WHAT MAKES BITCOIN SO POPULAR IN INDIA AND NOT THE INDIAN-ORIGIN MATIC (POLYGON)

The popularity of bitcoin over Matic (Polygon)

Even the non-crypto users are well familiar with the term ‘bitcoin’ whereas Polygon or Matic is yet to be viral in every sense of the word. It makes one wonder why Indians have more faith in a foreign cryptocurrency than something of their own.

The Popularity of Bitcoin

Bitcoin is the most well-known and oldest of virtual currencies. And, bitcoin is extensively used to bypass currency controls, not just in China, but in Greece and other places as well. Bitcoin has become very popular in India. Volumes of rupee trading in bitcoin have exploded this year with over 2,500 Indians trade bitcoins daily. The Demonetization of 86% of Indian currency on November 8 triggered off an explosion of interest. Some estimates indicate that rupee-denominated bitcoin trades now generate the third-largest volumes after the American dollar and Yen. Bitcoin prices went through the roof last year as trading volumes zoomed. In January 2016, bitcoin was trading at $429 per coin, it peaked out at $4,969 this month.

The Details of Bitcoin

The virtual coin was designed to allow for transactions between individuals who did not know each other without any oversight or interference from governments or central banks. Each bitcoin consists of unique computer codes. Each coin can be split into fractions and those fractions are also each identified by unique codes. The smallest fraction is named the “Satoshi” in honor of the creator. Each coin and its owner can be identified by using a combination of private-public keys. The public key, which everybody knows, identifies the coin. But only the owners know the private key and can thus identify themselves. To put it another way, the owners are the owners because they have the private key.

The Details of Matic (Polygon)

Polygon – an Indian origin network was built by four software engineers – Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The startup is based in Mumbai. Depicted as “Ethereum’s internet of blockchains,” Polygon is emerging as a practical option for a few new exceptional projects as Ethereum 2.0 is still under development. It has gained popularity because of the great throughput and low gas expenses experienced by clients and developers in its platform.

The Popularity of Bitcoin over Matic (Polygon)

The whole concept of this growing popularity comes from the idea of ‘going with the trend’. Most cryptocurrency buyers tend to go on with the trend. Sandeep Nailwal, Co-Founder and COO of Mark Cuban-backed Polygon (previously Matic), says in an interview that the majority of the crypto community is still invested in speculative assets. That is why a large number of individuals are purchasing Bitcoin. Polygon, on the other hand, is a technology-driven platform with a solid infrastructure that focuses on growing and expanding the blockchain developer ecosystem. As a result, Polygon, Ethereum, and similar tech-centric goods are preferred by individuals that understand the technology, have a knowledge of Crypto technology beyond speculations, and are looking at crypto as a long-term investment class. What makes bitcoin more popular is its ease of access to trading platforms, lack of understanding among people about the crypto technology, and endorsement by famous personalities.