Bitcoin’s growing popularity in India and how exchanges can help
Currently, an important sector of humanity is betting on investing in digital assets. Among the most prominent digital assets, we find cryptocurrencies, especially bitcoin, which is the founder of the crypto market.
Recently crypto market analysts have detected a significant increase in transactions from bitcoin to INR, that is, from bitcoin to the national fiat currency of the Asian giant – India.
According to Coingecko, a private institution that is dedicated to fundamental analysis of the cryptocurrency market and constantly monitors the price, volume, and market capitalization of such digital assets, said that the increase is almost 500% since March 2020.
“Average daily volume traded on India’s top four cryptocurrency exchanges stood at over $22.4 million as of December 16, 2020, compared to just under $4.5 million as of March 1, 2021”.
This news has powerfully drawn the attention of the global crypto community, especially cryptocurrency exchange, trading, and mining companies.
And this has to do with the fact that India is a country with too much commercial potential, especially if we take into consideration that it is the second most populated country in the world, and with a tendency to be the most populated.
So imagine for a moment how many new Indian traders are wondering right now how to buy bitcoin in India? Especially because it has become a solution to beat the global financial crisis that Covid-19 has caused.
This whole situation shows that it is not surprising that the number of transactions from bitcoin to INR has increased in India.
But, why is the number of transactions from bitcoin to INR increasing in India?
Most of the world’s markets are a complex and accurate representation of the social phenomena behind them.
A situation that automatically impacts the number of transactions between bitcoin and multiple fiat currencies on a global scale, the INR is no exception, especially in a country that until March 2020 was sunk for a long period of two consecutive years in a legal block issued by the Reserve Bank of India.
However, once the Supreme Court of Justice of India ruled a temporary ruling in favor of the crypto-community and crypto trading, the volume of transactions increased by almost 500%, this phenomenon was It was mainly in the Peer to Peer (P2P) cryptocurrency Exchange modality, a modality that serves as an Interlude to traditional professional exchanges, and that as an aggregate allow the direct conversion of bitcoin to INR, through local banks and fiat accounts from India.
If you wonder what is the best way to buy bitcoin? Or how to buy bitcoin in India? There is no doubt that the answer is the P2P Exchange modality, which is currently changing its Peer to Peer modality towards direct trade with Indian private banks (among other local payment methods), as long as the Indian authorities allow this type of Commerce.
An example of a P2P exchange, which is characterized by offering high security standards and does not charge commissions for transactions from bitcoin to INR, is Remitano, for more details click here: http://remitano.com/btc/in.
The aforementioned explains that the first reason for the increase in trading volume from bitcoin to INR was the temporary lifting by the Supreme Court of Justice of India of the ban on trading in cryptocurrencies through local fiat banks.
What caused bitcoin to increase in value considerably in the last quarter of 2021?
Although the Covid-19 pandemic can be considered as a negative event for humanity by many financial analysts, on the other hand it represented a great opportunity for the crypto market since most of the world’s people have seen their conventional income decrease, as well as being locked in their homes most of the time, they have been forced to look for alternative sources of income such as digital assets, and the question would be how not to invest in the most important digital asset of the last decade? (This according to the Bank of the Americas).
We can confirm what has been said above with the statements of Gaurav Dahake, executive director of BitBNS.
“If we had 100 users signing up daily before March, now we are seeing 800 users signing up daily. We are now processing around Rs 70-80 million in daily operations”.
In the same vein, Dahake adds:
“The main drivers of the increase in trading volumes come from the Supreme Court order and the COVID-19 pandemic as people who lost their jobs or who witnessed a pay cut turned to cryptocurrencies as an alternative option to win money”.
But, this does not end here since we must also refer to the important role that institutional investment has taken in the crypto market, and very specifically in Bitcoin.
All this motivated precisely because of the financial crisis caused by Covid-19, which in turn provoked the excessive printing of inorganic banknotes in all fiat currencies in the world, but especially the USD, so as many companies to go to the bitcoin and other cryptocurrencies as an alternative.
The most recent example can be found with the case of Grayscale, the institutional giant of investments in cryptocurrencies, which recently bought 72,950 bitcoins in December, and in turn, was 159.49% more than the 28,112 bitcoins mined during the past month, all this based on data from Coin98 Analytics.
Finally, it should be noted that behind these strong institutional investments, there is a cluster of speculative traders who seek to obtain profits from the large movements caused by institutional ones. So if you are in India today wondering how to buy in bitcoin? Here’s a detailed guide so you don’t miss out on investing in the biggest digital asset of our time: bitcoin.
As we can appreciate the phenomenon of the increase in transaction volumes from bitcoin to INR, in essence, it is the return of the investments made by the Indians in bitcoin towards their local currency. With each passing day, bitcoin becomes more popular in the nation that will soon be the most populated country in the world.
This is why it is not surprising that the indicators of the number of transactions from bitcoin to INR continue to increase in the present and immediate future.
More so, if we take into consideration that trading cryptocurrencies through local banks are a provisionally legal fact in India. All this to the point, that most of the P2P exchanges are associating directly with the majority of banks and banking systems in the Asian nation.
The buying and selling of bitcoin in India, as in most countries in the world, is a positive financial circle that strengthens liquidity, and in turn has allowed us to observe the increase in transactions from bitcoin to INR, a very positive fact if we take into consideration that India is the nation with the most potential for the crypto market.
Disclaimer: This is a paid post and should not be taken as news/advice.