A brand for a company is like reputation for a person. You earn reputation by trying to do hard things well – Jeff Bezos
That looks like the story of Indian cryptocurrency exchange Coinome. Coinome, one of India’s largest Cryptocurrency exchange is earning reputation for being ahead of the curve and doing hard things well.
For example, while many other exchanges still struggle to enable faster INR deposits, Billdesk backed Coinome offers an instant deposit service with ZERO fees. It took only 30 seconds for the money to be out of my bank and in Coinome INR wallet.
But that is not all, in my opinion, adding new coins to the family is also one of the best ways to get an edge over the market and keep the users happy. Traders love options. It is cherry on the top if the crypto is not available anywhere else in India.
While traders expected Coinome to launch Ethereum (ETH) or Ripple (XRP), Coinome earned that cherry by being the first open order book exchanges to introduce DASH and Digitbyte (DGB).
Dash comes to India! Coinome is happy and proud to present Dash Trading for the first time in India. Have a #DashTrading experience on Coinome.
— Coinome (@CoinomeOfficial) January 18, 2018
— Coinome (@CoinomeOfficial) February 12, 2018
Dash has been trading on the platform for almost a month now, Digibyte (DGB) landed recently on February 12, 2018. Coinome enjoys the first mover advantage on both coins but adding DGB could possibly be a game changer for Coinome as well Crypto trading in India
More on that after this short introduction of the new joiner.
What is DigiByte?
DigiByte, released in 2014 is a transaction focused coin with the longest blockchain in existence having over 190000 nodes worldwide. DGB transactions are super quick as a new block is generated every 15 seconds. According to their roadmap Digibyte will be able to handle 2000 transactions per second by 2020.
DGB can be mined by 5 algorithms with real time difficulty adjustments to keep a level playing field for all miners. Trading in the range of ₹2 – ₹3 on Coinome, DGB becomes a great alternative to transact smaller amounts as opposed to using three or four decimal place transactions with other coins.
The total supply of DGB tokens is 21 Billion with a deliberate 1000:1 ratio with Bitcoin to make it more manageable at scale.
Why is DGB a good coin for Indian Traders?
1. Cheap Cheap Cheap
Before you come knocking on my door shouting “It doesn’t matter how much it cost, the underlying technology is important”, let me back myself up by quoting an article from YourArticleLibrary on the psychological effect of low prices.
“As the price of a share gets higher and higher some investors may feel the prices are too high for them to buy or small investors may feel it is unaffordable. Splitting the share brings the share price down to a more attractive level. Thus, the effect is psychological.”
Although DGB is not the stock split of BTC, but the lesson remains the same. Psychologically, people see more potential of growth on a $1 coin over $2000 coin. Also, owning 200 DGB sounds more fun than owning 0.001 BTC, isn’t it?
But that is not the only reason.
2. Use as a transaction token
The second most important reason for DGB to be popular in India is its use as a “Transaction Coin/Token”.
A Transaction token is a slang used for a coin that can be used for moving money in the cheapest and fastest possible way and DGB is perfect for that.
To buy a coin that is not available in India like DOGE coin, I have to go to an international exchange. There I have 2 options. Buy using a credit card for a hefty 5-10% fee or buy BTC in India and transfer it to the exchange to buy Doge.
To buy DOGE worth ₹4 lacs, the credit card fee will be ₹20000 atleast. So option 2 sounds better. But transferring BTC is costly as well. BTC withdrawal fee comes around 0.001 BTC which is roughly ₹650. Less than credit card fees but costly nonetheless.
That’s when DGB comes to the rescue. I will buy DGB and transfer DGB to an exchange like Bittrex. Then exchange my DGB for BTC and buy DOGE using the BTC.
Withdrawal fees for DGB is 0.2 DGB on Coinome, or roughly ₹0.50. So whether it is ₹1000, ₹4 lacs or ₹4 crores. I pay a fee less than one whole rupee.
The withdrawal fee is approximately 1200 times less than what I would pay to transfer BTC.
Moreover the transfer will be done in about a minute while it will take 30 to 60 minutes for the BTC Transfer to be confirmed.
Coinome played the cards well by introducing a transaction coin, helps traders like me in saving money on fees.
Besides the instant deposits, Coinome withdrawals also seem to be quick.
The withdrawals are not available on Bank holidays. On other days it appears they are using IMPS to quickly send the money to the customer’s bank account.
An intuitive interface, quick KYC approvals, multiple cryptocurrencies for trading, quick deposits and withdrawals without fees, Coinome offers good services for the Indian traders. I also hope they launch Ethereum and Ripple soon.
What do you think about Coinome and the latest coins added on it? Let us know in the comments below
Read more: What is Ethereum?