Bitcoin Attracts Young Traders in India, Why?steemCreated with Sketch.

in #alexander7 years ago

bitcoin-495995_960_720.jpgBitcoin’s all-time high prices in May left major Indian bitcoin exchanges reeling under the stress of having to accommodate a flurry of new adopters of the
cryptocurrency. Coinsecure has an ''exponential growth'' of the bitcoin users as the exchange, launches in 2013. App-only based bitcoin exchange Zebpay
enforced temporary ‘buy limits’ last week due to a combination of factors where a shortage of bitcoin supply was unable to meet the actual demand.
The demand for the cryptocurrency is particularly seeing a marked increase in the 18-35 age group, according India’s leading business daily, the Economic
Times. It is a strategy to attract the young traders who are reportedly willing to take up by appeal of making significant profit from buying low and sell high
in the volatile market.
I read one article on ET on the same case so I take an example of that case-" The student, Sahil Shah, says he traded four bitcoins which he purchased at
a cost of ?70,000 each (approx. $1100) before flipping it for ?220,000 (approx. $3,400) each. Buying bitcoin on Indian exchanges came at a premium,
with the cost of one bitcoin through Unocoin, India’s leading exchange, hitting an all-time high of ?230,598 or $3572. An $850 premium compared to
bitcoin prices on USD Markets.
This example suggested that-'' The awareness of bitcoin is worldwide now, particularly about its revolutionary technology has triggered a rally in the bitcoin
market. The bitcoin executive points to Japan as one of a growing list of countries introducing regulation for bitcoin, fueling the recognition and adoption in
the mainstream as a result.
Indian Authorities are also working on determining the legal and regulatory future of bitcoin in the country. India’s Finance Ministry (FinMin) established
an inter-governmental committee to study a framework for virtual currencies in March. In May, the FinMin opened itself for suggestions from the public.

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High level meeting is taking place in the next week to decide the regulations or self regulating status of the bitcoin, which would actually attract more Indian youths towards the digital currencies