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Bitcoin Saga & the Indian Scenario

bitcoin saga
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Bitcoin, CryptoCurrency, Blockchain are the current Buzzwords around the globe. Let’s have a look at how the Crypto scenario is in India.

Let’s start with the basics first, what is Bitcoin?

It is the first decentralized peerto-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin Mining

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. This activity is called mining and is rewarded by transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for different currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.

The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. The system is peer-topeer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses its own unit of account, also called Bitcoin.

History

Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.

The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.

Satoshi’s anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the opensource nature of Bitcoin.

Satoshi Nakamoto

The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto.

 

 

Here is what the local Indian Bitcoin scenario looks like!

Zebpay

Zebpay is the mobile application available on android and IOS through which Bitcoins can be purchased Electronically. Zebpay is the app offered by the company Zeb IT services Private Limited based in Ahemedabad, Gujrat. Zebpay is in the Bitcoin exchange business since 2012. Earlier it was operating by the name of BuySellBitcoin – Buy Sell Bitcoins in India online founded by Mahin Gupta, Sandeep Goenka and Saurabh Agrawal. They later re-named from BuySellBitcoin to Zeb IT Service Private Limited.

Unocoin

India’s most popular Bitcoin Company, as claimed by the company itself is another Bitcoin Exchange based in Bengaluru .Unocoin was founded in July of 2013 in the town of Tumakuru, Karnataka initially but Later the company shifted its major operation to Bengaluru. Unocoin Technologies Private Limited has launched it’s mobile application by the name of Unocoin which can be downloaded on android as well as IOS. Through this app, Unocoin users can buy/ sell bitcoins. The company was founded by Sathvik Vishwanath, Harish B V, Abhinand Kaseti and Sunny Ray. Renowned Bitcoin Investor Barry Silbert invested 250,000 USD in Unocoin making it the first bitcoin investment in the country and since then in three years the company has drawn more than 30 top investors from 5 countries. In September 2016, Unocoin had raised $1.5 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history.

Unocoin is also continuously collaborating with various other organisations in order to boost Bitcoin popularity in India. In early March Unocoin collaborated with BookMyShow and made it easier for movie buffs to watch movies and pay in Bitcoins. Another major collaboration that Unocoin made was with PayuMoney, where Unocoin started accepting payments via PayUmoney.

 

‘‘ Renowned Bitcoin Investor Barry Silbert invested 250,000 USD in Unocoin making it the first bitcoin investment in the country and since then in three years the company has drawn more than 30 top investors from 5 countries. ’’

 

Coin secure

Another Bitcoin exchange based in New Delhi . With Coin Secure’s mobile app, Coin secure offers buying/ selling/trading bitcoins through smart phones as well as over the desktop.

Coin secure began it’s journey in 2012 and was later acquired by Delhi-based industrialist Mohit Kalra, now CEO in June 2014. The advancement focus is in Bangalore drove by Benson Samuel who is the CTO and Founder.

Btcxindia

Btcxindia.com a Bitcoin wallet and exchange providing real time trading of Bitcoin and INR and operating at the highest levels of security and reliability, based in Hyderabad. BTCXIndia is promoted by S Capital Solutions Pvt Ltd, incorporated on 25th Nov 2013. BTCXIndia is a certified member of NASSCOM.

GB miners/ Gainbitcoin.com

GB Miners, founded by Amit Bhardwaj, is the fastest growing Mining pool. GB miners a product of Amaze Mining & Blockchain Research the biggest bitcoin mining pool in india with it’s complete mining set up based in China. Bitcoin Mining Company Online, Cloud Mining Contracts India is a sister concern of GB Biners with it’s head office based in Singapore, offering investors to invest in the company’s mining pool and in return receive Bitcoins. At present, Bitcoin Mining Company Online, Cloud Mining Contracts India in association with GB Miners offers the highest return with nearly 10% per month of the numbers of Bitcoin invested in their mining pool.

 

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