Demand For Bitcoin Explodes As Thousands Of New Users Jump In Daily In India
With the price of Bitcoin reaching all time highs of late, the enthusiasm for the leading cryptocurrency is daily being fueled by thousands of new Indian investors. In fact, the surge in BTC purchases has led the major exchanges serving the sub-continent of India to implement limits on purchases as they scramble to get a handle on the flood of interest.
ZebPay, one of India's leading Bitcoin exchanges, has reported that they've experienced over 500,000 downloads of it's mobile app and has been adding over 2500 new users daily. ZebPay has been very cautious when advising Indian investors as to the volatility of Bitcoin when engaging with their users, which doesn't seem to be deterring the spike in new users. Due to issues with supply and demand, they've actually initiated a daily limit on purchases to INR 50,000, or about USD 780.
Another leading Indian cryptocurrecy exchange, Coinsecure has actually experienced massive server load due the increase of new users wanting to buy into BTC. Recently, visitors to the websitre have been greeted by a statement informing them the site has been experiencing massive load issues due to the increased demand customers looking to purchase Bitcoin primarily. They also state that despite their app being functional, they may have to take it down as well to enable them to better get a handle on the situation.
In the backdrop of this unprecedented Bitcoin demand, the Indian government has been actively engaged in seeking feedback from it's citizens as to the their interest and enthusiasm into cryptocurrencies. If the past few weeks are any indication, it would appear that they have their answer. India is all in on Bitcoin, at least during this time of expansion.
Heard India was having issues with fiat, the government trying to combat counterfeiting, maybe thats why so many are eager to find alternatives
Trouble with fiat may be a recurring issue with many countries around the world and push more and more people toward crypto.
great post @vegascomic
Thanks!
The money problems in india are only the begining. This might spread to more countries, and get worst like the issues in Venezuela.