BitIndia: What You Have To Know

BitIndia is a decentralised cryptocurrency exchange and wallet which allows investors and merchants to trade and sell cryptocurrency from anywhere around the world with the local Indian currency.

The exchange trades three main cryptocurrencies: Bitcoin, Ethereum, Litecoin and Ripple. So far, BitIndia is the biggest and most secure cryptocurrency exchange and wallet in India.

The pre-ICO sale started on September 11, and it finishes on the 30th. Before the sale ends and moves to an official crowdfunding, here’s what you have to know about BitIndia.

The fundamental goal of BitIndia is to offer a platform to buy, sell and trade Indian commodities in the real world. And by doing that, permitting Indian users to make purchases on an international level with the use of virtual currencies.

About BitIndia

BitIndia the Indian cryptocurrency exchange

India has a population of over 1 billion people and thousands of cash transactions worth millions every day. On the top of that, there’s a high rate of bank charges and transaction fees that accumulate to a significant amount a day.

The idea behind BitIndia was born from a simple need for more diversity within the banking system and allowing people to trade their digital assets. BitIndia also encourages the usage of cryptocurrencies in India, which will lead to a positive change in the local economy.

It’s important to remember that while Bitcoin serves as a method of payment, Ethereum can be used to program smart contracts and Ripple to send money all over the world as quickly as 4 seconds.

For India, it may be an excellent opportunity to start utilising blockchain technology and cryptocurrency in many sectors of the economy. From real estate, trading goods and services as well as quick bank payments.

BitIndia platform is decentralised; hence there isn’t anyone who can take a full ownership of the network, and it offers safety to cryptocurrency payments. And its newly found exchange has already developed a wallet that aims to extend the scope of transactional activities. In the future, BitIndia will look into opening the exchange to other altcoins.

The wallet is also accessible via a mobile app for both Android and iOS.

How to Invest in BitIndia

Invest in BitIndia

The ICO pre-sale lasts until September 30 with tokens that are cheaper than they will be after the actual crowdfunding starts. If you believe in BitIndia succeeding, it’s the best time to invest as the price can significantly go up after the launch.

Before investing, make sure first to read the White Paper to familiarise yourself with all of the nitty-gritty details of the ICO. The sale is open to everyone, except Chinese and the United States citizens.

The minimum contribution for the Private Sale is 150 ETH, and the maximum is 10,000 ETH.

To participate in BitIndia token sale follow these steps:

#1 Fill in the application on BitIndia website. To be able to take part in the ICO, you must go through the KYC verification first.

#2 Send your ETH to the BitIndia address (you can find it on the website). BitIndia tokens should be allocated as soon as your ETH arrives at the smart contract.

#3 BitIndia is currently supported by MyEtherWallet and My Ethereum, and you can add your custom BitIndia tokens to either one of them.

Make sure to keep on following the BitIndia updates as the currency can make it to one of the official exchanges or become supported by well-known wallets.

 

What are your feelings about BitIndia? Are you planning to invest now that you know all the details about BitIndia? Let us know in the comments below!

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Megan is a self-taught blockchain enthusiast. She enjoys combining finance with technology, from a less-techy perspective. BiteMyCoin is her most recent project underneath the umbrella of an international digital marketing agency ANCHOVY.