Topic: Bitcoin available for premium rates in India. Some asking for 30% more. (Read 258 times)

if you could find others that sell bitcoin at the same price as the foreign markets in USD then you should use them but seeing higher prices in India for bitcoin is not new. it has been the same most of 2017 too. it is the classic example of the supply and demand principle that when there is an increasing demand but the supply is reducing every day, the price shoots up. that is exactly what happened in 2017 when they started putting pressure on exchanges, closing their bank accounts,... things haven't changed much compared to those days either and if anything the demand for bitcoin has just gone higher.

I don't think local bitcoin site was blocked in their country since the status of cryptocurrencies are not declared by the government so until that people can use cryptocurrencies but only banks restricted the transaction for buying the cryptocurrencies so if you are so using your bank account for buy in Bitcoin in India then the account will get frozen.

There are no reason to ask premium prices for bitcoins in India at the moment, because the Indian government has made a 360 mind change on Bitcoin after the G20 summit in Japan. I expect a lot of positive things would come from India very soon and Bitcoin will become very popular after regulations has been aligned to the international  FATF guidelines. 

The people asking premium prices are doing this, because they are preying on people who are not informed about these recent events. The Bitcoin community should help to spread the news to stop this extortion. 

Well I think this is somehow reasonable , after all the fee you have to pay the people expects us to actually give them the desired amount of money so that even they have some profit ,
I have always heard that the price in the black market is comparatively lower but here the case is totally different 🤦 , exceptionally in India despite government regulations people keep Bitcoins first and then gold .. every house hold is interested in keeping some form of investment as Bitcoins so that in the future they can get high returns.
People are very open about everything .
At the same time it doesn't require that much time and effort and it is convenient for everyone, so why won't they ?

Indian government are too quick in making decision as regards cryptocurrency, they are not the only country that has citizens that has been using cryptocurrency since inception, and we have not for once heard where it was recorded that crypto destroyed the economy of any nation, and with the rate of crypto compliance, banks are still functioning very well, and fiat is still moving round perfectly well.

I don’t get what exactly it is that they need to understand about cryptocurrency despite their level of technology understanding. It seems their action is backfiring for them, and this ban will even do more harm to their economy than the correction they expect it to do. Bitcoin is a system that has been written and cannot be damaged, they need to just learn to see how they can apply an d regulate it too rather than being too hard on it.

First, what the heck were those websites about? I've deleted them from the quote.
Second, who told you that we're completely stopped from using our money to buy BTC? The banks have stopped every means to not let us buy BTC through exchanges, but exchanges are smarter as they've bypassed this since by providing a P2P solution (which was already existing since the invention of BTC) which made it easier to know our local buyers and interact with them and sell directly through banks without any major interferences.


I'd have believed your words to be true if it was 2017-18, but it isn't. BTC is going hand in hand with our currency and I don't believe that you need to go for black purchases (however, even if you buy through banks currently, the only problem is that you're not assured that you'll get your BTC so better to trade with trustworthy people only). Even if you want to go the cash way, ask those traders only as they're able to manage such deals for you but the minimum purchase amount will change to a bit higher.


Even if they do, we are "JUGADU" people and we know where to keep our shoes and how to save them from being stolen away.


As I said, it never reached such high premium rates (not even 10% high this time as I'm an active manager of a very big Indian trading group).


Panic selling? Are you serious, my friend?
We're still getting much better rates here on exchanges like instashift and localbitcoins. It's your fault to believe such seller as you let him make a fool of yourself. Be well informed before making unsustainable claims that don't even exist. When we know about the CEO of Google - Sundar Pichai who is an Indian, I believe we don't really need to beg our Gov every now and then as they should know how reputed India is in terms of technology at worldwide levels.

Don't be surprised if in the future when the RBI or another regulatory authority actually formally bans BTC, that premiums shoot up through the roof even further.

These premiums can be seen through all types of currencies traded against BTC, if the country which the currency is in has some form of capital restriction preventing capital flight, or liquidity issues. The Chinese Yuan, for example, has experienced periods where the premiums on BTC over the global average has been significant due to demand from people to use BTC as a tool to move funds out of the country. If you look on exchanges located in Africa where currency destability is widespread, you'll also see these above market rates.

It's similar in this regard what you'd see with the INR/BTC rates if a formal ban is pursued. Since there is no regulated exchanges anymore, people are going to flock to the P2P market if they do want to buy BTC, which would have a limited supply.

For sure, those people trading P2P on their cryptocurrencies would definitely want a premium on what they have, but I believe that it will not reach 30% because certainly, people would just go on and risk it all, use VPNs and trade somewhere else. Perhaps the current situation in India would push people to look into DEX and other P2P stuff, and hopefully it gets all the support it needs. Or, let's just hope for the best that Indian regulators would change their mind and let crypto thrive in the said country, knowing that they are also one of the many countries wherein technological advancements are made.

They don't. They will boot you off their service just by the slightest suspicion of trading crypto. It's called risk analysis, which every bank is running behind the scenes, but in this case the algorithm responsible for monitoring client activity is so sharply set up that it will return false positives left and right, and you have to proof that you didn't do anything related to crypto through their service.

As for the premiums, in most cases it's just click-bait headline material. The markets where these premiums occur are so thin that you can flash crash the charts by dumping one single Bitcoin.

How will they know that people are buying and selling Bitcoin via their bank accounts?
I think you can find Indians buying and selling cryptocurrencies on most global peer-to-peer exchanges.
Well, they could use VPN or TOR for anonymity and to access the p2p sites if they are blocked in the Country.

I think it will just take time, India will be the country with the most improvements thanks to bitcoin and they will definitely take advantage of it with time.

Think about it, you see Indian workers in all small time workers, upwork places fiver places and many other places like that, cheap coders, cheap designers, cheap everything basically and with bitcoin help they will be able to get more money out of people, yeah they are already getting money thanks to either paypal or find another way or find big jobs but will be able to get cheaper stuff as well and just work from home all day thanks to bitcoin.

They will be literally getting money from other countries, that is very important thing, other countries will be spending money and buying bitcoins to send it to India, then India can be collecting those bitcoins (small users can exchange it to Indian currency right away) and send it to other nations to make money. Its nationally a great idea for them.

I don't think bitcoins are being traded at premium in India, not at least 30% premium! Use websites like localbitcoins or paxful to find a trusted seller and read the reviews before you open a trade with any seller! If someone is using their black money, then probably that person would not want to go through the banking route and try to purchase bitcoins through an offline seller! Otherwise it doesn't make sense to buy at premium when normal rates are available!

Secondly, a banking ban is definitely imposed by RBI but after the last G20 summit in Japan, India has agreed to follow FATF guidelines to regulate crypto! I agree that the guidelines are somewhat harsh, but at least cryptos will get a legal status in India! You will have to pay taxes on it but at least a peace of mind will be there! I am sure crypto community of India will accept it gracefully!

Hello everyone,,
Scene: Reserve bank of India doesn't understand Bitcoin & other cryptocurrency and also admit they don't have a clue what they should do about it. They ban every bank from providing services mobdro.bio/ luckypatcher.tips/ kodi.bio/ to every crypto exchange based in India. They ask every bank to block the bank accounts of holders who will use their money to buy Bitcoin (Prevent citizens from using their own money when it isn't even illegal to own crypto).

Outcome: Onramps and offramps have been cut off by the government so people can't use white money. Bitcoin holders are now offering to sell Bitcoin in Black money in Cash at a premium of around 30%. People are actually buying at such a high price because if citizens can't use their own money the way they want, what's the value of such money. Some(very few) are offering services in exchange of crypto so they don't have to disclose or pay taxes.

Let this be a lesson to anyone who thinks government's can ban cryptocurrency. You can't ban Bitcoin out of your economy. You'll instead ban your own money out of bitcoin based economy.

Edit: Currently local bitcoins prices are normal. But some of the local sellers are charging a premium.

Update: Turns out my seller is trying to fool people by asking for a higher price while the Indian market is at par with international market and some are panic selling at a discount. Thanks to all the people for their suggestion to change my dealer….