Bitcoin Group India: We Are Still Looking for Seed Capital
Bitcoin Group India is a futuristic Bitcoin and Altcoin investment company from India. They are endeavouring to setup Bitcoin-based businesses across India. Coin News Asia has managed to get in touch with Ajay Kiran of Bitcoin Group India to talk about the latest updates in their business.
Coin News Asia: What sparked your interest in bitcoin?
Ajay Kiran: It was in 2012 when I was introduced to bitcoin. I tried to mine it in my office in my laptops, later realizing that the mining era of computers was over. I’ve been speculating on bitcoins day to day ever since. In 2013, I started trading and was quite happy with the amount I got from it. But as an early investor in bitcoins, I faced lot of issues like high volatility, and sometimes I made no profit from the crypto economy. Afterwards, we started a Bitcoin blog: www.bitcoingroup.in, trying to build up a reputation and educating people daily about bitcoins.
CNA: So what can you say are the challenges a Bitcoin group has to face?
AK: Hi, we are a still looking for investment. We are few among the first startups in India. As for the challenges, I can say that India is not open to accept bitcoins yet, not even 1% of Indians use or know about it. Every day, I explain bitcoin and its possibilities to many people. The Indian government is very neutral about cryptocurrencies. This makes VCs draw back from investing or many just show a lack of interest. But I feel that the movement there has a lot of scope. Bitcoin is a futuristic idea. While the world is in a fast pace, India still stands still. With 3g mobile technology here in India, there has been a lot of adaptation of smart phones in the last 5 years, from 2010 to 2015. However, VCs feel that the banking industry will still outlaw bitcoin.
We are still looking for seed capital. What is unique about our company is our team; everyone does strongly believe in bitcoins. We have the right knowledge about bitcoin, and we are planning to start Bitcoin exchange in the local languages of India and conduct campaigns in educating people about bitcoins. By the end of our first year, we feel that we will have at least 100 coins exchanged daily through our exchange.
CNA: What do you think Bitcoin needs to gain its well-deserved mainstream adoption?
AK: Volatility is the only thing that’s been impeding bitcoin’s growth and acceptance. Bitcoin volatility has lots of issues. Many conclude that bitcoins would be a bubble. It is very difficult to explain it to people. Plus, bitcoin has less acceptance. Out of 100 people in India, only 30 % use banking cards for shopping, while 70% still use paper currency, and for many, they still find it harder to withdraw funds even from a simple ATM.
CNA: What are your opinions regarding cryptocurrency regulation?
AK: For governments, bitcoin may be just the beginning of alternate currencies. But yes, every government has already come across bitcoin, and making it legal will give a new hope for its future. Regulating it would also make it accepted widely.
CNA: Do you think a superior altcoin will supersede Bitcoin in the near future?
AK: Bitcoin is the best of cryptocurrency as of today. I believe all altcoins other than Bitcoins will vanish with time. There might be possibilities that a new altcoin may arise with better qualities than bitcoin. However, it would not have more value as bitcoin because future cryptocurencies would be regulated, and their value will be retained to certain level (no hyper inflation or deflation).
CNA: Finally, do you have a Bitcoin price prediction?
AK: I have been following bitcoins fall closely. There is a 30 $ drop in its value every one month since July 2014, but it’ll finally be stable at 220 to 250 for quite long period.
CNA: Thank you very much, Ajay.