Blockchain has made many inroads in India. During demonetization, many people started capitalizing their cash in Bitcoin and proceeded to owe them now. Several tech-savvy citizens did purchase Bitcoins as well in order to accomplish something with the blockchain protocol itself.
Bitcoins are referred to as internet as well as computing. Bitcoin and other cryptocurrencies may not actually be much of a threat to fiat currencies off late.
Virtual currencies happen to be in a different category as they provide their own units of account and payment systems. These systems do in fact allow for peer-to-peer transactions without the usual central clearinghouses as well as without central banks
In 2018 crypto network does grow at a rapid pace. Until today there is no clear-cut policy or regulation on cryptocurrency. The government and courts stands have not been very clear on the issue. The entrepreneurs in the country are making the most of the opportunity.
In India, everything is usually valued by its monetary worth.
Native companies in India understand the consumers better.
What are the challenges ahead?
Blockchain and cryptocurrencies cannot, in fact, be prohibited without banning the attempt to ban internet itself. Merchants are required to accept crypto as its value proposition does depend upon the replacement for money that tends to go away.
In India, there are no proper regulations around the cryptocurrencies yet. It is also less likely that the country will bring its own cryptocurrency. Also, the government and courts stand has not been clarified properly.
What does the future hold?
It has been in fact almost five years since the time of its India début that the bitcoins are now indeed coming of age. Indian traders are indeed well prepared. It is hoped to integrate other cryptocurrencies such as Ethereum, Ripple, and Bitcoin Cash (BCH) on their respective platform and the rise of cryptocurrency’s value in the respective global markets.
Several Indians are also trading in cryptocurrency due to their higher volatility. As of now, people actually purchase bitcoins from Indian exchanges and then try to convert them into other cryptocurrencies from the international exchanges.
Judging by current trends, it appears to be better not to invest in Bitcoin, but one can invest in Ethereum, BAT, STRAT, etc.
One has to acquire cryptocurrency in order to build a blockchain enabled India.
Where will crypto be in the future?
Blockchain will indeed have a prosperous future. Its importance does go far beyond bitcoin and payment transactions.
Much more competition as a payment method is expected as some banks could probably issue their own cryptocurrency, while the current ones do remain a handful
The future prospect of blockchain based cryptocurrencies is indeed bright. Decentralised and hybrid apps will, in fact, be taking over the market in the coming years. Very soon companies might in fact even start paying salaries in bitcoin/ethers or perhaps other cryptocurrencies.