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Bitcoin marketplace bitbuddy launches in India after SC revokes banking ban

Ashish Agarwal, Founder, bitbuddy

Bitcoin marketplace bitbuddy has launched its India operations after the country’s apex court overturned a two-year-old banking ban on crypto-trading in March this year. It is essential to mention here that the Supreme Court revoked a directive by the Reserve Bank of India that ordered regulated financial entities to not deal with any crypto-related companies in the country. However, there was no ban on the trading per se.

The Jaipur-based Bitcoin start-up is a marketplace that allows sellers and shoppers to sell and buy directly on its platform. As an exclusive to bitcoins, it will emphasize more at providing one of the best values and capacity in the market.

Bitcoin is the world’s largest cryptocurrency by market cap. Unlike any other sanctioned currency, Bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger and can work as a real investment opportunity, bitbuddy said in a statement.

“If we see the statistical data, bitcoins have performed well in the last ten years. If an investor would have bought Rs 100 Bitcoin in 2010, today it might be valued more than 30 crores for him. That’s the magic of investing, and we understand this,” said Ashish Agarwal, CEO, bitbuddy.

Agarwal feels that the Supreme Court’s uplifting of the banking ban would open up new prospects for India in terms of investments and that the platform is trying to leverage this opportunity.

As a beginner, bitbuddy will focus on the crypto traders across the country and millennials worldwide. It will offer competitive pricing, with two months zero trading fees as an introductory offer. Also, there will be a referral bonus and other benefits for initial customers. It is available both on Play Store and App Store.

On the initial plan, Agarwal said, “India has more than five million crypto users. At bitbuddy, we believe that every one of them has an interest in bitcoin. We believe in getting traction of 100k customers this year.”

On Bitcoin as an investment asset, he said that it’s a general myth that Bitcoin is very expensive, and one can’t afford it. However, the truth is that one can buy it even for Rs 1,000. It’s always good to invest in reliable sources.

“Other inexpensive cryptocurrencies may not be that good, which means investors end up losing money. However, we believe that nobody should put more than five percent of their total portfolio in this cryptocurrency. And, it should always be bought for the long term,” he warned.

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