The one innovation that has turned things around for the fintech ecosystem around the world is cryptocurrencies, mainly Bitcoin. With Bitcoin’s value touching an all-time high (over INR 3, 40,000), the curiosity around this cryptocurrency is no longer cryptic. Given its high worth, it comes as no surprise that bitcoin trading too is a big hit globally.
Bitcoin works in a way that its transactions are peer to peer, without the involvement of a regulatory body like a bank. While that has led to the popularity of Bitcoin, it has also resulted in many people being wary of its use. The Reserve Bank of India might not have rejected the idea of Bitcoin, but it has made its stand clear – users need to be cautious of the market fluctuations.
Love it or hate it, but one cannot ignore the presence of Bitcoin anymore. So if you do decide to stay ahead of the times, an investment in Bitcoin has to be your top priority. India is witnessing a rise in trading with thousands buying and selling Bitcoins every day. The Government of India is also considering to launch its own cryptocurrency called Lakshmi soon.
Entrepreneur India lists the top Bitcoin exchange platforms in India.
It started off as BuySellBitco.in, but soon rebranded itself as Zeb IT services and the app was called Zebpay. It was one of the first platforms to come about in India and since then has grown by leaps and bounds. The Zebpay app allows one to initiate Bitcoin transactions by just using their mobile number.
In November 2014, Zebpay made its way to a global platform and was presented to a group of Bitcoin angels in Vegas, becoming the number one company that could soon be a unicorn.
In an earlier statement, commenting on how Bitcoins are strengthening as an asset class, Sandeep Goenka, Co-founder and Chief Operating Officer, Zebpay had said, “Zebpay is one of the prominent players in India in the Bitcoin space. Zebpay has crossed 1,000,000 downloads and is adding a significant number of users on a monthly basis. Bitcoins can support remittances being sent to India without worrying about third party payments and it has the potential to provide financial solutions for the country’s large unbanked population.
Another leading name in the Bitcoin exchange platform is Unocoin. Their official website claims that they have over 150,000+ satisfied customers and 350+ million in total revenue. Backed by seasoned investors like Blume Ventures, Mumbai Angels, ah! Ventures, Unocoin has quickly climbed the charts to be one of the most popular websites that facilitates Bitcoin buying and selling. Talking about the growth of the platform, Satvik Vishwanath, Founder and CEO, Unocoin, in an earlier interview with Entrepreneur India had said, “Initially, it was just a platform of buying and selling. Then we started offering merchant gateway services, where an online merchant can accept Bitcoin as a mode of payment for overseas transactions.”
A name to reckon with in the cryptocurrency space, Coinsecure is led by a team of Bitcoin enthusiasts. The platform with two different kinds of wallets — a hybrid vault/ cold wallet and the other a hot wallet — helps users save funds offline and online.
Answering to a Quora user about how the platform is safe for users, Benson Samuel, CTO and Co-founder at Coinsecure had said, “I would advise you to hold your own coins. Short-term transfers of ownership are risky, but still acceptable after strong amounts of research. However, do not hold more than you could risk. These are early-stage technologies with no accountability to be enforced and are built to be self-governed.”
In the same query, Samuel also said, “We are as safe as you keep your account.”
Other players in the Bitcoin industry of India are:
Bitxoxo – A platform that along with the buying and selling of bitcoins, also allows users to even gift them as a pre-paid gift card. The start-up has over 100,000 users as of August,2017.
BtcxIndia – One of the initial frontrunners of the bitcoin campaign in India, BtcxIndia allows real time trading and also keeps its users informed of the regulatory developments on Bitcoin.
Bitcoin India – The Hyderabad-based platform is gaining popularity as it also allows trading in altcoins (Ether (ETH), Litecoin (LTC) and Dashcoin (DASH).