India accounted for almost 11% of global cryptocurrency trade in the past month ... [according to data from a Bitcoin trade analyst, Chris Burniske]
Still in India Bitcoins are seen as a store of value, than as a means of exchange.
Flybit and PocketBits might be on the verge of changing that
What is Flybit? https://flybit.in/
Flybit, which accepts bitcoin payments only, is a start-up that provides flight tickets at discounts of over 15% compared to other online travel agencies.
Prayank Gahlot, who runs Flybit, explained that the company was running on a break-even basis to promote bitcoins as a medium of exchange through its lucrative fares.
He said he planned to add other offers like free Ola/Uber ride vouchers.
What is PocketBits? https://www.pocketbits.in/
Started by Sohail Merchant as a platform free from risk of credit card frauds, PocketBits allows users to purchase products from Amazon, Flipkart and Snapdeal with bitcoins.
Since its launch in February 2017, PocketBits has seen over 15,000 sign ups and transactions worth more than 1,200 bitcoins, thereby hinting at a growing market potential.
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More start-ups like Flybit and PocketBits have to come up and create an entire bitcoin-friendly ecosystem, and have to provide incentives for Indians to actually consider bitcoins as a medium of exchange.
It might be a few years away, but seems like we're off to a good start :)
Credit:
Pic: http://www.indiabitcoin.com
Source: https://www.newsbytesapp.com/timeline/Business/9216/51737/is-india-moving-towards-mainstream-bitcoin-acceptance
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