Bitbuddy, a bitcoin marketplace, announced its launch in India. Bitbuddy will allow sellers and shoppers to sell and buy directly on its platform.
Bitbuddy will focus on crypto traders across the country and millennials worldwide. It will offer competitive pricing, with 2 months zero trading fees as an introductory offer.
Ashish Agarwal, CEO, Bitbuddy, said “If an investor would have bought ₹100 Bitcoin in 2010, today it might be valued more than 30 crore for him. That’s the magic of investing and we at Bitbuddy understand this”.
On the initial plan, Mr Agarwal said, “India has more than 5 million crypto users. At Bitbudy, we believe that every one of them has an interest in bitcoin. We believe to get 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 ₹1,000. It’s always good in invest in reliable sources.
“Other inexpensive crypto currencies may not be that good, which means investor end up losing money.However, we believe that nobody should put more than 5 percent of their total portfolio in this cryptocurrency. And, it should be bought always for long term,” he warned.
Recently in India, Supreme Court also backed down on an order that efficiently banned virtual currencies in India. The uplifting of the ban by apex court is surely going to open new prospects for India in terms of investments.
Bitbuddy is available both on Play Store and App store.
This article was first published on livemint.com.