Despite what some of India’s government officials may claim, the future of bitcoin in the country still looks very bright. Unocoin, one of the country’s leading bitcoin exchanges, continues to experience major growth over the past few years. After somewhat of a rough start, the company has now successfully doubled its user base over the past six months. An impressive feat, to say the least.
Unocoin Is Firing on All Cylinders
When it comes to finding a bitcoin exchange in India, there are not that many options on the table. Unocoin and ZebPay are the two largest cryptocurrency platforms worth looking into. Rest assured there will be some more competition once local legislators come to an agreement on how they wish to label bitcoin, though. As one would expect, this lack of regulation is still holding bitcoin back in the country.
At the same time, India is a valuable breeding ground for the future of cryptocurrency. The country is home to many native digital payment solutions already, which means bitcoin will have a fair chance of succeeding in the long run. Consumers and companies are somewhat getting used to electronic and digital transactions, effectively paving the way for a superior currency such as bitcoin.
All of this has translated into major success for the Unocoin exchange to date. During the first 34 months of operation, the company saw 100,000 users sign up to use the bitcoin exchange platform. At a rate of just under three people a day, that was a pretty good start, all things considered. Considering how there was even more uncertainty regarding the future of bitcoin at that time, reaching 100,000 users in such a time span was considered to be a major success.
Over the past six months, something has definitely changed for Unocoin, though. The company successfully doubled its user base in quick succession, indicating the demand for bitcoin in India is still growing. While LocalBitcoins processed a large amount of bitcoin volume in India as well, centralized exchanges such as Unocoin are still popular. That is positive news and spells a bright future for bitcoin and other cryptocurrencies in India. It will be interesting to see how Unocoin’s trading volume looks compared to six months ago.