Bitcoin India strong momentum to go beyond the Chinese became the first?
Some of the new development of the bitcoin is pointing to India, the population is becoming a focus of bitcoin. The country is not being used to create opportunities for hundreds of millions of people.
The use of the Internet by India
India has overtaken the United States as the world’s second largest Internet market, with 333 million Internet users, and there are 721 million Chinese.
Although this is a positive development, but according to a new report by the United Nations Committee of the six national broadband, including Chinese and India accounted for a total of 55% of the total population of the world – the Internet, because of their huge population size. In other words, in countries like India, there are still many people can not use the internet.
The development of India will soon China in slightly reaction in the bitcoin transactions involved, especially when the devaluation of the rmb.
Bitcoin in India have a large size
The blockchain remittance company CashaaCEOKumarGaurav said India is certainly one of the bitcoin and other encryption currency in emerging markets, for obvious reasons, such as young people, intelligent mobile phone and Internet penetration increases, and the large market to attract investors and entrepreneurs.
“India has the largest number of engineers, so we have a huge market, to the rapid adoption of technology products. Bitcoin is one such product. But I have also seen some challenges in India, for example, a mature system of central bank. In order to encrypt the currency in India open, enterprises need to sell the currency based on the advantage of encryption products instead of encryption currency itself.”
The prospect of bitcoin in the world’s second largest population in moving optimism for the future, CoinsecureCEOMohitKalra said, bitcoin has been great development in India.
He pointed out that:
“I think India is a huge market. In the past, all bitcoin transactions are carried out online, mainly through personal contact or by someone at the forum, this is very difficult, because not understand each other, this has become a very dangerous thing. Now all the transactions are then moved to the line, both parties do not need to worry about them in and who trade, because we like the exchange will be careful due diligence investigation. According to the current development speed, India will soon reach Chinese bitcoin development level. I think India still needs more miners to produce bitcoin, so India in terms of liquidity will not need to rely on other countries.”
India’s first reigning world remittance
Increased use of the Internet quickly available in the Indian domestic and foreign remittance structure. According to the data released by the world bank in 2015, India is the world’s largest recipient countries, although compared to the previous year, a decrease of $1 billion remittance amount.
Although because of the global remittance contraction of 1.7%, down from $592 billion in 2014 to $581 billion 600 million in 2015, the world bank said last year, India absorbed about 69 billion dollars in remittances, and China is $64 billion, $28 billion in Philippines, Mexico, $25 billion, $21 billion in Nigeria.
The big gap between the China and India remittance
Although China economic scale is larger, more Internet users, higher income and so on, however, India than to Chinese in remittances, this is because of statistics, history and culture, but the main cause is the economy, the world bank immigration project director DilipRatha said.
He also said that although India and Chinese add up to receive remittances than behind 5 countries combined, and the two countries in the huge overseas workers, India from the outside in the remittance scale is greater, because their relatives need the money, not Chinese family and do not need to rely on remittances to survive. On the contrary, they are more likely to send money home for some business investment. This leads to another reason: “remittance decline” – migrant workers send money home in number with the TA home increasingly long time, tends to shrink, because of their connection with the mainland weakened.
Ratha said it will affect in foreign Chinese, and Indians are not, they look at home and keep contact more closely. India also has a variety of overseas employees. They are the richest country in the world (the United States) constitute the most wealthy immigrant groups, while India is still a very poor country, so there is a great demand to remittances.
The gap between China and India will transfer with the use of bitcoin scale expansion in India and soon play a role.
Traditional remittance channels concern is growing
Several informal funds transfer channels have been in vigorous development, mainly because of the formal channels of the cost is too high, and India domestic banks and money transfer agent is too small.
There are signs that India’s prime minister Narendra Modi said at the G20 summit, India is now advocating the work of reducing remittance costs.
Ratha said to provide affordable remittance service technology already exists, but regulators are still in the barrier to introduce efficient technology to the market game player.
Bitcoin related surge in the Middle East
The Gulf Cooperation Council (GCC) countries, India is the largest source of remittances, because a large number of immigrants working in the area of India.
Recently, some progress has been made in the bitcoin more in this area. Headquartered in Dubai, but in the venture company BitOasis has now launched a wallet service, including the Middle East, South Africa, Asia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Saudi Arabia, users can use their bitcoin wallet service. The world’s first bitcoin based on the oil market has been launched, bitcoin is becoming the great financial technology area.
Although according to the S & P’s Mumbai rating and research company Crisil report, as of March 2016, compared with the same period last year, from GCC to India, remittances, in December has declined by 2.2%, down to $35 billion 900 million. The data show that the UAE is the largest source of remittances to India, from GCC to occupy 38.7%, after Saudi Arabia is 28.2%.
With the promotion of some projects, bitcoin used in India more and more.
Amazon is promoting e-commerce has become one of the leaders in India. Purse.io is a company that allows the use of bitcoin discount shopping in the Amazon, the company’s use of “NameYourDiscount” project, the user can enjoy the highest discount of 22%. In addition, users of the India stock exchange Unocoin to buy bitcoins, buy food in the use of bitcoin, when clothing and electronic products will be able to enjoy the discount.
Moreover, bitcoin company Coinsecure recently announced a partnership with Oklink to provide driven by block chain technology remittance services in India. In view of the fact that India is the world’s largest recipient countries, this partnership will mark a big milepost bitcoin and block chain technology.
Mobile bitcoin exchange Zebpay said their IOS and Android APP in August has been downloaded over 100 thousand times.
However, whether it can go beyond India Chinese in the use of bitcoin, different people have different views, how do you see?