India’s Nascent Crypto Market to Be Tapped by BitIndia Crowdsale
With a population of nearly 1.3 billion people, it is not surprising that India captures the imagination of the world. Of late, India is famous because of its Information Technology (IT) industry, which is growing at the CAGR of 9.5 percent to become worth nearly US$ 300 bln from 2020. It then comes as no surprise that India will also have its share of this fiscal technology pie. Following the demonetisation occurred in November 2008, Bitcoin and electronic monies have been receiving a boost in India, with nearly 10 percent of the world’s cryptocurrency being traded at the country according to thequint.com. BitIndia is planning to use this untapped potential and transform the Indian landscape when it comes to digital money.
A Crowdsale to Tap Hidden Potential in India
BitIndia are holding a crowdsale that will help establish the stage which comprises of their wallet and India’s first cryptocurrency exchange. The token swap will begin on November 11, 2017 and continue until December 11, 2017. A total of 134,400,000 BitIndia tokens will be sold during the swap, with the minimum price per individual set at 50 tokens along with the highest at 40,320,000 tokens. BitIndia tokens are ERC20 compliant and Ethereum (ETH) are the approved cryptocurrency for buy. BitIndia have published a comprehensive whitepaper which has details of interest to the crowdsale, future roadmap and token pricing etc.. From the future BitIndia tokens could be traded at designated exchanges. The market and the wallet will even generate a miniscule income via commission that can generate profits for the investors in Assets as they will get 10% of the net fees earned from the wallet and exchange. There are plans for a buyback every 3 months by using 10 percent of the net gains from the commission generated by trade and wallet. As BitIndia buys back tokens, these would be burnedoff, leading to scarcity and eventual potential for increase in the value of this token.
John McAffee backs BitIndia’s Digital Currency Expansion Plans
Ever since the demonetisation happened this past year, the government in the country has been determined to turn the nation into a digital market that’s fuelled by cashless payments. According to BitIndia, in the moment just 0.5 percentage of the Indian population uses Bitcoin plus they have plans to take this number to as large as 20 percent. BitIndia will enable Indians to have their very own cryptocurrency exchange and a wallet that will be simple and easy to use for nearly all the populace. In a way they intend to create an extensive product which will take care of all the requirements of the local population when it comes to storing, trading or paying with digital currencies in the country. The initiative of BitIndia is finding support from John McAfee, the creator of the famed antivirus program and a fantastic cryptocurrency enthusiast himself. The personal pre sale which went live on September 20, 2017 was endorsed by McAfee, who sent a tweet out encouraging BitIndia. John McAfee is a partner and advisor to BitIndia and has of late been enthusiastic about supporting BitIndia’s endeavours on the social media platform. John also tweeted about personal presale that is coming to a conclusion soon.
Ushering in a digital future for India
India is a nation of huge possibilities and in regards to digital currencies, it is a fertile ground for any pioneer. BitIndia holds benefits since it is going to be the first cryptocurrency exchange that will cater to the requirements of the huge Indian people. They’re also making attempts to tailor their services and products to the Indian markets and provide access to cryptocurrencies to Indians no matter where they reside in the massive subcontinental nation.
In the forthcoming days, BitIndia will assume legal arrangement by October and the wallet is scheduled to be released by November. The strategy is to start token trading from December 2017 along with also the launch of trade is scheduled from April 2018. If everything falls in place BitIndia will empower Indians to take their rightful place in the world’s cryptocurrency markets. It’s anticipated BitIndia can make sure that 25 percent of global blockchain trading occurs on Indian soil by the year 2022.