India is starting to take Bitcoin more seriously

Bitcoin has begun to gain popularity in India, a country with the lowest credit card penetration rate and the largest number of unbanked people in the world.

Over the past few years, bitcoin experts and enthusiasts have begun highlighting the market’s potential in countries like India and Indonesia, given the rapidly growing smartphone adoption rates and domestic remittance markets.

According to an article titled "Credit Card Market: Economic Benefits and Industry Trends", "Several major economies, including China and India, have low credit card penetration rates due to their low levels of economic development. But as these countries continue to develop, their credit card usage rates are likely to increase dramatically."

Like many other developing countries in Southeast Asia, Indians have also struggled with remittances across the country due to complex procedures required by financial institutions and expensive remittance options.

It is precisely because of the inefficiencies and limitations of the existing banking and financial system that Bitcoin has taken advantage of this opportunity to provide Indian residents and merchants with an online payment method that is accessible to anyone, has no credit requirements, is cost-effective, fast and secure.

The main factor behind the rapid growth of the Indian Bitcoin industry is the solid Bitcoin infrastructure and ecosystem established by the country’s Bitcoin startups, wallet platforms, and exchanges like Coinsecure. What started as a trading platform for Indian Bitcoin users has evolved into a go-to platform for mainstream users and merchants. Coinsecure has been working hard to integrate Bitcoin through seamless APIs and provide merchants with useful solutions, which has been non-existent in the Indian Bitcoin ecosystem.

Like leading Bitcoin startups operating in a rapidly growing market, Coinsecure has observed the growing demand for Bitcoin from regular investors. In January 2015, the exchange recorded monthly trading volumes totaling 47.8 BTC. In January 2016, the company reported monthly trading volumes of 1,422 BTC, a 96.6% increase.

Recognizing the rapid growth of Bitcoin in the country, Coinsecure has also appointed Elizabeth Ploshay McCauley to the position of Global Business Development Director to help the team expand its international mainstream market by establishing connections with global players.

Indian bitcoin startups are beginning to spread across underserved parts of the country, and that’s exactly what Coinsecure is trying to do: help mainstream users and merchants accept bitcoin as an independent currency and decentralized payment network.