Sahill Kohli, CEO and Saumil Kohli, Founder, started with the concept design of BitIndia in February 2017. As per the road map available, the exchange would be launched by April 2018. The project is backed by John McAfee, founder of the McAfee Associates.
What is BitIndia?
BitIndia is a cryptocurrency wallet and exchange focused for Indian marketplace. The exchange will trade Bitcoin, Ethereum, Ripple and Litecoin. The wallet is user-friendly and can be accessed by Mobile platforms like on iPhone, Android devices as well as on the Desktop by any Web browser. Some of the other key features as stated in whitepaper:
- Wallet is decentralized and thus all of the user‘s information will be safe and protected on our servers, therefore, Bitindia will provide a scam free Wallet platform.
- Low transaction fees: The merchants and traders can accept the payments on BitIndia from any place in India with very little amount of transaction fees.
- Bitindia Wallet users can safeguard their assets in the form of digital currencies, and over a time, can even earn a considerable amount of profit for it.
BitIndia ICO: BITINDIA token Crowdsale
The company launched BITINDIA tokens through the Initial Coin Offering starting from September 2017. The ICO will end by December 2017. BITINDIA tokens are ERC20 tokens based on Ethereum Blockchain. BitIndia tokens can be exchanged only for Bitcoin and Ethereum only.
The minimum purchase during the public sale will be tokens worth 0.16666667 ETH and the maximum purchase of the token per person will be tokens worth 120,000 ETH
What is there for the Investors? The company offers key incentives for buyers of ICO during the crowdsale. (link)
- Share of Bitindia Exchange Profits: All token holders will receive 10% of the net fees earned on the Bitindia Exchange in the form of Ethereum through a smart contract. (pro rata basis)
- Share from Bitindia Wallet Transactions: All token holders will receive 10% of the net fees earned on the Bitindia Exchange in the form of Ethereum through a smart contract. (pro rata basis)
- Token Buy Back & Burn using Company Profits: Every 3 months Bitindia might take 10% of the net profits from fees earned through Bitindia Exchange and Wallet and buy back BITINDIA Tokens from anyone who wants to sell them. Each token we buy back will be permanently burned. This increases BITINDIA token scarcity and increases its value over time.
- Since in the currenct scenario, there is no single exchange in India dealing in multiple cryptocurrencies. Hence, there are not much options available to cater the market demand. However, they would take around seven more months to lauch, which eventually is a considerable time.
- Key incentives offered provide a source of passive income and since there are no such exchange. The inflow on money into the exchange would be good. (Rest depends upon the team’s execution and service level offered to customers)
- In terms of alternative investment, the crypto world carries a potential to provide much better return as compared to financial instruments present in Indian market.
- No Capital Gains tax on cryptocurrency trading in India
- The cryptocurrency investors are majorly based out of Europe and America. Currently, India is not a strong market for cryptocurrencies. Considering the Asian region, Korean and Chinese market are way bigger than the India market. Hence, the overall target market potential is not that big enough. However, Indian market would develop gradually. Hence, potential over a long term basis
- Since, there are no regulations in India for cryptocurrencies. There is uncertainty about the stability of exchange for the long term period. Also, the regulation might be against the cryptocurrency, which would put the viability of this project in danger. While, there are exchange like BTCXIndia, which are single currency exchange and running successfully in India.
- Since, there is no regulatory framework around this. There are good chances of Ponzi schemes shadow under a high potential project
- Once Capital Gains tax are implemented, the whole scenario of profit margin from cryptocurrencies would change