What are the benefits?
Firstly Bitcoin facilitates online payments. Indian market is still hugely cash-based with around 90 percent of transactions still happen in cash, but we are moving into a digital economy and Bitcoin is a huge part of that.
Some people don’t like giving out their credit card details online, but with Bitcoin you don’t actually give out any personal details when you transact, you just have to provide your Bitcoin address. It provides a level of privacy that credit cards don’t offer and I think a lot of customers prefer that.
Another key benefit is the fact that it cuts out the middle man so there are no fees when sending money internationally. Most migrant workers are unbanked, so they use money transfer agencies, which take ten percent, and for someone transferring 100 dollars that is huge.
The digital currency also offers some access to banking for those who are denied it. Only 23 percent of adults in the Middle East have bank accounts, so 77 percent are stuck in a cash-based economy and don’t have the liberty to move money around or the right to take out loans or take advantage of sophisticated banking tools that the 23 percent have access to. Bitcoin can integrate the 77 percent.