IMPACT OF BITCOIN IN INDIAN ECONOMY

Like every other part of the globe, Bitcoin is creating a huge hype in India and many Indians are interested in investing in Bitcoin mainly because of the high market value and demand for Bitcoin. Some people invest in Bitcoin because they believe that cryptocurrencies like Bitcoin and the block chain technology behind such currency is the future.

As mentioned above, Bitcoin is a cryptocurrency and is almost similar to every other type of cryptocurrency that you come across out there. Also like every other cryptocurrency, Bitcoin is a decentralized virtual currency, which means that Bitcoin does not have a physical shape like our regular currency note and Bitcoin is not issued, validated, or circulated by any nationalized bank or government.

Talking about the presence, importance, and impact of Bitcoin in India, Bitcoin is said to have a very high potential in helping to improve the financial services in developing countries like India long with the quality of life in such countries.

It is estimated that about 64 percent of the population in developing nations do not have access to any sort of financial institutions, and this lack of financial institutions is mainly due to the high cost of operation that such financial institutions have to face when doing operations in rural areas of developing nations.

In such a scenario, adopting Bitcoin can promote mobile banking in such rural areas and as the fee that is charged on Bitcoin transactions are very low in comparison to any form of other transactions, people can conveniently use Bitcoin to make all their necessary transactions and at the same time only pay the bare minimum fee for their transaction.

In a country like India, where in recent years the telecom and mobile industries have expanded so rapidly, people will not find it too difficult to adapt to a new payment method like Bitcoin mainly as mobile devices have become really cheap in India and nowadays high-speed LTE services are available in all parts of the nation that too for really cheap rates.

Not just the adoption of using Bitcoin as a payment method, but Bitcoin has also impacted the Indian economy in another way. Bitcoin has given rise to a lot of Bitcoin-related startups in India, and considering that India currently has one of the best startup ecosystems and opportunities in the world, we only expect the trend of Bitcoin-related startups to grow in the future, especially if the Indian government take a positive stand towards the ownership and use of Bitcoin in the Indian economy.

Another way how Bitcoin can impact in the near future in the Indian economy is by promoting foreign investments.

Final Words

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