Topic: Any Upcoming Start-ups? (Read 8021 times)
Thanks legendster
Hi All,
We are coming up with Crypto currency in India, We raised seed funding and lot of coding is done
We are able to convience few of the top online ecommerance sites to accept Laxmi Coin
Please support us and here is our opencoin.in Link
http://opencoin.in/general-laxmicoin-discussion/laxmi-coin-for-india-and-international-market/
and Bitcointalk.org link
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
Looking for support from everyone
Thanks, Mitts
We are coming up with Crypto currency in India, We raised seed funding and lot of coding is done
We are able to convience few of the top online ecommerance sites to accept Laxmi Coin
Please support us and here is our opencoin.in Link
http://opencoin.in/general-laxmicoin-discussion/laxmi-coin-for-india-and-international-market/
and Bitcointalk.org link
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
Looking for support from everyone
Thanks, Mitts
+1
Hi All,
We are coming up with Crypto currency in India, We raised seed funding and lot of coding is done
We are able to convience few of the top online ecommerance sites to accept Laxmi Coin
Please support us and here is our opencoin.in Link
http://opencoin.in/general-laxmicoin-discussion/laxmi-coin-for-india-and-international-market/
and Bitcointalk.org link
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
Looking for support from everyone
Thanks, Mitts
We are coming up with Crypto currency in India, We raised seed funding and lot of coding is done
We are able to convience few of the top online ecommerance sites to accept Laxmi Coin
Please support us and here is our opencoin.in Link
http://opencoin.in/general-laxmicoin-discussion/laxmi-coin-for-india-and-international-market/
and Bitcointalk.org link
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
Looking for support from everyone
Thanks, Mitts
What makes the price go up or down?
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.
The answer to that can be found in an old contest posted and hosted by
Here is my response :
Quote
1) what makes the prices of bitcoins go high and low, i just didnt understand the concept??
I will try to keep things SIMPLE and in retrospective of a common man especially in INDIA who knows a little bit about how a currency works and how a normal forex trading works.
First why price rises : The price for any given currency won't remain the same.
Lets say I have 100 Green colored bucks (not mentioning any particular currency) AND lets say I want to sell these and get 120 RED colored bucks NOW because you are buying it from me and I am demanding a profit (of +20 red colored bucks).
THIS Profit level is determined by me as I am the seller and this is what I think I can make off of my green colored bucks.
KEEP IN MIND that initially the green & the red bucks were equal in value but as soon as I sell it at this price my Green Bucks become +20 more valuable than the buyer's Red bucks.
FOR the price of the currency to actually move up (or for me to actually sell my green bucks at this profit) there needs to be MORE BUYERS WITH RED BUCKS than sellers like me with GREEN BUCKS... ONLY THEN the price of my Green bucks move UP.
NOW why does the price of a currency fall ?
Simple if there are more sellers than buyers for my currency the price will fall.
The same logic can be applied to the Bitcoins as well considering the fact that Bitcoins are also a CURRENCY.
SINCE Bitcoins are fairly 'new' as a 'self sustaining currency' there are a lot of speculations that play into the factor of rising it's value or crashing it, market speculations etc etc.. JUST like a normal currency.
Remember that Buyers are people that want something that is in a limited supply. So when the demand is High AND the supply is low (or constant) the price rises higher.
In Bitcoins case the supply is always limited atleast till 2140 so it's value can be comparable to Gold.
Quote
And what is bitcoin address, is it our physial home address, or some email address ??
No not a physical home address but YES a lot alike and almost similar to an email address. Only difference here is that you get only payments as transaction and no 'emails'. These addresses can easily be generated by a Bitcoin wallet for free of cost. And you get your very own personal Bitcoin wallet that you can host on your computer from www.bitcoin.org
Quote
Where can I use these bitcoins?
Do Indian shoping websites accept them??
You can spend these bitcoins at any merchant's store that accepts Bitcoins. Currently there are a very few number of international websites where you can buy with bitcoins but no Indian ones.
Its almost like paypal that is until RBI banned them. It is new it will take time to find acceptance.
Quote
I mean tell what is the real advantage and use of buying them???
To be honest there is no real advantage in buying one currency against another unless you know that there is a huge boost to the value of that particular currency coming in the near future. With Bitcoins the Price has risen from mere cents to $200+ over the small life time it has lived so far and there is still more to come. But if you really get to the core of the coins then I can say bitcoins are great because there is no Third-Party Seizure which means that even the governments can’t freeze someone’s wealth, and thus the Bitcoins owners will have complete freedom to do anything they want with their money. The next great thing about bitcoin is that there are No Taxes here, other than voluntary donation; there is also no way to track a transaction other than a publicly announced bitcoin wallet address that links the owner of the wallet to all the transactions that occur on it.
But the most alluring fact to any merchant should be that in the bitcoin world there are No Risk of “Charge backs”.
I mean isnt this the reason why people / merchants hate Paypal or credit cards ??
I think these reasons are more than enough to describe how cool Bitcoins really are.
Quote
2) please help me understand the exact role of bitcoin in daily life and how can it replace currency notes and its functioning
I personally dont think Bitcoins will ever replace the paper currency. I mean just because the Internet exists doesnt mean no one uses the SW radio or the Post or paper-mail (bills/home posted bank statements/letters etc) .
But it WILL take over the online world very very soon. Just imagine you can send your money from one country to another without paying ANYONE in between not even the governments. This way if you want to buy something in USA being in India, you will be paying for the EXACT price of that commodity & nothing extra (other than the shipping offcourse
)But again in terms of a common man : An Indian worker working in Dubai can send money directly to his home without paying ANY KIND OF TAXES.
Quote
3) 1st What is Bitcoin ?
Bitcoin is the future of finances online and perhaps offline.
Quote me if you want to.
I m going to quote www.bitcoin.org
Quote
Bitcoin is a digital currency, a protocol, and a software that enables
Instant peer-to-peer transactions
Worldwide payments
Low or zero processing fees
And much more!
Bitcoin uses peer-to-peer technology to operate with no central authority; managing transactions and the issuing of bitcoins is carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems.
If I DONT Win, just Donate
I know you love me 
1BrKv9h8RE5ovoJDDpJ6yaQom2RTYDbdNA
Another shocker this week. SEC (SEC in USA = SEBI in India)
https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583#.UfGMiI3VA3S
SEC charges a Texas guy of running a Bitcoin based ponzi scheme. If you read the full indictment, you will get to know some real and shocking facts. The US law is so vast that if they want to, they can charge anyone with something or the other felony.
and, here's the real kicker:
"Any investment in securities in the United states remains subject to the jurisdiction of the SEC regardless of whether the investment is made in U.S. dollars or a virtual currency. In particular, individuals selling investments are typically subject to federal or state licensing requirements."
Another part of the fact within US law that most of the exchanges oversee is that, according to US Law, it is not required that the servers, the company or the owner be a US citizen or a resident. If the exchange hosted in someother parts of the world does business with a US Resident / Citizen, then the business is liable for prosecution. Simply put, if they have any proof that funds as little as a single dollar has been moved to the exchange, then DOJ has the powers to prosecute and charge the owner of the business. (Some examples are Liberty reserve, megaupload etc etc)
This is one of the reasons, burnside (owner of BTCT exchange) has put forth a discussion to probably ban all traffic from United States.
resulting in such a huge dip in all the shares traded on BTCT exchange yesterday.
So if you are planning to start a exchange in India, make sure you take note of this. You need not be accepting fiat directly. Exchanges accepting only bitcoins also come under prosecution if any individual from US trades on your exchange. Startups from India should be extra careful because USA has an active extradition treaty with India.
Just my 2 cents.
More discussion about this can be found here https://bitcointalksearch.org/topic/sec-charges-bitcoin-savings-and-trust-btcst-as-ponzi-scheme-261235
https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583#.UfGMiI3VA3S
SEC charges a Texas guy of running a Bitcoin based ponzi scheme. If you read the full indictment, you will get to know some real and shocking facts. The US law is so vast that if they want to, they can charge anyone with something or the other felony.
and, here's the real kicker:
"Any investment in securities in the United states remains subject to the jurisdiction of the SEC regardless of whether the investment is made in U.S. dollars or a virtual currency. In particular, individuals selling investments are typically subject to federal or state licensing requirements."
Another part of the fact within US law that most of the exchanges oversee is that, according to US Law, it is not required that the servers, the company or the owner be a US citizen or a resident. If the exchange hosted in someother parts of the world does business with a US Resident / Citizen, then the business is liable for prosecution. Simply put, if they have any proof that funds as little as a single dollar has been moved to the exchange, then DOJ has the powers to prosecute and charge the owner of the business. (Some examples are Liberty reserve, megaupload etc etc)
This is one of the reasons, burnside (owner of BTCT exchange) has put forth a discussion to probably ban all traffic from United States.
resulting in such a huge dip in all the shares traded on BTCT exchange yesterday.
So if you are planning to start a exchange in India, make sure you take note of this. You need not be accepting fiat directly. Exchanges accepting only bitcoins also come under prosecution if any individual from US trades on your exchange. Startups from India should be extra careful because USA has an active extradition treaty with India.
Just my 2 cents.
More discussion about this can be found here https://bitcointalksearch.org/topic/sec-charges-bitcoin-savings-and-trust-btcst-as-ponzi-scheme-261235
No idea about icici but on axis bank it's 200 rupees something fees for per inward remittance.
Thats dead cheap! Thanks for the info
No idea about icici but on axis bank it's 200 rupees something fees for per inward remittance.
Indian can do trading on mtgox and other trading sites, there's no resctriction about that, main problem is you can't deposit/withdraw fiat easily as international bank wire fees is quite high.
Do you have an idea about the kind of fees for wire transfers? I'm asking coz I'm finishing with an app which accepts only cryptos (Bitcoin, Litecoin etc) and I want to withdraw after a certain threshold. But I have no idea about the wire fees (I have HDFC/Axis bank accounts). If the fees are too high, then I can withdraw in big chunks rather than withdrawing for each transaction.
"Withdrawals
Wire transfers are currently taking up to 1 week to process due to the volume of withdrawal requests in queue.
If your withdrawal is larger than 10,000 USD (equivalent), it will take at least 2 weeks to process.
Withdrawals typically take 2-5 full business days to reach your bank, provided that you have included all required information such as your full name and address as it appears on your bank statement.
Mizuho bank charges a fee of 2,000 Yen for the withdrawals."
https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits
2000 YEN is around 20$ now.
Hey thanks for the info.
2-5 Business days and 20$ per transfer? Sucks! I'm using BIPS ( disclaimer: referral link
) for processing payments. They charge a flat fee of 7.5USD for wire transfer, which is okay I guess (since i'll only be withdrawing after a certain threshold). But I'm more worried about fees that i'll need to pay to my bank (Axis/HDFC). Any idea on that? 
Indian can do trading on mtgox and other trading sites, there's no resctriction about that, main problem is you can't deposit/withdraw fiat easily as international bank wire fees is quite high.
Do you have an idea about the kind of fees for wire transfers? I'm asking coz I'm finishing with an app which accepts only cryptos (Bitcoin, Litecoin etc) and I want to withdraw after a certain threshold. But I have no idea about the wire fees (I have HDFC/Axis bank accounts). If the fees are too high, then I can withdraw in big chunks rather than withdrawing for each transaction.
"Withdrawals
Wire transfers are currently taking up to 1 week to process due to the volume of withdrawal requests in queue.
If your withdrawal is larger than 10,000 USD (equivalent), it will take at least 2 weeks to process.
Withdrawals typically take 2-5 full business days to reach your bank, provided that you have included all required information such as your full name and address as it appears on your bank statement.
Mizuho bank charges a fee of 2,000 Yen for the withdrawals."
https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits
2000 YEN is around 20$ now.
Indian can do trading on mtgox and other trading sites, there's no resctriction about that, main problem is you can't deposit/withdraw fiat easily as international bank wire fees is quite high.
Do you have an idea about the kind of fees for wire transfers? I'm asking coz I'm finishing with an app which accepts only cryptos (Bitcoin, Litecoin etc) and I want to withdraw after a certain threshold. But I have no idea about the wire fees (I have HDFC/Axis bank accounts). If the fees are too high, then I can withdraw in big chunks rather than withdrawing for each transaction.
I trade on MtGox. There is 0 chance I will trade on an exchange that charges 3% each way. Just to enter and exit a trade, it's already a 6% hit.
I used to be a market maker on Bitfloor when it was around. Bitfloor actually paid liquidity providers for each transaction, rather than charging. That's the way to add liquidity to your exchange, especially when you're just starting.
I used to be a market maker on Bitfloor when it was around. Bitfloor actually paid liquidity providers for each transaction, rather than charging. That's the way to add liquidity to your exchange, especially when you're just starting.
1) What are the barriers faced by Indians (residents) that prevent them from trading on MtGox ?
Indian can do trading on mtgox and other trading sites, there's no resctriction about that, main problem is you can't deposit/withdraw fiat easily as international bank wire fees is quite high.
Currently it's like
Fiat -> Exchanger Fees -> Bitcoin -> Mtgox -> Bitcoin -> Exchanger Fees -> Fiat
and in this process sometimes people loose more money than they earn via trading due to exchanger's fees and price fluctuations.
I trade on MtGox. There is 0 chance I will trade on an exchange that charges 3% each way. Just to enter and exit a trade, it's already a 6% hit.
I used to be a market maker on Bitfloor when it was around. Bitfloor actually paid liquidity providers for each transaction, rather than charging. That's the way to add liquidity to your exchange, especially when you're just starting.
I used to be a market maker on Bitfloor when it was around. Bitfloor actually paid liquidity providers for each transaction, rather than charging. That's the way to add liquidity to your exchange, especially when you're just starting.
1) What are the barriers faced by Indians (residents) that prevent them from trading on MtGox ?
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.
I trade on MtGox. There is 0 chance I will trade on an exchange that charges 3% each way. Just to enter and exit a trade, it's already a 6% hit.
I used to be a market maker on Bitfloor when it was around. Bitfloor actually paid liquidity providers for each transaction, rather than charging. That's the way to add liquidity to your exchange, especially when you're just starting.
If you ask Warren Buffet, he will have a very simple answer Greed and fear.
^ This.
Bitcoin Going UP = Greed = BUY BUY BUY
Bitcoin Going Down = Fear = "SELL SELL SELL"
On a sidenote take an appointment from dr.fontas he will tell you more about pumping/dumping.
The thing you are talking about is the after effect of change that happens. i.e. greed and fear only comes into effect when the curve either dips down or up. but what causes the curve to go up and down are many. Most of them being over supply or under supply.
this case can be better demonstrated with the recent drop in BTC. this drop happened because of a sudden supply of ASICS in the market, a small number of people got the ASIC's and started to mine. they earned a good number of BTC . however the BTC is useless to them unless they get services or fiat. this sudden rise in supply of BTC in the hands of a few increased supply. there for the prices started to drop because of a few who needed to offload the btc.
My prediction on the ASIC arms race is that this will only bring down prices. may be in another 3 months it will stabilize and go stable for another 2-4 years till Q-chips start's becoming viable to mass produce, well when that happens i guess things are just going to sky rocket.
statistical forecasting
pls elaborate or post any helpful link. Where do you get bitcoin stats for da analysis?
https://en.wikipedia.org/wiki/Forecasting
there are many ways to predict changes in demand and supply. but all in all ther is always an element of risk regardless of how good you do the maths and try to eliminate risk of unpredictable changes.
statistical forecasting
pls elaborate or post any helpful link. Where do you get bitcoin stats for da analysis?
You can find links of charts and data here.
https://bitcointalksearch.org/topic/useful-links-131829
statistical forecasting
pls elaborate or post any helpful link. Where do you get bitcoin stats for da analysis?
If you ask Warren Buffet, he will have a very simple answer Greed and fear.
^ This.
Bitcoin Going UP = Greed = BUY BUY BUY
Bitcoin Going Down = Fear = "SELL SELL SELL"
On a sidenote take an appointment from dr.fontas he will tell you more about pumping/dumping.
BTC
[/quote]
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.
[/quote]
I am glad you took in the right spirit....your question not just for bitcoins but for any commodity or security which is traded will not yield any meaningful answer. If you ask Warren Buffet, he will have a very simple answer Greed and fear.
An expert today is a fool tomorrow....John Paulson is the apt example for the present context.
BTC
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.
statistical forecasting
What makes the price go up or down?
[/quote]
BTC
[/quote]
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.
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
We are on the same frequency level 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
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.
What makes the price go up or down?
BTC
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.
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
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
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. In an exchange isnt the No. of buyers= No of sellers.
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.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. buysellbitco.in essentially buys from users and then sells them instead of acting as a middleman. Am i correct?
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.
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. 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?
India has an extremely strong IT industry would be much easier to start any Bitcoin projects in India.
That's true
India has an extremely strong IT industry would be much easier to start any Bitcoin projects in India.
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.
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.
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?
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) 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
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.
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.
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?
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
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.
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.
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?
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.
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.
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.
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?
+1
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
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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
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.
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
http://in.finance.yahoo.com/news/rbi-penalises-22-banks-kyc-slips-183000847.html
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.
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
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
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.
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.
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.
Money service Business. Nice to see a Bitcoin service, being called one.
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.
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%
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
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.
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
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.
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.
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.
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.
Upcoming Crypto Dice game very soon!
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.
I havent used the bips Banking or Ebay.
Anybody with experience, what's stopping users from using Bips Bank Withdrawals /Deposits?
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.
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%).
I havent used the bips Banking or Ebay.
Anybody with experience, what's stopping users from using Bips Bank Withdrawals /Deposits?
Anybody with experience, what's stopping users from using Bips Bank Withdrawals /Deposits?
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.
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.
Waiting for it.
will announce by the end of this month . Hopefully it will be well received.
Best luck
Cheers
will announce by the end of this month . Hopefully it will be well received.
Any Bitcoin initiatives in the pipelines for India?
Jump to: