ThroughBit, a new and young Cryptocurrency exchange based out of Bangalore, India where one can can Buy, Sell, Send, Receive, Store and Trade Bitcoin, Ether and INRFalcon.
Bitcoin and Ether is ok but What is Falcon!!! You might be wondering it’s a new altcoin.
Well, Falcon is India’s reply to Tether (USDT)
INRFalcon is a smart contract built on the Ethereum platform. It is an intermediary currency that combines the benefits of cryptocurrency and the stability of fiat (i.e. any government issued currency).
INRFalcon is a closed cryptocurrency existing only on ThroughBit, it cannot be sent to any other wallet. It has to be noted that-
INRFalcon is the new concept that may bring revolution in the Indian Cryptocurrency Market. To understand better about INRFalcon and the platform giving birth to it, ThroughBit, KryptoMoney interviewed one of the co-founders of this new Indian Cryptocurrency Exchange, Mr. Abhishek Gopal
KryptoMoney : Tell us about you and the other co-founders of ThroughBit.
Abhishesk : ThroughBit has 3 co-founders.
Anand, the COO, with an experience in Cryptocurrencies since 2012 is one of the biggest market makers for cryptocurrencies in India. Anand is the enabler through his in-depth knowledge of operations and the vast network he has created over the years. Anand has a thorough understanding of how ICOs work and the need for them. Having been actively involved in several ICOs from the inception of the concept itself, Anand offers a holistic view on the crypto business
Roshan, the CTO, one of the leading Blockchain developers in the world, had developed a cryptocurrency in 2014, called SaffronCoin. Having worked at one of the first exchanges in India as the Chief Scientist, Roshan has unparalleled knowledge and passion for Blockchain services. Roshan is a technology evangelist, believing in technology that can deliver efficiency and effectiveness.
And finally me, Abhishek ,the CEO, coming with a wide spectrum of experience across product development, sales and strategy. Having lead the marketing efforts of of one of the first exchanges in India, I joined with Roshan and Anand to found ThroughBit.
While conversing , we had an understanding about Abhishek, that he has an in depth understanding of the market and Blockchain based services which enabled ThroughBit to build an intuitive and user friendly product. Abhishek’s hands-on approach coupled with an honest and transparent pitch has helped ThroughBit position itself as a bankable and innovative place to go to for Blockchain needs in India.
KryptoMoney: What is your location of operations?
Abhishesk : We are currently based in Bangalore and serving Pan-India.
KryptoMoney: Do you have plans of listing more cryptocurrencies for exchange/trading, apart from Bitcoin, Ether?
Abhishek: For now, Bitcoin and Ether are the cryptocurrencies that can be traded on ThroughBit.
We are in the process of listing another cryptocurrency. We would be ready to announce by the second week of November.
KryptoMoney: Any Plans for releasing mobile app and if yes ,then, by when ?
Abhishesk :Yes, the mobile app is in testing stages now. The app should be available for both Android and iOS users by the end of the year.
KryptoMoney : How is ThroughBit different from it’s competitors?
Abhishek: The industry is so new and so small that we do not want to compete with anyone, for now. We are trying to set standards for the industry in terms of ease of use and an approachable, round-the-clock customer support. We are also in the process of building products and tools that will create a fulfilling experience for the users. INRFalcon, is our first offering interns of creating a complete trading platform. We have 3 other innovative tools, 1 of which is patent pending, that we’d be rolling out in a phased manner.
In terms of which platform a user should use, we recommend the user to compare the prices and the tools and support available before they make that decision.
KryptoMoney: What is INRFalcon and how will it impact the cryptocurrency markets in India?
Abhishek: INRFalcon is a smart contract on Ethereum. INRFalcon, a cryptocurrency developed by ThroughBit, acts as a facilitator for 24X7 trading. Banks in India operate to their full capacity for only about 30% of the time. So, traders face situations when their money is stuck in the banking channels, thus limiting them from taking advantage of global ups and downs in the cryptocurrency markets. INRFalcon is pegged to the Indian Rupee, meaning 1INRFalcon is always equal to 1Rupee. So, users can now just use INRFalcon to buy and sell, and they can do it 24X7.
To illustrate, if someone were to sell 2 Bitcoin on any platform on the 28th of September, 2017 at 9PM and requested for the money in their Bank accounts, the money would reach their account only on the morning of the 3rd of October 2017. Thats over 100 hours of money being stuck in the banking channels. If there were a dip in the prices on the 30th of September, this particular user would be at an opportunity loss because he has no access to his funds, they are stuck in the banking channels.
On ThroughBit, the situation is different. The user can choose to sell to INRFalcon. The equivalent amount of INRFalcon will be immediately credited to the user’s wallet which he may use to buy Bitcoin again in the case of a price drop, thus staying in the game in what is a 24 hours, global market. Since INRFalcon is always equal to 1 Rupee, there is no fear of volatility. Whenever the user decides to cash out, he may do so by selling the INRFalcon to his bank account. The buying and selling of INRFalcon is absolutely free. There are no charges whatsoever.
KryptoMoney: Does ThroughBit also provides storage facility and if yes then what steps does it take to protect the user’s cryptocurrencies?
Abhishek: No exchange can function, per se, without a wallet. ThroughBit provides a wallet for Bitcoin, Ether and INRFalcon. We do not provide private keys to the users as we believe that the market isn’t ready to take that chance yet. We follow some standards when it comes to safe keeping of out users’ tokens. More than 95% of all the funds on ThroughBit are stored in ‘Cold Wallets’, meaning these wallets never come in contact with the internet and hence are the safest way to store the cryptocurrencies.
We also advise our users to use 2-factor authentication using Google Authenticator. This provides an extra layer of security for user accounts. We constantly audit transactions to identify and weed out ant suspicious activities.
KryptoMoney: What do you think about Bitcoin/cryptocurrencies’ future in India?
Abhishek: As a company dealing in cryptocurrencies, it is very convenient for us to point a finger at the government and say that they aren’t doing anything about the Blockchain industry, but what we need to look at is the large number of factors and stakeholders that the policy makers have to cover before they take a call on something as disruptive as the Blockchain.
India has always arrived late to tech parties. With Blockchain we have been pretty early, if not the earliest. The developer community is growing, there is a large investor interest and the government has shown some initiative in conversing with the industry. Also, the used cases that are India specific and the huge market available places India in a ripe position to make use of the Blockchain and the innovations it comes with.
We asked more about the team behind ThroughBit and we got to know the following:
Abhishesk : We are a team of 7, working 18X7 to make Blockchain a reality across industries in India and globally. Blockchain, like the internet, needs immense nurturing and support to grow into a technology that will make a difference. We’d like to reach out to all Bitcoin/Blockchain enthusiasts through this piece and tell them to learn more about the technological advancements Blockchain can create and not just the money aspect of it
We asked the ThroughBit Co-founders to share their views on Blockchain/ Cryptocurrencies and here is what we heard from them:
“Culture will play the most important role in mainstreaming Blockchain”, – Abhishek
“Scaling issues apart, Ethereum is perfect”, – Roshan
“Fiat currencies are also used for undesirable acts. If they can be mainstreamed and regulated, why not cryptocurrencies”, – Anand
We wish ThroughBit all the very best for their future and specially for INRFalcon.
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