There is a high concentration of Indian government on digital transformation lately. Indian Ministry is set to launch digital currency campaigns focused to increase general awareness upon digital payment mechanisms amongst youth. Trying to invert the ratio of cash transactions (currently 78% transactions are perceived to be happening via paper cash) into digital payments, it is poised to bring a high pressure on cyber security systems and cross platform currency transactions feasibility.
While digital payments are a transactional layer (communication) on top of fiat, #bitcoin on the other hand is the new digital gold with its own intrinsic value along with it’s own communication network with price discovery backed by the persistent global free market trade. Multiple developers and technocrats from different geographic establishments are currently working hard to develop cross platform digital payment networks on top of #bitcoin network. We see a whole new avenue of digital payment systems that can not only process payments but can take care of legal obligations and automated escrow services, further more complicated transaction designs yet unfathomable.
For sure #bitcoin is the logical next step in the evolution of money as suggested by some of the economists to fill gaps in regional connectivity of financial infrastructure. Great minds have already been interestingly directing household investments along with business portfolios into #bitcoin and major technology giants are noticed actively looking into building platforms on top or around this digital token mechanisms which does not fit into regular corporate structures.
Following the news recently, apart from great intolerance, the bold #DeMonetisation step by Modi government has given a big push to the general public awareness on the Indian monetary system, uncovering the essence of true intrinsic value of paper currency or fiat money. This has led to a more conscious decision making patterns for investments among the public and eventually resulted in a growing volumes of fiat conversions into #bitcoin in the month of November followed by December (Unocoin has notified about Rs 250M worth trade volumes on their platform alone). Resonating with the demand, we are again seeing growing number of merchant adoption for the #cryptocurrency in India (Unocoin has reportedly served for 1500 merchant account activations).
With such a huge potential for investments and trading, #bitcoin has been less volatile for the past two quarters. For about six months, the price of #bitcoin stands atop of $500 globally trying to end the year on a positive note.
In the midst of legal obscurities and tax confusions pertaining to #bitcoin, Unocoin has been the strong player in the Indian market dealing with the ambiguities and providing a clarity by building a strong alternative ecosystem for the next generation currency & payment systems.
Start downloading Unocoin iOS or Android application on your smartphones to buy, use and accept #bitcoin in India or head to unocoin.com (Unocoin YouTube channel provides tutorials to use the platform).
Find Sathvik Vishwanath, CEO & Co-Founder of Unocoin, India’s leading #bitcoin company talk about “Why #bitcoin is transformative?” from an Indian context on YouTube.