Over 30,000 People In India Use Bitcoin For Transactions

While it is doubtful Bitcoin will replace the need for physical currencies anytime soon, it complements the existing financial ecosystem quite well.
The status of Bitcoin in India has been relatively unsure for quite some time now. Even though the country can benefit a lot from cryptocurrency in their e-commerce and m-commerce sectors, adoption rates were still low. But things are changing in a positive manner as of late. With about 50,000 Bitcoin users in India, things are looking better than ever.
To put these numbers into perspective, of those 50,000 Bitcoin enthusiasts, close to 30,000 use cryptocurrency for transactions. These figures are provided to us thanks to Coinsecure, which is the leading Bitcoin wallet, exchange, and payment gateway in the country.
Bitcoin Usage in India Keeps Increasing Although Bitcoin has been around since 2009, many people still see the cryptocurrency as something that needs to be avoided. Given the fact users are in full control of their funds, they also bear the responsibility if something were to go amiss. Moreover, very few countries acknowledge Bitcoin as a currency, which makes cryptocurrency a ‘grey area’, so to speak.

This post was published at NewsBTC on August 19, 2016.