Topic: Any Upcoming Start-ups? - page 2. (Read 8035 times)

What makes the price go up or down?
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BTC 
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buysellbitco.in sounded as if der is some "magic" trick up every experts' sleeve 
I know abt supply and demand and confidence but fail to understand how an expert will be able to judge dese 2 factors correctly and use it to his advantage.

We are on the same frequency level 

BTC 

What makes the price go up or down?

Just an advise, if you are going ahead with exchange idea I will advise you to first eye for customer acquisition. Get them used to with your platform, let them setup their accounts, setup payment channels and get comfort level with your platform, support and money in-out system.

In any case you will not have awesome volumes at the start, so you can offer them free trades for few months and concentrate all your efforts to get more and more people on board with carefully designed  marketing campaigns to get people in. Start with referral program based on number of leads it generates.

Just my two satoshi

Cheers

No. For trades yes, but in general you will never find no of buyers = No. of sellers.

To get trades you need liquidity and to get liquidity you need enough trades.

You will get more sellers when BTC is going up trying to cash out profits and you will find more buyers when BTC is going down. Here is the basic issue lies. When BTC is going up you will not find a lot of traders who want to buy and when BTC is going down you will not find lot of sellers. But all of this is related to traders who knows what they are doing.

There is one more class of users. Newbies They always buy at rallies going up and sell when BTC starts going low. They are what you need most to get liquidity. The issue at the moment in India is you will not find good amount of newbies.



Exactly. We do not act as middleman and we are direct other party in any trade. Running exchange you dont need to bother much about rates. But as Over the counter shop we are vulnerable to BTC ups and downs and have to keep very tight hands on our stock.

In an exchange isnt the No. of buyers= No of sellers.
buysellbitco essentially buys from users and then sells them instead of acting as a middleman. Am i correct?

That's true

India has an extremely strong IT industry would be much easier to start any Bitcoin projects in India.

1) Awesome.. Feel free to ask any help needed. That is brave step but someone has to start and I appreciate you are trying for that. We need at least some AB test going by bow

2) That is good volume you are generating and I am sure you will be able to do more as people nowadays are using more and more online shopping in India. Your service is much needed to stay as it actually adds some value to economy. Only buying and selling will not help Bitcoin much in India.

Cheers

1) Payment gateway, means you want shops to accept bitcoin via processor you provide them, like bitpay ? Well, nothing stops you for doing that as far as I can think. The only thing is will it justify the cost you will incur for the infrastructure and running these operations ? Frankly speaking it will not at least now. There are three types of major bitcoin users in India and operating in India
a) Who speculate and  invest it for future, holding their breath that it will some day go to sky and they will be able to book profit.
b) Those who mine and want to sell as long as they are making some profit as per the BTC rates
c) Middleman like us, Bit_India and lot more who works as meeting point for a and b and gets their cut

There are several other minor users in India
x) Traders. They do not operate in India. They directly work with MtGox, Bitstamp and X, Y, Z. But normally does not worrk with C in above. Why ? Well the % cut of c in India is a bit ted high for them and they can not justify it. They do a good volume, more than 50 BTC for sure. If you want to open exchange try to eye them. It will be very hard for you to get them in as they are used to work with liquidity which will be chicken egg problem for you.
y) Buyers. This segment buys bitcoin to purchase something I dont know about their numbers as they do not want to get verified.
z) Hobbyists. They know about bitcoin and want to do something about it and own some bitcoins. They normally do not take part in trading etc and they are not the segment you should look at. They are good for brain storming and getting help.

Try to find out the best customer segment to pitch for payment gateway.

2) 50 BTC.. If you want monthly average it is surely more than 1500 BTC Let me give you hint BTC goes down you get buyers, BTC goes up you get sellers.

Cheers

1) We will be announcing this service in less than a month.

2) at INRBTC the avg volume per day is 10 bitcoins that too because we only buy bitcoins for now. Buysellbitco.in can give a better picture.

1) What is stopping you from setting up a payment gateway?

2) Would i be wrong to say that 50 coins change hand every day in India?

   Though this is not the relevant thread...cannot help saying these few words...

A few days after starting INRBTC, Benson took efforts to contact me, we had a detailed discussion, rather than a discussion , I would call it as a education received from Benson.  Then Buysellbitco.in shared his experiences in running his service. I can say that just from talking to these individuals, I modified a few things on how I run INRBTC based on these discussions and rest came from the customers.


I often see these two adding a lot of value and few other members also. I can now only share my experiences of running INRBTC and so far i can say that if you read eveything in this forum, you might not need more education to start a bitcoin service in India. 

+1

I would like to add a few words on the ruthless part.  If you think you have an idea. Go ahead implement and execute it. The license and the registration part comes later. Test your idea, get the feedback...tweak your process.  Any country and not just in India, any business attracts attention when you cross a limit. Even in India, unless you cross 40 - 50 lakhs turnover per year...you can run your business without interference from regulatory bodies.  It Bitcoin services as a business picks up, one of us from here will get a welcome call from the regulatory body. We as a community can then come together get those things sorted out.  We can pool our resources to hire a lawyer or anything which might be needed.

We can freely share our experiences dealing with those agencies, as a group we will add to bitcoin community in India. The first call from any agency is a welcome call because then we know that bitcoin has attracted their attention.


My experience from running INRBTC. So far I have not faced any problems with the Banks.  The volume on a per day basis is still below Rs 1 lakh. I  am not using any cash channels, all the business is done through NEFT only.  Some customers who transact regularly have complained about filling the form regularly even though we already have their banking details. 

To overcome that we now have a facility where they can send their bitcoins to a designated address and amount will be deposited in their bank account by end of day.  This facility is now being further tweaked. Though I cannot say that it will be payment gateway in a full sense, merchants in India can now get their customers bitcoins sent to their specific address and the amount will be deposited in their bank accounts daily.

My experience so far is ...the volumes are low....test your ideas...if it not fully automated...make a semi automated setup...but the get service out. the true validator of your business are the customers not the regulatory agencies.

You need an OK from SEBI and RBI to go ahead. Buy this is more of a commodity exchange as Bitcoin is a commodity/ currency.
I do not believe that commodity exchanges are regulated in India, apart from Rubber, Sandalwood and some other listed items.

That's true it's not easy to setup a Money related business easily in india.

I'm not sure but i think exchange needs to get licence under "Pre-paid Payment Instruments" or Cross border Money Transfer to do deal with international customers.

Both licence needs alot money.

Well, there is nothing out officially as yet mate.. We need to grow merchant acceptance before we can challenge anything.
Without startups and places to link into/ spend money at, there will be no merchant acceptance or growth.
Without that, there is no case to present to anyone. This stems the growth factor.

buysellbitco.in, madovercoins.com, coinmonk.com, indiabitcoin.com, inrbtc.com, etc are really the pillars of our community in India. These are not enough cases to persuade a country/ bank/ company/ individual to adopt.

Any thoughts?

I partly agree with you here Benson. But again, once you start getting the volumes, if your startup is dependent on the banking infrastructure, then yes you have to start thinking about it well in advance.

If your startup can survive independent of the Indian authorities, then you don't even have to bother about the rules and regulations initially.
For instance, taking btc exchange as an example, other countries have some internationally accepted modes of payments like Online Fund Transfer abroad, ACH, WU and MG by which the exchange can flawlessly operate initially until the paperwork is completed. (example : buying and selling through coinbase exchange)

AFAIK, in India even paypal has to comply with RBI regulations and the payments received to that paypal account has to be withdrawn to the local bank at the end of everyday. That makes our situation a tad more diff than the start ups in other countries.