Bitcoin has been difficult to understand for most of us. It’s highly known for its volatility, and this prompted majority of us to try and make money by trading it, i.e, by buying bitcoin when the price is low and selling it when it appreciates. There have been many innovative uses of bitcoin introduced by some companies, like giving and accepting loans on BTCjam, sharing the revenue in sites like Bitlanders, and such like.
The Payment Troubles of Indians
Indian freelancers, internet marketers, and internet service users started having tough time when the Reserve Bank of India (RBI) enforced restrictions on PayPal transactions to and from India. This was an important step taken by the Indian government to curb money laundering and illegal foreign exchanges, but it hit badly the innocent people who were dependent on internet payments across the world to earn a few dollars or pay for a service. A normal person without a credit card couldn’t make any payments through PayPal, and those who received payments had their balance automatically withdrawn to their bank accounts within 24 hours, so that they couldn’t use their PayPal balance to pay for anything! This lead to people trying to find other ways and fall for scam sites and lose more money.
The Bitcoin Storm
Meanwhile [linker q=”Bitcoin” gtm=”merchant” id=”Mastering_Bitcoin__1st_Edition” ft=”fetchProducts” fb=”Mastering_Bitcoin__1st_Editionquery_Bitcoin_~Mastering_Bitcoin__1st_Editionquery_Bitcoin_~”]Bitcoin[/linker] started making waves in the payment and trading arena. It began to be considered an asset due to the unbelievable increase in its value in short period of time. In November, 2013, its exchange rate reached 1,022 USD! This brought bitcoin to the focus of many investors, governments and financial institutions. The more it fluctuated, the more transactions were made. There was huge scope of making big profits in short time which attracted many towards bitcoin who had no idea about the other things related to it! Similarly, a window of opportunity opened for the payment industry to see bitcoin as an alternative. This raised the hopes of many small businesses and workers who depended on internet work for their living. But the problem was paying for bitcoin. Services like blockchain only involved in sending and receiving bitcoins. Many options for Indians to buy bitcoins involved payments to foreign companies, which was again not possible for people without credit cards.
Unocoin – The One-stop Shop
In December, 2013, an Indian company called Coinmonk Ventures, started Unocoin as a product to offer bitcoins services in India. It made sure that no legal complications arose by following the Know Your Customer (KYC) norms as per the RBI guidelines. Your application for a Unocoin account will be processed only if you have submitted your identity card and address proof. You will be called over phone and the details you submitted will be verified.
Unocoin has done justice to all the services it has offered since the beginning. Instead of getting into everything, it took one task at a time and perfected it. I have been a customer of Unocoin since October, 2014, and I have observed its growth keenly. Below is the list of the unique features Unocoin introduced:
- First it started off as just a platform to buy, sell, send and receive bitcoins.
- Then it enabled mobile phone recharge (airtime) buying through bitcoins.
- A unique Systematic Investment Plan (SIP) was the next offering from Unocoin to help the users to buy bitcoins by averaging out the cost. This reduces the risk of investing big amount at wrong time.
- Merchant payment gateway was another first from Unocoin, offering many advantages to merchants and other payment receivers to accept bitcoin on their websites.
So if you are an Indian who is looking for an easy way to make payments online, get a Unocoin account and explore the world of bitcoins.
Here is an official Unocoin video showing how to register.