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Bitcoins has become a rage globally. The virtual currency is in controversies for all the right and wrong reasons and as per experts, Bitcoin seems to be positioned as an alternative to store value rather than transaction value. Young minds are heavily investing in the virtual currency hoping that Bitcoin mania will not end like some financial bubbles did in past. Bitcoin fever is also taking Indian market by storm. People are ready to invest their hard earned cash in the virtual currency without understanding the whole concept, which can be devastating.
Seeing the intense Bitcoin fever in India, Dubai-based cryptocurrency dealer Pluto Exchange has announced the launch of India's first Bitcoin trading application. It is the first app-based wallet that enables bitcoin transactions using a mobile number. The app will be available on android, ios and offers a solution to the coordination problem between payment processors, financial gateways and banks.
As per the developers, other apps do transactions using bitcoin addresses, which are long and prone to error while copying. Pluto Exchange will enable transactions using mobile numbers only, which are just 10 digits. As per report on IANS, a four-digit personal identification number (PIN) will be required to buy, sell, store and spend bitcoins via a mobile number.
The multipurpose app would permit a range of transactions, including payments, remittances, business-to-business commerce, supply chain finance, asset management and trading.
As noted, Bitcoin value has recorded a considerable increase in last one year. The virtual currency recorded a surge of over 1,500 percent value, which has left the financial world in shock. One Bitcoin values more than 10 lakh Rupees in India, which is hard to believe. If you are also bitten by the Bitcoin bug, you can give the new app a try but make sure you fully understand the concept before making an investment.