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Equitymaster's Guide to Cryptocurrencies - Private Briefing

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Equitymaster's Guide to Cryptocurrencies
Jan 5, 2018

What's the first image that comes to mind when you read these two words: Long queues.

Did you think of the good old ration shop? Ticket counters? Washrooms?

How about cryptocurrencies?

I'm not joking. Here's The Times of India...

  • Cryptocurrency exchange platforms in India have a huge backlog of potential users waiting to be verified for registration. Waiting periods have gone up from a week to 20 days. Bengaluru-based Unocoin used to see 1,000 registrations a day in December 2016. Last month, it averaged 10,000 registrations a day. Its overall user base is now close to 10 million.

    Coinsecure has a message on its website warning users that their KYC (know your customer) process will take time. It is getting around 4,000 registrations a day. The platform has disabled its payment gateway to stop users from paying money before verification. Unocoin, too, has warned users about delays.

A 20-day waiting period...just to trade in cryptos. Who could have imagined this six months back?

People are excited, no doubt. But they're confused as well.

Just a couple of weeks ago, I wrote to you about the polarising opinions about bitcoin.

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