Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. It is a decentralized completely peer to peer, borderless less, a transnational digital currency which only is controlled by the owner and nobody in the world can stop or cease the valid transaction. The cost of the transaction in the network decreases drastically with better security and zero settlement fraud compare to existing banking or payment infrastructure.
In India, Bitcoin is considered to be illegal, what is your view on the same?
Fact is Bitcoin is not Illegal, the government has to make a decision on it. In my view as a tech-savvy country, India will take the advantage of emerging technology instead of considering banning it.
If it is legal, how can Indian consumers buy and get benefitted with it?
India has one of the advance banking infrastructure and visionary government, which delimits the usage of Bitcoin in India. But still, Bitcoin can be surely used as a great store of Value for Indians. We all are moving towards the digital era, We have seen how our life has been changed by the Internet. The same will happen with anything which is valuable. And it turns out that Bitcoin could be one of the best store of value, In fact, better than Gold. In past 8 years, bitcoin has proved that it’s one of the safest way to store value online, which is only being controlled by the owner.
Bitcoin is a product of its underlying technology called Blockchain which can be applied and will be benefited in many ways. And Indian government understand this very well. Many state governments in India is working on projects such as moving Identity, benefits etc on Blockchain to create a secure and robust digital India. Auxesis Group in India is working on a project where it has used AuxLedger, a blockchain based ledger to store more than 53 Million Identities for Benefit distribution.
What is the future of Bitcoin in India and globally?
Given the past performance data future of Bitcoin is very bright globally and it’s gonna be grow more and more due to increasing network effect.
As per my knowledge, Bitcoin has been growing at a fast pace since two years, but has witnessed a decrease recently. What are your views on the same, and if you foresee any challenges of the same on Cashaa?
In last two year Bitcoin has been skyrocketed. Bitcoin is the first cryptocurrency and its emergence showed a silver lining to solve many financial issues. However, it turns out that consumers and businesses are struggling to leverage the benefits of the Bitcoin infrastructure due to poor Usability, non-customer centric approach, and improper legal implementation.
Cashaa is a gateway to consumer-centric and affordable financial products aimed at consumer adoption of Blockchain without having to understand the technical details of Blockchain technology. Cashaa’s wallet system, integrated with the peer to peer exchange with the fully digital financial services, enables its community to save, spend, borrow and get insured, with a simplified user experience in a legally compliant way. Cashaa enables to spend and transfers your money anywhere in the world in few minutes and its services do not depend on Bitcoin. We are working with Banks, Payment processors with proper regulation to build utilize the Blockchain technology.
What has been the response for Cashaa?
Cashaa is being beta-testing with 12,770 users from 141 countries till June 2017. Some the countries who picked the Cashaa product faster were U.K, India, Nigeria, and Indonesia. Following these achievements, Cashaa features among the ‘Top 100 Most Influential Blockchain Companies in the world’. The successful initial tests encouraged and inspired the teamThe team and the advisory board is composed of passionate people with more than 200 Years of payments and banking experience. The team includes successful entrepreneurs who built their companies from scratch which are now part of Fortune Top 15 companies. While Cashaa’s advisory board includes MIT scientists, renowned tokenomist, Central bankers, National currency architects & senior executives of Fortune 500 companies who are committed to bringing the power of the Blockchain aka ‘Internet of Value’ to the masses.
To implement its vision, Cashaa is launching its Token Generation Event (TGE), issuing CAS tokens on the Ethereum Blockchain. CAS token holders will be able to access premium services, creating a credit score and to participate in the governing mechanism of CAS tokens.
One billion CAS tokens will be generated during the TGE event out of which 510,000,000 CAS will be available for the community. All the unsold tokens will be burned to protect buyers while tokens held by company and team will be locked using Smart contract with three years of vesting period.
Cashaa is in pre-sale stage until 30th October, for registered participants and allowing to buy CAS tokens with 100% bonus. To give every community member a fair chance, there will be a maximum cap of 10 ETH per participant during the crowd sale starting from 6 November 1700 UTC, the TGE will start, until the cap is reached. After the TGE, the CAS tokens will be traded on cryptocurrency exchanges.
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