It is time for Bitcoin exchanges serving the Indian market to up their game or lose out on the little quorum of existing customer base. India is forecasted to be one of the largest Bitcoin markets in terms of potential. The country is still waking up to the Bitcoin revolution with a small percentage of population already using Bitcoin for transactions, remittances and also trading. Given a large promise shining in the immediate future, it is high time the Bitcoin Companies in India get to work, with enthusiasm and intensity each morning.
Bitcoin Exchanges in India, Homegrown and International
As the number of Bitcoin users continues to grow, the exiting handful of Bitcoin exchanges in India are still in the process of learning as they get bigger. While it is understandable for homegrown Bitcoin exchanges to grow slowly, but surprisingly big international players catering to the Indian market don’t seem to be doing any better when it comes to facilitating smooth exchange and transactions.
The ‘Indian Bitcoin Chain’ Is Only as Strong as the Weakest Link
The recent issue with Blockchain where miners ended up building upon invalid blocks after they failed to verify the blocks seems to have further compounded the issue. Currently India has three major Bitcoin exchanges catering to the majority of Bitcoin users and at this moment only one of them seems to be handling things efficiently.
It is essential for the players in Indian Bitcoin industry to pull their socks up and ensure seamless service if they want to increase Bitcoin adoption in the country. It is hard to retain a first time Bitcoin user if his first experience turns out to be a bad one. It is time for the industry to realize that their business depends on more users and the only way to convince more people to adopt Bitcoin in a risk averse environment is to improve their experience.
Miles to Go before They Sleep
All is not lost yet, as the homegrown companies are slowing building up strategic partnerships and becoming more self-sufficient. If it continues, then we can expect some world class service from these start-ups. Increasing competition from new players entering the domestic market will heat things up and accelerate the growth of the Indian Bitcoin ecosystem. Competition brings efficiency. Time can answer this post, as we enter late 2015 and early 2016, which is believed to be a great time for Bitcoin in general. How India capitalizes on this momentum is unto the Bitcoin companies in India.