The Rise of Bitcoin & Technology in India

Technology has always propelled the world in various directions creating a positive connecting impact on a global level with ease.

As we move closer to a border-less world, we are encouraged and driven by technology and decentralization as centralization is no longer sustainable due to larger populations with audiences and greater individual requirements taking the front seat.

Driving past villages this weekend, on a quick weekend getaway, I happened to notice the change in India that no one could have imagined few years ago. Schools and Technology Institutes dotted our map as we passed these newly built structures aiming to take India to a higher altitude. Farmers, moving sugarcane in their overloaded trucks, were loud and chatty on their Smartphones as they drove through the country to deliver their wares. There were mobile stores in the smallest of villages and posters of Internet Service Providers and their tariffs all over the place.

Discussions have been rampant in terms of decentralizing the Internet further by moving away from Internet Service Providers and into the realm of hot air balloons, drones and more interestingly, Jeff Garziks, Dunvegan Decentralized Space Solutions. Intent on delivering a Bitcoin node in the sky, plans for a Low Earth Orbitter have been realised and are close to lift off.

Bitcoin is the Internet of Money. It connects people to each other and removes boundaries of engagement, similar to the Internet.

* India occupies 2.8% of the world’s land area but supports over 17.5% of the world’s population. At the 2001 census, 72.2% of the population lived in about 6,38,000 villages, and the remaining 27.8% lived in more than 5,100 towns and over 380 urban agglomerations.*

** A report on the Financial Exclusion in India suggests that 41% of India is Unbanked.** This is a number derived from 203 million households in India. A total of 40% of the unbanked reside in urban areas and the rest remain in rural areas. This is a win for technology as the world begins to realise that the stage to enable and simplify money transaction and the ability to freely transfer value is now set.

Most of these lessons helped us design Coinsecure to be user friendly and enabling. With one of the simplest methods of getting involved with Bitcoin in India using bank-level security and strict AML and KYC guidelines built in, Coinsecure gets set to focus on enabling a larger audience in India.

Our primary focus rests on building an Exchange capable of handling high volumes and lightning fast trades to enable existing traders to gain a transparent and self-managed platform.

We continue in that direction as we prepare to launch our Private Order System, Merchant Platform, API, and we will follow that with an enabler, which will further reduce the barriers between 203 million households in India.

We work with a vision to be leaders in this space as India grows and changes, diversifies and enables even the weakest at the remotest with the best.

Sources

* http://en.wikipedia.org/wiki/Demographics_of_India

** http://www.bankofindia.co.in/FI-BOI/images/FI%20presentation.pdf