Indian digital asset exchange BuyUcoin recently announced it would list Bitcoin SV (BSV) for trading on its platform. It’s a sign BSV is starting to be noticed everywhere not just for its trading price, but the actual utility it offers. We spoke to BuyUcoin CEO Shivan Thakral about what he sees as BSV strongest points and use-cases, and about the digital asset industry in India in general.
It’s little surprise that BSV’s ability to scale was a major motivator, as is its focus on micropayments as a use-case. The two go hand-in-hand: only with the capacity to handle a huge amount of transactions, while keeping fees low enough to barely be noticeable, could any blockchain hope to fulfil this promise.
Faced with millions of transactions and processes per day, other blockchains (namely BTC and ETH) fall flat. Their fees become unaffordable, their mempools overflow, and any real business happening on their blockchains can grind to a halt.
Increasing name recognition and acknowledgement that BSV does in fact represent the original vision for Bitcoin are also key factors where exchanges decide to list the asset. As more exchanges jump on board, it’s another sign the propaganda war that rages against BSV is having little effect in the real world—if people see value in something, they will take an interest in it.
Digital assets have received a lot of attention in India in particular. Issues with the local currency saw many (particularly those interested in technology) look to alternatives. This eventually led to the country’s Reserve Bank effectively “banning” digital assets in 2018. However the central bank’s order was eventually overruled by India’s Supreme Court in March 2020, prompting the blockchain industry to once again emerge and flourish.
Read our interview to find out more, and see what exchange operators are saying about BSV.
Interview with Shivam Thakral, BuyUcoin CEO
BuyUcoin has been around since 2016, but might not be familiar to those outside India. Could you give us a brief background to the company? Also, besides exchange trading, what other services do you provide?
BuyUcoin is building the cryptocurrency ecosystem since 2016 and it’s one of the oldest exchanges, and its core segment is cryptocurrency exchange (real-time, OTC). Apart from that it also gives services to blockchain companies in areas like tech architecture, marketing, tech development, real adoption.
Why did you decide to support BSV?
We always try to include projects in our ecosystem that provide value to the cryptocurrency community in terms of their technology and their solution, and since BSV is also innovating and providing scalability to the current cryptocurrency ecosystem, hence that was the reason of listing them.
What other digital assets does BuyUcoin support, and what have been the most popular?
BuyUcoin supports all major digital assets like Bitcoin, Ethereum, Ripple, Chainlink, Polkadot and others. Most popular are Bitcoin, Ethereum, Ripple.
Regulation has always been a big issue in India. What’s the current legal status for digital assets and exchanges there?
There were some hurdles in the past but since the Supreme Court decision everything is working fine for trading and for exchanges. Also trading volume has surged more than 8x after the decision.
Is there much “daily use” of digital assets/currencies in India? If so, who uses them? Are they used for purchases or mainly for trading/investments?
There are several use cases for digital currencies apart from trading and investments that includes (but limited to) remittances in and out of India, which recently have been surging and people find it cheap and easy using digital currencies.
What do you think will be the most popular use case for Bitcoin BSV?
I personally think BSV’s best use case is in micro payments.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.