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Cryptocurrencies Changed the Startup Scenario of India?

Oct 24, 2017 Posted /  14400 Views

Cryptocurrencies Changed the Startup Scenario of India?

It’s 2017, and it is evident that this year the startup ecosystem in India will scale new highs for a better India like it has been for the last couple of years. It’s all because of the government’s many active programmes such as the Startup India and Make In India. And, a vision of Prime Minister Narendra Modi, a nation where its youth stand up on their feet and become the job giver, not the seeker. Just to mention, 65% of the population in India is below the age 35, enough to suggest the country has the arsenal, the only thing it needs the direction to fulfil their dreams.

The environment of entrepreneurship in the world’s biggest democracy has improved so dramatically, it was hard to think someone picking entrepreneurship as a profession to live and earn in India. Nowadays, entrepreneurs are everywhere, from IT sector to manufacturing, try their hands on ambitious projects with a zest of confidence and immense trust in their capabilities.  To present a figure, tech startups in India has seen an upswing of 3100 in the year 2014 to 4750 for the year 2017- almost a rise of 60%, despite an economic condition which is still recovering from the jolts of demonetization. Cryptocurrency startups, they too are not far behind in the list. There is a length of reasons for the mushrooming of cryptocurrency exchange platforms, one being the feeling of trust and confidence, the demonetization has injected in minds of people towards digital currency, and a successful stint of Bitcoin in the nation. The entrepreneurs out there are able to visualise the tomorrow where the transactions are being done through cryptocurrency, right from paying off the bills at a classy family restaurant, to enjoy a delectable treat of a street hacker.

The Future of Cryptocurrency in India

The future of Blockchain based cryptocurrencies looks great, especially with the RBI and the government of India working in tendon to rope in Bitcoin, the first decentralised electronic currency into the mainstream currency. The experts and the top media houses suggest decentralised and hybrid apps will take over the market in the coming years. That day is not far where companies will pay the salaries of their employees in Bitcoins or any other cryptocurrency.

Going by the current trends in India, it is wise to invest in Bitcoin, but other cryptocurrencies, specifically  Ethereum is also making a mark in the country, with its exclusive feature of smart contracts. They are definitely going to give high returns, some years from now.

The nucleus of every electronic currency is Blockchain, and it is being adopted by the Indian banks and other sectors with great trust. People of India, they too have contributing to ongoing revolutionary technology protocol against hard cash and learned how a cryptocurrency works and started investing in it.

In India, a huge of the population is on the verge revolt against the ever-rising corruptions, and incorporating cryptocurrencies in their daily lives could be the arsenal against it.  

The Current Scenario

As per the last data, 25 top merchants across the nation are accepting Bitcoins, Cyberls, Fashiondiva and People Place to name a few. The country has done well to make its presence felt on the cryptocurrency ecosystem, with around 50,000 Bitcoin passionates, while 30,000 of them owning it.

The Buzz Is in the Air

As a citizen of the country, we can actually feel the loud buzz of cryptocurrency in the country. Experts say the blockchain based crypto currency is the future of cash transactions in India. Many reports suggest there have been remarkable returns on investments. Promising projects like Bitindia have announced future plans to expand multiple cryptocurrencies like Bitcoin, Litecoin etc. Additionally, there are one or two reports telling GOI can bring cryptocurrencies to mainstream economy.

Cryptocurrencies Startups Gaining Grounds in India

One of the primary objectives of cryptocurrency is to present an alternate, secure network to the banking system of the nation. As the per the Royal Bank of India statistics, 41% of Indian population has no access to the banking system of the country. Being second on the list of world population and the highest remittance rate in the world, as well as the expanding IT landscape, it is a no-brainer to say India present an ideal ambience for the development and growth of the cryptocurrency sector.

Currently, not just the big players, small investors, or we call them the entrepreneurs are willing to exercise their minds in blockchain enabled cryptocurrencies, to stay in line with the growing trends of digital currency in India. Additionally, both the government and the private financing companies are backing Indian Startups to make hay with adequate funds.

Today, as per the recent data, there are around 750 cryptocurrencies with a market capitalisation of more than $104 billion. Thereby, a considerable number of country startups are making the early moves in the digital market for a bright prospect. In the last couple of years, many Cryptocurrency exchange wallets and platforms have cropped up, suggesting cryptocurrency is the new trend. Not just the local investors, many global investors are making big forays into the Indian market.

Wrapping up, with an increase in the number of cryptocurrencies startups, a new door of job opportunities has opened up, so a win-win situation for the people of India.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain Bitindia India Startups

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