Please stop buying bitcoins from India

bitcoinisbest

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Quote from: lordquanta on March 07, 2017, 10:05:06 AM

Today out of blue zebpay dropped bitcoin price to 83k and after time it was switched to the 91k. Now imagine situation of people who initiated the trade by putting money when rate was 83 and by the time their transaction was cleared by zebpay, rate was back to 91k. Tongue

Wow this would have hit a jackpot those who have purchased it but I am sure that selling price of zebpay would not have increased this way as thier buying price rose. Currently thier buy is @ 91500 and Sell @ 85000. So that a huge spread between them 6500 Rs for just 1 btc.

lordquanta

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Today out of blue zebpay dropped bitcoin price to 83k and after time it was switched to the 91k. Now imagine situation of people who initiated the trade by putting money when rate was 83 and by the time their transaction was cleared by zebpay, rate was back to 91k. Tongue

deadley

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Quote from: zahra4577 on March 05, 2017, 03:30:30 PM

Quote from: deadley on March 04, 2017, 03:48:36 PM

Quote from: zahra4577 on March 04, 2017, 07:23:34 AM

Quote from: vaibhavsingh on March 03, 2017, 10:14:37 AM

yeah prices here are highly inflated better buy from international sellers who are way cheaper.

Yes Indian exchanges are making hay while sun shines.They are selling at exhorbitantly high price.I think this amount to unfair trade practices but since bitcoin is not regulated in India,we have no legal recourse.

You are forgetting they are just not selling, Indian exchanges also buying in highly inflated price. So how it is unfair trade practice.

How can you say they are also buying from India?They buy it from international market and sell to indians at higher price.Most Indians are not aware of international price or International sellers so they have no option but to buy from these exchanges.

lol, you can sell yourself in exchange if you want to sell your btc. Market price is less then 85k and they are buying around 94k in every indian exchange and site. Like Zebpay, Unicon, coinsecure .

zahra4577

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Quote from: deadley on March 04, 2017, 03:48:36 PM

Quote from: zahra4577 on March 04, 2017, 07:23:34 AM

Quote from: vaibhavsingh on March 03, 2017, 10:14:37 AM

yeah prices here are highly inflated better buy from international sellers who are way cheaper.

Yes Indian exchanges are making hay while sun shines.They are selling at exhorbitantly high price.I think this amount to unfair trade practices but since bitcoin is not regulated in India,we have no legal recourse.

You are forgetting they are just not selling, Indian exchanges also buying in highly inflated price. So how it is unfair trade practice.

How can you say they are also buying from India?They buy it from international market and sell to indians at higher price.Most Indians are not aware of international price or International sellers so they have no option but to buy from these exchanges.

deadley

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Quote from: zahra4577 on March 04, 2017, 07:23:34 AM

Quote from: vaibhavsingh on March 03, 2017, 10:14:37 AM

yeah prices here are highly inflated better buy from international sellers who are way cheaper.

Yes Indian exchanges are making hay while sun shines.They are selling at exhorbitantly high price.I think this amount to unfair trade practices but since bitcoin is not regulated in India,we have no legal recourse.

You are forgetting they are just not selling, Indian exchanges also buying in highly inflated price. So how it is unfair trade practice.

zahra4577

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Quote from: vaibhavsingh on March 03, 2017, 10:14:37 AM

yeah prices here are highly inflated better buy from international sellers who are way cheaper.

Yes Indian exchanges are making hay while sun shines.They are selling at exhorbitantly high price.I think this amount to unfair trade practices but since bitcoin is not regulated in India,we have no legal recourse.

vaibhavsingh

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yeah prices here are highly inflated better buy from international sellers who are way cheaper.

lordquanta

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Quote from: eXpl0sive on February 15, 2017, 04:24:17 AM

Quote from: bitcoinisbest on February 15, 2017, 04:01:40 AM

Quote from: eXpl0sive on February 15, 2017, 01:54:21 AM

Quote from: Pattberry on February 10, 2017, 03:55:41 PM

Quote from: eXpl0sive on February 03, 2017, 04:30:08 AM

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

Do you know if there is any restriction for buying internationally and could fall under some Act of FEMA? Did you do any research or just buying it and then it can fall you in trouble? Kindly consult your CA and get advice.

I should probably do that, thanks.

However I don't think there should be any trouble in doing international spends unless you're doing any money laundering. It would be just like purchasing something from amazon US site and paying with credit card or PayPal. Bitcoin is not yet classified into any particular goods/services, so that would be safe. To be on the safer side, I would just log all my Bitcoin-related purchase/sell trades so that I have all records if someone comes knocking.

RBI is just 'observing' Bitcoin, not putting any restrictions.

Here concern is more on sending money outside india instead of getting in India. However I don't think purchasing bitcoins from International market could land you in legal trouble. Somewhere on one of thread, one of veteran mentioned purchasing bitcoins from International market.
It is always better to get facts correct than feeling sorry later. Consult with proper CA and then proceed. Make sure to share your experience here.

eXpl0sive

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waiting to explode

Quote from: bitcoinisbest on February 15, 2017, 04:01:40 AM

Quote from: eXpl0sive on February 15, 2017, 01:54:21 AM

Quote from: Pattberry on February 10, 2017, 03:55:41 PM

Quote from: eXpl0sive on February 03, 2017, 04:30:08 AM

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

Do you know if there is any restriction for buying internationally and could fall under some Act of FEMA? Did you do any research or just buying it and then it can fall you in trouble? Kindly consult your CA and get advice.

I should probably do that, thanks.

However I don't think there should be any trouble in doing international spends unless you're doing any money laundering. It would be just like purchasing something from amazon US site and paying with credit card or PayPal. Bitcoin is not yet classified into any particular goods/services, so that would be safe. To be on the safer side, I would just log all my Bitcoin-related purchase/sell trades so that I have all records if someone comes knocking.

RBI is just 'observing' Bitcoin, not putting any restrictions.

bitcoinisbest

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Activity: 1218

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Quote from: eXpl0sive on February 15, 2017, 01:54:21 AM

Quote from: Pattberry on February 10, 2017, 03:55:41 PM

Quote from: eXpl0sive on February 03, 2017, 04:30:08 AM

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

Do you know if there is any restriction for buying internationally and could fall under some Act of FEMA? Did you do any research or just buying it and then it can fall you in trouble? Kindly consult your CA and get advice.

eXpl0sive

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Activity: 574

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waiting to explode

Quote from: Pattberry on February 10, 2017, 03:55:41 PM

Quote from: eXpl0sive on February 03, 2017, 04:30:08 AM

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

Pattberry

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Quote from: eXpl0sive on February 03, 2017, 04:30:08 AM

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

tech_solutions

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Quote from: bitcoinisbest on February 07, 2017, 02:14:18 AM

Quote from: Forbiddenone on February 06, 2017, 12:25:10 PM

Quote from: lordquanta on February 06, 2017, 06:13:58 AM

Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise, vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

It is similar to share market or property buying/selling .people invest as to get profit.there is advantage on seller side as they can sell btc at high rate than international exchange and disadvantages on buyer side but its is more convenient than buying on external exchange.

Well for Indians there is no advantage/disadvantage because you buy from India and sell in India. As you cannot afford to buy from International markets due to the laws governing and also there are huge fees for making transaction though cards, withdrawal fees etc.

I think you can buy through neteller or other online cash wallet system through direct sellers from other country , that will not be problem for you. but buying and selling in india through indians will be more benefit.

bitcoinisbest

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Quote from: Forbiddenone on February 06, 2017, 12:25:10 PM

Quote from: lordquanta on February 06, 2017, 06:13:58 AM

Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise, vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

It is similar to share market or property buying/selling .people invest as to get profit.there is advantage on seller side as they can sell btc at high rate than international exchange and disadvantages on buyer side but its is more convenient than buying on external exchange.

Well for Indians there is no advantage/disadvantage because you buy from India and sell in India. As you cannot afford to buy from International markets due to the laws governing and also there are huge fees for making transaction though cards, withdrawal fees etc.

Forbiddenone

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Quote from: lordquanta on February 06, 2017, 06:13:58 AM

Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise, vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

It is similar to share market or property buying/selling .people invest as to get profit.there is advantage on seller side as they can sell btc at high rate than international exchange and disadvantages on buyer side but its is more convenient than buying on external exchange.

lordquanta

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Activity: 770

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Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise, vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

moooonu

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Quote from: baristor on November 24, 2016, 06:16:27 AM

Enough guys... the more we feed these greedy sellers the more they will increase their prices...

If everyone stops buying btc from India they will be forced to revert to old prices.

Waiting for price to be as good as preev market place price then it's fine this is India not North Korea or Pakistan... even then I suspect those countries will be easier n cheaper to buy btc.

Its all game of demand and supply. After all each trader wants to sell at high and buy at low. Otherwise how will they make profit.

eXpl0sive

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waiting to explode

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

rajasumi2

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People should always buy bitcoins in india .it is not so popular india but it is also too much in demand than the supply its for sure .bitcoin companies should rise up so that they can the suppy the demand that is rising in india .for me i do not buy bitcoins , i only earn it through signature campaign .

erikalui

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Quote from: nizamcc on January 19, 2017, 02:32:55 PM

Should only the exchanges be blamed and not people trading there?
What do you think? Are these exchanges only liable for those prices?
No. We also need to be blamed for it because we want those prices to be there (either demonetization is the reason or greed), but we need it.
And I don't think there is anything wrong if the price is high in India compared to International markets, because it is an opportunity for everyone to make good profits from these, and this is kind of a commodity market, so no one should be blamed here.

I agree here. These exchanges charge high rates as they even buy bitcoins from users at those high rates (usually above the market rate). If the users wouldn't be buying bitcoins from the Indian exchange sites. International exchange websites too sometimes have a rate which is 5% higher or lower than the market rate and their withdrawal fee is also high at time (sometimes it's as high as 3% which makes it the same case with Indian exchanges). But I agree it's more in the case of Indian exchanges. It's not only the users fault but the demand and supply as well play an important role.

Topic: Please stop buying bitcoins from India (Read 6842 times)