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Why is India Perfect for the Bitcoin Revolution?

It is often a topic of discussion about Bitcoin’s place in the developing world. In the developing world, only 41% of people have bank accounts compared with 89% in the developed world. Within developing nations, cash is king and has been for many years. Most individuals in these nations won’t have experienced the modern forms of banking that the developed world are used to and any change to this would require a gradual introduction of change to ensure an efficient deployment. However, people in developing nations now have a chance to skip the current banking infrastructure we have in place and move straight towards a trustless, decentralised and immutable financial system.
One of the major reasons as to why India is perfect for the Bitcoin revolution is due to their population’s lack of banking infrastructure. India is the 7th largest economy in the world, based on their nominal GDP of $2.5 trillion. However, there are 233 million people in India who do not have a bank account, which is one of the highest figures in the world. To put that in perspective, the population of the UK is 65 million. This means there are 3.5 times more people in India that do not have a bank account then people living in the UK.
Bitcoin has the potential to bridge that gap. In order to get a bank account, a person must have a form of identification and a fixed address, alongside some other information, which for many people in India just isn’t a possibility. As a result of this, these individuals are limited to a cash based system by no fault of their own and thus stifling their economic reach. Bitcoin does not discriminate in the same way. Instead, the unbanked in the world can essentially skip the troublesome financial system today and utilise a transnational cryptocurrency called Bitcoin.

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