Ethereum is more popular than Bitcoin according to the latest research from the free Indian Internet provider, Jana.
As indicated by Quartz, Ethereum held 34.4% of searches on cryptocurrency versus 29.9% for Bitcoin when analyzing search terms between October 2017 and February 2018. End of February, under the tightening of regulations in India , the relative interest for Ethereum was twice that of Bitcoin.
Cryptocurrencies have enjoyed immense popularity in India over the past year, sometimes Bitcoin was trading at a 30% premium. The reason is that in 2016, when the Reserve Bank of India withdrew valuable notes, which shocked the nation. He emphasized the value of a currency that is not controlled by a central authority - the main goal that defined the creation of Bitcoin more than 10 years ago.
Following announcements from other central banks, including the United Kingdom and the United States, the Indian central bank exerted regulatory pressure on its domestic banks and local cryptocurrency exchanges. As a result, it has been reported that trading volumes on popular bitcoin trading platforms in India have fallen by 90%.
This drop in trading volumes could indicate that traders in India are simply moving away from centralized trading platforms. The strength of cryptos is that they can be peer-to-peer. According to CryptoCompare's analysis, two-thirds of Indian rupee transactions now take place on LocalBitcoins - a person-to-person bitcoin trading site that does not rely on a centralized exchange to convert to fiat.
The increased interest in Ethereum reflects a general trend towards crypto-asset diversification, and is the currency of choice for investing in Initial Coin Partsings. In a difficult market, traders have turned to these crypto startups to find returns.
According to Sathvik Vishwanath, co-founder and CEO of Unocoin, an Indian bitcoin stock exchange and as reported by Quartz, "the market is very, very dull" because regulation and taxation weigh on people's minds.
Perhaps the interest in Ethereum discovered by Jana simply reflects Sathvik's feelings. The market has had a few difficult months, Ethereum's promise of decentralized applications and its ERC-20-based ICOs offer the Indian market a glimmer of excitement and a more positive future in a bear market.
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Posted from my blog with SteemPress : https://infos.link/ethereum-is-more-popular-than-bitcoin-in-india/
This is suprising
Yes I was surprise too. This is why we research on this subject and shared with our followers :) Thanks for your reply !
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