Wednesday, 28 June 2017

India Embracing Bitcoin and Virtual Currency

A lot of people who aren't familiar with the notion of cryptocurrencies, the notion of delegating real life transactions through Bitcoin might seem somewhat illicit. For one, it wouldn't ring of the kind of thing done casually on a Sunday morning after picking up your coffee and gulping it down with a brownie.

Despite all that, several restaurants in the neighborhoods of Whitefeld and Indiranagar in Bengaluru, that is exactly what is being done in Suryawanshi restaurants, as its owner accepts several forms of payment: cash coin, credit card, debit card, Paytm and Bitcoin as well.

There’s been a gigantic surge in the collective attention of the Indian public, with it being taken up with the search for the best bitcoin exchange in India as the country formalizes the presence of Bitcoin and cryptocurrencies in its economy. The number of people looking to buy Bitcoins in India as well as sell Bitcoins in India has risen significantly in the most recent years, as it has managed to include a lot of unbanked members of Indian society into the economy through Bitcoin as the market of Bitcoin exchange in India continues to surge.

These restaurants are not the very first off-line establishments to accept and trade in Bitcoin in India, as there are examples of fast foods restaurants owned by a Bitcoin aficionado accepting it as a form of payment 4 years ago in 2017. Still, the outlets that do recognize Bitcoin as an acceptable form of payment are an uncommon sight to see. It has to be said that things, like cinema tickets, can be bought online using local Indian Bitcoin exchanges, like Zebpay, Coinsecure, Bitxoxo, Unocoin and Coinmama.

The owner of the restaurant this article is dedicated to, he first discovered Bitcoin in late September of 2016 and just watched on as their first investment in it rise in value at an impressive rate. So much so that, in November, they simply changed the policies of their restaurant in order to take the cryptocurrency as a form of payment at their restaurant. And following India’s recent decision to incorporate it into the economy formally, it’s likely that things will snowball from here.

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