Did Cryptocurrencies Change the Indian Startup Scene?

Indian Startup ecosystem was established to prosper to new heights for a better tomorrow. Active programmes such as the Startup India and Make In India are examples for encouragement to startup companies. Indian Prime Minister Narendra Modi foresees a young generation to provide job than seek for one. Around 65% of the population in India is below the age 35 which proves a great asset for the country if guided in the right way to follow their dreams.

At the early years choosing entrepreneurship as a profession to live and earn in India was hard to imagine. This situation has improved dramatically over the years. Tech startups has risen from 3100 to 4750 from the 2014 -2017 which is a 60% increase even though the country is still reviving from the jolts of demonetization. Entrepreneurship is expanding to all sectors of the society such as IT Manufacturing, etc. showing capability to perform wonders. Bitcoin is being highly preferred nowadays as demonetization has hurt people’s trust and confidence. This has encouraged the entrepreneurs as people might use bitcoins for online shopping, bill payments, etc. in the near future.

Soon, decentralized and hybrid apps will take over the market and companies will pay the salaries of their employees in Bitcoins or any other cryptocurrency. It would be wise to invest in Bitcoin, the first decentralized electronic currency and Ethereum which exclusively features smart contracts. They promise in gaining high returns on investments. Blockchain technology is mechanism that guarantees trust and highly preferred even in banks and other sectors and is the basis for cryptocurrencies. Companies like Bitindia have announced to expand multiple cryptocurrencies like Bitcoin, Litecoin, etc.

Cryptocurrency was introduced with the vision to provide an alternate, secure network to the banking system of the nation. Being the second largest in world population, having the highest remittance rate in the world and expanding IT landscape, India is progressing at the right time for development and growth of the cryptocurrency sector. Currently, entrepreneurs are willing to exercise their minds in blockchain enabled cryptocurrencies to follow growing trends of digital currency in India. To make hay with adequate funds, both the government and the private financing companies are backing the Indian startup ecosystem. There are around 750 cryptocurrencies with a market capital of more than $104 billion as per the latest data thereby making early moves for a bright prospect. Many cryptocurrency exchange wallets and platforms have been raised to support cryptocurrency trends. With an increase in the number of cryptocurrencies startups, job opportunities has shot up that is expected to save India from unemployment.

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