With its price surging exponentially, Bitcoin’s comparison with Gold is outdated. Bitcoin is limited, so is ‘Margarita, the Benjamin’ with a composition of a special Cuvee of Grand Marnier, finished with Louis XIII Cognac. As demand is catching up, the nine-year-old Bitcoin is already priced on par with 42-year-aged Glenfiddich single malt scotch, and will perhaps surpass a bottle of 50-year-aged scotch too, which is trading at $32K at the whiskey exchanges across the world. However, in India, like whiskey exchanges that are few and far between (trading aged single malt scotch), there are limited cryptocurrency exchanges that are reliable, regulated and that enable trading in Bitcoins and other cryptocurrencies.
In India, as the Bitcoin fever is catching up with over 2,500 users trading Bitcoin daily and the trading volume rising close to $20 Bn a year, cryptocurrency exchanges are mushrooming with each passing day.
In the world of cryptocurrencies, hard-fork is a common phenomenon. However, for a hard-forked coin’s valuation, it is important to have the backing of some independent exchanges that could benchmark their values.
Amid 1315 cryptocurrencies along with crypto tokens available for the trading at various cryptocurrency exchanges, it is crucial to check whether the exchanges trading these cryptocurrencies are regulated or not. In India, while mcap tokens and Onecoins received a bit of controversy, globally, more than 50 cryptocurrency exchanges have been shut down owing to the hacking, chaos and government policies.
In India, while the government policy regarding cryptocurrencies is the new ‘Birbil Ki Khhichdi’, still in the cooking mode, a majority of the Indian cryptocurrency exchanges have already adopted the KYC way to minimise the trading risks. The Indian cryptocurrency exchanges have also formed a foundation called Digital Asset and Blockchain Foundation of India (DABFI) which decides the exchanges’ stand on various issues such as hard-forks. Leading from the front, Bitcoin has captured a major chunk of market shares, Ethereum, Litecoin and Bitcoin Cash are slowly making their way into the Indian cryptocurrency market.
Added to that, India is soon going to have its own digital cryptocurrency, Laxmicoin. Founded by Raj Dangi and Mitts Daki, Laxmi Coin was scheduled to be India’s first digital cryptocurrency, back in 2013. However, after RBI press release over the cryptocurrencies in 2013, the launch was suspended. The startup will be officially launched in 2018 now, and the ICO will start on March 31, 2018.