Bangalore is the startup hub of India and the country has witnessed a noticeable Bitcoin boom over the past year. The world's favorite internet currency continues gaining popularity amongst the urban users of one of the fastest growing economy in the world today.
The city of Bangalore has a population of over 8 million people and Unocoin, one of the biggest exchanges in India provides merchant services and has enabled over 50 merchants to sign up and accept Bitcoin as a mode of payment.
The company has a registered user base of over 300,000 users and processes over 310,000 USD every month. The Bangalore-based Bitcoin exchange has gained popularity for providing a fast service coupled with merchant services hopes to add thousands of merchants in the months to come.
According to Unocoin CEO and co-founder Sathvik Vishwanath:
We have added over 50 merchants in this month across Bangalore who accept Bitcoin today as a mode of payment.
A quick peek at https://www.unocoin.com/use will show you several big retailers who are accepting Bitcoin today. Some of the merchants include India’s largest book mall Sapna online as well as a travel portal Etravel Smart. Mobile DTH data card provider Reload and web-hosting services Indsoft and Cyberls are also accepting Bitcoin today amongst many others. Check the aforementioned link for a bigger list of merchants.
Unocoin has been regularly conducting Bitcoin meetups in Bangalore since 2012 and has over 3,227 members who meet regularly to discuss Bitcoin, Ethereum and the blockchain technology.
While this news seems to be focused on a small part of India, in the next year or two we are bound to witness a rapid growth and adoption of the cryptocurrency in the country.
Indian government is considering drafting a bill around cryptocurrency and legalization of Bitcoin and cryptocurrencies is likely to create a massive demand from India as more people ditch local currency for Bitcoin. For the Indian exchanges who started early on the scene, there seems to be a massive upside despite Bitcoin blooming very late in the country.
Let's hope that the Indian government legalizes Bitcoin soon so that it brings more users onto the network!
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Bangalore, this City has one-third of the population of Australia. It is great to see that Bitcoin adoption is so strong there. Thanks for the news.
This article is really amazing. Things are moving so fast. The end of paper money is nearer, for better or for worse. Who will have the final control? Those without cryptocurrency will be left out, especially those on the other side of digital divide. The poor and uneducated will become absolutely impoverished. But many will become millionaires and billionaires.
Yeah, some will be victims because they rely on the Socialist model for their livelihoods, but with a little help from those who can benefit from the changes, maybe they will be ok. After all, we should be helping each other through the hard times.
Good news for Bitcoin and Bangalore ;)
That's it actually. If India or China adopt Bitcoint, it'll turn mainstream overnight
Too legit to quit!!! we need more @firepower
Have you seen many steemians from 3rd world countries that produce quality content regarding there culture that get heavily under rewarded this is a pain point on steemit that I wish to address. For those that don't speak English I see the language barrier being the biggies issue.
Best,
Isaac
Many might not be aware of this, but India has the second largest population of people who know English - doesn't necessarily mean they speak English too. That is 10% of its population or 125 million people.
Hello @maxabit,
That just goes to show why awareness is so important because many of us have inaccurate assumptions.
Why are they under rewarded ?
I believe I may have misspoken more under recognized that under rewarded.
I would like to see the people that just barley get buy living off the land have there post easier to find so that they can be reworded.
It'd be so awesome to see btc make further inroads in India, especially for unbanked, and to provide some 'trust'. I've got a few 500 rupee banknotes at home from my last visit..worthless now I suppose. And can remember on my first trip in 95 the number of clearly counterfeit notes doing the rounds.
@firepower i track India and i belong to Pune. I have seen lot of organisations now coming forward and accepting cryptocurrencies. I am advising a compliance domain startup which can start accepting steem for its certification courses. Its a unique development which i wanted to desperately convey you. Once the implementation is complete i would get back to you with detailed experience of accepting payments in steem soon. We could be probably the first company to accept steem for certification courses.
That is the great post @firepower . i am very like if somebody post like this...
Keep steem on @firepower....
I will be wait for your posting next time...
I will support your job now..
Because you have the useful job for many people in indian..
I like your post...
Thanks
Thank you so much! :D
You are welcome @firepower.
Keep steem on and keep solid too :)
congrats Indian brothers your gov take a smart step towards future finance tool
Thanks! It is a good step!
@firepower - With the debate still going on in India in government circles about making bitcoin legal, mass acceptance, demonstrated through such acceptance by merchants will certainly make Bitcoin path easier for India. I have recently come to know of Unocoin and have started testing their services. I am glad that you have had much more experience. Thank you for sharing this positive article. Upvoted.
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Exciting times!!!
It's just going to get bIgger and BIGGER!
Resteem...
It sure is! Looking forward to some more great good news! :)
This is so cool - we should all be on the lookout for places accepting Crypto and post the results here!
Id like to know which pubs accept bitcoin ;)
Did you know you can use CryptoCarbon ( CCRB)to pay about 10% of costa coffee and lots of pubs in the uk and more to be launched this weekend. check out some of my post on cryptocarbon. uk cryptocurrency
Oh man! If pubs took crypto's.. I'd be out of money! Ahaha
Cheers to that!
Haha! Be careful :P
Haha! Yeah, that's a good idea.
mass adoption here we come!!!!
Woohoo!
Sooner or later every vender in the world is going to accept cryptocurrency!
Yeah! I hope and wish the same!
I think cryptocurrency got a push in the right direction when the Indian government demonetized high denomination notes in November last year. Many "discovered" Bitcoin at the time and it became popular once people got to know what it really means.
With a population of 1.2 billion and rising, India would be poised to become the largest user of cryptocurrencies given enough exposure and awareness.
Same goes for Steemit's popularity in India as a place for blogging and getting rewarded for it.
You are absolutely right. It will grow bigger and bigger!
you said it. couldnt agree more!
bitcoin is now becoming a trend
Yes! It is!
This is just the beginning @firepower! Soon crypto will take over for sure! I'm so glad to see India going in that direction, it's an amazing signal to the whole world and especially those who has not yet think of adopting cryptos!
Cheers
@progressivechef
It surely will! :) Thanks for dropping by.
This is great! I've been noticing that adoption has really increased exponentially lately. Looking forward to the next 6 months!
I'm waiting for the same!
This is just the beginning of an incredible revolution!! Bitcoin and blockchain technology are changing the world and many financial institutions are hopping on board. In the near future we could potentially see cryptocurrencies become the world currency and we can thank ourselves for being the pioneers of this amazing revolution! Great post, thank you for sharing!
It sure is!
Thanks. Glad to share! :)
Amazing post. Very usefull information.
Thanks!
You're welcome
Grow grow grow! Its all happening so fast yet so slow 😜
Things will get better and faster :D
This is awesome, i just wish my country would adopt bitcoin as a major exchange commodity. Well, i know the future is bright. Kudos India 💪👍
I am sure it will soon! :) Thanks!
Interesting posts .. i like and i will keep seeing about you
Thanks!
Hi @firepower, it's good to be back surfing my feed again...been a while since I dropped by to see what you're offering up.
This is the progression expected during the adoption phase...all is well in the cryptosphere. ;)
I think it would be prudent...not to mention really really smart...if the merchants accepting BTC (and other cryptocurrencies as they come on to the mainstream) were to put 5-10% into a wallet and hang on to as much as they can afford to. At least for the next 5 years.
The gains they'll make on ROI will more than cover any shortfall during the volatile progression of adoption. Still everything, in the business world, is speculation isn't it?
It is a good news and hopes Indian government soon legalizes Bitcoin.
Yah! I hope the same.
Those are just crazy numbers. Right now I am hanging out in North Idaho, nearest large city is Spokane, WA. According to coinmap, there's only about 8 merchants total that accept bitcoin. I'm thinking they're a little behind here
I'm sure everybody will catch up soon on this! Hoping for the best.
I envy India right now. I am also from an emerging economy South Africa. I think we are amongst those who need cryptocurrencies the most. Our Reserve Bank is currently working on Bitcoin regulation. I hope the process gets expedited! Thank you for the nice post. I'm envious. 👍
Yeah, many countries are planning to regulated bitcoins. Hope things go in a good way!
Bangalore City I do not know about this city, I only know about mumbay and delhi city and some others I've heard in some of my favorite india movies. May modern day developments help the Indian community and the city of banglore. With the advancement of digital currency bitcoin Thanks for share @firepower.
Best regard community steemit indonesia
Thank you! :) I'm sure more good things to come soon!
Thank you @firepower, success always for you.
Best regard
I think thats dope. The more ways we can utilize crypto currency the better.
It sure is! :D
The bangalore is the biggest city in India.it s a great thing that adopted the bitcoin us major exchange commodity.it s good information keep sharing.upvoting you.
It sure is! :) Thanks!
Good to know about these improvements. Thank you @firepower for bringing this awareness.
Glad to share! :)
Very enlightening and exciting that Bitcoin is getting accepted more and more in different areas in the world. Good, informative post for everyone.
It sure is. Glad to see it going in a good path towards a great future!
Wow .. its really nice news.. great! Waiting for my homeland now.. :D
I'm sure it will. Soon! :)
Amazing news! Sometimes it is not the 'western' nations that lead the way.. it takes innovation and leadership to implement change and bring in new ideas.. India and Bangalore are still relatively new in terms of independence and with that comes new ideas and an openness to move away from the 'norm' which is a great step!!!
You are absolutely correct.
Great news for the users of India. If our country will legalise bitcoin, then steemit community will blossom in great. Thanks for sharing such a valuable information. Please give a visit to my post, so that your presence turns my blog lively and blossom.
Indeed! It is a good step for us all! Thanks! :)
Good to see some silver lining amidst all the negative news surrounding bitcoin these days in India.
Did Supreme Court of India recently say Bitcoin to be "illegal" and "anti-national"?
http://www.patrika.com/news/miscellenous-india/supreme-court-to-rbi-restrict-bitcoin-1624106/
@firepower That's Bangalore with a "B", right?
Yes! it is :D
Good discovery @firepower!
This is something really nice! hope this clicks and spreads to more parts of the country in coming months...
Thanks! It surely will!
wow....what's an amazing post. love it.
Thanks!
Thats really great news sir....i think that day is not far when the whole india and particularly the retail market start accepting bitcoin as payment mode, that day will be historical day, thanks sir very very nice post...
I am sure it will!
I will be keen to learn a lot Blockchain, bitcoins etc. I will do my best to follow your articles and learn more.
Sure! You must!
thank you. very very interesting and useful information.
Thanks!
so future of india will safe and we will become no 1 in world
Yah! Hope so.
Pretty good news :)
Thanks! :)
Funny, reminds me that even non -fake news gets mixed up:
Now who is confused? :D
And what about Blockpay? Wouldn't that be much faster, paying bitcoin over bitshares? 8 seconds avg transaction. @kencode is posting amazing stuff!
It will be great if our Government legalizes Bit coin and other cryptos. Thanks for sharing some good information...
Yeah, it will help!
wonderful blog, I upvoted you and followed you
Thanks!
Thanks for sharing this firepower.
So good to know digital currency is also growing in India.
Indeed! Looking forward to a bright future.
Always good to see the expanded acceptance of cryptocurrencies around the world. Each time it adds more legitimacy and stability to the process for us all. Thanks for sharing this @firepower.
Indeed! Things looking good.
Hi @Firepower,
You were mentioned to me by @surfermarly, because I am also from India, and you are the most followed Indian. This is my 2nd day, and it is nice to meet you.
I read in one of your posts that you organize Steemfest in Banglore, I am from Himachal Pradesh, is there any such event near to me?
Thanks for your kind reply.
Hi. Keep yourself updated on Steemit.chat. Will keep you posted on future events. Follow #India on Steemit chat.
That's a really cool news bro,thanks for share @firepower
Thanks. Glad to share! :)
:)