Page 27 - Cyber Warnings

Companies like Coinsecure seek to grow the reach of Bitcoin in India to encourage citizens to
“be their own bank” and to seek to encourage individuals to buy Bitcoin and very soon also use
it for payment method towards local and international businesses.

With boundless efforts underway by global leaders to decrease the number of underbanked
individuals, the tech community has been much active by providing lighter weight opportunities
for individuals to join the global economic community through non traditional means like virtual
currency.

In addition to a large unbanked population, India receives billions in remittance annually.
According to the migration policy institute, India is one of the top ten remittance receiving
countries. For those who have sent money overseas to family members and friends, they know
that remittance fees can be sky high.

What if Bitcoin and blockchain technology was used as rails to send funds internationally - let’s
just consider how fees will significantly be cut. In addition to high transfer fees, some face
uncertainty in the timing funds will reach a loved one or if they will even get there. One of the
best features of Bitcoin is the fact that funds are sent within seconds as there are no
middlemen. Indian Bitcoin exchanges like Coinsecure can assist with alleviating remittance
costs.

Currently there are no Bitcoin specific remittance platforms servicing customers seeking to send
funds to India, but until such a platform is established, a workaround through Coinsecure will
alleviate natural tensions and excess fees in remittance. An individual seeking to transfer funds
to a relative in India can first convert those funds into Bitcoin and send them directly to their
relative’s Bitcoin wallet. That relative can utilize Coinsecure’s exchange to cash out Bitcoin for
INR without paying any extra fees on INR withdrawals.

Beyond basic needs, Indian citizens face frustrations in being able to easily purchase
international products online. Individuals in the US and Europe too often take for granted being
able to make purchases online from international merchants with credit cards and debit cards.

In India, that is simply not the case. Imagine going to an international online marketplace and
filling up your shopping cart to only find out that your debit card is not authorized to make
international payments online. This is a frequent occurrence for Indian citizens. What about
credit cards? It is much more difficult for Indian citizens to obtain a credit card.

Bitcoin presents itself as a natural solution to this pain point in India. Coinsecure is currently
working to enable Indian merchants including food chains, ecommerce, software and brick and
mortar companies to accept bitcoin as a payment method for their services.

As a great number of larger global ecommerce merchants start to accept payment in Bitcoin,
Indian citizens can purchase Bitcoin from exchanges like Coinsecure and thus experience a
more seamless shopping experience online.
27 Cyber Warnings E-Magazine – April 2016 Edition
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