With the global interest piquing on cryptocurrency, an Indian startup is looking to increase the number of Indians using cryptocurrencies from 0.5 percent of the population currently to 20 percent in the next three years. How, you may ask? Through a Paytm-like service for cryptocurrencies, BitIndia , founded by Sahil Kohli, Saumil Kohli, Kunal Nandwani and none other than John McAfee, has set out to make Indian familiarise with cryptocurrency trading and making routine purchases like groceries, bill payments, etc. happen with bitcoins and other cryptocurrencies. BitIndia is an open source crypto wallet that allows users to store the private keys of their cryptocurrency on the blockchain nodes. There is also a BitIndia exchange that allows users to trade Indian currency for essential cryptocurrencies like Bitcoins, Ethereum, Monero, etc.

Bitcoin and other cryptocurrencies are already causing ripples in the financial circles. According to howmuch.net , out of the $84 trillion money in the world, Bitcoin alone accounted for $41 billion while other cryptocurrencies combined including Ethereum, Litecoin and more, the number goes up to $100 billion. That's no small amount!



Moreover, cryptocurrencies are especially advantageous in India where a majority of the population work in the informal sector and doesn't have access to traditional financial services. With blockchain and cryptocurrency, the need to depend on such financial institutions is removed.



BitIndia is helping the country become aware of the alternative and prod the government and Reserve Bank of India to take cryptocurrency and Blockchain seriously.

View original content here: gizmodo.in

Subhrojit Mallick