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Startup Challenges and How Bitcoin Can Help

Kamesh Mupparaju, CEO, BTCXIndia
Thursday, March 24, 2016
Kamesh Mupparaju, CEO, BTCXIndia
Headquartered in Hyderabad, BTCXIndia is India's largest Bitcoin exchange platform that enables the customers to trade the crypto-currency Bitcoin for Indian Rupees.

Starting a business is a challenging process. To create a successful business the entrepreneur must overcome many obstacles including devising the right strategy, hiring talent, raising finance, promoting their business and differentiating themselves from the competition to name but a few. An often overlooked area of difficulty lies in the ability to secure payments, particularly overseas payments. With below standard solutions to this problem, the startups can face a loss of revenue, low profit margin and liquidity, reduced timeliness of payments and may even result in an inability to serve customers and clients. What may, at face value, seem like a small obstacle can actually present an existential risk to the operations of the business as a whole.

Focus: Indian customers and the state of the unbanked.

India is a nation which favours transacting in cash and most Indians are unbanked - they do not have access to a bank account of any type. According to professional services firm PriceWaterhouseCoopers, the number of unbanked in India stands at 233 million, and of those who own a bank account, 43 percent made no deposits or withdrawals in the past year!

What payment options exist? Are they acceptable solutions?

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