Some of us might not be aware that the ‘Bitcoins Revolution’ has started in India, with major companies like Unocoin and ZebPay having over 1 million users. According to unconfirmed reports, around 30,000 merchants accept Bitcoin. A single Bitcoin costs around $2,500 and can be divided into smaller parts.
Six major problems that Bitcoin Revolution helped to solve!
Everyone knows that India is a country that faces a plethora of problems in almost every sector. So naturally, you must be wondering if the ‘Bitcoins Revolution’ has solved any such problem. Some sources suggest that Bitcoins have helped solve many such issues by creating new initiatives. Below some major ones are listed:
- Bitcoins – The New convenient currency
The convenience and easy availability of transactions are significant factors behind the increase in the popularity and demand for Bitcoins.
Anonymity and affordability are other reasons since anyone can purchase or sell their Bitcoins without any money restrictions in any currency. A user in India can transact in bitcoins in Rupees, Dollars, Euros, or any other currency hence eliminating the complications of currency conversion.
- Bitcoins – A Revolution for Online Gambling
Online Gambling is a massive industry with players worldwide. India also happens to be one of the leading countries where online Gambling occurs. According to reports, it is believed that nearly $60 billion worth of bets are placed every year through online Gambling in India, which happens mostly illegally since Gambling isn’t legal in the country.
However, with Bitcoins being implemented as the mode of payment for online betting, transactions have become more accessible and less risky for people who indulge in this activity. Bitcoins are the new way for Gambling in India.
- Bitcoins – The Solution to “Offline” Payments for e-commerce
E-commerce in India has become one of the most critical aspects of today’s technologically advanced world.
According to reports, nearly 2200 e-commerce companies are currently operational in India. However, only 32% of the merchants accept cash on delivery, while 90% prefer offline payments since they are more convenient.
According to reports, Bitcoins have helped solve the problem of cash on delivery transactions by offering a new alternative called “Bitcoin Code.” As a result, merchants can now offer their products and services online, and people can quickly pay for them using Bitcoins.
- Bitcoins – The Identity of Unaccounted Wealth
With the increasing usage of Bitcoins comes a growing concern of illegal activities. There have been concerns about unlawful activities through Bitcoins, such as money laundering, smuggling, etc. Due to encryption, it is challenging to trace transactions using Bitcoins.
However, this can also be used as one of the most extensive opportunities for Bitcoins by offering some control over such activities and creating a new avenue for economic growth in India. Government officials such as Naved Hamid (IRS) have already supported the ‘Bitcoins Revolution’ in India.
- Bitcoins – A Game Changer for Mobile Payments
Bitcoin Code Mobile is the new buzz among the people of India as it offers a great way to perform transactions using mobiles. Most of the leading e-commerce companies have started offering mobile wallet services which can be used to pay at various retail outlets and merchants across the country. Know more at immediateconnect.org
According to reports, it is believed that by 2015 more than 50% of the people in India will be using mobile phones for transactions, and Bitcoins solutions would help solve most of their payment issues. There are already several apps that can be downloaded from various android stores to use Bitcoins on mobile phones.
- Bitcoins – The Solution to High Exchange Rates
In the past, people have been facing issues when it comes to accepting money from abroad since exchange rates are often high and are usually determined by banks that charge a significant premium on their services. Most of the time, there are charges for international transactions as well.
However, Bitcoins can be used to perform money transactions regardless of where the person is, and there are no extra or hidden charges involved. This makes it one of the most preferred payment methods for high-net-worth individuals who often need to transfer money abroad.