Unocoin, which is a bitcoin exchange based in India, has completed the cycle in converting Mechanical Turk to Indian rupees. The group has partnered with Purse.io, which is a bitcoin startup that allows the exchange of Amazon gift card credit to bitcoin at good prices.
Meanwhile, Mechanical Turk is an initiative with Amazon that uses human intelligence for tasks that cannot be performed by computers. This has grown into a global crowdsourcing market, which connects clients to workers who fulfill these tasks.
Bitcoin Exchange Closes the Loop
Mechanical Turk was launched in 2005, initially to serve internal purposes in Amazon. The initiative gives businesses and developers access to an on-demand scalable workforce while allowing workers to select from thousands of tasks and work whenever it’s convenient.
Individual tasks are known as HITs, which is short for Human Intelligence Tasks. These comprise data entry, transcription, content writing, among many others.
Prior to Unicoin’s partnership with Purse.io, Mechanical Turk is usually converted only to US currency or to an instant Amazon gift card balance. Now the bitcoin exchange allows for the conversion of this balance to bitcoin and to Indian rupees, as many of the workers for Mechanical Turk are based in India.
Unocoin allows buying and selling of bitcoin through a bank account opened in India. It also stores bitcoin securely in a Unocoin wallet or vault. It can also allow its clients to accept bitcoin from other customers around the world.
Apart from that, the bitcoin exchange has a Unocoin Merchant Gateway feature that enables online sellers to integrate the platform on their e-commerce shops. According to its website, Unocoin charges zero transaction fees for merchants that accept payments in bitcoin.
This exchange from Mechanical Turk to Indian rupee via Unocoin and Purse.io takes roughly two days to complete and has minimal transactions costs.