The expression, ‘Rome wasn’t built in a day’ is a proverb attesting to the fact that the creation of great things need time. And that’s certainly the case when it comes to developing a bitcoin ecosystem in India.
And yet, one man it setting out to do exactly that.
CCN caught up with Amit Bhardwaj, entrepreneur, investor, and dreamer in India, who is paving the way for bitcoin adoption in the country.
Since the early days of his career, Bhardwaj has spent a significant amount of time working on the backend systems of payment processors. It is through this exposure that has helped him to truly appreciate the beauty of blockchain technology in its early days.
I could appreciate how blockchain was a fundamentally more scalable, reliable, and secure solution than the then, and even the present day, payment processing technologies used by some of the biggest processors and gateways in India and Russia.
It is this love of the technology, and the fact that he believes humans are extremely talented who, if given the right tools, can build things that overwhelm each of us that has fuelled his fascination for it. As such he has spent a considerable amount of time in his life participating in the building of the future of digital systems.
This is exactly what blockchain and digital currencies do: they are wonderful agents of distribution of tools of creation, agents of massive reduction in information asymmetry, and agents of enhancement of liberty of choice.
Since the introduction of the Internet over 25 years ago, it has had a massive impact on the day-to-day lives of people in developing and developed countries. Bhardwaj is of the opinion that the effect of the blockchain will have no less of an impact in the next 15 years.
Supporting Generations of Entrepreneurs
As an early believer of bitcoin and blockchain in India – who, in 2013, built an online retail marketplace, HighKart, India’s first ecommerce website accepting bitcoin – Bhardwaj has championed many first-generation entrepreneurs in the country.
One of his investments includes the largest bitcoin mining pool based in India, GBMiners, which is attempting to fill the gap in the country with the adoption of bitcoin.
Bhardwaj said it was down to the enthusiasm of the founders that was the deciding factor of investing in the company.
They are mavericks. The speed at which they were able to grasp the technology and add up miners has only solidified my faith in the team.
He adds, that GBMiners provides an alternative investment opportunity for the Indian blockchain enthusiasts, which he believes they will be able to succeed at. With the company garnering plenty of interest from potential miners across the country, Bhardwaj thinks it will unintentionally help to bring bitcoin to the Indian market.
That, however, is not all.
Soon to be launched is a digital currency bank, where according to Bhardwaj, apart from it being a secure wallet, it will also offer interest on customers’ bitcoin and altcoin deposits.
I am also launching, Satoshi Studios, south east Asia’s first blockchain incubator by the end of this week. Also in the pipeline is Bitcoin GrowthFund, a global fund to invest in seed and Series A blockchain startups.
When asked where he thinks bitcoin and blockchain will be in India in the next five to ten years, Bhardwaj states he has a reputation for optimism among his team members. He adds, though, that people tend to overestimate what can happen in a year or two, but then underestimate what can take place in eight to ten years.
He concluded by saying:
I find it believable to be living in an India, where a significant percent of the population is able to conduct at least ten percent of their daily transactions in digital currencies, and a parallel economy exists supported by an ecosystem of products built by companies you and I haven’t heard of today, run by extremely bright kids presently in school or college.
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