How Indian Cryptocurrency Exchanges Can Compete Globally

Cryptocurrency market is booming by last few years. Cryptocurrency price looks volatile but mostly moving upward on an average. The market capital of Cryptocurrency is around USD 500 billion as per CoinMarketCap. People who have not plunged in the Cryptocurrency market have a feel of missed the boat. The Cryptocurrencies are traded on Cryptocurrency exchanges. The Indian Cryptocurrency exchanges are operational in India only. Global Cryptocurrency enthusiasts are unable to use Indian exchanges due to many hurdles.

Following are the main hurdles of Indian exchanges in becoming global players

  1. Fiat Currency

    The main difference between global Cryptocurrency exchanges and Indian exchanges is, global exchanges allow crypto-to-crypto trading but Indian exchanges allow fiat-to-crypto trading. Indian Cryptocurrency exchanges are not allowing traders to buy a Cryptocurrency by using another Cryptocurrency. Traders at Indian exchanges can buy a Cryptocurrency by using Indian Rupees (INR) only, which is by using fiat currency INR only. Even if only fiat currency is used, Indian Cryptocurrency exchanges have not included other global fiat currencies like USD, Euro, GBP, and so on. This is a major hurdle for global Cryptocurrency traders. India based Cryptocurrency exchanges should allow either crypto-to-crypto trading or should include other global fiat currencies. In this way Cryptocurrency traders from other countries can also participate in trading activities using Indian Cryptocurrency exchanges.

  2. KYC Upload

    As Indian exchanges are dealing with the legal tendered currency INR, it is forced legally to have personal identity information of the traders and share that data with the government of the country. Global Cryptocurrency traders do not want to share such personal information or are very much reluctant to it. Different countries have different documents for personal identification. This consideration has not been taken. What documents are getting asked by Indian exchanges for identity verification, are missing with foreign traders. In this way global Cryptocurrency traders are unable to verify their identity. Indian exchanges are not showing any interest to address this issue and happy with their Indian traders only. This scenario must be improved if they really want to compete globally.

  3. Number of Cryptocurrencies

    There is about 785 Cryptocurrencies in the contemporary world. Different parts of the world can have different famous Cryptocurrency. As many Cryptocurrencies will be available on the exchanges that much people can be included in the trading. Indian Cryptocurrency exchanges have listed a very less number of Cryptocurrencies in comparison to the global exchanges. Obviously, less foreign country Cryptocurrency traders will be able to take interest in trading at Indian exchanges. India based Cryptocurrency exchanges must enlarge their list of Cryptocurrencies offered for trading.

  4. Performance & Security

    In case of Cryptocurrency exchanges performance and security are a foremost requirement. Due to high number of trading demands the system must be very fast and able to process high number of transactions per second. Some global exchanges are allowing 14000 transactions per second. Indian exchanges look vulnerable at it. Indian exchanges need to enhance the performances. Every system in the world get claims of highly secured. This is an internal matter until any system suffers from DDoS attack. Indian exchanges so far looked secured. Indian Cryptocurrency exchanges shouldn’t have any issue in optimizing the performance and up the ante for high security. As, there are many Cryptocurrency exchange development teams hails from India. They certainly can take care of these.

Let us see how much time Indian Cryptocurrency exchanges take to compete globally. Or, even if they are willing so or not time will tell. They must be looking forward to become a global player in Cryptocurrency trading. They might be waiting for their government to take a stance on Cryptocurrency. That time doesn’t look far away. Let’s hope for the best.

How Cryptocurrency Exchanges are the Need of Hour

Cryptocurrencies are the talk of the town. And why not, Cryptocurrencies have US $500 billion market share in the world! It has seen highest ever growth rate in recent past months. Cryptocurrencies are traded at Cryptocurrency exchanges online. When we talk about Cryptocurrency, we can’t forget talking on Bitcoin and Blockchain technology. Bitcoin is the first Cryptocurrency of the world developed by using Blockchain technology. It is a decentralized application (App). Data decentralization and cryptography makes it highly secured technology.

Cryptocurrency Exchanges

Decentralization of data has made the hackers frustrated. The Blockchain data are stored in millions of PCs worldwide. Hacking few system data can’t disturb the whole Blockchain system. Hacked data can be recovered with other active nodes. When new data enter in a Blockchain all the nodes get updated. Even hacked data can’t be decrypted due to the advanced encryption methodology of cryptography. Data once entered in the Blockchain can’t be modified by anyone or can’t be theft. This is the real power of Blockchain technology. Obviously most people of the world want to take leverage of this fabulous technology.

Worldwide there are less than 800 Cryptocurrencies and less than 100 Cryptocurrency exchanges. And, the market capital of the Crypto-world is US $500 billion. These data suggest there is a very high traffic on the Cryptocurrency exchanges. Everyday news comes of failure of Cryptocurrency exchanges due to failure of load balancing. Though some has proved stability, traffic load is still optimum. Sometimes even stable Cryptocurrency exchanges need to stop new registrations. This is a pitiable situation in the technology world. Has the world no technology solution!

This is not the case; the world has technology solution to cater it. Most of the Cryptocurrency exchanges were in hurry to provide the solution. By this, they might have compromised with the system engineering. They might have just focused on Cryptocurrency exchange development and overlooked the small things. Those small things of system engineering had to be taken care. It should not be brought to the world in this hurry. Second most important thing few Cryptocurrency exchanges are missing is security measures. Often news of DDoS attack on Cryptocurrency exchanges surfaced. This is due to the poor architecture of system.

Another problem of Cryptocurrency exchanges is the poor support system. Due to the high volume of traders and low number of support staff creates this situation. Measures should be taken for a better support system to the consumers. Even after the challenges faced by the Cryptocurrency exchanges people have mushroomed to them. This is due to the lucrative opportunity of Cryptocurrency trading. Cryptocurrency exchanges must upgrade themselves for better user experience overall.

Alternative is, bring more Cryptocurrencies and Cryptocurrency exchanges to the surface. By this, demand and supply will be distributed and users will have far better experience. At first, more Cryptocurrency exchanges are in requirement to meet the requirement of the world. Yes, with quality offcourse!