Cryptocurrency, especially Bitcoin, is the new attraction for people all around the globe. Just like any other country, Indian community is also passionate about Bitcoin. People search for it to learn about it and find ways of earning money through it.
But, it’s been almost six months since the cryptocurrency enthusiast in India have started focusing on Ethereum, rather than Bitcoin which they were passionate about for many years. The search was done right from the first week of October 2017 until the last week of February 2018 and found that the searches were almost double for Ethereum as compared to Bitcoin.
Diversion of Indians from Bitcoin to Ethereum
Researchers came up with the findings that towards the start of the year 2018, more people from India have diverted their searches from Bitcoin towards Ethereum. The figures for Ethereum search were two times more than for Bitcoin.
Indian reporters found that the searches for Ethereum for last half year were around 355 against 30% searches for Bitcoin during the same time frame. Quartz India reports that Buyucoin searches were around 21% of the total searches, while for other cryptocurrencies searches were less than 5%.
Reasons for Diversion from Bitcoin to Ethereum
Two of the most prominent reasons for conversion of people’s opinion towards Bitcoin are:
Government Ban on Bitcoin
Nathan Eagle, an executive officer at Jana, reported that this decline in the searches for Bitcoins is pointing towards two main reasons. First of all, the government of the country is banning cryptocurrencies and as Bitcoin was the most used and common, so people suspected that it would be banned soon.
Also, any exchange of money against Bitcoin would not be entertained in the country. Therefore, they diverted towards world second most popular cryptocurrency.
The other reason why people diverted towards Ethereum is the volatility of bitcoin. This means that Bitcoin is a currency whose prices rise and fall abruptly, sometimes even in a matter of just seconds. This also the reason behind this changing trend.
The fall in the popularity of Bitcoin and rise in the popularity of Ethereum suggests that the people are becoming more and more involved into cryptocurrency market and as they get the chance to avail a better option, they go for it. This is what is happening right now s people are diverting their interests more towards more stable cryptocurrency, that is, Ethereum.