At first glance, Indonesia possesses the unique conditions that make it well-poised for bitcoin adoption. As the world’s fourth most populous country, it’s home to a largely cash-based and offline community, and huge swaths of the population—up to 80%— remain unbanked. Because one of the inherent advantages of digital currency is that it doesn’t necessitate having a bank account, cryptocurrency enthusiasts have long championed bitcoin's immense potential to bring those without access to traditional banking services into the fold by offering an alternative form of money remittance and transfer. Other factors—the absence of a national credit lending system, coupled with increasing smartphone penetration, also make Indonesia ripe for cryptocurrency disruption, according to Zac Cheah, CEO of blockchain startup Pundi X.
Given these fertile conditions, one would expect bitcoin to have taken off in Indonesia. And for the most part, this is true. Oscar Darmawan, CEO of Bitcoin Indonesia, the country’s major exchange which controls more than 70% of bitcoin transactions in Indonesia, has observed what he calls “exponential growth” in users of Bitcoin Indonesia’s marketplace platform. He has seen his users grow 50,000 members in 2015 to 500,000 members this year.
Still, despite reaching a daily transaction value of $1.48 million, he believes it has barely moved the needle in terms of capturing the wider consumer market. “To be honest, we have not even penetrated the 1% of the total population in Indonesia. The opportunity to grab an even bigger market is huge,” Darmawan says.
Full story at http://bit.ly/2iRCzw2
Source: Forbes
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