As ICOs Get Compliant What Does That Mean for Airdrops?

As ICOs Get Compliant What Does That Mean for Airdrops?

ICOs Are Getting Compliant and Airdrops Will Have to Follow Suit

We’re approaching the halfway point of 2018 and so far over 340 ICOs have raised almost $9 billion between them. Even amidst concerns over regulation, scams, and hackers, those numbers are not to be sniffed at. In fact, while most people think of last year as the non-stop party for ICOs, 2017 saw just 210 of them raising under $4 billion in funds.

What gives? It seems that even with bearish market sentiment and the US SEC breathing fear into the hearts of blockchain startups, ICOs are still going strong. Of course, what happens after they raise the funds remains to be seen–as well as what direction legislation will take. So while many blockchain companies are still bullish on ICOs, others are finding themselves erring on the side of caution and evaluating their options. And as with everything surrounding this decidedly gray area, there’s some confusion as to what those options are.

What Are Compliant ICOs?

A compliant ICO, or STO (Security Token Offering), is regulated by the SEC from the start. There are four major paths open to a US blockchain company that wants to hold a regulated offering and they each have their pros and cons. One of the alternatives, for example, is a using an existing securities exemption called a Reg A+. You can raise up to $50 million and open your offer to anyone over the age of 18. The catch? You need two years of audited financials and significant time and money.

A Reg CF is an easier and cheaper way of raising funds, but you’re significantly limited to how much you can raise (less than $2 million). Fintech Merchant Accounts helps blockchain companies to hold compliant ICOs. CEO Edward Corona says, “keep in mind that they [compliant ICOs] still do not provide business owners the freedom and control of an unregulated ICO.” Right. But then, of course, they also don’t provide business owners with the possibility of ending up behind bars.

Another major advantage of holding a compliant ICO is that you can solicit your deal and advertise it anywhere, making it far easier to raise awareness for your token sale. With Facebook, Twitter, Google and Bing all banning ICO adverts, taking the regulated route will allow you to use these channels for greater exposure. You’ll also ease the troubled minds of many would-be investors rattled by the recent bad press.

What Does This Mean for Airdrops?

Several ingenious ICO teams have taken to creative ways of marketing their projects by using airdrops. Effectively, distributing free tokens to interested parties and creating buzz for their sale. We’ve even seen some incredible physical airdrops, with tokens falling out of balloons.

In this herculean effort to circumvent securities laws, airdrops have gained momentum. Who doesn’t love free money, right? You can even sign up to be alerted to up-and-coming airdrops and revel in all the free cash. But if your Mom ever told you nothing in life comes for free, sorry to say she was right.

Websites alerting people to airdrops

Just as there’s no such thing as a free lunch, there’s no such thing as free stock. That’s not just Momma talking, that’s the Securities and Exchange Commission, as well. So, if you thought that airdrops were an excellent way of getting around the ad ban, or marketing your ICO, you should probably shelve that idea too.

Airdrops are not compliant either.

And they will likely be regarded as security transactions, which presents quite a problematic scenario. Darren Marble, CEO of CrowdfundX, a marketing firm for STOs, points out, “You can’t just send shares of stock to people. The problem with an airdrop is that it’s generally incongruent with US security laws.” So, that great marketing tactic for creating awareness and even escalating FOMO? Not such a good idea after all. “My general advice for STO issuers,” he continues, “I would put that airdrop concept on hold. I would advise anyone in the US not to do it. I get it, it’s a good marketing tactic, but there’s too much risk and uncertainty.”

This Isn’t Fun Anymore

Regulation seems to paint a gloomy picture. Just utter the word and it sends the crypto markets quivering. But the purpose of regulation seems to be two-fold. To give blockchain companies a legal framework from which to work, and to protect investors from ICO scams. According to Marble, blockchain companies shouldn’t get too downhearted. Even though it feels as if their wings are being clipped, there are still plenty of ways of getting funding. He says: “I don’t think real teams should be that concerned. If you have a real blockchain concept or team and you’ve got some skill or differentiation or an incredible vision, the fact that you can’t advertise on Twitter should not deter you or stop you from raising money.”

Hedge Fund Funds

So, you can’t (or don’t want to) hold an ICO, you can’t drop free stock into investors’ wallets and you can’t wow users on social media. But there are still other ways to raise money and they may sort the wheat from the chaff. “If you look at what’s happening in the space, there was obviously a huge rush of retail investors into the market in 2017 and now that’s largely subsided. The Google searches for Bitcoin have dramatically decreased. The conversation about Bitcoin at the dinner table was last Thanksgiving. Now there’s a rush of crypto hedge funds.”

We’re talking about small hedge funds that have anywhere between $5 million to $500 million to invest. And they’re waiting to hear about your project. “Innovative companies,” says Marble, “even if you’re a small team, you can go out and find a page that lists all these funds and then contact these people. The best deals in the space are being funded by a small group of passionate crypto hedge funds that aren’t necessarily impossible to reach.”

Closing Thoughts

The future of fundraising may look a lot different, but it doesn’t have to be gloomy. As ICOs and airdrops start to subside, so too, should the deluge of shitcoins and hollow white papers selling nothing but air.

Article Produced By

Christina Comben

Christina is a B2B writer and MBA, specializing in fintech, cybersecurity, blockchain, and other geeky areas. When she's not at her computer, you'll find her surfing, traveling, or relaxing with a glass of wine.

How to avoid getting duped by a bogus initial coin offering

How to avoid getting duped by a bogus initial coin offering

  • 271 initial coin offerings have appeared so far in 2018, according to Coindesk. In 2017, there were 340.
  • In the last several years, investors have poured more than $12 billion into ICOs.
  • Red flags include promising high investment returns and accepting credit cards for investors to buy in.

"There's a real chance the [Securities and Exchange Commission] or another regulator won't be able to recover your investment, even in cases of fraud," said Lori Schock, director of the SEC's Office of Investor Education and Advocacy.

An ICO involves the sale of digital coins or tokens, which are typically used to fund a project that involves blockchain technology. In simple terms, this technology — which underlies bitcoin and its crypto brethren — ensures that all transactions using it are secure. Some ICOs are pitching either a new cryptocurrency (i.e., the next bitcoin wannabe) or could be exchangeable for one that is planned by the ICO's promoters. Others might give investors the right to use the coins toward a product or service that

will be offered.

"There's a real chance the [Securities and Exchange Commission] or another regulator won't be able to recover your investment, even in cases of fraud." -Lori Schock, Director of the SEC's Office of Investor Education and Advocacy

While not all of these digital assets are considered securities — regulators have said it depends on the specifics of each ICO — many meet the definition of a security and therefore are subject to U.S. securities laws. Already this year, 271 of these offerings have appeared, according to Coindesk. That's on top of more than 340 in 2017. In the last several years, investors have poured more than $12 billion into ICOs. However, the SEC says no ICOs have been registered to date.

Rather, the SEC's Cyber Unit — which has only been around since last September — has brought several fraud cases against operators of ICO offerings. Just this week, the agency announced that it has obtained a court order to shut down an alleged ICO scam that pulled in $21 million in investor money. In total, the SEC alleges $600 million has been raised in fraudulent schemes.

State securities regulators also have been busy. During the first three weeks of May alone, the North American Securities Administrators Association's "Operation Cryptosweep" resulted in nearly 70 inquiries and investigations and 35 pending or completed enforcement actions related to ICOs or cryptocurrencies. Additionally, other investigations into potentially fraudulent conduct are under way, and that's on top of more than a dozen enforcement actions previously undertaken by state regulators.

Even if a particular ICO is held with good intentions, there's no way of ensuring you'll ever see a return on your money. In fact, as is the case with any investment, you could lose all of it. Worse, you face the risk of criminals being behind the ICO and absconding with your money. And if the perpetrators are located overseas, the task of tracking down your investment could be impossible.

"The currency might be virtual, but the pain is real," Schock said. Both federal and state securities regulators have been engaged in public outreach to warn investors about the risks associated with ICOs and cryptocurrencies. The SEC even created its own bogus website to show investors what an ICO scam could look like.

Here are some of the big red flags to watch for.

Promise of huge returns

Generally speaking, investing comes with no promises. So if you're looking at an ICO that is pledging a certain return on your investment, you probably should walk away. "There are no guarantees when it comes to investing,"

Schock said. "A guaranteed return is a major red flag."

"There are no guarantees when it comes to investing. A guaranteed return is a major red flag." -Lori Schock, Director of the SEC's Office of Investor Education and Advocacy

 

Credit cards welcome

If you're invited to use your credit card to buy into the ICO, be very wary. Most licensed and registered investment firms don't let their clients use credit cards to buy investments or fund an account. Remember, too, credit card debt typically comes with interest charges if you can't pay off the balance immediately. So that investment could cost you more than anticipated. "If you don't have the money to buy it outright, you certainly can't afford to go into debt for it," Schock said.

 

The deal will disappear

Often, scammers will use high-pressure tactics to create a sense of urgency in the deal."Anything that pushes you to take action now, or discounts that disappear or countdown clocks … those are red flags of fraud," Schock said.

What else you should do

Even if the ICO's white paper — which details the investment and has become a standard with ICOs — looks legit and makes sense to you, don't let that be the end of your due diligence. Look into the people behind the offering. Scam ICOs have included pictures and bios of nonexistent workers. Make sure you can independently confirm that the executives listed are real people with credentials. Additionally, don't let a celebrity endorsement — real or fake — draw you in. The SEC has warned that it could involve a paid promotion, and that the person pitching the ICO might have little understanding of what they're recommending.

Article Produced By
Sarah O'Brien

Personal finance reporter

Sarah O'Brien reports for CNBC's personal finance team.
https://www.cnbc.com/2018/05/30/how-to-avoid-getting-duped-by-a-bogus-initial-coin-offering.html

 

What is airdrop coin? Don’t miss a single coin airdrop

What is airdrop coin? Don’t miss a single coin airdrop!

                                                    

On this crypto site, you’ll find all the latest airdrops to create money from thin air. Maybe not thin air, but without spending a dime. Because these days you can find dozens of active crypto airdrops at the same time. And tons of people, like you, are looking to get themselves some free coins and tokens. So I decided to aggregate all the coin airdrop info I could find out there. And put them all on this airdrop alert site for you to enjoy!

What is a crypto airdrop? What is airdrop coin?

First of all, let’s focus on the airdrop cryptocurrency meaning. What does airdrop mean? Maybe you’re a newbie in the crypto world. And it’s better to know what you’re dealing with… So, a crypto airdrop, coin airdrop or cryptocurrency airdrop, is a limited time event created by coin projects to promote their crypto-currencies. How? By distributing tokens or coins to early adopters, for free. In other terms, projects airdrop coin.

While there aren’t many requirements to get free airdrop coins 2018, you may have to work a little (create a post, like a page etc.). Or even to share some personal information (share your Facebook profile or give access to your contact list). Also you may need to be active in the crypto-community. Indeed, some crypto-airdrops are restricted and noobs can’t get in…

In addition, you may require some coins from a specified blockchain in your wallet. Most likely for bitcoin airdrop or ethereum drop, because they’re the most popular out there. But a free coin airdrop can be done on any blockchain. However, ethereum is dominating the cryptocurrency giveaway industry, with their ERC20 and ERC223 tokens. And that’s very convenient, to have all your airdrop coins in the same wallet! Here are all the listed ethereum airdrops.

And this brings me to the best part: You can receive free coins anytime, without even knowing about it! Indeed, some platforms give away tokens to people holding some of their coins, just like that. Therefore, I’d recommend you to hold a little bit of the most popular coins in your portfolio. And enjoy as many freebies as possible! Also, don’t worry too much about the requirements now. Because I’m not only offering an airdrop tracker, with a list of airdrops. But I’ll also explain how to get free tokens for all upcoming airdrops!

Why do people give away free coins via airdrop cryptocurrency?

Now you know what is airdrop coin. But why would projects give away free cryptocurrency air drop? A coinairdrop is a win-win situation: On one hand, you get free tokens crypto which could worth something in the future. And on the other hand, blockchain projects raise awareness for their crypto-projects during their ico airdrop. Because it’s free advertising for them, giving away tokens that are worth next to nothing. And that way, they’re able to create a community around their coin. Indeed, if you give someone a coin, he or she’ll likely get involved, to get some money out of it.

Also, giving away some tokens cause the new currency to appreciate. Because if you have a token, you’re inclined to give it more value than if you hadn’t heard of it. Furthermore, it’s a mean to create a customer database for a cheap price. And I don’t need to remind you the saying: If you’re not paying for it, you’re the product! Because these projects collect all the data they can in exchange of a few worthless tokens…

Finally, it seems there’s a new trend of digital currencies which don’t require mining coins. And this is an interesting concept, when we see how much energy and computer power is needed to mine bitcoins. So users don’t mine coins, they generate them during a Token Generation Event (TGE). And sometimes projects distribute all their tokens during a crypto airdrop campaign!

Coin airdrop: How does an airdrop cryptocurrency work?

Coin-airdrops are a brand new method to distribute free tokens in the cryptocurrency community. As a result, there isn’t any standard set of rules yet. And each blockchain team can request whatever they want from their backers. But always beware of scammers! Legit coin airdrops will never require you to share your private keys. And if you find one that does, please report it to the community. Because unscrupulous people are definitely behind it.

While I’ll give you as much details as possible for each coin airdrop, you may have to get in touch with the developer directly. If you need specific coins during a cryptocurrency airdrop, the dev team will make a photo of the corresponding blockchain. And only the people holding the crypto-currency in their wallet at that time will be able to get the free tokens crypto. While you may get the tokens automatically, you may also be requested to claim airdrop tokens on the project’s website.

If the free coin airdrop is linked to a social media network, you’ll have to share or retweet a post with a link of the project. And you may need a certain amount of followers to be eligible… Also, some teams request an access to your contact details and list of friends!

I received airdropped coins: What next?

You’re all excited because you got some free coins. But what now? Are you a millionaire yet? Not really… And after a coin airdrop, there’s nothing much to do. Because nobody has heard of the new crypto-currency… And it’s not even available in any exchange, yet. While you can exchange coins with other early adopters, your solutions are too limited. And despite the value the project announces, it’s really worth nothing.

But don’t despair yet. Because it becomes interesting when the new crypto arrives in the exchanges. And that’s when you know the real price of what you received. However, most backers usually want to sell their coins, to get “real” money. So the price may not be up to your expectations… Anyway, you don’t have to sell your free crypto coins, you can hold them for a later use.

How to keep your new free coins safe?

First of all, you need a wallet, to be able to receive, hold and send the newly minted crypto. While you can find many web-based wallets, a.k.a. hot wallets, I recommend you to use a hardware wallet. Trezor is the original and most secure cold wallet. And it’s compatible with most airdrop free tokens!

And you must keep secret your private keys to your coins & tokens. Otherwise they’re not yours. Period. While you can share your crypto address, you must never share your private key! If you do, you can say goodbye to your coins. Finally, remember that this is your best airdrop alert website! So don’t forget to register to my newsletter, or to subscribe to my Telegram channel, my Facebook page or my Twitter account. And you won’t miss a single airdrop crypto!

Article Produced By
Coin Airdrops

https://coinairdrops.com/

South Korea’s National Assembly Makes Official Proposal to Lift ICO Ban

South Korea’s National Assembly Makes Official Proposal to Lift ICO Ban


Nearly eight months after a blanket ban on initial coin offerings (ICOs),
 
South Korea’s National Assembly has reportedly made an official recommendation to allow domestic ICOs in the country. According to a report by Business Korea on Tuesday, the 300-member national legislature has made an official proposal to allow domestic ICOs in the country by preparing and adhering to relevant investor protection provisions.

The National Assembly’s special committee on the fourth industrial revolution even accused the government of ‘neglecting its duty’ in responding to the blockchain sector, the report suggests. The much-publicized ICO bans by Korea and China before it has seen an exodus of domestic companies going to friendlier jurisdictions in Singapore and Switzerland to conduct ICOs.

Discussions on blockchain and ICOs between the National Assembly and the government will ‘accelerate’, the report suggests. More pointedly, the National Assembly has put forward a legislative and policy proposal to recommend allowing ICOs. The committee on the 4th industrial revolution also called on the government to form a task force comprising of both public officials and private experts to “improve transparency of cryptocurrency trading and establish a healthy trade order.”

It further stated:

“The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”

The legislative effort first came to light earlier this month when a group of lawmakers led by Rep. Hong Eui-rak of the Democratic Party of Korea – the ruling government – began drafting a bill to legalize the launch of new ICOs in the country. “The bill is aimed at legalizing ICOs under the government’s supervision[…],” he said at the time. “The primary goal (of the legislation is helping remove uncertainties facing blockchain-related businesses.”

The embracive turn follows recent remarks from the new chief of Korea’s financial watchdog who has chosen to put the spotlight on the “positive aspects” of cryptocurrencies while suggesting authorities will relax cryptocurrency curbs in what is among the world’s largest crypto trading markets.

Article Produced By
ICO News

https://www.ccn.com/south-koreas-national-assembly-makes-official-proposal-to-lift-ico-ban/

 

 

Markethive’s Initial Loan Procurement ILP

Markethive's Initial Loan Procurement (ILP)

Markethive is currently expanding and has completed its whitepaper detailing the complete plan for the next 3 years.  It's a very exciting time for all of us here at Markethive.  Not only is a Markethive Coin being created which will be given away over time, but Markethive has released its first batch of ILPs – 125 of them.  Markethive’s Initial Loan Procurement (MILP) is a legally binding digitized loan agreement managed through the Blockchain that will create access to Markethive's Net Profit. The goal of releasing this first batch is to fund the expansion of Markethive.

One of the attributes of Markethive's ILP is that they are paid back first and then will to continue to share in the net profit for all the future.  Plus, each holder of an ILP will receive a private airdrop of Markethive Coins and some other very special bonuses. 

There are only 10,000 Markethive ILPs allocated – EVER – BUT the net profit will only be shared with the active ILPs.  If only 100 out of 10,000 are active then, profit will be shared amongst the 100 ILPs only.  These ILP will also be transferable and can be exchanged on Markethive's exchange.  

Each of the 125 ILP's value is $10,000 (only accepting Bitcoin) and you can acquire more than one (for those that acquire more than 3 there is a very special bonus).  We also have a referral program that provides a match for those that refer others.

Please contact Douglas @ cto@markethive.net for more information.

PS. The high level of support and recognition we are receiving is confirming that we are at the right place at the right time, case in Point our recent advisor, investor and supporter Andrew Greig.

Come listen to the Chief Visionary / Evangelist of The Electric Universe, Andrew Greig, this Sunday, May 6, 2018 @ 8:00am Central time (check Markethive's Calendar).  Andrew is an “out of the box” thinker who melds an infectious enthusiasm for our planet and all of its inhabitants. Previous positions held by Andrew include CEO & Founder of Vizzeco, the first Android developer-phone in the market; Founder & CEO of Google Global reseller cloud computing; and Founder & CEO of Koolu, named as one of the top 10 green companies to watch by IDC.

Note: Find out how and why Andrews direction and technology will integrate into Markethive and become a primary engine in the Markethive Ecosystem.

This Sunday @ 9:00 AM (eastern)

Honolulu, Hi USA  3:00 AM | Brisbane, Australia 11:00 PM | Bangkok, Thailand 8:00 PM | Mumbai, India 6:30 PM | Jerusalem, Israel4:00 PM | Rome, Italy 3:00 PM | London, United Kingdom 2:00 PM | Buenos Aires, Argentina 10:00 AM | New York, NY USA 9:00 AM | Chicago, IL USA 8:00 AM | Denver, CO USA 7:00 AM | Los Angeles, CA USA 6:00 AM

World Time Clock: https://www.timeanddate.com/time/map/#!cities=1986

Meeting Place: https://www.ivocalize.net/#room/CryptoHive

Markethive: http://markethive.com

PS. Here is a sneak peak at one of the bonuses for ILP holders;

 

 

 

 

 

Taming the Power-Hungry Blockchain Beast with Decentralized, Clean Energy

Taming the Power-Hungry Blockchain Beast with Decentralized,
Clean Energy

Throughout history, every great breakthrough often came with negative consequences

and side effects. Think about Marie Curie. Her research on radioactivity is what makes X-rays possible today. Unfortunately, her discoveries and remarkable research are also what killed her. What about the Internet? It’s the most revolutionary invention for generations and holds countless opportunities that benefit billions of people around the world. However, cybercrime has never been higher and expected to reach $2 tln by 2019. It’s the same story with Blockchain. The technology has the potential to revolutionize every industry it comes into contact with. However, its biggest application remains in the cryptocurrency industry. And with the current excitement surrounding this industry, it’s easy to overlook the side effects that come with such a disruptive breakthrough.

Energy-craving Blockchain can have devastating consequences for the environment

Mining popular cryptocurrencies, such as Bitcoin, requires extremely powerful computer hardware that can solve complex mathematical equations. To run these computers burns up a lot of energy, mostly from non-renewable fossil fuels. And as the price of the digital coin sores so too does the number of people looking to get in on the action. Each and every Bitcoin transaction requires around 215 KWh (kilowatt-hours) to process. In comparison, the average American household uses 900 KWh every month. So around 30 KWh per day.

That means a single Bitcoin transaction uses the same amount of power as seven homes do in an entire day. What’s even more shocking is that a single Bitcoin mine relies on fossil fuels, like coal, can produce as much as 13,000 kg of CO2 emissions per Bitcoin mined. With 300,000 transactions per day, it’s easy to see what a significant impact the process has on the environment. And this is just from one cryptocurrency. Although Ethereum is less energy reliant, a single transaction on this network still requires the same amount of power as nearly two homes. In total, the network is equivalent in power consumption as the whole of Cyprus.

Centralized mining on a decentralized network

On a platform that is inherently decentralized, centralized mining operations seem counterintuitive. However, mining operations gravitate towards countries with cheap electricity. For example, China does over 80 percent of Bitcoin mining due to the country’s cheap supply of electricity. Unfortunately, the power supply comes mostly from dirty, non-renewable sources like coal. The country gets more than 70 percent of their electricity from coal.  In fact, a few years ago, it was reported that China burns as much coal as the rest of the world combined.

Burning coal releases large amounts of CO2 which is one of the biggest causes of the greenhouse effect and global warming. Apart from having a detrimental impact on the environment, large pools of concentrated mining pools spurred on by cheap electricity, have too much influence over the network. Look what happened to the price of Bitcoin when China announced their ban on ICO’s? The price becomes too reliant on single entities. This in stark contrast to the underlying concept of cryptocurrencies and Blockchain as a whole, which adds value exactly because of its dependency on a majority consensus to verify and approve transactions.

However, people and big corporations are becoming more aware of their social responsibilities and the size of the footprint that they leave on this earth. Development and adoption of renewable energy sources have seen a dramatic increase in the last few years, including solar, wind and hydropower. So much so that in many locations, there is an excess supply of electricity from renewable sources, that simply goes to waste. This is in great part due to the fact that the cost of building large-scale solar farms has dropped by as much as 50 percent in five years.

A three-fold solution

Envion is hoping to make cryptocurrency mining cheaper, cleaner and decentralized with their mobile data-centers. They’ve developed automatized mining units which are installed inside shipping containers. These containers can be relocated around the world with relative ease, reducing the dependency on single governments, economies or infrastructures.

The mining units, which exclusively consume power from reusable, green sources, are placed near energy supply points, such as solar plants and wind farms, reducing the cost of “transporting” electricity and enabling them to easily tap into excess energy production. In addition, the company developed a new, self-regulating cooling system, specifically for Blockchain mining, which is up to forty-times more energy-efficient and cost-effective than conventional, AC cooling units.

Envion further promotes environmental friendliness by recycling the energy produced from mining with the strategic placement of the mining units, close to objects and buildings that need heating, including warehouses and greenhouses. This enables them to reduce their energy costs even further. The end result is a mining solution that is more profitable due to lower energy costs, more secure due to mobile mining that puts less reliance on single entities, and more eco-friendly due to the usage of renewable, green power.

An ICO for the environment

Many of the ICO’s we see these days are largely based on Speculation. The EVN token is however fully backed by the hardware that it represents which is already operating successfully. The EVN token will be on sale for 31 days from Dec. 1, 2017, with a max cap of 150 mln. Once invested, token holders will have the right to dividends from the mining operations including 100 percent from proprietary mining operations (75 percent immediately and 25 percent reinvested to boost future payouts) and 35 percent from non-proprietary operations. Finally, token holders will also get a say in company strategy by voting on decisions.

Chuck Reynolds

Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Can BitIndia Become the Paytm of Digital Money in India?

Can BitIndia Become the Paytm of Digital Money in India?

Bitcoin has been gaining popularity

in one of the most populous countries in the world, India. The digital currency is backed by the Blockchain technology, which has established itself as the driver and backbone in many fields. Both Bitcoin and Blockchain technology have been around since 2009 when Bitcoin emerged on the world stage and have steadily impacted the financial services industry and how it delivers products and services. Recently The Hindu Business Line, an Indian newspaper, quoted Nicolas Cary, President of Blockchain, one of the world’s largest Bitcoin Software

Company as saying:

“Over the past 12 months, we’ve seen unprecedented activity and growth in India. We think India could be the most significant market in the world for digital financial services. Within the next five years, it can potentially be bigger than that of the US.”

However, what will it take for India a country with 22 major languages, a billion plus people a geographic span of 3.2 mln kilometers to get onboard the Blockchain revolution? India needs specific solutions and BitIndia, a company that is promising to deliver a Blockchain wallet and decentralized crypto exchange “for the streets of India,” is emerging as an India centric platform that can act as a driver for the growth of both cryptocurrencies and Blockchain in the subcontinental country.

Indian solutions for India

The Indian market is so diverse and segmented that products and services that do not take an Indian hue and color often fail to impress the local populace. It is also important to understand that the rural population of the country is as high as 68 percent and constitutes a significant economic backbone of the country.

Back in the 1990s when India was undergoing what the local media dubs as ‘liberalization’ of the economy, newly-launched MTV played English music and had only English speaking VJs. Fast forward to today — MTV in India has completely taken a ‘regional’ hue. Businesstoday described the TV channel as neither ‘fish nor fowl.’ Localization and understanding of the market is the key to success for any business in the country and BitIndia is well aware of that. In a whitepaper, they underscore their approach towards

the Indian market:

“BitIndia wants to create a user-friendly, secure, decentralized atmosphere for India so that people can carry everyday transactions through BitIndia wallet. BitIndia further envisions to reach out to every person in India, starting from urban areas to educate at least 20 percent of the population about Blockchain and cryptocurrency.”

Can BitIndia be the Paytm of digital money in India?

BitIndia is emerging as a total financial platform that provides users with a mobile wallet for their Apple and Android devices as well as their web browsers and allows them to store cryptocurrencies securely. They are also working on building an ‘instant exchange,’ which will allow people to transact between digital currencies and the local currencies — this even as the user will have complete control over their private keys.

An Alpha version of the product will be available for download by the end of 2017. The currencies that will be traded on the platform include Bitcoin, Ethereum, Ripple and Litecoin. BitIndia wants to offer comprehensive services for users, who can buy, sell and save in digital currencies, allow merchants to accept payments with very reasonable and low transaction fees and help traders find opportunities to profit from cryptocurrencies. If BitIndia can reach 20 percent of the Indian population as is their stated aim they would be in a position to challenge established players like Paytm, who have already found a niche in the sprawling Indian market. Keep in mind only 0.5 percent of Indian population currently transacts in digital currencies according to BitIndia.

A strong India centric team backed by John McAfee

Cointelegraph covered recently how BitIndia is supported by John McAfee, the founder of the famous McAfee Antivirus. McAfee’s confidence is not misplaced as BitIndia has built a strong team to deliver their platform to the Indian public. John McAfee acts as a partner and advisor in BitIndia.

Sahil Kohli, the CEO of BitIndia knows cryptocurrencies and has a strong background in crypto trading. Kohli is also the co-founder of Applancer.co. Saumil Kohli, Founder of BitIndia, has co-founded two tech companies and also has a crypto trading background. The technology lead is Kunal Nandwani, the founder and CEO of uTrade Solutions, a company operating in the financial trading domain. BitIndia have found support in a strong advisory team which includes Reuben Godfrey, co-founder of the Blockchain Association of Ireland, Victor Wong, CEO of Sparkle Coin and others.

Rearing to go post token sale

BitIndia have recently concluded a token distribution and launched their ERC 20 compatible BitIndia token. They are planning to launch token trading by December 2017. Their roadmap indicates that they would like to create a future in which 25 percent of the global Blockchain trading will occur in India. Not an unlikely scenario if India is to surpass the US as the biggest digital financial services market in the world. The potential is there, the conditions are ripe, and we will all just have to wait and see if BitIndia can snag the opportunity and become the Paytm of digital money in India.

Chuck Reynolds

Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614