With the global interest piquing on
Through a Paytm-like service for cryptocurrencies,
, 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
BitIndia is an open source crypto wallet that allows users to store the private keys of their cryptocurrency on the
Bitcoin and other cryptocurrencies are already causing ripples in the financial circles. According to
, 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.