BITCOIN DEMAND EXPLODE IN INDIA - page 2.

Yakamoto

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Quote from: stompix on June 18, 2017, 10:37:34 AM

Quote from: just a man on June 16, 2017, 08:36:51 AM

Quote from: zedsacs on June 12, 2017, 11:19:16 AM

Wow 500,000 new regular users is such a blast! I mean, with that demand, the price also would explode, because if the demand is high, the price would rise too. And it's good to see that at least there are more and more people trying to explore thr world of bitcoin. Such a good news tho.

All those people that are using Bitcoin seems like a huge amount though how many of them actually plan on holding Bitcoin for multiple years? Holding Bitcoin will increase the price of Bitcoin, just using Bitcoin in HYIP type websites won't do much for Bitcoin other than slow down the transaction speed through Blocklchain.

The real question is how many of them are actually buying and how many invest more than 10$.
500 000 users and 25 000 new users a day would only require each one of them to buy 0.1 btc to offset the ratio of the sell/buy volume on finex/stamp/btc during the drop one week ago.

25000 new users a day would be insane when it comes to how most of these countries would grow and it is beyond doubtful that there would be numbers anywhere close to something like that, if you want a daily growth average, composed of users who are actually buying Bitcoin as opposed to just using it.

I think we maybe have that total amount daily, globally. Not a constant influx of buying users.

haroldtee

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This is interesting. Quite an overwhelming demand truly but why the sudden rush? I see this kinda development causing great upsurge in the price of bitcoin. Maybe I am just the only one thinking this, but isn't this purchase rate alarming? Hope it is just an attempt to invest or probably there is something some of us do not know?

TravelMug

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Quote from: szpalata on June 16, 2017, 11:00:45 AM

Quote from: cryptoheadd on June 16, 2017, 08:39:23 AM

Quote from: shamzblueworld on June 16, 2017, 08:30:26 AM

I cannot understand how the value in India are close to $3,500 whereas its a lot less in international market. Why would people buy at such high value? Can't they buy at an international exchange?

Most people can't, because International cards or wire transfers are required to be made.
For those of us who can, it's a great arbitrage opportunity.

Great, I think it's even better setting up an offshore exchange and have them deposited their funds in an account in India so that we will buy for less here and have it transferred to them so that we profit from the margins of the different market prices. I used arbitrage in gambling but I think it will suite this current trend in India.

I arbitrage can be apply in India trading platforms because of the high premium it gives. But the problem arises if those using arbitrage can withdraw their money in those Indian Exchangers. Or they require more documents to verify your account?

stompix

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Blackjack.fun

Quote from: just a man on June 16, 2017, 08:36:51 AM

Quote from: zedsacs on June 12, 2017, 11:19:16 AM

Wow 500,000 new regular users is such a blast! I mean, with that demand, the price also would explode, because if the demand is high, the price would rise too. And it's good to see that at least there are more and more people trying to explore thr world of bitcoin. Such a good news tho.

All those people that are using Bitcoin seems like a huge amount though how many of them actually plan on holding Bitcoin for multiple years? Holding Bitcoin will increase the price of Bitcoin, just using Bitcoin in HYIP type websites won't do much for Bitcoin other than slow down the transaction speed through Blocklchain.

The real question is how many of them are actually buying and how many invest more than 10$.
500 000 users and 25 000 new users a day would only require each one of them to buy 0.1 btc to offset the ratio of the sell/buy volume on finex/stamp/btc during the drop one week ago.

S4pta

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I think the demand for bitcoin in india is very much ... but maybe in karnakan the unstable economy in India is a crisis ... India is more investing in forex because forex more quickly enter in india than bitcoin ... but surely very much Bitcoin enthusiasts in india after the crisis in india ended ... Thanks

cryptoheadd

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Quote from: szpalata on June 16, 2017, 11:00:45 AM

Great, I think it's even better setting up an offshore exchange and have them deposited their funds in an account in India so that we will buy for less here and have it transferred to them so that we profit from the margins of the different market prices. I used arbitrage in gambling but I think it will suite this current trend in India.

I think this would be illegal at worst, and questionable at best.
Moreover, moving money out of India is not that easy through Banking channels.

bongiu

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It is (at least for me) quite scary how volatile it's becoming bitcoin Shocked

. Now with this news I have the feeling that it's gonna become more volatile. Read about cold storage... It will help!

Ayers

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Quote from: shamzblueworld on June 16, 2017, 08:30:26 AM

I cannot understand how the value in India are close to $3,500 whereas its a lot less in international market. Why would people buy at such high value? Can't they buy at an international exchange?

because they can't buy on another exchange, they have restrition, or it will cost them many money to do a wire transfer, or mayeb their bank are not operative for other country, it make sense for them to buy locally and $3500 is not that higher than the current value, they know will rise more

szpalata

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Quote from: cryptoheadd on June 16, 2017, 08:39:23 AM

Quote from: shamzblueworld on June 16, 2017, 08:30:26 AM

I cannot understand how the value in India are close to $3,500 whereas its a lot less in international market. Why would people buy at such high value? Can't they buy at an international exchange?

Most people can't, because International cards or wire transfers are required to be made.
For those of us who can, it's a great arbitrage opportunity.

Great, I think it's even better setting up an offshore exchange and have them deposited their funds in an account in India so that we will buy for less here and have it transferred to them so that we profit from the margins of the different market prices. I used arbitrage in gambling but I think it will suite this current trend in India.

cryptoheadd

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Quote from: shamzblueworld on June 16, 2017, 08:30:26 AM

I cannot understand how the value in India are close to $3,500 whereas its a lot less in international market. Why would people buy at such high value? Can't they buy at an international exchange?

Most people can't, because International cards or wire transfers are required to be made.
For those of us who can, it's a great arbitrage opportunity.

just a man

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Quote from: zedsacs on June 12, 2017, 11:19:16 AM

Wow 500,000 new regular users is such a blast! I mean, with that demand, the price also would explode, because if the demand is high, the price would rise too. And it's good to see that at least there are more and more people trying to explore thr world of bitcoin. Such a good news tho.

All those people that are using Bitcoin seems like a huge amount though how many of them actually plan on holding Bitcoin for multiple years? Holding Bitcoin will increase the price of Bitcoin, just using Bitcoin in HYIP type websites won't do much for Bitcoin other than slow down the transaction speed through Blocklchain.

shamzblueworld

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I cannot understand how the value in India are close to $3,500 whereas its a lot less in international market. Why would people buy at such high value? Can't they buy at an international exchange?

cryptoheadd

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Quote from: krishnapramod on June 16, 2017, 05:00:54 AM

Bitcoin demand was there in India since 2013, around this time RBI took a stand against it, but the note ban just increased the demand. The way government is handling things, it looks like they are going to go too hard on regulation. About a week ago bitcoin was dissed as a currency used for money laundering and illegal activites by a couple of ministers in the parliament with the statement that the regulation process would go hand in hand with cracking down illegal activites involving ponzi/pyramid schemes. Based on all these a report would be submitted by the end of July and then the government would decide if bitcoin needs to be regulated or not. The whole process would take at least more than a year.

I agree, but that was before the committee was set-up by RBI.
At the moment, the committee is looking into regulations related to Bitcoin and they probably will announce their decision soon. (It's looking positive, though.)

Quote from: krishnapramod on June 16, 2017, 05:00:54 AM

Most Indian bitcoin users are just in for the speculation. Even with a 30% premium, Zebpay was breaking all volumes. Unocoin has partnered with a handful of merchants, but there are no major stores accepting bitcoins in India.

The 30% premium sucks, not sure why people are willing to pay this much. :/
Major stores cannot accept Bitcoin even if they wanted to, at the moment. (Because of the legality).

SingAlong

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Quote from: naidray on June 16, 2017, 05:30:45 AM

Quote from: bitbunnny on June 12, 2017, 11:42:42 AM

India was always good field for Bitcoins, let's say so, and there are always been many people interested in Bitcoins so this is actualy nothing new. And I beleive similar situation is in many big and poor countries because people often see Bitcoin as way out from poverty although we have witnessed many users from India involved in scam scheems.

Yes there are some valid reasons for the Indian people that made the situation more favourable in India as compare to any other country.

If we look at the Indian population we will find extreme rich and extremely poor people in India. For the rich people the Bitcoin is an opportunity for to increase their net wealth and for the poor it is an opportunity to come over and with the earnings from the BTC they can live their lives in a bit ease.

It is true that it can help people who are not well-of but not to those extremely poor actually like very poor to afford to buy a gadget or somewhat and internet to enable them to use and earn thru Bitcoin. Still it doesn't change the fact that by Bitcoin we can promote a financial stability and stand as a way to earn an extra income since it is convenient and will not take a huge effort and time that will affect their work in real life.

naidray

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Quote from: bitbunnny on June 12, 2017, 11:42:42 AM

India was always good field for Bitcoins, let's say so, and there are always been many people interested in Bitcoins so this is actualy nothing new. And I beleive similar situation is in many big and poor countries because people often see Bitcoin as way out from poverty although we have witnessed many users from India involved in scam scheems.

Yes there are some valid reasons for the Indian people that made the situation more favourable in India as compare to any other country.

If we look at the Indian population we will find extreme rich and extremely poor people in India. For the rich people the Bitcoin is an opportunity for to increase their net wealth and for the poor it is an opportunity to come over and with the earnings from the BTC they can live their lives in a bit ease.

krishnapramod

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Quote from: Juggy777 on June 16, 2017, 04:27:10 AM

As far as I heard from my India friends, Bitcoin is grossly over hyped out there, one reason was the November 8th event and the government has decided to take a call on this very soon. So for Indians holding coins in exchanges I would suggest you to move out your coins to wallets that give you a private key, that way you shall be safe. Also Bitcoin has been playing very speculative out there which I feel is not all healthy for the growth of Bitcoins and it's users

Bitcoin demand was there in India since 2013, around this time RBI took a stand against it, but the note ban just increased the demand. The way government is handling things, it looks like they are going to go too hard on regulation. About a week ago bitcoin was dissed as a currency used for money laundering and illegal activites by a couple of ministers in the parliament with the statement that the regulation process would go hand in hand with cracking down illegal activites involving ponzi/pyramid schemes. Based on all these a report would be submitted by the end of July and then the government would decide if bitcoin needs to be regulated or not. The whole process would take at least more than a year.

Most Indian bitcoin users are just in for the speculation. Even with a 30% premium, Zebpay was breaking all volumes. Unocoin has partnered with a handful of merchants, but there are no major stores accepting bitcoins in India.

Juggy777

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As far as I heard from my India friends, Bitcoin is grossly over hyped out there, one reason was the November 8th event and the government has decided to take a call on this very soon. So for Indians holding coins in exchanges I would suggest you to move out your coins to wallets that give you a private key, that way you shall be safe. Also Bitcoin has been playing very speculative out there which I feel is not all healthy for the growth of Bitcoins and it's users

moooonu

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Indeed Zebpay has grown alot quicker than we ever thought of. It is offering more higher prices as than LBC to its users and also the app made it very simple to manage it conveniently.

kabit9

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this thread is like throwing darts backwards in the dark and hoping to hit a bullseye.

sudden spurt of interest in bitcoin in india was due to demonetization of cash notes. alot of india's economy operates on cash (undeclared & untaxed) income. all these business, corrupt politicians, real estate moguls, industrialists, corrupt policemen, etc who were hoarding cash (in the form of Rs 500 and Rs 1000 banknotes - the highest denomination at the time), got a big jolt in Nov 2016 when the Govt declared Rs. 500 and Rs. 1000 bank notes as illegal. Citizens of India had 45 days to exchange their old notes for new currency through their banks with restrictions imposed. Corrupt bank managers were ofcourse changing old notes for new at a premium, and several were caught. In the midst of this nation wide crisis of where to store money, Bitcoin appeared as an option.

I think i have summed it up quite well there

generally, bitcoin is still far from being adopted by even the 'early adopters', in India. interest is growing daily though..

http://timesofindia.indiatimes.com/trend-tracking/startups-banking-on-bitcoins/articleshow/59083430.cms

http://www.dnaindia.com/money/interview-our-bitcoin-turnover-is-over-rs-500-crore-sandeep-goenka-2286435

franklin9

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The issue with India is the government, they did ban even PayPal from allowing in and out transactions, so now, after the grow interested and understand bitcoin, the possibility of making it illegal exist as they wouldn't be able to ban in/out transactions like PayPal with bitcoin having no central authority.

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