Topic: India is Paying $900+ for Bitcoin Amid Cash Crisis (Read 6499 times)
If we are going to see and check what their doing is not affecting bitcoin actually, instead Bitcoin is continue in progress to increase the price value. It s show that the stability of it are getting stronger.
India is Paying $900+ for Bitcoin Amid Cash Crisis
https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/
What do you think about this?
https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/
What do you think about this?
It's funny that people who were buying for $900+ back then in India are now in profit. What I've noticed about Bitcoin is that whatever price you pay for it you'll hardly ever regret the buying.
It happened during the month of November past year. When the Market was found to pay around $750 Indian trading was found above $900. This happened just due to the demonetisation issue created by the government. Due to this Indian market experienced a very big increase in user profiles in a short time period.
The reason why India is purchasing more bitcoins not only because of demonetisation but also because of bitcoins power to make its investors, holders and users gain a leverage in a span of time. Bitcoins price movement is always increasing in value and that has attracted a large Market in India as well as the hope that they will gain huge profit when the price has increased greatly.
Evidence of bitcoin being more stable than state regulated currency?
Nope. If you look at the INR vs USD exchange rate, it is very stable. The USD is always worth around 66 to 68 INR. On the other hand, the Bitcoin is extremely volatile. During the past 12 months, the value has risen by as much as 400%. And during the 12 month period prior to that, the exchange rate had declined by more than 50%.
When the bitcoin becomes more expensive, it will also be more stable.
Evidence of bitcoin being more stable than state regulated currency?
Nope. If you look at the INR vs USD exchange rate, it is very stable. The USD is always worth around 66 to 68 INR. On the other hand, the Bitcoin is extremely volatile. During the past 12 months, the value has risen by as much as 400%. And during the 12 month period prior to that, the exchange rate had declined by more than 50%.
It happened during the month of November past year. When the Market was found to pay around $750 Indian trading was found above $900. This happened just due to the demonetisation issue created by the government. Due to this Indian market experienced a very big increase in user profiles in a short time period.
India is an enormous market, it can start moving things if they want to
Yup, indeed india is a country with a market that is quite promising. However I'm not convinced 100% that bitcoin has huge influence in india, because I also have never seen miners in india. I am more attracted to China, because there already exist several places used to mine and it gives a pretty good color in the bitcoin growth in the country. For now it will be very hard to find goods sold for bitcoin payments accept bitcoin is still not understood by most people
Evidence of bitcoin being more stable than state regulated currency?
At least the amount of bitcoins is fixed.
Evidence of bitcoin being more stable than state regulated currency?
I believe this is an opportunity for bitcoin and other crypto-currency. It can easily showcase how useful they are for micro-transactions. The paper money / coinage method of payment seems so old-world these days.
Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.
I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...
That's fascinating. What are the black market goods Indian people are interested in that creates so much profit? Is it guns, drugs or some other type of contraband?
Are the Indians spending the converted cash on something or are they just holding the btc? How exactly are they buying the coin? You claim that "Know Your Customer" laws apply in India but surly Indian black marketeers aren't stupid enough to launder money by releasing personal information?
I think they are holding.
Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.
I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...
That's fascinating. What are the black market goods Indian people are interested in that creates so much profit? Is it guns, drugs or some other type of contraband?
Are the Indians spending the converted cash on something or are they just holding the btc? How exactly are they buying the coin? You claim that "Know Your Customer" laws apply in India but surly Indian black marketeers aren't stupid enough to launder money by releasing personal information?
I don't think there is any exchange in India who take currency physically and sell bitcoins. So the using 500 and 1000 rs notes are not possible. But I do agree that there is a way to convert you black money to bitcoins, but it is very difficult coz as I have seen the trading websites will ask for some user authenticity. 
this is what real demand looks like.
when it happens, price of bitcoin can easily go to the moon. and I'd say if a couple of other countries start showing even one third of Indian enthusiasm in buying bitcoin, price can easily go to $2000 in a couple of months. and that would be the mass adoption that we are all waiting for and sometimes talk about.
when it happens, price of bitcoin can easily go to the moon. and I'd say if a couple of other countries start showing even one third of Indian enthusiasm in buying bitcoin, price can easily go to $2000 in a couple of months. and that would be the mass adoption that we are all waiting for and sometimes talk about.
I dont agree with you, this was not enthusiasm in buying bitcoin, but it was done purposely to convert the black money to bitcoin, and it is not good for bitcoin community , if you see the price it was temporary and now the price is back to normal price, but the impact will be bad that bitcoin is used in black money.
It should be in good name of using bitcoin. That price hike was fake created by the black market for doing wrong work
India is an enormous market, it can start moving things if they want to
There is no doubt that the Indian Bitcoin market is very promising. But if you are an outsider, then you will be frustrated with all the red tape and corruption. For example, you need to run from pillar to post to obtain a license, so that you can legally run a Bitcoin-related business. Now for obtaining this license, you need to have the right contacts, and you need to bribe the right persons.
this is what real demand looks like.
when it happens, price of bitcoin can easily go to the moon. and I'd say if a couple of other countries start showing even one third of Indian enthusiasm in buying bitcoin, price can easily go to $2000 in a couple of months. and that would be the mass adoption that we are all waiting for and sometimes talk about.
when it happens, price of bitcoin can easily go to the moon. and I'd say if a couple of other countries start showing even one third of Indian enthusiasm in buying bitcoin, price can easily go to $2000 in a couple of months. and that would be the mass adoption that we are all waiting for and sometimes talk about.
I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...
People are converting "black money", do you mean money obtained on illegal way? I dont think its nice to punish all the people cause of that. I doubt that all Indians are criminals, that is very ugly opinion.
Exchanges are making huge profit if they sell bitcoin for 900 dollars. They are robbing people, can Indians bypass restrictions and to buy bitcoins in some other way?
Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.
I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...
Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.
I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...
what if you use alternative ways of money payment. such as paying through some of the other payment processors like perfect money and do your purchases on btc-e?
Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.
I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...
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