Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Vivo
Chitra Ramkrishna
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Are we seeing signs of a bitcoin-friendly India?
Business

Are we seeing signs of a bitcoin-friendly India?

Are we seeing signs of a bitcoin-friendly India?
Written by Shikha Chaudhry
Edited by Shiladitya Ray
Sep 06, 2017, 04:56 pm 3 min read
Are we seeing signs of a bitcoin-friendly India?

Despite seeing a valuation spike after the demonetization, bitcoins never really took off in India. While India accounted for almost 11% of the global cryptocurrency trade last month, bitcoins are still largely seen as a store of value by tech enthusiasts, than as a means of exchange by average people. However, start-ups like Flybit and PocketBits might be on the verge of changing that.

Definition
What is a bitcoin? How much does it cost?

Bitcoin is a cryptocurrency that is slowly, but surely, gaining popularity across the world due to its secure, decentralized (no government can manipulate its price), infinitely divisible nature. One bitcoin, which was roughly worth $13 in early 2013, now stands at about $2600.

Takeoff conditions
Why haven't bitcoins taken off in India?

While several start-ups like Zebpay, Coinsecure, and Unocoin have opened bitcoin exchanges in India, bitcoins have failed to become an accepted medium of exchange. This is because, for the average Indian, the advantages offered by bitcoins mean next to nothing. For bitcoins to come into regular usage in India, it has to offer some tangible benefits over traditional currency to the average Indian.

Flybit
Flybit is doing its part in promoting bitcoin transactions

Flybit, which accepts bitcoin payments only, is a start-up that provides flight tickets at discounts of over 15% compared to other online travel agencies. Prayank Gahlot, who runs Flybit, explained that the company was running on a break-even basis to promote bitcoins as a medium of exchange through its lucrative fares. He said he planned to add other offers like free Ola/Uber ride vouchers.

PocketBits
Now buy goods from e-commerce giants using bitcoins

Another such bitcoin-only start-up is PocketBits. Started by Sohail Merchant as a platform free from risk of credit card frauds, PocketBits allows users to purchase products from Amazon, Flipkart and Snapdeal with bitcoins. Since its launch in February 2017, PocketBits has seen over 15,000 sign ups and transactions worth more than 1,200 bitcoins, thereby hinting at a growing market potential.

Information
Accessing Flybit and PocketBits

Flybit can be accessed by visiting: www.flybit.in, meanwhile PocketBits' address is www.pocketbits.in.

Way forward
Are we heading towards mainstream bitcoin usage?

While domestic bitcoin exchanges like Zebpay have eased up the procurement process, it's only the start. More start-ups like Flybit and PocketBits have to come up and create an entire bitcoin-friendly ecosystem, and have to provide incentives for Indians to actually consider bitcoins as a medium of exchange. It might be a few years away, but seems like we're off to a good start.

Temporary
The timeline is brewing!

The timeline is brewing!

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Shikha Chaudhry
Shikha Chaudhry
Twitter
I upset the apple cart, and then I undo it. NIT Allahabad, Cornell University. Dreamer; Wannabe Writer.
Shiladitya Ray
Shiladitya Ray
Mail
Budding social scientist with a keen interest in social studies of science and the sociology of knowledge. Cinephile. Liverpudlian. Metalhead.
Latest
India
Cryptocurrency
Related
Latest
5 soybean recipes you will love
5 soybean recipes you will love Lifestyle
Real Madrid win UEFA Champions League 2021-22 final: Records broken
Real Madrid win UEFA Champions League 2021-22 final: Records broken Sports
Suzuki Vision Gran Turismo revealed with Hayabusa engine, all-wheel-drive
Suzuki Vision Gran Turismo revealed with Hayabusa engine, all-wheel-drive Auto
Champions League final: 0-0 between Liverpool and Real at half-time
Champions League final: 0-0 between Liverpool and Real at half-time Sports
Honda CB400 Super Four, Bol d'Or Final Edition go official
Honda CB400 Super Four, Bol d'Or Final Edition go official Auto
India
Booker-Prize winner Geetanjali Shree expresses 'sense of responsibility towards literature'
Booker-Prize winner Geetanjali Shree expresses 'sense of responsibility towards literature' Lifestyle
Sri Lanka PM thanks India for support during 'difficult period'
Sri Lanka PM thanks India for support during 'difficult period' World
Geetanjali Shree becomes first Hindi novelist to win Booker Prize
Geetanjali Shree becomes first Hindi novelist to win Booker Prize World
School performances drop below 2017 levels barring Punjab, Rajasthan: Survey
School performances drop below 2017 levels barring Punjab, Rajasthan: Survey India
Centre reconstitutes Inter-State Council; Modi to be chairman: Details here
Centre reconstitutes Inter-State Council; Modi to be chairman: Details here India
More News
Cryptocurrency
Adam Neumann's Flowcarbon raises $70mn through VC funding, token sales
Adam Neumann's Flowcarbon raises $70mn through VC funding, token sales Business
Ezra Miller claims they record assault videos for NFT art
Ezra Miller claims they record assault videos for NFT art Entertainment
CoinSwitch Kuber suspends crypto purchase and money transfer on app
CoinSwitch Kuber suspends crypto purchase and money transfer on app Business
Reduce Twitter Blue's subscription price, ban advertising, says Elon Musk
Reduce Twitter Blue's subscription price, ban advertising, says Elon Musk Business
Major financial changes coming into effect from April 1
Major financial changes coming into effect from April 1 Business
More News
Related
Apple stops accepting credit or debit cards for subscriptions, purchases
Apple stops accepting credit or debit cards for subscriptions, purchases Business
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022