Bitcoins and cryptocurrencies are the next big sensation that everyone is talking about. With more than billions of population, India is one of the incredible nations that offer a huge scope for cryptocurrencies. The recent time witnessed some of the citizens buying Bitcoins but are we really sure for the future of cryptocurrency in India? Let us have a look at the future of cryptocurrencies in India.
The future scope of cryptocurrencies in India:
2017, has been a year which witnessed a rapid growth in the network of cryptocurrency. Although there is no clear policy regarding the cryptocurrency, the entrepreneurs are observing the introduction of cryptocurrency as a vast opportunity and are in complete control for fully utilizing this opportunity.
Analyzing the present trends, many Indian traders are investing in Bitcoins hoping for a stable return. Many experts have suggested that making investments in BAT, Ethereum, etc. is much safe rather than making investments in Bitcoins. However, the introduction of cryptocurrencies and Bitcoins is just the beginning, offering a wide scope for the development of blockchain technology in India.
What are the possible challenges?
One of the biggest challenges that cryptocurrencies can expect in their way is to convince people. In a country like India, convincing people to switch from the traditional way to something new is really hard, thus the journey of Bitcoin can be extremely tough in India.
The next set back that might interrupt the growth of Bitcoins in India is its chance to be declared as illegal in the coming future. Thus, people will nowhere be in a situation to use the emerging cryptocurrency with full confidence and surety. In addition, it would be really difficult to identify anyone responsible for any fraud related to cryptocurrencies. All these things can come in way of cryptocurrency to be the future of India.
The Final Verdict:
There is no doubt that Bitcoins have to take a long journey to settle in India but the success rate of the emerging cryptocurrency is really promising as well. Bitcoins and cryptocurrencies have successfully taken over all the recent issues that could have hampered their future. This, as a result, has assured that the future of cryptocurrencies in India is bright and certain. Are you prepared for this big change?