BitIndia is a cryptocurrency exchange and wallet catered to the Indian marketplace. Find out how it works today in our review.
What Is BitIndia?
The BitIndia token sale is taking place from September to December 2017.
Overall, BitIndia describes itself as “a wallet and a crypto exchange for the streets of India.” The company is developing an open source platform that allows users to make secure transactions and hold private keys of cryptocurrencies on blockchain nodes – just like any exchange.
The unique thing about BitIndia is that it’s catered towards the average layperson who might not understand cryptocurrencies or have a big computer on which to trade. So if you’re just an average person in India with a smartphone, BitIndia will be accessible to you.
BitIndia’s wallet aims to be an essential part of daily routine activities in India, including buying groceries, paying bills, and dining at restaurants.
India has a population of over 1.2 billion people. However, only 0.5% of those people are aware of bitcoin. BitIndia wants to create a platform for “the next billion”. The goal is to introduce bitcoin to 20% of the population in the next 3 years.
How Does BitIndia Work?
Overall, BitIndia aims to create a platform that offers the most convenient and secure way for anyone in India to buy, sell, and secure cryptocurrencies. Here are the core features of the wallet and exchange.
The BitIndia wallet is a user-friendly mobile app that lets users buy and sell digital currencies by exchanging private keys. The wallet is open source. You’ll be able to access it on iPhone, Android, or through any web browser. The wallet will be decentralized, and will support multiple cryptocurrencies (bitcoin, Ripple, Litecoin, and Ethereum are all specifically mentioned).
The wallet will require KYC verification. You’ll need to complete the signup process by adding your KYC details. In addition to being used by ordinary consumers, it will also be able for merchants to use across India.
Like other cryptocurrency wallets, BitIndia will emphasize low transaction fees. Merchants and traders can accept payments on BitIndia from anywhere in the country with limited transaction fees.
BitIndia’s wallet will be available for use in more than just India, however. The wallet will be usable around the world, allowing users to accept and transfer funds worldwide or make transactions with local currencies.
The BitIndia cryptocurrency exchange is scheduled for launch in 2018. The exchange will allow users to trade bitcoin, Ethereum, Ripple, Litecoin, and other cryptocurrencies.
The BitIndia whitepaper doesn’t make any mention of fiat currency trading. However, since BitIndia is catered to India, it’s expected to offer Indian Rupee (INR) to crypto trading – either through the wallet or the exchange.
BitIndia is also not accepting INR during their crowdsale – they’re only accepting BTC and ETH.
The BitIndia Token Sale
The BitIndia crowdsale launched on September 11, 2017 and will end on December 11, 2017. The pre-sale phase is scheduled from October 11 to November 11, with the general crowdsale scheduled for November 11 to December 11.
The BitIndia token is an ERC20-compliant token on the Ethereum blockchain. The token will be a unit of value within the system. It will allow the system to function, and will be independent of other cryptocurrencies.
There’s a minimum purchase of 50 BitIndia tokens, and a maximum purchase of 40,320,000 tokens. All BitIndia investors and token holders will receive 10% share of the company’s profit, based on the percentage of tokens they own.
There’s a total supply of 134,400,000 tokens available for sale.
Who’s Behind BitIndia?
BitIndia is led by founder and CEO Sahil Kohli and co-founder Saumil Kohli. Sahil Kohli has previously founded Exousia Tech, Applancer Blockchain, and Bitchat. He’s also been a bitcoin day trader since July 2015. Before then, he was a day trader with conventional stocks and futures.
John McAfee, who created the world’s first antivirus software, is listed as a partner and advisor for BitIndia.
Obviously, the Indian marketplace represents enormous potential. 1.2 billion people live in India, but only 0.5% have heard of bitcoin. BitIndia aims to introduce 20% of the population to bitcoin and cryptocurrencies over the next few years. That could mean hundreds of millions of new cryptocurrency users.
To learn more about BitIndia, or to participate in the company’s ongoing crowdsale, visit online today at BitIndia.co.