Bitcoin (BTC) has gone mainstream in many parts of the world but is true global adoption of this token on the way? It’s been suggested recently that India could hold the key in this respect, but what makes people think this, and what are the key areas that will define whether this happens or not?
What Industries Have Contributed to the Bitcoin Surge?
One of the interesting aspects of Bitcoin is how people from different countries use it for varying reasons. For example, in some places, it’s seen as more of an alternative investment, while in others, it’s looked on as a fast payment method, a way of making online payments or as a smart way of sending remittances abroad.
In India, the popularity of online gaming has been one of the main drivers for Bitcoin adoption lately. Crypto casinos such as Metaspins allow end-to-end crypto gameplay by accepting deposits and withdrawals using Bitcoin, Ether, Dogecoin and other tokens. Players can then play slots and live dealer table games using their crypto funds and withdraw any winnings speedily.
Research from India Today suggests that Indians are also turning to digital money as a hedge against inflation and as an alternative way of investing rather than buying traditional stock, bonds and commodities such as gold. They’ve also been increasingly turning to alternative, emerging cryptocurrencies at lower prices and with good growth prospects rather than limiting themselves purely to BTC.
Others may simply see it as a secure way to hold their money, with the advanced cryptography techniques used making it one of the safest places to keep cash, provided you use a reliable exchange and trustworthy wallet. People are growing increasingly comfortable with the idea of digital money, and the prospect of the Reserve Bank of India issuing a digital rupee in the near future could lead to it becoming even more commonplace.
The Rise of BTC in India
Despite its use still being something of a grey area in India, with no clear regulations in place, the country has seen a massive amount of interest in cryptocurrencies like Bitcoin. According to research by Reuters, as many as 20 million Indians hold crypto tokens worth up to a total of $5.3 billion, making it the second-most-important country in terms of the number of investors.
Dr Craig Wright is an important figure in the BTC world, as he claims to have been part of the team that created this digital currency under the guise of the pseudonym Satoshi Nakamoto and then launched it in 2009. He recently spoke to CoinGeek at the first Enterprise Utility Blockchain Summit (EUBS) about the importance of India in the future of BTC as a global currency.
He thinks that Bitcoin will reach five billion daily users eventually and that India will make up a large percentage of that huge total, given its massive population. Wright spoke about educating people so that they see the reality of how to make money rather than falling for scams involving NFTs and ICOs, and he also mentioned the importance of the IPv6 protocol and India’s role as a global IT hub.
What Happens Next?
There is still scope for the level of demand for BTC in India to carry on growing further, with any positive moves in terms of the regulations for cryptocurrencies likely to play a role in the future growth rate. The boom in online shopping and the arrival of crypto ATMs that allow money to be withdrawn locally are among the other major factors that will shape this industry.
In addition, 2022 has seen crypto prices drop significantly, and this could lead to a new boom if investors decide to enter the market before prices rise back up to previous levels. The volatility of BTC and other digital currencies is an important area here, as it increases the level of risk but also the potential for profits.
As the second most populous country on the planet and the home to many technology-literate people, India has a big role to play in the future of Bitcoin. Expect to see this currency in the news a lot more in the next few years as more Indians find different ways of using it in their daily lives.