India was one of the largest cryptocurrency markets in the world during the big crypto bull run in 2017. However, just like any other great technology, the centralized financial system saw it as a threat to their own fiat currency and banned all banks from associating themselves with the cryptocurrency exchanges. All hope seemed lost for a major part of 2018. Many popular Indian exchanges even shutdown following the restriction imposed by the government.
Funds of many people got stuck on the exchange platform. When all hope seemed lost, Unocoin, India's first cryptocurrency exchange platform proved its might in this market place. Unocoin has now installed Bitcoin ATM in the city of Bengaluru where people can both withdraw money from their Unocoin account as well as deposit money to that account.
Right now there is just one ATM in the garden city of Bengaluru. However, Unocoin has announced that it will launch 30 ATMs across the country during its first phase of the operation. The Bitcoin ATM gave people hope of converting fiat into crypto and vice versa. It also helps spread the word further and helps in the mass adoption of cryptocurrency.
With 2018 nearing its end, we might also see the end of the bear market. With the installation of Bitcoin ATMs, we can see the growth of cryptocurrency trading once again in India. Additionally, with a large population such as that of India, cryptocurrencies will certainly regain its lost price in no time. If you'd ask me, I would suggest that all of you stock up of cryptocurrencies because the next bull run is right around the corner and I'm extremely proud to say that my country, India might just be the reason for the next bull run and eventually the inevitable mass adoption of cryptocurrencies.
Let me know what you guys think is going to happen to the crypto market in the coming weeks. Will the price continue to go down or are we going to see a reverse curve starting anytime soon?
Anyways, we all know that cryptocurrency is here to stay and no government with cruel and selfish intentions can do anything about it!
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The ATM is what is needed for cryptocurrency to be a success.
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Nice post
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Hope the unocoin will become more stronger in India
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