It is always positive to see new companies arrive on the scene in the Bitcoin world. Buyucoin is a company dedicated to making the sale of Bitcoin easier in India. Albeit this is a very new company, and caution is advised when dealing with unknown parties, this goes to show there is a big demand for cryptocurrency in India.
Although the Buyucoin website looks nothing like most other exchange platforms, a book should never be judged by its cover. India could be a huge market for Bitcoin in the coming years. That also means there need to be multiple exchange platforms in operation. Buyucoin wants to be the next Bitcoin exchange to make that happen.
Running a Bitcoin exchange is not an easy task, though. There are regular and regulatory guidelines to take into account. After all, an exchange operator is a money transmitter in the country he or she operates in. India has no clear regulation for Bitcoin exchanges yet, but that situation may come to change in the future.
Supporting different payment methods is an important aspect of any Bitcoin exchange. Buyucoin supports different options, once the user has completed a verification procedure and their identity documents have been verified. Among the supported payment methods are credit and debit cards, as well as online banking.
One thing that may be a concern to users is how the website uses an online HTML form to complete the verification procedure. There is only one page to create an account, and some interesting details are being asked. Not the most secure environment to host such a form, and it may turn away some users in the long run.
There is also very little company information on the website, which makes it hard to trust this platform from day one. Conducting a WHOIS search will reveal information regarding the person who registered the domain. Unfortunately, it was registered less than two weeks ago. For the time being, caution is advised when dealing with Buyucoin.
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