Bitindia is a crypto exchange that plans to bring Bitcoin, Ethereum, Ripple, and Litecoin to the masses. Bitindia will have a wallet and an exchange.
The Indian total population is over 1.2 Billion, yet only 0.5% is aware of and into Bitcoins according to Bitindia, which is a very scarce percentage of the total population.
Their mission is to increase this percentage and bring around 20% of the population into the Blockchain space by making them aware about digital currencies, and thus providing an assured, reliable platform for Bitcoins and other cryptocurrency related trade in India.
They want to create a user friendly, secure, decentralized atmosphere for India, so that people can carry everyday transactions through a wallet. Bitindia further envisions reaching out to every person in India, starting from urban areas to educate atleast 20% of the population about blockchain and cryptocurrency.
Their objective is to launch the largest, easiest and fastest platform to trade in cryptocurrencies in India.
HOW IT WORKS.
Bitlndia platform shall have a number of key components that shall offer a flexible and easy to use transaction platform to its users:
- User Interfaces - There will be mobile and browser apps for users that will let them buy, sell, send, receive and store the supported crypto currencies. Over time, several crypto currencies shall be added as per the market demand.
- Trading / Matching Engine - Trading engine shall allow for crossing of the buys and sell orders among users, which shall make the investment / trading process faster and efficient. Only when a user sends / receives the crypto exchanges from external network, or wallets, the Blockchain networks of each crypto shall be engaged.
- Crypto Blockchain Network - For all the supported crypto currencies, the public block chain network will be utilized for all transactions.
- Secure Wallets - Secure wallets will allow users to store the crypto-currencies. transacted from any platform worldwide.
- APIs - Over time, in subsequent phases, Bitlndia shall offer an API for other platforms to connect to Bitlndia liquidity and infrastructure access.
- Redundancy and Resilience - The software running at the primary site is fully replicated by identical software running at the back up site along with data replication to the near site all in real time allowing for robustness and stability, with the ability to fail-over quickly in the unlikely event of an issue.
- Operations Screens - Bitlndia administrator(s) shall have an operations screen which will allow for platform maintenance, monitoring of platform health and participant connectivity, transactions processing and the dissemination of market data etc.
The wallet is a user-friendly platform, which empowers the user to have secure transactions, through which he/she can trade in digital currencies and hold the private keys of the crypto money residing on the blockchain nodes. The wallet will lead to a significant transformation to the current concept, structure and mechanism of the crypto wallets.
The exchange shall allow users to buy, sell, send, receive, and manage crypto investments. The crypto exchange platform will be launched in the upcoming year i.e. in April 2018. As a result of the recent trends of cryptocurrencies, Bitindia will permit the Indian users to trade in major cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin. Initially, the exchange will be based on four major and popular cryptocurrencies which are Bitcoin, Ripple, Litecoin and Ethereum. Further, to enhance their services, Bitindia can start to support other cryptocurrencies as well.
- Share of Exchange Profits. All token holders will receive 10% of the net fees earned on the Exchange in the form of Ethereum through a smart contract.
- Share from Wallet Transactions. All token holders will receive 10% of the net fees earned on the Wallet.
- Token Buy Back & Burn using Company Profits. Every 3 months Bitindia might take 10% of the net profits from fees earned through the Exchange and Wallet and buy back Tokens from anyone who wants to sell them. Each token bought back will be permanently burned. This increases token scarcity and increases its value over time.
[Very ambitious. And nice colors.
“will be launching the largest cryptocurrency exchange in the world” let’s see about that. The thing about some Indians is they love to exaggerate, often to extreme levels. This is another example:
“daily bank transactions of nearly $50 Billion has the highest amount of daily banking charges of around $5 Billion” Are you saying banks in India earn 10% ($5 billion) of transacted funds ($50 billion) daily? Assuming a relaxed estimate of 260 banking days per year (after weekends and public holidays) that would equate to fees of 1.3 to the power of 12. My laptop’s calculator can’t even give me the full amount.
Exaggeration affects one’s credibility. Just keep that in mind.
And you’re advertising here to attract ICO investments?]
[To me, this is going to be a sure shot scam. Look at the kind of money they are trying to collect..
150 ether min??]
Be careful in applying for this ICO.
I am from India and was initially very interested to invest in it. However, it looks a scam to be.
They don’t have a proper office. Neither in the city of Hyderabad not in Chandigarh. Also the team looks fishy. I am following them almost for 2 months and most of the team members were added just few days back.
They are charging way too much for just a whitepaper without any product in place. Even github is kind of empty. Every Tom/Dick/Harry is a software Engineer in India and to create a website to scam people will be very easy.
Also there are already couple of good exchanges in India (UnoCoin, ZebPay etc.), so they also don’t have that 1st mover advantage.
So please be careful.]
[I am in a group where one of the advisors are in, Fabian is CEO of the project DIMCOIN which already made a successful ICO, he confirmed us that they are part of the project, so i can safely say they are not a scam.]
[The white paper is shallow and has many contradictory statements, shows either it was not reviewed properly or team that wrote, has limited understanding of the subject. Surprised that someone is trying to raise money through ICO for creating exchange and a wallet when there are already exchanges and wallets available to all with better features.
Be careful if you are looking at investing.]
[As a matter of Rep this project is backed by John Mcfee , If this news is true as per Bitindia website then they have got serious potential people but i would like to get this verified before investing a penny in this project.]
[He tweets/retweets about it on his twitter @officialmcafee]
[The founders behind this team have a track record of opening companies like pop corns
look at their LinkedIn is enough.. Can’t write their profile without spelling mistakes.. I’m not trusting my money with such idiots]
[Not sure if they are a scam or not but I’ve asked the following questions on the telegram channel but I GOT KICKED OUT for no reason. I didn’t say anything offensive. I didn’t insult anyone. All I wanted was answers to a few questions before I can make up my mind to invest. Here are the questions again. I urge people to *NOT* invest in bitindia until someone from their team answers the following questions:
1) Referring to following tweets by Vitalik -
A “completely” decentralized exchange cannot do fiat. Since bitindia boasts of a decentralized exchange that would connect to fiat, I really want to understand how would that happen. If what Vitalik is saying is true, bitindia is either *not* a completely decentralized exchange or they are not truthful about (or will change their mind later) connecting to fiat.
2) They are trying to hide how much money they have raised so far. They seem to change the contract every few hours to obfuscate the users but the whole point of this system is transparency. Can they publicly share all contract addresses so that folks can audit how much money they have raised so far? I would be more confident throwing in some money if I know others are chipping in too. Seems like a terrible strategy on they behalf to not reveal their number. Their marketing guy should be fired (in my opinion).
3) They are not clear on how much are they trying to actually raise. I’ve heard numbers as big as 100 million USD. Why are they not publishing their target USD/ETH number on their website? Also, to be honest, I don’t understand why they need that kind of money. Considering they are based in a small town in India, their development costs should be very less. Including all other expenses as well, even a figure of 5 million seems like a lot to pull this project off.
4) Their team looks really unimpressive. None of the founders have any experience on working on any cryptography/cryptocurrency related tech projects before (let’s discount the fact that McAfee himself is not gonna contribute jack shit). They just seem to have bitcoin trading/trading systems experience which is not impressive at all. Also, one of the founders seemed to have been a part of another failed ICO (Cove identity). Forget the project, I’m not even sure if they will be able to pull off this ICO (I hope people don’t lose a lot of money here).
5) Founders have reserved a 25% equity for themselves. Isn’t that number huge? Satoshi Nakamoto kept 1 million of the 21 million BTC (<5%). Keeping 25% of the currency in the hands of a few individuals always raises my eyebrows because these whales, more often than not, try to monopolize the market using their control that they leverage on the currency. Might also hint on the fact that the team might be greedy.
6) The project seems to have terrible marketing. The concept of decentralization ends nation states / borders. Decentralized exchanges are meant to be used worldwide. What do they mean by “Decentralized exchange for the streets of India”? I don’t get it. Can only people from India use this exchange? If yes, how are they decentralized then? If not, what’s up with fake India based marketing?
Really looking for *genuine* answers to these questions before I put a single ether down.]