no it hasn't always been like that
most likely cause is the recent 500 and 1000 notes "exchange"- read 3 days notice expropriation
so now people grew vary of the goverment issued bonds and notes and vote for bitcoins with their money
simple as that... if your currency is taking a nose dive or your goverment put restrictions on its use or threaten its safekeeping
you choose different ways to store your wealth,bitcoins is just happened to be the answer
Topic: I have a question to the people who lives in India - page 2. (Read 988 times)
The reason is always the same. Supply can't catch up with demand. There are not enough sellers. It's interesting that the same phenomenon is happening to gold. Gold is smuggled into India and customs officials are bribed along the way to let it in. With a recent attack on paper cash there, the number of people who want to buy hard cold metal is higher than of those who want to sell it.
Are you from India? Some people said that it has nothing to do with the paper cash and that its not new (it was always like that). Anyone else?
I don't understand what's keeping the price of Bitcoin so high in India. What's stopping the Indians from purchasing Bitcoin at normal prices on other foreign exchanges avoiding the local sellers charging excessive amounts? It's not so difficult to use a credit or debit card online, is it?
The reason is always the same. Supply can't catch up with demand. There are not enough sellers. It's interesting that the same phenomenon is happening to gold. Gold is smuggled into India and customs officials are bribed along the way to let it in. With a recent attack on paper cash there, the number of people who want to buy hard cold metal is higher than of those who want to sell it.
The price of Bitcoin (as I'm posting this) is $712, but some guy (will not use names) on Twitter tweeted that BTC is traded @ $100+ over the actual price on Indian exchanges. I haven't checked the Indian market recently, but currently Unocoin buys Bitcoin @ 55,800 INR ($824) and BTCXIndia buys it at 55,500 INR ($812). Can someone tell me why is that difference?
Cheers,
Spartak
Cheers,
Spartak
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