Bitcoin threatens gold in India

     It appears that the demand for gold in India has been adversely affected by the investment of citizens towards other types of assets. The gold market in India, which is one of the largest in the world, has declined in popularity because many investors have opted for Bitcoin.

     Bitcoin Exchange in India has increased in large numbers. Users of cryptocurrency ensure that the value of the digital currency will exceed the price of gold as it has in other countries. People who Sell Bitcoin in India have increased their demand and their value. The digital currency is around 65,000 rupees. If the demand for this type of currency continues to grow, the price of gold will continue to decline as investors will never want to lose.

     Another point in favor of Bitcoin is the fact that the Prime Minister of India stated that the 1000 and 500 Rupees bills are no longer valid. This would be causing a wide climb towards the Bitcoin. Currently thousands of people Buy Bitcoin In India, securing their money as an asset against depreciation or any inflationary change affecting their savings or other assets.

     One of the companies with the Bitcoin Exchange in India is Bitxoxo. However, it has competition against others such as Zebpay, Unocoin and Coinsecure which also have a large number of users in India.

     Best Bitcoin Rate in India and low demand for gold have influenced the decision of people joining the digital currency. Currently, Bitxoxo has about 5000 registered users in its database. Adding this amount to those of other companies easily reaches the million people who use Bitcoin in India.

     Lower income social sectors, who are in poverty, may also be motivated to adopt cryptocurrency, rather than making miles to withdraw cash or exchange goods with gold; If they can access a smart phone or any device to host an electronic wallet. Apparently, the middle class is already doing it.

     Although Bitcoin adoption grows rapidly, as it can be seen, the government could issue somewhat aggressive legal rulings to regulate the marketing of goods and services using cryptocurrency.