Bitcoin – A Slowly Rising Trend In India
Bitcoin which is basically a digital currency with a decentralized network has rising day by day in the world and slowly gaining acceptance India and yet has to cover the major parts in the country. Benson Samuel who is currently the CTO and Co-founder of the Coinsecure said that “There are nearly 49,000 users in the country and almost 31,000 actively using the Bitcoins for the day to day transactions and have replaced the credit and debit cards.”
What is Coinsecure
Coinsecure is basically a major Bitcoin exchange network used as a wallet and payment gateway in India to make the transactions throughout the currency and gaining hype among the vendors.
Experts views on Bitcoins
Basically Bitcoin introduced in 2009 and experts believes that BTC which is a virtual and not a physical currency will replace partially or wholly the use for the physical currency in India. Apart from the susceptibility of bitcoin to hacks and security features it attracts attention for its volatility. Features like decentralization empowers in the decision making process makes it a completely different package as compared to others. It is estimated that it has raised up and down between a range of rupees 13,000 and rupees 53,000.
Samuel’s Coinsecure which is among the most popular bitcoin exchanges in India have been spreading the virtues and features of the currency. One of the unique feature of the coinsecure platform is that it offers bitcoins as the cheapest and in pocket cost that is approximately in rupees 38,607 and has the smallest spreads over the selling price which is approximately rupees 38,7883.
Benefits for the Merchants
It is said that merchants do not have to worry about the currency’s volatility as conversion of bitcoins because the transactions here are basically converted to rupees. So conversion factor for the merchants is almost reduced to nil.
Bitcoin experts sees it as a limited future goldmine because “It is estimated that only 20 million bitcoins will be mined by 2139 as compared to the other giant currencies because they do have never ending supplies across the globe.”