What's this all about I have many friends who deals 24 hours with bitcoin but none of them had heard about this. Well anyone explain me who is paying and why they are paying $900. Is there any logical game behind this .
Yeah, this all seems kinda strange to me too. I don't know why anyone would need or want to pay more than market rate for bitcoin except for purposes of staying extremely anonymous or something. Don't know if that even would make sense. If this is true, those arbitrage opportunities aren't going to last long. Smart traders will plug up all the holes--they always do. 
Topic: India is Paying $900+ for Bitcoin Amid Cash Crisis - page 7. (Read 6426 times)
$900? How many rupees does that make? Is that when paying with those banknotes the government has said they're now worthless, unless changed at an offical bank with tough AML requirements?
I guess all cryptocurrencies and all foreign currencies are much wanted anywhere in India, with many buyers willing to pay much more than what they're worth, if that helps them getting rid of old worthless banknotes.
I guess all cryptocurrencies and all foreign currencies are much wanted anywhere in India, with many buyers willing to pay much more than what they're worth, if that helps them getting rid of old worthless banknotes.
India seems to be the new flavor of the moment when it comes to bitcoin related articles.
As a outsider the optics seem to appear like India is quickly pushing for more transparent banking and wanting to push a few issues all at the same time,creating havoc and the look like potential restrictions coming down the pipe.
The problem I have with this story is it seems to be a hype article pointing to the price and a new flavor that people are watching for bitcoin manipulation. It
used to be China but looks like India is picking up steam as they look to make some big alterations to the country. Honestly think India is a amazing Country
to have so many things related bubbling at the same time.
Going back to when China had similar moves like mentioned here in the responses,I recall people getting caught off guard and having funds locked in Chinese exchanges. So before you go wading into the Indian markets make sure you are able to handle a potential issue like that and not get caught with all your cookies in one jar.
As a outsider the optics seem to appear like India is quickly pushing for more transparent banking and wanting to push a few issues all at the same time,creating havoc and the look like potential restrictions coming down the pipe.
The problem I have with this story is it seems to be a hype article pointing to the price and a new flavor that people are watching for bitcoin manipulation. It
used to be China but looks like India is picking up steam as they look to make some big alterations to the country. Honestly think India is a amazing Country
to have so many things related bubbling at the same time.
Going back to when China had similar moves like mentioned here in the responses,I recall people getting caught off guard and having funds locked in Chinese exchanges. So before you go wading into the Indian markets make sure you are able to handle a potential issue like that and not get caught with all your cookies in one jar.
Haha. I don't know,
I think a huge margin of the market is held by the two local exchanges. Unocoin and Zebpay which are registered and are somehow licensed by the government since there is a government-levied tax on every transaction. (Do you know, one can't make an account without a PAN Card[Permanent Account Number]
)This, in turn, makes the users trust the two since users are assured they don't get scammed plus the possibility of refunds in certain cases.
These would really cut into the transactions/trades with international exchanges since most would opt for premium rates than risk getting scammed.
So, personally, I don't see that great of a chance for arbitrage/market speculation. But, well, who knows for sure.
Coz I certainly don't.
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.
India seems to be the new flavor of the moment when it comes to bitcoin related articles.
As a outsider the optics seem to appear like India is quickly pushing for more transparent banking and wanting to push a few issues all at the same time,creating havoc and the look like potential restrictions coming down the pipe.
The problem I have with this story is it seems to be a hype article pointing to the price and a new flavor that people are watching for bitcoin manipulation. It
used to be China but looks like India is picking up steam as they look to make some big alterations to the country. Honestly think India is a amazing Country
to have so many things related bubbling at the same time.
Going back to when China had similar moves like mentioned here in the responses,I recall people getting caught off guard and having funds locked in Chinese exchanges. So before you go wading into the Indian markets make sure you are able to handle a potential issue like that and not get caught with all your cookies in one jar.
As a outsider the optics seem to appear like India is quickly pushing for more transparent banking and wanting to push a few issues all at the same time,creating havoc and the look like potential restrictions coming down the pipe.
The problem I have with this story is it seems to be a hype article pointing to the price and a new flavor that people are watching for bitcoin manipulation. It
used to be China but looks like India is picking up steam as they look to make some big alterations to the country. Honestly think India is a amazing Country
to have so many things related bubbling at the same time.
Going back to when China had similar moves like mentioned here in the responses,I recall people getting caught off guard and having funds locked in Chinese exchanges. So before you go wading into the Indian markets make sure you are able to handle a potential issue like that and not get caught with all your cookies in one jar.
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
its can be that for them it's more hard to acquire bitcoin outside of their country so they are forced to pay more to have one, but this is good because it will force a market movement toward their value, they will help the market growth
And, it could also be that most would still prefer to buy from their local exchanges despite the high premium. I saw this on another thread:
Let say a coin a listed in poloniex and bittrex, it will have some difference in price, why is that? demand and supply is the answer. And I am an Indian staying in Kerala. I have to say that Indian exchanges and sites like unocoin and zebpay charges more as than other international sites.
I would prefer buying from unocoin or zebpay as they are set up in India and I can get a refund if things go wrong for some reasons. I may able to do so in any other sites which are based abroad, but I trust these Indian sites more. I believe Zebpay and Unocoin are registered in India and they do fall under the Indian jurisdiction which makes any Indian buyer or seller of bitcoins confident.
I would prefer buying from unocoin or zebpay as they are set up in India and I can get a refund if things go wrong for some reasons. I may able to do so in any other sites which are based abroad, but I trust these Indian sites more. I believe Zebpay and Unocoin are registered in India and they do fall under the Indian jurisdiction which makes any Indian buyer or seller of bitcoins confident.
Another reason that could add to the very high demand could be that some are dumping their stash of 500/1000 rupees(black money) and change it to bitcoins. Same as some are buying gold. This way they'd avoid having to go the banks and 'legally' change their bills. (and possibly get caught/taxed especially if funds are undeclared)
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
its can be that for them it's more hard to acquire bitcoin outside of their country so they are forced to pay more to have one, but this is good because it will force a market movement toward their value, they will help the market growth
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?
How exactly can they restrict bitcoins price to way out of the minimum ? If you in India you buy bitcoin like anyone else. Find a none local trusted site and biy there. No problem. What is the issue here ? It is sensationalism that is all.
What's this all about I have many friends who deals 24 hours with bitcoin but none of them had heard about this. Well anyone explain me who is paying and why they are paying $900. Is there any logical game behind this .
ARBITRAGE
convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee
profit
convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee
profit
rinse and repeat
convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee
profit
convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee
profit
rinse and repeat
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
Can foreigners sell coins on Indian exchanges? Do people need to submit any ID documents upon withdrawal or can just put their bank account numbers in there and request withdrawal? Man I would love to be able to sell my coins for $800+ a pop lol.
If anyone from overseas has been successful trading on Indian exchanges please share your experience
If anyone from overseas has been successful trading on Indian exchanges please share your experience
What would be the motivation to buy at that high price difference? Some people are definitely extorting people with these rates and using this
opportunity to milk the high demand. Most of that cash must be illegal, or money that was hoarded for tax purposes. They now rushing to get
rid of it.
.... This will not last long, but the exposure to Bitcoin is good.
opportunity to milk the high demand. Most of that cash must be illegal, or money that was hoarded for tax purposes. They now rushing to get
rid of it.
.... This will not last long, but the exposure to Bitcoin is good. 
My dealer made deals for more than $875+/BTC from last week.
People are frustrated with the demonetization and on that this type of dealers...
People are frustrated with the demonetization and on that this type of dealers...
That's more than 10% difference in the trading prices between US and Indian exchanges. The cash crisis has indeed created more demand for Bitcoins than how much the sellers can sell, thus creating such a large percentage of hike in prices between the exchanges. Also, I'm glad to see that more and more people in India are getting involved into Bitcoins and realizing that the need be to evolve into a cashless society. The same happened with the price of gold when the black money hoarders went to purchase gold with their black money before the Government mandating PAN cards to buy gold.
Damn, and I thought I overpaid when using services like Virwox or Bitonic.nl
Would be interesting to see what happens if other countries apply similar regulations.
Would be interesting to see what happens if other countries apply similar regulations.
It is not a surprise to see such high price than current market price because there is not many bitcoin in India. Only limited sellers are trying to cover huge demand after government banning 500 and 1000 INR notes as well as bitcoin price have itself grew $50+ in last few days which also helps to pump price more in Indian local exchange platforms.
The price of Gold also rose very fast and a lot. This happens because people are starting to give up hopes in banks and the cash given by the governments because it's the worst system we could have, I guess. Anything you do in the bank, you're going to end up in debt. It's good that people are finding Bitcoin as a safe currency, but at the same time they need one more currency to rely on. Out of all, Gold is probably the best one out there because it hasn't only been used in the World Wars as a currency but it's also rare and it's real phisically: you can touch it. Maybe the thing that happened in India will change things out here too.
When this happened with China a few months back it pulled the price of bitcoin up in the rest of the global market because of the obvious arbitrage opportunities. Looks like the same thing will happen with India. I would expect the effect to be more modest because India is presumably a smaller player in the bitcoin ecosystem, but if the underlying cause is more dramatic and sustained that could be wrong.
I recall hearing once that India is disproportionately a buyer/hoarder of gold, all things considered. I wonder how this could play into their cash crisis and the spillover to bitcoin?
I recall hearing once that India is disproportionately a buyer/hoarder of gold, all things considered. I wonder how this could play into their cash crisis and the spillover to bitcoin?
We've seen a few threads around this subject, looks like Bitcoin is gaining some traction there or speculators are doing this due to the "extinction" of big bank notes...
Jump to: