Buying BTC in India | Bitcointalksearch.org

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: lonsharim on November 22, 2013, 02:04:00 AM

Quote from: subvolatil on November 22, 2013, 12:51:41 AM

Looks like you are having a hard time getting some coins. do this

post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

That's awesome! play around and get a feel of it more. try making a paper wallet and encrypt your wallet. you can also play around with the concept of getting devices on a air-gap.

Best of luck

lonsharim

full member

Activity: 196

Merit: 100

Quote from: Benson Samuel on November 22, 2013, 02:21:41 AM

mine with a CPU if it gives you a share Cheesy

LOL It was more like a 2TH/s Terraminer IV Feb batch. I even researched colocating the hardware in the US, spoke to a couple of people in Bangalore who were ready to invest upto 50% of the hardware cost as part of a group buy with me.

The only reason I didn't go ahead was that there were too many ifs involved, if difficulty in 2014 is unsustainable, if there are delays in production, if global hashes were too high, if colocating could not be trusted, if Cointerra turned out like BFL. Like I said, I did some heavy duty research before deciding against it.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: lonsharim on November 22, 2013, 02:19:48 AM

Quote from: Benson Samuel on November 22, 2013, 02:09:04 AM

Quote from: lonsharim on November 22, 2013, 02:04:00 AM

Quote from: subvolatil on November 22, 2013, 12:51:41 AM

Looks like you are having a hard time getting some coins. do this

post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

I used to advice people not to mine or invest in mining. My opinion is definitely changing.

Every Satoshi is gonna have a Dollar value one day.

Hope you get few coins before people start to kill for 1.

Incidentally I did research and strongly consider mining too but decided against it.

mine with a CPU if it gives you a share Cheesy

lonsharim

full member

Activity: 196

Merit: 100

Quote from: Benson Samuel on November 22, 2013, 02:09:04 AM

Quote from: lonsharim on November 22, 2013, 02:04:00 AM

Quote from: subvolatil on November 22, 2013, 12:51:41 AM

Looks like you are having a hard time getting some coins. do this

post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

I used to advice people not to mine or invest in mining. My opinion is definitely changing.

Every Satoshi is gonna have a Dollar value one day.

Hope you get few coins before people start to kill for 1.

Incidentally I did research and strongly consider mining too but decided against it.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: lonsharim on November 22, 2013, 02:04:00 AM

Quote from: subvolatil on November 22, 2013, 12:51:41 AM

Looks like you are having a hard time getting some coins. do this

post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

I used to advice people not to mine or invest in mining. My opinion is definitely changing.

Every Satoshi is gonna have a Dollar value one day.

Hope you get few coins before people start to kill for 1.

lonsharim

full member

Activity: 196

Merit: 100

Quote from: subvolatil on November 22, 2013, 12:51:41 AM

Looks like you are having a hard time getting some coins. do this

post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Looks like you are having a hard time getting some coins. do this

post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.

lonsharim

full member

Activity: 196

Merit: 100

Quote from: legendster on November 21, 2013, 04:28:08 PM

Just putting in my voice. make sure you check out Krogyan. https://bitcointalksearch.org/topic/m.1841315

Sorry legendster, After having gone through your posts, I think your rates will not work for me. If I understand correctly that's Mt Gox + 14%, current rate is 740, so that makes it 740 + 103 + 4 (NEFT charges) = $847 for a BTC that's currently trading on 654 on BTC-e. Hence you can understand why I considered wire transfer to BTC-e. I don't even understand why it should be 250 for NEFT. All banks charge Rs 5 for transfers below 1 lakh and the receiver does not have to incur that cost. You are entitled to sell them at what rate you are comfortable with but I think buying it at that rate is bad investment for me.

BuySellBitco is currently trading at a rate that works out to 760 @ 63 rupees a pop. I am beginning to see why they claim to have the lowest charge rates. I also understand given the highly volatile period, they seem to be selling limited quantity to lower their exposure and are getting sold out.

I am not saying I am interested in buying at this rate, merely stating your selling price based on the current exchange rate.

lonsharim

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Just putting in my voice. make sure you check out Krogyan. https://bitcointalksearch.org/topic/m.1841315

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: Benson Samuel on November 21, 2013, 11:16:28 AM

Quote from: subvolatil on November 21, 2013, 11:05:32 AM

Quote from: americandesi on November 21, 2013, 10:51:10 AM

Quote from: subvolatil on November 21, 2013, 10:38:22 AM

Quote from: americandesi on November 21, 2013, 09:36:43 AM

Quote from: lonsharim on November 21, 2013, 06:06:23 AM

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh you are correct on that. and there is also a few conditions , if i remember it correctly .
you can send money out on these following condition.
1. money to relative.
2. Education.
3. medical.
and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal.

there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution)

Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

No ! it does not . the only red flag on credit card is if you try to use credit card for money laundering by overpaying the card and then using that amount in another place.

Could you explain this out a bit? Isn't the source of the over-payment known?

Yeh ! the source is known, this was a problem a few years back people were overpaying the cards usually payments were from other accounts (not belonging from the same person). took the banks some time to notice this so now days all banks have their own policies on tackling with over payments. usually its put on a watch list or reported to the RBI.

Person A has a credit card. Person B makes a payment through check to the person A's cc, the amount gets overpaid on the cc. person A calls up the bank and tells them he made a mistake and overpaid it and requests the bank to pay him back. usualy back then banks used to send the a check to person A . poof instant money laundering.
RBI made good progress in making sure credit card companies complied with the law and curb this problem, i dont think now days it happens much.

But, i so much wish the RBI would ease up on money transfer for the conman man, and concentrate more on the rich who launder money. Because the RBI want to stop money laundering they end up making rules that make it impossible for the legitimate and normal man to do any thing.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: subvolatil on November 21, 2013, 11:05:32 AM

Quote from: americandesi on November 21, 2013, 10:51:10 AM

Quote from: subvolatil on November 21, 2013, 10:38:22 AM

Quote from: americandesi on November 21, 2013, 09:36:43 AM

Quote from: lonsharim on November 21, 2013, 06:06:23 AM

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh you are correct on that. and there is also a few conditions , if i remember it correctly .
you can send money out on these following condition.
1. money to relative.
2. Education.
3. medical.
and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal.

there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution)

Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

No ! it does not . the only red flag on credit card is if you try to use credit card for money laundering by overpaying the card and then using that amount in another place.

Could you explain this out a bit? Isn't the source of the over-payment known?

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: americandesi on November 21, 2013, 10:51:10 AM

Quote from: subvolatil on November 21, 2013, 10:38:22 AM

Quote from: americandesi on November 21, 2013, 09:36:43 AM

Quote from: lonsharim on November 21, 2013, 06:06:23 AM

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh you are correct on that. and there is also a few conditions , if i remember it correctly .
you can send money out on these following condition.
1. money to relative.
2. Education.
3. medical.
and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal.

there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution)

Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

No ! it does not . the only red flag on credit card is if you try to use credit card for money laundering by overpaying the card and then using that amount in another place.

americandesi

hero member

Activity: 518

Merit: 500

BTC < > INR & USD

Quote from: subvolatil on November 21, 2013, 10:38:22 AM

Quote from: americandesi on November 21, 2013, 09:36:43 AM

Quote from: lonsharim on November 21, 2013, 06:06:23 AM

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh you are correct on that. and there is also a few conditions , if i remember it correctly .
you can send money out on these following condition.
1. money to relative.
2. Education.
3. medical.
and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal.

there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution)

Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: americandesi on November 21, 2013, 09:36:43 AM

Quote from: lonsharim on November 21, 2013, 06:06:23 AM

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh you are correct on that. and there is also a few conditions , if i remember it correctly .
you can send money out on these following condition.
1. money to relative.
2. Education.
3. medical.
and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal.

there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution)

Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol

americandesi

hero member

Activity: 518

Merit: 500

BTC < > INR & USD

Quote from: lonsharim on November 21, 2013, 06:06:23 AM

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

lonsharim

full member

Activity: 196

Merit: 100

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

mitts.daki

member

Activity: 117

Merit: 10

Now it is even crazier

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: legendster on November 14, 2013, 02:56:15 AM

It always feels good to be back here !

Welcome back.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

It always feels good to be back here !

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: lonsharim on November 13, 2013, 06:03:26 AM

Hello people

I am just starting out in the digital currency universe and I would like to buy between 0.8 and 1 BTC. It just seems so hard to convert money into BTC when you are starting out initially. I saw websites like www.buysellbitco.in and their rates seem to be a bit on the higher side. I visited localbitcoins and the most I could purchase was 0.1. Their phone verification system doesn't seem to work for Vodafone, Bangalore or maybe its just my phone. A couple of other websites mentioned here no longer operate like Mr Bitcoins

Are there any safe, reliable way to convert into BTC?

Thanks

Mr Bitcoin is now buysellbitco.in

Topic: Buying BTC in India (Read 1889 times)