If you are a Bitcoin HODLer from India you should be celebrating right about now. At the time this post goes live Bitcoin is trading around $17500 in many markets but we're about $2K higher in India. We hit a high of high of $20761 on CoinSecure, an Indian Bitcoin exchange.
Despite warnings from the central bank, Indian users remain unfazed by FUDing surrounding the world's favourite cryptocurrency. Zebpay is the current market leader when it comes to market share for all Bitcoin transactions at roughly 50%. They are adding thousands of new users everyday.
With over 2 million users trading bitcoin in India the market is growing at a brisk pace. As the price continues to grow, Indian interest in various cryptocurrencies including Steem is increasing at a rapid rate. The total trade from India is now a little over $3 Billion dollars annually.
Demonetisation sparked a major change in investor's attitude in India. It forced many (myself included), to look at newer options to save their money and Bitcoin overnight became a great store of value and speculative asset in India.
I have so many friends asking me on and off Facebook about Bitcoin, Steemit and other cryptocurrencies that I generally post about on my wall. There's a lot of Bitcoin in the news in India today. Even as many thwart users from investing in Bitcoin, it has barely slowed people down and left most to invest with due diligence of their own.
Bitcoin exchanges from India operate with complete transparency. They have to adhere to the KYC laws in the country and so far there hasn't been any issue with the government.
India is currently adding a little over 200,000 new Bitcoin users on a monthly basis. According to a couple of trade analysts that I spoke to recently, they are expecting these numbers to grow at a healthy pace in the next few months.
For majority of crypto users from India, Bitcoin is the gateway to the world of cryptocurrencies. There are many Bitcoin exchanges here but few alt-coin trading portals and that has resulted in a great demand from India for Bitcoin over other cryptocurrency. I would love to see an exchange for Steem and SBD in India in the future!
If you are a Bitcoin user from India, my article on filing your returns on your Bitcoin profits will interest you a lot! Read it here!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- India Has The Highest Number of Facebook Users In The World—What Does It Mean For Steemit?
- 4 Tips For Steemit Account Recovery & Wallet Security!
- Let's Talk—How Did you Discover Steemit.com?
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