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Indonesia Further Establishes Bitcoin Ecosystem though Bitx Expansion

Chris in Uncategorized published on 16, February 2015

Bitx

The Bitcoin growth in Southeast Asia continues to strengthen as more investors have their eyes on the region’s emerging markets, specifically Indonesia. The peninsula has quickly become a perfect location for Bitcoin ventures to expand on, given the financial conditions currently present in the country.

Further establishing Indonesia as a Bitcoin hub in the orient, the Singapore-based Bitcoin exchange Bitx now also caters to the locals, exposing them to the variety of Bitcoin trading services available in its system.

“Indonesia is a key market for us…also because of some very specific market opportunities,” said Bitx CEO Marcus Swanepoel in an online report. “Extremely low credit card penetration with massive growth in e-commerce presents particularly attractive opportunities in payment space for cryptocurrency.”

According to reports, the majority of the Indonesian population remains unbanked, with only about 14% of the over 250 million inhabitants having access to credit or debit cards.

Bitx sees this as an opportunity to alleviate the financial restrictions by providing Bitcoin services. Bitcoin, in the words of the Bitcoin exchange, transforms the conventional method of sending money by making it faster and cost-effective. This, in particular, will benefit Indonesia in a way that money remittances will become an easier process through Bitcoin.

Swanepoel was also quoted saying:

 “We also bring a number of very high quality API’s for developers and businesses that will make it easier for them to offer crypto-related services to their customers and are already in talks with a number of partners there to use these APIs.”

The presence of the Bitcoin exchange contributes to the development and adoption of the digital currency in the country through the efforts of Bitcoin Indonesia.

Establishing the first local Bitcoin exchange back in 2013, Bitcoin Indonesia became instrumental in Bitcoin promotion, especially with the launch of the Bitislands project—a campaign aiming to transform Bali as a Bitcoin tourist destination.

Moreover, locals can purchase their bitcoins from more than 10,000 Indomaret convenience stores across the countries.

The team behind Bitx believes its mobile services will further enhance the use of Bitcoin in the region. This is exactly what they also aim for with their future expansions in Africa and Asia.

Now that the Bitcoin ecosystem in the Asian economic powerhouse is slowly coming to life, it is only logical to expect more Bitcoin industries to rise soon. Bitcoin retails have a high potential in the market as well as Bitcoin binary options and forex trading.

However, the big question is will Bitcoin gambling gain a foothold in the country? Do you think the Bitcoin casino and sports betting markets will earn their fair share of success too?

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