India will be a very important region when it comes to cryptocurrency. More specifically, there is a growing focus on buying and selling Bitcoin. Local exchanges see a lot of new users sign up for their service every single month. Zebpay, Coinsecure, and Unocoin are the market leaders in this region. If this trend keeps up, they may even become some of the largest Bitcoin exchanges worldwide.
Digital payments are all of the rage in India right now. That isn’t surprising, given last year’s demonetization efforts. Said efforts eventually backfired, resulting in even less trust between consumers and the banks. Cryptocurrencies provide a welcome way out in this regard, as they are not issued or controlled by a government or bank. In this regard, we see a lot of people signing up for one of the local Bitcoin exchanges. This ecosystem is getting pretty competitive, to say the very least.
Bitcoin is Taking off in India
More specifically, companies such as Zebpay, Coinsecure, Unocoin, and others are all competing for the top position. So far, it is evident there is a good chance either Zebpay or Unocoin will have a leg up over competitors. However, all companies see an increased amount of new users every month. That is a positive sign, as it may hint at future Bitcoin adoption throughout the country. That will mainly hinge on the new regulations being handed down by the government, though.
Indian citizens are certainly bullish on Bitcoin right now. This is not a big surprise, given the recent price trend for the world’s leading cryptocurrency. Things will get a lot more interesting when these exchanges open fiat gateways for all of the top altcoins as well. According to Zebpay, their fiat currency trading market for Bitcoin doubles in volume every quarter. This indicates further positive growth, despite the lack of regulation regarding cryptocurrency. Whether or not this momentum can be sustained, is something else entirely.
Moreover, it is not just the average consumer getting interested in Bitcoin. We also see high net worth individuals in India favor for the world’s leading cryptocurrency these days. It is evident Bitcoin is a great investment tool for anyone on the planet. This also further confirms Bitcoin’s value is mainly driven by speculation at this point. Even though this is not legal tender in India, there appears to be a booming market in general. Nothing prevents merchants from accepting BTC for payments right now.
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