How bitcoins help to the Indian economy?
International money transfers can be expensive. To avoid too high exchange rates, you can use a traditional money transfer service in exchange for low-cost electronic money. The bitcoin services are much cheaper than the traditional banks and offer a wide selection of currencies so that the inhabitants of India can exchange bitcoins to rupee and vice versa to the best price btc / inr.
If Bitcoin made a balance of its route through the year 2016, the results would be surprising, in 365 days its value doubled and more than that. It has also grown in popularity, appears more and more in the news, has become more enthusiastic every day and its technology is increasingly used in different aspects of business, finance and everyday life and accounts for 87.4% of the digital coin market.
Due to the turbulent economy in this Asian country, all kinds of people have decided to bet on the bitcoin exchange in India from small traders, to big businessmen see as a productive option to buy bitcoins in exchange for rupees (inr). As more bigwigs, whose money is at risk from current financial problems, buy bitcoins, seeing it as an innovative alternative through which to diversify their economic strategies, the price of bitcoin in India could skyrocket and subsequently stabilized. Viewed from this perspective, the monetary flows that are occurring in the bitcoin exchange ecosystem in India may be much greater than that shown by statistics.
As the large financial players are those who move huge amounts of money in a single transaction, and those most affected by international market disruptions, it is likely that higher prices of bitcoin in India are likely to be seen as being used as value warehouses.
By comparing the characteristics of traditional money like rupee or fiduciary money, gold and the bitcoins, it is hard to ignore the advantages of the latter. They possess the three fundamental characteristics of money: it is scarce, durable and little by little begins to be accepted as a means of payment in many places, for which it is considered as a resource of help for the Indian economy.