That is the kind of cash crisis here. People have payed upto 800 $ though, I never saw $900 for a single bitcoin. Many people are also trying to hoard their money up using this, specially the black market holders. And yes, to reply to some people above, people are using banned notes and stuff to hoard up by buying gold, and bribes even. Every day in Indian exchange btcxindia.com, the price of bitcoin is indeed inrceasing, and you can check the prices in google too. Its well above 50k INR, while it was 42-43k INR just before this crisis.
Topic: India is Paying $900+ for Bitcoin Amid Cash Crisis - page 4. (Read 6480 times)
Yes, I am from Indian and I bought my part of bitcoin at the rate of $776 per bitcoin. I usually accept bitcoin in my business and sometimes I purchase bitcoins from localbitcoins and I prefer digital fiat wallet like paytm (backed by Alipay) or freecharge and not everyone accepts it so I have to deal with those who have that option in payments. Since I don’t keep much cash with me and prefer electronic transfers, I am not affected by the cash crisis.
Glad for you, these kind of gov decision that gave bad impact to economics and people was the most suffer if crisis happens.Bitcoin is one of good option to saving your money instead of cash which the value always decline from time to time due to inflation and whatever banks regulations cause those situation. But Indian people bought $800-900 for 1 btc was quite not fair, even if demand increase but bitcoin has standard price right, I think some of exchanges raised it too much.
When I visit the site zebpay that sells it clearly says that they need to upload their Pancard, isn't Pancard linked to every transaction and the tax men will eventually find out they hid their money there, so what's the point and today it hitting approx 1000$,this is madness, what will happen when price falls.
Traders from India has been using the situation in a way to make good earning.
Of course, there will be a few people taking advantage of this higher price to a certain extent, but there is barely any real supply. If a serious trader that is being seen as a relatively small trader with 100BTC here, then this exact same trader will be a massive whale if he is operating from one of their exchanges. Another thing is that with 100BTC, you can get the price there to go down with 50% (if not lower) without any effort.
It is a good plan to reveal the people holding lot of black money, but the method of implementation got failed.
It doesn't impact the rich elite. It's either the middle class people that are being affected, and the group of poor people which is the far majority. It's another attempt to strengthen their control on the economy. The hunger for control from the government's side is what makes people jump into Bitcoin. They don't want you to have any financial freedom.
Traders from India has been using the situation in a way to make good earning. Because it looks like the currency is getting devaluation due to the decreased circulation than required. It is a good plan to reveal the people holding lot of black money, but the method of implementation got failed.
I am also from India and facing this issue as well.The main reason behind this have our government is taken a huge step and banned the higher value notes to take control of black money.So peoples here are trying to either buy gold with them quickly and some who know about bitcoins want to buy it.
Every day i see in our india exchange btcxindia.com,the price of bitcoin is just inreasing.
Every day i see in our india exchange btcxindia.com,the price of bitcoin is just inreasing.
Is gold viable as a currency? How do you trade a gold necklace for a hamburger?
Wouldn't an instant currency transfer with your mobile phone be more practical?
Aren't Indians very fond of having a smart phone as soon as they can afford one?
The government can't stop people from using crypto-currency unless they block the Internet.
Am I correct that Indians hate to pay taxes?
India is Paying $900+ for Bitcoin Amid Cash Crisis
https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/
What do you think about this?
https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/
What do you think about this?
They will need to switch to Bitcoin to escape from government taxes:
http://www.hindustantimes.com/india-news/after-complaints-of-printing-variations-rbi-says-new-rs-500-rs-2000-notes-legal/
I am also from India and facing this issue as well.The main reason behind this have our government is taken a huge step and banned the higher value notes to take control of black money.So peoples here are trying to either buy gold with them quickly and some who know about bitcoins want to buy it.
Every day i see in our india exchange btcxindia.com,the price of bitcoin is just inreasing.
Every day i see in our india exchange btcxindia.com,the price of bitcoin is just inreasing.
When a country takes such hilarious and odd decisions then the population suffers. I have seen some friends buying bitcoins for over 900$ its actually around 60000 INR which means around $950 per bitcoins. The demand is more insane for cash deals.
How the cash deals can go forward, when the country is facing an acute shortage of banknotes? If you are suggesting that the buyer is purchasing the coins in exchange for the now-defunct ₹500 and ₹1,000 notes, then this is almost certain to cause issues to the seller.
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?
They will need to switch to Bitcoin to escape from government taxes:
http://www.hindustantimes.com/india-news/after-complaints-of-printing-variations-rbi-says-new-rs-500-rs-2000-notes-legal/
Its all because of demonetisation .when the real gold s price owners are getting notices of who are buying gold ad give them the cctv footage of who bought them .then only bitcoins become the only method ..kudoos 
I saw some posts in the currency exchange section so knew something was up with india cashing out to get bitcoin.
But the people is if seller ready to accept those old notes then they will surely get even better rates, but seller needs to find ways to exchange those old notes. It is not entirely correct the people investing in Bitcoins in India. As of now who ever got money in banks they are safe and no need to worry much about current demonisation issue but the issue with the people who has got hard cash in hand. But with that old notes they can purchase bitcoins online.
It is good to know that India is opening its arms to bitcoin and people are looking for alternatives to protect their money from devaluation. Same as what the Chinese did when the yuan started to lose some of its value. It is also worth noting that an Indian university will also be accepting bitcoin as payment for tuition fee. These are all small steps towards mass adoption and it is nice that we are seeing progress day by day.
I saw some posts in the currency exchange section so knew something was up with india cashing out to get bitcoin.
How long it lasted?
Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
This has been good for those holding bitcoin and the speculators but for the average person bitcoin has been nothing but a lifeboat and they don't know if its going to hold up as expected.Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
It all depends on how much panic there is. If you look at the actual volumes there, then it's utterly low considering how large India is. If this is just the beginning of what has to come, then people will continue to pay significant premiums for a couple of more months. But if large players know how to use the higher price in their benefit, then it will bring the price down significantly. Even to such levels that when the prices there match the prices on western exchanges, that they will consider it to be a huge loss. They don't understand that as long as they don't sell anything, they don't lose anything.
How long it lasted?
Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
This has been good for those holding bitcoin and the speculators but for the average person bitcoin has been nothing but a lifeboat and they don't know if its going to hold up as expected.Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
India is Paying $900+ for Bitcoin Amid Cash Crisis
https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/
What do you think about this?
When a country takes such hilarious and odd decisions then the population suffers. I have seen some friends buying bitcoins for over 900$ its actually around 60000 INR which means around $950 per bitcoins. The demand is more insane for cash deals.https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/
What do you think about this?
The very corrupted officials will not suffer. They have the inside information and already exchanged the notes.
It's always the same. Those who trust in government or have no choice to escape its reach will pay the bill - well, unless they are part of the officialdom. The effect of the government's decision has been devastating especially for the poorer people. A lot of trust has been eroded. Things could quickly go out of hand for the current ruling class, when large parts of the population are starving, because they could not buy seeds to sow their crops.
Certainly, people will learn from it and seek better alternative to store their funds than fraudulent fiat money subject to arbitrary devaluation. As precious metals as a safe store of value face increasing restrictions by the government, more people will look further and will discover Bitcoin.
The current premium paid is due to limited Bitcoin supply (no major mining operations in India) and generally high inflation of India's fiat currency which makes it highly unattractive even without "special actions" by the central bank.
ya.ya.yo!
How long it lasted?
Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
This has been good for those holding bitcoin and the speculators but for the average person bitcoin has been nothing but a lifeboat and they don't know if its going to hold up as expected. Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
Even with they paying a bit above the real value at the moment of bitcoin, i do believe those price will be achieved on the next 4 years, but taking into consideration people are buying to gamble, as well to protect their savings into bitcoin i do believe bitcoin can reach those value faster, and its a protection measure we people can take against the country when we dont trust at them at all.
Its all because of demonetisation that increase the demand of bitcoins. Goverment has send to jeweller owners who had bought jewellers during that time but not bitcoins .because its online .and goverment trust out people .its good .and we should be haply about that ..kudoos
What will this do to the market?
I feel like it should obv only help since theyre over valuing it but idk
I feel like it should obv only help since theyre over valuing it but idk
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