India May Overtake China in Bitcoin Use

By September 22, 2016Bitcoin Business

Several new developments are pointing to India as being the next point of interest for the key digital currency Bitcoin. They are building on the untapped opportunities available to the country’s billion people. Surge in Internet use India has overtaken the United States to become the world’s second largest Internet market, with 333 million users, behind China’s 721 million. Even though this is a positive development, the new report by the UN Broadband Commission for Sustainable Development also confirms that just six nations – including China and India – together account for 55% of the total global population still offline, because of the sheer size of their populations. In other words, there are still more people to be connected in countries like India. What could become of the Indian market soon is slightly reflected in the Chinese involvement in Bitcoin trading and exchanges, particularly when there is a sharp drop in the Yuan’s value. Bitcoin is already big in India Kumar Gaurav , the CEO of the Blockchain remittance company Cashaa, says that India is certainly one of the emerging markets for Bitcoin and related cryptocurrencies due to such obvious reasons like having a young population, an increase in smartphone and Internet penetration, and the mass market which makes it very attractive market for both investors and entrepreneurs. He says to CoinTelegraph: “India also has the largest population of engineers which gives us a huge market which can adopt technical products at a faster rate. Bitcoin is one such product. But I also see there are a few challenges in India such as an already well-developed central banking system which is cheaper and automated. To make way for cryptocurrency in India, entrepreneurs need to sell the products based on the advantages of cryptocurrency, rather than the cryptcurrency itself.” Looking […]

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