Friday, 4 August 2017

Acceptation of Bitcoin Cash in India.

Most of the Bitcoin Exchange companies have informed that they will not give support to Bitcoin Cash, the new cryptocurrency created this week. Therefore, users that wanted to trade with Bitcoin cash had to move their Bitcoins from the wallets of their Bitcoin exchange companies to other wallets that are not associated with companies like Zepbay, Coinsecure or Unocoin. The only company that has not let known their clients about if they will support Bitcoin Cash is Bitxoxo, what is considered the fastest Bitcoin exchange in the Asian country.  The bitcoin operations were suspended from the last Sunday to August 3rd by most of these companies. 

Does the negative to accept Bitcoin cash represent a delay in the Indian economy? It is a curious question. Bitcoin cash this week reached the position of the third most valuable cryptocurrency. So, one could expect that its popularity and advantages like the faster transactions, no regulation from any government, call more people to start trading with Bitcoin Cash and sell their traditional Bitcoins. It is normal that most of the companies of Bitcoin exchange in India do not support Bitcoin Cash since its demand is still low in the country, but as soon as the demand of the cryptocurrency increases these same companies will have to update and adapt their Bitcoin exchange to cover Bitcoin cash. 

All the new inventions in the history of mankind start with low support, but at the end the world follows the invention. Hence, Bitcoin exchange during these days will remain with the same dynamics, but the preferences of Bitcoiners are going to be the final key to decide what the future of Bitcoin exchange in India is. 

Other fact that worries the Indians that participate in the trade of Bitcoin are the new proposals that the ministry of finance has provided to the government in which bitcoin and all cryptocurrencies usage will be stopped and probably considered illegal. If this action is decreed would paralyze activities with both Bitcoin and Bitcoin cash. The future of cryptocurrencies in India will be pending on the decisions of both the government and bitcoin exchange companies.

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