Bitcoin Remittance And Migration In India

The CoinSecure and OKCoin entered into a partnership at the same time when the bitcoin popularity is increasing in India. Under this partnership, they enable Bitcoin remittance into India through blockchain technology. The underlying technology of the Bitcoin known as the blockchain has created all over the world in the financial technology market. There are lots of benefits offered by the blockchain, which is impossible to ignore.

It is a public ledger consists of all the transactions which have ever been executed. It is constantly rising as completed blocks get added into it with the new recordings set. These blocks are added to the blockchain in a chronological order via cryptography, which guarantees that they remain meddle-proof.

CoinSecure is one of the popular bitcoin exchanges in India established by Benson Samuel and Mohit Kalra in the middle of 2014 whereas its exchange was launched on 1 January 2015. OkLink is blockchain money transfer network, who gives same advantage and speed of Western Union to every remittance and Payment Company. It was launched in August 2016 and growing at a faster rate. They currently provide payouts in five countries at more than 100,000 locations all over the world.

Migrants, Remittances, and Bitcoin

There are millions of migrants globally who sends a lot of remittances every year to their country of origin. The remittances are a vital source of national and family income. That’s why there is a need for safe, reliable and efficient remittance services.

The exchanges such as Unocoin, BTXCIndia and Zebpay are witnessing a growing inquiry and interest of people in India to use bitcoin as a way to send money home. As per Sandeep Goenka co-founder of Zebpay thinks that the Bitcoin can save $7 billion fees charged by the companies such as the Western Union and PayPal.

The greatest benefit offered by the bitcoin getaway is bound to see more and more Indian people looking to use bitcoin to send their money. It will be a big boost to the engagement, usage, and familiarity of bitcoins in India.