This not strange. In times of economic crisis and also when the inflation of fiat currency is intense people are directed elsewhere in order to protect their savings. (eg gold). Nowadays is much more safe, quick and anonymous to buy not only bitcoins but and altcoins such as litecoins and ethereum instead of bank notes.
Yeah actually been banned the currency people in India have like 50% of their money as black money due to high taxes and hence they are trying to buy some bitcoins by depositing money to bank, since they are rightly loosing trust in the government and shifting their trusts into bitcoin ecosystem. I guess they are right as bitcoins must be a right solutions for them. 
Topic: India is Paying $900+ for Bitcoin Amid Cash Crisis - page 5. (Read 6426 times)
I can't really blame sellers for asking a premium, price is based on supply and demand.
If people are willing to pay the price, a vendor is going to maximize their profits.
With all the chaos surrounding Indian banks, people are uncertain of the countries economic future, and in some cases unable to withdraw funds from their local branch.
Times like this are exactly what causes a surge of use in Bitcoin.
If people are willing to pay the price, a vendor is going to maximize their profits.
With all the chaos surrounding Indian banks, people are uncertain of the countries economic future, and in some cases unable to withdraw funds from their local branch.
Times like this are exactly what causes a surge of use in Bitcoin.
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?
one thing that i do not see anyone talking about which was in the article, is the fact that article's source for bitcoin price in India is localbitcoins and we all know that prices there are user defined and always higher than real exchange prices, and i don't think many people are going to buy from localbitcoins when they can buy from some place like btc-e with $200 under the price!
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?
How Indian authorities expected people would react if they get only 2 moths to exchange their old banknotes, of course it will be mass panic.
If Indian government can pull something like that off out the blue then no wonder Bitcoin is the most desired asset in India right now.
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.
i never thought i live to see the day that people of a country actually start buying bitcoin this massively and this expensive just because there is a financial crisis going on in their country.
we have already heard some news about it in Greece and two other places before but they were mostly talk and no action. this time they are actually buying bitcoin!
we have already heard some news about it in Greece and two other places before but they were mostly talk and no action. this time they are actually buying bitcoin!
The safest currencies are the only ones that have the possibility to live during a crisis in this world. In our case, it should be Gold and Bitcoin. Bitcoin as the second because it's virtual and without Internet or electricity we can do NOTHING with it. Gold requires a small space for 1kg (it's as small as a phone), and Gold was always the best one during the World Wars. This is why the traders are relying on Gold too.
when a crisis happens in the world people are not thinking about "money" they think about food and shelter and the basic survival things! instead. and besides you can never store gold or anything else of value in times of crisis especially something that weighs 1 kilogram! and it wouldn't be small either.
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?
How long it lasted?
Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
Good time for arbitration and earn some money.
Really nice to see India enjoying on bitcoin world!
Would that be the proof that the price isn't global and that there is micro-economies over the world ?
The price difference is due to capital controls put in place by governments. Traders are therefore not able to arbitrage this difference efficiently.
If exporters of goods/services can take bitcoins instead of foreign exchange, this price difference would disappear.
Yeah it is very true. But I think this all may never happen, because if this is the case then any State revenue will plummet because everyone can freely to conduct a transaction between countries with very cheap piece and this means it will also eliminate foreign exchange of the country. Or the user might later bitcoin will get tax in each year
Would that be the proof that the price isn't global and that there is micro-economies over the world ?
The price difference is due to capital controls put in place by governments. Traders are therefore not able to arbitrage this difference efficiently.
If exporters of goods/services can take bitcoins instead of foreign exchange, this price difference would disappear.
It will be interesting to see if there is a dip in bitcoin after the 50 day buffer time given to redeem those 500 and 1,000 rupee notes at banks. Once Indians have moved to the new notes it would make sense for it to stabilise but any fiat currency actions like this will drive people to cryptocurrencies or other commodities in the long term.
Would that be the proof that the price isn't global and that there is micro-economies over the world ?
Wait until the us has a financial crisis. bitcoin prices go will through the freakin roof! Im guess this is months not years away.
People have been saying that for years now and it yet has to happen. I am more looking at weaker countries that might spark Bitcoin to rocket up to much higher levels instead of the US. India at this point is contributing nothing to the price. If this subject really has some sort of impact, then it's purely specultive and not worth much since we don't know how long this will last.
Wait until the us has a financial crisis. bitcoin prices go will through the freakin roof! Im guess this is months not years away.
Now as the cash deposit has got lots of restrictions in banking with limitations, people might have planned to convert their fiat and make it secure in the form of digital assets. On this base I believe the pricing might have crossed $900+, which looks to have 30%+ profit margin.
Yeah looking at that I think its a good idea to do some trades in India, I will really consider someone who can help me with that since I have some bulk quantity of bitcoins.And hey, they are not in loss buying at 900$ because the price would be around 1100$ around christmas and new year.
I really don't understand it what's the point of buying it at a high price. As soon things starts getting better price will crash. Secondly don't you need documents to buy it that will be linked with income tax, so what's sense of buying it or they are buying without the documents? This is a blind move and it shall not be good. People stay away at such prices
I think they may be buying in order to protect the value of their savings so even if they are paying a premium and even if the price was going to get lower they are willing to pay that high price so they can get out of their currency.
India doesnt allow gamble in their country, atleast not with their local currency, with that said bitcoin is being used a lot for gamble purposes, soo i do believe the raise into interest besides the bank notes replace, is because people does wanna to gamble, besides being a good investment knowing bitcoin potencial to reach 1000 dollars on the next 4 years.
good time to sign up to an Indian exchange and sell...... i am certain that someone will be making a fortune 
The sudden level of interest in Bitcoin has gone up a 100%, it's this interest that's is making the price rise. Secondly it's all speculations that makes it grow. The operators, are making a merry. Since the 85% of their currency is demonitized they are making a huge beeline for Bitcoin. It's simple supply has exceeded the demand.
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?
I have 2 questions for this. How and where are they buying the $900 per Bitcoin from? Who is scamming them into buying Bitcoin for that high of a price?
I believe some people over at India are taking advantage of the people's desperate situation and their ignorance. This is not good news to me because it really does not bring anything to Bitcoin except for another case of people scamming other people story.
I think you were right and this issue should be cleared. I mean, i find this news sort of a speculation unless we can see exchanges having that price. It it happen in personal transaction, then @Wind_FURY, you are correct sir, another case of people scamming other people.
That's not a very entrepreneurial perspective. What we need to do is figure out how to arbitrage the shit out of this situation before it dries up.
There is just one wealthy individual needed to get the price there to come back to much more realistic levels. If a whole bunch of people knew how to do this, then the price there wouldn't be anywhere near the current levels. But if the exchange in question spots a huge load of incoming coins, won't they use that bit of insider information in their advantage you think?
They surely will.Yeah, huge profits using successful arbitrage is rare but small ones are commonplace. Just ask a forex trader.
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