Any Upcoming Start-ups? - page 3. | Bitcointalksearch.org

americandesi

hero member

Activity: 518

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BTC < > INR & USD

Quote from: escrow.ms on July 17, 2013, 08:12:47 AM

Make sure to do your homework, just some days ago 22 banks got penalized by RBI for violating KYC norms.
http://in.finance.yahoo.com/news/rbi-penalises-22-banks-kyc-slips-183000847.html

Yes i was closely following on this topic. And RBI was ruthless. Nothing was confirmed and still a penalty was imposed.

escrow.ms

legendary

Activity: 1274

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Make sure to do your homework, just some days ago 22 banks got penalized by RBI for violating KYC norms.
http://in.finance.yahoo.com/news/rbi-penalises-22-banks-kyc-slips-183000847.html

buysellbitcoin

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https://www.zebpay.com

Quote from: Benson Samuel on July 16, 2013, 08:44:03 AM

Something cool that I had noticed in most other local communities is that they are ruthless in starting up.

No regulations, etc even matter at this stage apart form money conversion and even that has got several workarounds based on limits, etc.

If our community can get a bit more ruthless and enable/ support/ help any legit business that comes up, I am sure that we can grow way faster in India.

Really cant agree more with you here.

Cheers

buysellbitcoin

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https://www.zebpay.com

Quote from: Benson Samuel on July 16, 2013, 08:37:08 AM

Quote from: buysellbitcoin on July 16, 2013, 05:25:54 AM

Quote from: devansh1991 on July 16, 2013, 03:36:50 AM

MSB in India

What is that ?

Money service Business. Nice to see a Bitcoin service, being called one.

I hope we do not need apply for the same in 50 states in US.

On serious note, there is no msb license as far as I know. You need to register with fincen ( or may be even states). But that is related to USA.

If we are talking about India, you don't need msb registration, For sure :-)

Cheers

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Something cool that I had noticed in most other local communities is that they are ruthless in starting up.

No regulations, etc even matter at this stage apart form money conversion and even that has got several workarounds based on limits, etc.

If our community can get a bit more ruthless and enable/ support/ help any legit business that comes up, I am sure that we can grow way faster in India.

americandesi

hero member

Activity: 518

Merit: 500

BTC < > INR & USD

Quote from: devansh1991 on July 16, 2013, 03:36:50 AM

Quote from: laserwolf on July 16, 2013, 12:09:36 AM

MtGox, the largest exchange, charges less than 0.60%

The volume that we are expecting is nothing in comparison to the volume that mtgox gets. Add to it the cost of setting up and running a MSB in India and the costs shoot up dramatically. With people charging 10-20% over mtgox rates in India, a commission anywhere near the 5% mark should come as a relief to many.

People advertise with mtgox + 10% but hardly anyone buys with those rates except the newbies.
Most of them offer to pay the rates based on btc-e.

Secondly, make sure you do your homework. buysellbitco.in is one of the guys to reachout to. he has been here for a while and had his share of troubles.

With the advantage that i have (dual citizenship of USA and INDIA), I also worked for a few months to start a legit exchange with its offices in both USA and India, spent money on lawyers and attorneys and finally on the verge of giving it up. Setting up the USA part is easy, but RBI rules and so rigid that there is hardly any allowance to squeeze something like bitcoin.

Word of advise : (1) do your homework on how your exchange should work (2) spend lots of time with your lawyers going through all the test cases. (3) make sure your platform is rock solid and hacker safe. (Pls note, anyone who understands how crypto currency works is himself a script kiddie hacker.)
(4) If you need help or get struck, reach out to the community.. there are some really nice people out here and we will definitely help you out.

Benson Samuel

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Landscaping Bitcoin for India!

Quote from: buysellbitcoin on July 16, 2013, 05:25:54 AM

Quote from: devansh1991 on July 16, 2013, 03:36:50 AM

MSB in India

What is that ?

Money service Business. Nice to see a Bitcoin service, being called one.

buysellbitcoin

legendary

Activity: 1105

Merit: 1001

https://www.zebpay.com

Quote from: devansh1991 on July 16, 2013, 03:36:50 AM

MSB in India

What is that ?

devansh1991

full member

Activity: 138

Merit: 100

Quote from: laserwolf on July 16, 2013, 12:09:36 AM

MtGox, the largest exchange, charges less than 0.60%

The volume that we are expecting is nothing in comparison to the volume that mtgox gets. Add to it the cost of setting up and running a MSB in India and the costs shoot up dramatically. With people charging 10-20% over mtgox rates in India, a commission anywhere near the 5% mark should come as a relief to many.

laserwolf

newbie

Activity: 54

Merit: 0

Quote from: devansh1991 on July 14, 2013, 02:21:23 PM

As per my calculations a commission of 3% should be sufficient. I need your feed back on the commission rate.

MtGox, the largest exchange, charges less than 0.60%

devansh1991

full member

Activity: 138

Merit: 100

Quote from: Benson Samuel on July 14, 2013, 02:25:03 PM

Spending a bit of time at the Forum Marketplace should give you a small idea of the ongoing trades. You can also refer to localbitcoins to see how the spread is across several cities.

All the best and do your research well.

thank you

devansh1991

full member

Activity: 138

Merit: 100

Quote from: buysellbitcoin on July 15, 2013, 12:10:37 AM

Quote from: devansh1991 on July 14, 2013, 02:21:23 PM

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Best of luck with your new initiative

Couple of things I will suggest :
1. There is no way you should expect operating costs low. Think it like if you have 1000 BTC in deposits, you are storing almost 45 lacs of cash. How you want to protect it is on you, because its not your money. Its your depositors money and scammers/hackers here are really creative

2. Banking infrastructure. Thats most important.
3. Accounting. You can not touch depositors money to pay your expenses. YOU CAN NOT. You can transfer your commissions, profits daily, weekly, monthly to your expense accounts and pay your expenses from there. So your expense account must have enough cash reserve to make sure your run at least for next 6 months. Get investors or invest your own money.
4. Form a company. Dont do it with your personal accounts and personal obligation. You must have either PVT LTD or LLP.
5. Try to be in this economy for at least 6 months to understand how it works, what are benefits and on top of everything where you can fail.

You can start with this. Better start with Crypto only exchange. Dont touch FIAT in the starting.

I remember a line from user "Wisard" here : Running an exchange or handling people money, you can not start with lean start up concept.

Cheers

Thank you for ur wishes. Great advice. Could you please elaborate the scammers/hackers part.

buysellbitcoin

legendary

Activity: 1105

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https://www.zebpay.com

Quote from: devansh1991 on July 14, 2013, 02:21:23 PM

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Best of luck with your new initiative

Couple of things I will suggest :
1. There is no way you should expect operating costs low. Think it like if you have 1000 BTC in deposits, you are storing almost 45 lacs of cash. How you want to protect it is on you, because its not your money. Its your depositors money and scammers/hackers here are really creative

2. Banking infrastructure. Thats most important.
3. Accounting. You can not touch depositors money to pay your expenses. YOU CAN NOT. You can transfer your commissions, profits daily, weekly, monthly to your expense accounts and pay your expenses from there. So your expense account must have enough cash reserve to make sure your run at least for next 6 months. Get investors or invest your own money.
4. Form a company. Dont do it with your personal accounts and personal obligation. You must have either PVT LTD or LLP.
5. Try to be in this economy for at least 6 months to understand how it works, what are benefits and on top of everything where you can fail.

You can start with this. Better start with Crypto only exchange. Dont touch FIAT in the starting.

I remember a line from user "Wisard" here : Running an exchange or handling people money, you can not start with lean start up concept.

Cheers

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: devansh1991 on July 14, 2013, 02:21:23 PM

Hi guys! I am a 4th yr btech student from NIT Jamshedpur. I read about bitcoins in a forbesindia article a couple of months back. I wanted to buy a few coins but could not find an efficient and a reliable site/exchange to trade coins. I have joined hands with a friend of mine from IIT Kgp and am planning to start an exchange. We will be operating from our colg. campus itself so that should remove the "trust deficit" since we still have an entire year of colg. left and cannot run away with your money.

1)I would like to know the problems faced by bitcoin traders and we'll try to solve them.

2) Could any one give me a rough estimate about the no. of active bitcoin traders and how actively they trade?

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Any suggestion/advice is welcome
Hopefully we'll have the exchange rolling in a couple of months.

Spending a bit of time at the Forum Marketplace should give you a small idea of the ongoing trades. You can also refer to localbitcoins to see how the spread is across several cities.

All the best and do your research well.

devansh1991

full member

Activity: 138

Merit: 100

Hi guys! I am a 4th yr btech student from NIT Jamshedpur. I read about bitcoins in a forbesindia article a couple of months back. I wanted to buy a few coins but could not find an efficient and a reliable site/exchange to trade coins. I have joined hands with a friend of mine from IIT Kgp and am planning to start an exchange. We will be operating from our colg. campus itself so that should remove the "trust deficit" since we still have an entire year of colg. left and cannot run away with your money.

1)I would like to know the problems faced by bitcoin traders and we'll try to solve them.

2) Could any one give me a rough estimate about the no. of active bitcoin traders and how actively they trade?

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Any suggestion/advice is welcome
Hopefully we'll have the exchange rolling in a couple of months.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Upcoming Crypto Dice game very soon!

subvolatil

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Cypherpunk and full-time CryptoAnarchist

Delay in the announcement of new service, ckz the negotiations on acquiring some licences have not yet fallen through. i might announce a stripped down version of the service later this week.

assortmentofsorts

member

Activity: 91

Merit: 10

Quote from: rezurect on June 24, 2013, 12:28:51 AM

I havent used the bips Banking or Ebay.
Anybody with experience, what's stopping users from using Bips Bank Withdrawals /Deposits?

I think the fees might add up to be a tad bit higher than directly transacting with say INRBTC/buysellbitcoin/localbitcoins. Also, exchange rate calculations are not taken only from mtgox... is probably similar to the way Bitpay does its calculations (http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.html?oid=1039_1). As for me I have had no issues depositing/withdrawing from BIPS.

assortmentofsorts

member

Activity: 91

Merit: 10

Quote from: Benson Samuel on June 23, 2013, 10:48:20 PM

Quote from: assortmentofsorts on June 23, 2013, 01:55:11 PM

Quote from: Benson Samuel on June 10, 2013, 02:09:36 AM

Any Bitcoin initiatives in the pipelines for India?

Yes!

I'm currently developing an app and its almost coming to a finish. Maybe max a week or so! Hopefully it will get a great deal of attention. Also have more ideas in the pipeline. Using https://bips.me as its the only processor which allows withdrawal to Indian banks (SWIFT). For those who want to use BIPS along-with nodejs here is an unofficial module: https://github.com/shripadk/bips. I think the only thing preventing India from entering the startup ecosystem with full-force was payment processing. Bitcoin really demolishes that barrier for entry. I bet there will be quite a lot of startups from India as Bitcoin becomes more popular.

I do believe that BIPS also pays to PayPal accounts in India.

Yep! But I think the withdrawal cost to PayPal is high (12%).

rezurect

sr. member

Activity: 686

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I havent used the bips Banking or Ebay.
Anybody with experience, what's stopping users from using Bips Bank Withdrawals /Deposits?

Topic: Any Upcoming Start-ups? - page 3. (Read 8035 times)