The Big Opportunity in BitIndia
BitIndia is looking to bring bitcoin and cryptocurrencies into the mainstream for India’s population of 1.2 billion plus.
It’s both a wallet and an exchange. And there’s a few ways to profit. Read on to find out how.
Right now just 0.5% of India’s population is even aware of bitcoin. That means out of 1.2 billion people, only 6 million of them know about bitcoin. BitIndia aims to bring the percentage up to 20 with its wallet and exchange.
The wallet is a user-friendly platform for storing cryptocurrencies. BitIndia provides a mobile version and desktop and web applications too. To start you’ll be able to store BTC, ETH, XRP, and LTC. What’s cool is that this will be the first wallet to feature XRP and LTC in India. The alpha version of the wallet is slated to be released in November and BitIndia does plan on adding more cryptocurrencies in the future.
Like the wallet, the BitIndia exchange plans to start with BTC, ETH, XRP, and LTC, but eventually wants to add more. I did read an article that stated the BitIndia exchange was decentralized, but I wasn’t able to confirm it in the white paper.
BitIndia is in pre-sale right now. You need a minimum of 200 ETH to invest and can find out more info on the website. The public sale starts on October 11, but is not open to U.S. or Chinese investors. In total there will just over 134 million BitIndia tokens. There’s no symbol picked out yet.
Also worth noting, John McAfee has a partnership with BitIndia, see the picture below.
As mentioned there are ways to profit from BitIndia. All three ways involve owning the BitIndia token. The first is that all token holders will receive 10% of net fees earned on the exchange. The second is that token holders will receive 10% of net fees earned on the wallet. And third, BitIndia will take 10% of profits and buy back and burn token every three months. Pretty cool.
I would definitely invest in BitIndia if it were available in my country. Too bad it isn’t.
What do you think of BitIndia?
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we wanted to join this but after some research skipped - sounds too good to be true ;)
Hmmm... execution risk? political? both?
great post, as usual!
@g-dubs I think Bit India it may be something magic for cryptos, will definitely help them go mainstream. Regarding the investment, 200 eth as a minimum I think it is quite a large amount. If this tends to be desentralized, why having that entering number? What are your thoughts. Great post. Just upvoted. @gold84
they have to execute of course but such a big opportunity. 200 ETH is just the pre-sale. when the public sale starts you can invest as little as $50.
@g-dubs got your point. Thanks for clarifying. @gold84
India would be great market for cryptocurrency
Agreed!
https://steemit.com/cryptocurrency/@crobizz/tutorial-2-firstcoin-is-new-bitcoin-buy-and-selll-firstcoins-with-atm
nice post.
amazing. it's useful
thanks! resteem it to all your friends!
nice
Kudos to India for being a leader in embracing the block chain!💰💰💰
Yes!
This is opening a huge market. While India itself will grow as economy and will be in the top 10 of most powerful country, it will bring great great things to the crypto market =)
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