Tech giants including Microsoft and IBM have been supporting Bitcoin startups, conferences, accelerators and developers in India. The efforts of these companies are beginning to pay off, as India has seen a gradual increase in the number of developers and freelancers in the Bitcoin ecosystem.
“There is lot of interest from freelancers in India who suddenly are now getting bitcoins from U.S.-based companies, and then they scramble to understand what is bitcoin,” Indian Bitcoin startup Blockonomics founder Shiva Sitamraju told Bitcoin Magazine.
The increase of Indian freelancers’ and developers’ involvement with Bitcoin startups and organizations has created an efficient environment for local people to buy and purchase bitcoins instantly.
“From publicly available sources that display data transparently, like LocalBitcoins and Coinsecure, we see about $4 million-$5 million USD moving in bitcoin in India every month. Apart from that, the forums see few 100 BTC being traded as well,” India’s prominent Coinsecure founder Benson Samuel explained.
Barriers Toward Adoption
Indians are skeptical toward new technologies. It took years for the Internet and smartphones to take off in the country, and it may take