Nearly one out of every six people on the planet is an Indian. Indians dominate the world in demographics, but of late the country is also known as an Information Technology (IT) hub. According to IBEF, the Indian IT Business Process Management (BPM) sector is estimated to grow at a CAGR of 9.5 percent to nearly $300 bln in 2020. In all likelihood, India will continue to be a significant player in the IT space.
Financial technology would be a significant component of IT as a whole. India is adopting Bitcoin and other cryptocurrencies enthusiastically with India accounting for nearly 10 percent of global cryptocurrency trades in May 2017 according to the news website thequint.com. However, India holds a far greater potential as can be seen from the example of African countries. As an example mentioned in a report of the Economist, titled The Future of Cryptocurrency, over half of national GDP is operated in digital currency.
A project to boost digital currency use in India
BitIndia has plans to leverage the tremendous potential that an emerging market like India holds. At the moment according to them, only 0.5 percent of the Indian population is ‘into Bitcoins,’ and they plan to raise this number to 20 percent. In order to do this, they will create products like a secure BitIndia Wallet and also develop an open source and free platform which is fast and easy to use for people living in all parts of India. In the future, they also plan to roll out several free services to their users, which will add to the usability of the platform.
BitIndia private pre-sale is live-tweeted by John McAfee
BitIndia would emerge as the first crypto exchange in India. In a tweet made by John McAfee who also happens to be a partner and advisor to BitIndia, he announced that the BitIndia private pre-sale went live on Sept. 20, 2017. John has been an enthusiastic supporter of cryptocurrencies and is best known for being the founder of the famous McAfee antivirus that to date bears his name.
In a whitepaper, BitIndia has announced that they would be holding a public pre-token swap starting Oct. 11 until Nov. 11, 2017. The public token swap would commence on Nov. 11 and last until Dec. 11, 2017. BitIndia tokens would be launched during these events and there is a plan to release nearly 134 mln such tokens, which are built on the ERC20 platform. BitIndia would be accepting ETH for the crowdsale. The minimum purchase amount is 50 tokens while the maximum is capped at 40,320,000 tokens.
BitIndia investors profit by fee and making India digital
The Indian government has been pushing for digital payments in the country and there is certainly space for digital payments and use of cryptocurrencies in the Indian landscape. BitIndia tokens will help build the platform to facilitate the use, trade and encourage people to hold digital currencies.
BitIndia token holders will benefit from a 10 percent share and percentage lifetime from the projected profit on a pro-rata basis. The project will be able to charge a small amount of transaction fee from its users. Token holders will also receive 10 percent of fees generated by the BitIndia wallet. It is planned that every three months BitIndia will also initiate buybacks which will ultimately lead to scarcity of tokens and potentially raise token value for holders.
Ambitious plans for the future
It is expected that BitIndia would assume legal structure by October and alpha of the wallet will be released by November. Token trading is likely to be commenced by December 2017 with the launch of the BitIndia exchange taking place in April of 2018. The ultimate aim for BitIndia is to ensure that 25 percent of global Blockchain trading takes place from India by 2022.
Given that BitIndia is first on the scene and India does have a huge potential that has scarcely been exploited, BitIndia holds the first mover advantage that will likely contribute to their growth. Given India’s huge market size, cryptocurrencies also stand to gain as they get adopted in this huge market and the benefit may be reciprocal for the entire ecosystem as well.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.