commence on Nov. 11 and last until Dec. 11, 2017. BitIndia tokens would be launched during these events and there is a plan to release nearly 134 mln such tokens, which are built on the ERC20 platform. BitIndia would be accepting ETH for the crowdsale. The minimum purchase amount is 50 tokens while the maximum is capped at 40,320,000 tokens.

BitIndia investors profit by fee and making India digital

The Indian government has been pushing for digital payments in the country and there is certainly space for digital payments and use of cryptocurrencies in the Indian landscape. BitIndia tokens will help build the platform to facilitate the use, trade and encourage people to hold digital currencies.

BitIndia token holders will benefit from a 10 percent share and percentage lifetime from the projected profit on a pro-rata basis. The project will be able to charge a small amount of transaction fee from its users. Token holders will also receive 10 percent of fees generated by the BitIndia wallet. It is planned that every three months BitIndia will also initiate buybacks which will ultimately lead to scarcity of tokens and potentially raise token value for holders.

Ambitious plans for the future

It is expected that BitIndia would assume legal structure by October and alpha of the wallet will be released by November. Token trading is likely to be commenced by December 2017 with the launch of the BitIndia exchange taking place in April of 2018. The ultimate aim for BitIndia is to ensure that 25 percent of global Blockchain trading takes place from India by 2022.

Given that BitIndia is first on the scene and India does have a huge potential that has scarcely been exploited, BitIndia holds the first mover advantage that will likely contribute to their growth. Given India’s huge market size, cryptocurrencies also stand to gain as they get adopted in this huge market and the benefit may be reciprocal for the entire ecosystem as well.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.