Topic: Please stop buying bitcoins from India - page 4. (Read 7011 times)

dude a 1-2% drop is nothing.

It used to be 1-2k above preev rate... that was normal pricing... What happened to that... Greed took over what else?

As mentioned, those high prices were never sustainable for anyone setting it.

pirces are dropping  in all indian exchanges       i expected this will happens, but not to be very soon    

Not saying you evil but it's definetly not good what's happening at this rate the price wont go down anytime soon. This is not what bitcoin was designed for.

There are only two exchanges in India: Coinsecure & BTCX. Unocoin and Zebpay are brokers if I may with their own prices as per their will.

CS does share exchange data along with and you can see what has brought the price change. BTCX iirc does not even share volumes.

Looking at the volumes from their(CS) data, the price fluctuations do not make any sense whatsoever. Its a good time to be a BTC retailer. Everything goes

First of all non of them exchange. Exhcnage in India in my knowledge only 2

1 Coinsecure
2 Btcxindia.

Where price depends on peer to peer means buyer and seller decide.

In other site owner decide according to demand and supply.

There is being a huge difference between the spreads of exchanges from yesterday. Not sure why such a difference exist?

Unocoin -  67952 - 61666 ( Diff is 6286 Rs)
Zebpay - 65031 - 61779 ( Diff is 3252 Rs)
Bitxoxo - 65617 - 61177  ( Diff is 4440)

I don't get commissions
Not sure how commissions can work on a realtime exchange.

Can you explain to me what does lead investors to doin it the right way means? Especially when we have 0 ways to control rates.

This screenshot shows a pretty good visual on who is setting prices in India.

http://imgur.com/SS8ZGWh

And you ladies think that I am evil -.-

^^ What she said,

As a currency exchange site Benson you should have the guts lead the investors to doin it the right way instead of fueling their greed. I guess you get good comissions too.

https://app.xapo.com   provides you to fund with neteller accepts indian debit and credit cards,
while opening neteller account kindly use preffered currency as usd or euro.

We're talking about "buying bitcoins in India" [that's what the title says,if I comprehended it correctly].How my thoughts about coinsecure makes the post off-topic?If not for personal comments,whom should I post my opinions for ? As a moderator you surely understand what off topic posts are.(I assume).

No, because thats the only data I am sure about.
And do not make off topic posts with personal comments and thoughts.

lol ? You wouldn't miss a chance to promote coinsecure right ? Get off your comfy seats with high investors in your business,getting shit commercialized.For once,think about the community and decentralization.I'd die before using any Indian exchange systems.

I had seen a similar pricing several years ago, when the norm used to be mtgox + 30%+.
It was not sustainable then, and it wont be sustainable now.

This current wave is being run, under the guide of demonetisation and is going to hit quite a few people by surprise when the price tanks.
We dropped KYC few days back for BTC deposits and withdrawals on Coinsecure and a majority of trades under that tier have matched or placed higher prices than what we were seeing. Not all of these users are Indian accounts, so it is not just India that is contributing to this wave.

Lot of Bitcoin users in India are freelancers, their job is to do stuff that they are good at. Imagine if another part of their job was to find an way to exchange their Bitcoin internationally. How much time will they lose on this?

There are big problems with purchasing Bitcoin from outside the country and should only be undertaken if the person really knows what they are doing and if they are willing to risk.

Add the costs of interchange, tax consultancy, regulatory filings and a bunch of questions that your bank WILL ask you and it becomes a bit tougher for anyone to exchange outside the country.

Mass adoption has come to India, at the cost of a premium, primarily because India was quite laid back when India was matching international prices, etc. We have seen huge premiums grow globally in any conflict/ controlled region and there is hardly anything that can be done until Bitcoin circulation increases in that region.

I personally do not condone the premiums as the creation of arbitrage funds Bitcoin by itself.
Coinsecure is a platform for users to set their desired prices and to win a match if there is willing counter party and surprisingly, even at these prices, people are willing to buy and sell. And yeah, our volumes and traffic have shot up like crazy and a majority of trades have been buy orders. Try anything to normalise the market and those trades will get completed immediately, so how does anyone reduce premium?

If there needs to be a drop in prices, someone has to flood the market with cheap Bitcoins. Now where do you find those?

Anybody who buy's at that price is Either
1) A fool
2) Too much money to throw.


That's why I said no 1 should encourage them otherwise they will keep increasing it.

Btc is already rare in India,  If we buy from International exchanges now it's much cheaper..

I can even buy from em and sell for 55k inr and still make profit no reason for those greedy people to charge 20%.

Demonatization is just an excuse, Infact due to demonatization they should reduce prices so that demand will be high and more buyers will buy more btc regularly.

Instead they want to target the rich and ignorant people who never heard of btc by over charging.
Look at other countries ,

Yes but I am finding a solution which we can buy for market rate + 20$ 

Working on it soon.

Will keep you guys updated.

In the mean time dont feed the greed

https://btc-e.com/



will give solutions for better rate else find a person who accepts paypal ,neteller or other payment options in localbitcoins who have good rating reputation among other dealers.

That's not the point how were they buying before and selling for 1-2k inr above preev rate ?

The point is people who are buying are overcharging for selling. One person would've started and everyone follows.

If we just stop buying from them they will have no choice but to reduce the prices.

Now due to the skyrocketing prices even new xchanges etc will look to add the same prices.

At the moment it's still cheaper to buy via paypal from international exchanges.

Feel free to buy from wherever you want to buy. Also if you try buying form international market who will pay the wire transfer fees and who pay the fees if paid from Credit cars if that is possible. And if you need btc will you just wait to prices to drop. Good decision go ahead and buy from India.