Cryptocurrencies, though in existence for over a decade, still haven’t picked up in India. Despite a reasonably active community, government restrictions have prevented it from being the wonder which it could be. Authorities are against it, enthusiasts want it, but do we really need it? Is our country prepared for decentralized currencies?
Let’s first take a look at use cases for crypto in India:
Growing Internet and E-Commerce Industry
India is the fastest growing smartphone and internet market. Also, the country is growing exponentially in the field of e-commerce. Most of the transactions are done online, but due to the inadequate cybersecurity in the country, incidents of frauds, and hacks are growing by the day.
These problems can be easily tackled with the use of cryptocurrencies. The underlying blockchain tech allows users to have a secure mode of payment, and options like hardware wallets will make things even more secure and safe.
India has one of the biggest urban population. Working class youth migrate to bigger cities in search of high paying jobs and better life quality. However, most of their families stay back in their hometowns, and they have to send money to their homes every month. Usually, sending money takes a long time and in some cases, it is a bit expensive too. Also, India expats living abroad find it extremely difficult to make payments back home due to high price and dubious exchange rates.
As has been proven globally, crypto money transfers are extremely effective and less time-consuming. Also, they are less expensive, even for bigger payments. For instance, recently, a $1.2 billion payment was completed within 1.1 seconds via BNB, costing just $0.015. And the best thing about crypto payments is that borders don’t bind them, hence making a payment to another city or another country is just the same. Read More at CryptoNewsZ...