Over the course of the past few months, bitcoin use in India has been on the rise. During the first week of November Prime Minister Narendra Modi began a demonetization process removing high denomination rupee notes out of circulation. Since then the country has experienced a cash crisis and demand for bitcoin has grown exponentially.
A Discussion With Coinsecure’s Benson Samuel
Bitcoin.com recently chatted with Benson Samuel, founder of the Indian bitcoin-based company Coinsecure. Samuel gave our readers some insight into the company’s platform, why they started the business and the current demand for cryptocurrency within the region.
The move on demonetization has definitely spiked interest in Bitcoin in India overall. We are seeing over a 300% increase in turnover and over 250% increase in our user base.
Bitcoin.com (BC): Can you tell our readers about the Coinsecure platform?
Benson Samuel (BS): Sure! We have built out the most advanced trading platform in India which allows users to place their bids and asks, and orders are matched and executed. In addition to that, we have recently expanded our services to let people across the globe leverage the arbitrage opportunities currently prevailing in India with easy access to our trading platform.
Our wallet services allows users to store, send and receive funds globally. We also have the most comprehensive API (Websocket and REST) which allows other businesses to plug in and use our backend technology. Our merchant payment gateway allows businesses to accept Bitcoin at a 0% volatility risk and our most recent development has been the Android app for the exchange where people can now trade bitcoin on the go.
BC: What inspired you to start a bitcoin company in India?
BS: There was nobody looking at building out a tech-heavy company. We wanted to change that. So we built out an advanced algorithmic trading platform with live open order books that allowed users to set their prices. This meant giving more control to our customers. They can now determine the spend and set their rates, and they make the market on Coinsecure.
Also, our API allows anyone across the globe to plug in and start a white label exchange and leverage from the tech we’ve built out.
India has demonetized its physical currency and removed high denomination rupees. How has this affected the average Indian citizen?
BS: While demonetization could be good, it should have been better organized and implemented. The common man and the lower class of society are the most affected, considering that India was a cash-heavy economy. Making a change from a cash-heavy economy to a cashless economy overnight definitely comes with a whole lot of challenges for banks as well as people alike.
Since the prime minister started the demonetization effort how has this affected bitcoin interest for your business at Coinsecure?
BS: The move on demonetization has definitely spiked interest in Bitcoin in India overall. We are seeing over a 300% increase in turnover and over 250% increase in our user base.
India’s government seems to want to speed up a cashless society. Do you think bitcoin is favorable in the government’s view as a digital money?
BS: The last document released by the Reserve Bank of India states that they aim to regulate cryptocurrencies by 2017.
India’s outlook towards bitcoin has definitely improved and now with the move of going cashless, I see a huge opportunity for India to look at bitcoin as one of the best options. I believe that India will definitely look at regulating bitcoin and setting practices to be followed shortly.
Media has been reporting stories about gold confiscation taking place in India. How truthful are these headlines?
BS: Most of these stories are around illegal hoardings, and these raids seems more a routine that is followed from time to time.
New Applications, Partnerships, and a Mission to ‘Connect India to Bitcoin’
The Coinsecure team has recently released its live order app can you tell our readers about this?
BS: Yes, our Android app allows users to trade (buy/sell) on the go. The exchange app is packed with features and is the first to have live open order books.
Can you tell us about your recent partnership with Bitpay and what this collaboration entails?
BS: Our partnership with Bitpay means that businesses in India can now accept Bitcoin as a method of payment with a 0% volatility risk. This eliminates the risk of losing money and also allows merchants and businesses to open out their markets to the global audience.
How does your company feel about the current state of Bitcoin development and the growing ecosystem?
BS: Just like the dot-com bubble distracted development of the core internet, we are seeing the blockchain bubble distracting the core, which is bitcoin. The bubble is bound to pass, and we will see bitcoin gaining popularity.
What is Coinsecure’s overall mission?
BS: We started Coinsecure with the mission of “Connecting India to Bitcoin.” Coinsecure currently focusses on building an entire ecosystem for all bitcoin and blockchain related needs. This simply means that we are aiming to be the one-stop shop for all bitcoin and blockchain related needs by building out an array of products and services.
Thank you, Benson, for sharing your insights on what is happening in India and how your company is serving the population digital asset alternatives. Good luck with all your endeavors.
What do you think about Coinsecure and the demonetization situation in India? Let us know in the comments below.
Images via Shutterstock, Benson Samuel, and Coinsecure’s Website.
Have you seen our new widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool and you can customize by size and color. The widgets include price-only, price and graph, price and news, forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power.