Price of Bitcoin in Zimbabwe is 12k? - page 2.

gentlemand

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Quote from: big_bounty on November 06, 2017, 02:31:32 AM

Has anyone tried arbitration? You can get a very big profit. You probably need to be a citizen of this country to trade on the exchange

If arbitrage was easy this premium would vapourise in the space of a few minutes, not stick around for months. It's a signal of a dysfunctional market that can't be reached from elsewhere.

And as Zimbabwe's 24hr volume is about 1 BTC it's even less meaningful.

Hell-raiser

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Quote from: Tavarez on November 06, 2017, 03:06:15 AM

The price there can be 20000$ as well but I would still avoid it. The exchange is probably image and likeness of the country. It is very dangerous to trade with them. Turbulent country.... and what with it's lawlessness. choosing between profit and safety I would go with option two.

The trading volumes at their exchange Golix, or whatever its name is, are simply pathetic. It is something like 100 bitcoins daily, and I wouldn't be surprised at all if half of that volume was fake. That likely explains the insane prices there. Also, some dudes tried to deposit litecoins there looking for a small arbitrage, but they couldn't withdraw fiat because they are not Zimbabweans. So it seems there is no way to exploit these prices to your advantage.

kurosawa

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Zimbabwe is still feeling the effects of hyperinflation. This could possibly be an opportunity for arbitrage..
Any Zimbabweans here?

eann014

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Quote from: VitKoyn on November 05, 2017, 12:20:27 PM

This news is true and this have been featured in news and articles a lot of times a month ago. If I'm not mistaken Zimbabwe only have one Bitcoin exchange called Golix and the reason why Bitcoin price is skyrocketing in Zimbabwe is because they are currently dealing with an economic crisis while the number of demand of Bitcoin inside their country keeps increasing driving the local exchange rates far above the global average but the trading volume is low. Now they have the most expensive Bitcoin in the world.

If that is really true then are there any possibilities that our bitcoin price can also reach that high? Well, I think it is possible, I guess this is one of the reasons why our bitcoin price increase that high! Maybe next year we can also reach up to $12k bitcoin price.

nelmari

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Probably Bitcoins price in Zimbabwe is high because of its country's economy and US Dollars is worth much more than any other country's currency. If it is true then good for them but if not then I just hope this is not just one of those FUD stories people are saying.

jseverson

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That's insane. But yeah, that just means demand is especially high there. It's really no surprise that the price is surging. What is actually surprising, is their citizens are using Bitcoin as a storage of value. Let's face it, USD and gold are much safer, and much more stable options. It's interesting how a large number of them are flocking to Bitcoins when they have other options.

People have always said that Bitcoins are an excellent storage of value, and we're currently seeing it in action. There's no way the FUD people can put a negative spin on this. It's clear that Bitcoin is serving as a lifeline for these people who are being failed by their government.

grizmoblust

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The Bitcoin price in Zimbabwe is too high because this country's economy is in a state of hyperinflation. People don't have money to buy goods. So, they store Bitcoin as their currency.

jenni161

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Quote from: Agostosmori on November 06, 2017, 03:37:50 AM

Quote from: Krissmak on November 05, 2017, 11:12:00 AM

Bitcoin soars past $12,000 in Zimbabwe - Its unbelievable!

http://www.tokenschedule.com/news/zimbabwean-bitcoin-price/

That is too far from the price of the coin on other countries, Why is the difference that high.
Can I sell a coin to Zimbabwean on that amount and get the payment from my trading account?

No you can't. If it could be done safely online someone had done it already and the price wouldn't be so high.

Agostosmori

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Quote from: Krissmak on November 05, 2017, 11:12:00 AM

Bitcoin soars past $12,000 in Zimbabwe - Its unbelievable!

http://www.tokenschedule.com/news/zimbabwean-bitcoin-price/

That is too far from the price of the coin on other countries, Why is the difference that high.
Can I sell a coin to Zimbabwean on that amount and get the payment from my trading account?

Tavarez

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The price there can be 20000$ as well but I would still avoid it. The exchange is probably image and likeness of the country. It is very dangerous to trade with them. Turbulent country.... and what with it's lawlessness. choosing between profit and safety I would go with option two.

jenni161

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Quote from: BrewMaster on November 06, 2017, 01:36:31 AM

this is going to become a common thing in certain countries in the near future. mostly countries which have some issues with using foreign exchanges, like the popular ones: GDAX, bitfinex,...
in the said countries the demand for bitcoin is increasing a lot more than their local markets can mange so the price shoots up and since people want bitcoin they are forced to pay higher and higher prices. the arbitrage won't work since as i said above they have issues with using foreign exchanges so the price won't come down that easily either.
we have seen this before (which is still going on) in India. and now Zimbabwe and a couple of other countries but in a much smaller scale.

The next thing someone would think after realizing that online trade won't work is to fly there. And set up shop in local, crowded marketplace and say "bitcoins! Only 10,000 USD!" But that won't work either, because average guy on the street don't have that kind of money. (Even if you sell to many avarage guys.) You wouldn't be able to cover your plane tickets.

nidacoinlove

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Quote from: Vaskiy on November 05, 2017, 11:17:28 AM

Quote from: Krissmak on November 05, 2017, 11:12:00 AM

Bitcoin soars past $12,000 in Zimbabwe - Its unbelievable!

http://www.tokenschedule.com/news/zimbabwean-bitcoin-price/

I don't know whether this news is true or not. It has got largest chance to have such a price difference, because in the past similar thing happened in India when the fiat that's under usage got demonetized. But during those days such an increased difference wasn't felt.

This price difference is insane. The Zimbabwean will suffer from buying bitcoin at this much too high price while the original price has a difference of almost $5000K. In India there was a price difference but that was not this much high level nor was the bitcoin price this much high. Anyway it doesn't mean that the people buying bitcoin at $12K will face any loses but they will have to wait a little longer to earn profit.

Tamim121

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Quote from: Krissmak on November 05, 2017, 11:12:00 AM

Bitcoin soars past $12,000 in Zimbabwe - Its unbelievable!

http://www.tokenschedule.com/news/zimbabwean-bitcoin-price/

Wow! It's a great news. Go ahead BTC.

Herbert2020

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well with all the economical issues that are going on in Zimbabwe, i am not surprised. we already know whenever some economical issue like these happen people start thinking about storing their wealth in anything but fiat so that they can try and keep their money's worth when the economical devastation happens.
so far the "go to" was gold. but it has been at least 2 years that bitcoin started showing the world that it can be an option just like gold with a higher risk but a much bigger reward. and with all the media attention this year and all the adoption, people started accepting bitcoin for their store of value.
currently they are rushing to buy bitcoin in Zimbabwe while being kind of cut off from the world. which leads to this kind of huge rise over there.

Prodigan786

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It’s way long difference it’s about 5k difference in actual price but my country exchanges still not reached 7k I think this huge demand will exist till segwit2x or b2x fork then price will drop .

big_bounty

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Quote from: jekanmasin on November 06, 2017, 02:14:23 AM

This will be a good change to arbitrage trade on there.. it just hard to believe this truly happen as there was a lot of exchanges outhere can be use for the trade.

Has anyone tried arbitration? You can get a very big profit. You probably need to be a citizen of this country to trade on the exchange

deadsilent

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Quote from: Vaskiy on November 05, 2017, 11:17:28 AM

Quote from: Krissmak on November 05, 2017, 11:12:00 AM

Bitcoin soars past $12,000 in Zimbabwe - Its unbelievable!

http://www.tokenschedule.com/news/zimbabwean-bitcoin-price/

I don't know whether this news is true or not. It has got largest chance to have such a price difference, because in the past similar thing happened in India when the fiat that's under usage got demonetized. But during those days such an increased difference wasn't felt.

This can be true because the recent news Zimbabwe reach nearly $10000 https://www.thefuturescentre.org/signals-of-change/201507/bitcoin-replacing-cash-zimbabwe-due-lack-cash-country . Due to Zimbabwe lack of cash. Citizens there force to switch to Bitcoin to pay their bills. And that cause massive adoption of Bitcoin there. That's why the price of Bitcoin there was skyrocketed nearly almost $10,000 a piece. Higher than normal price. 2009 when they start to adopt USD as their fiat currency. But they are now lack of it. That is why Bitcoin in Zimbabwe is now replacing cash there. The country is facing a crisis and they think only bitcoin can solve the problem.

Kakmakr

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This is the perfect example of politicians destroying an economy/local currency with poor political decisions. Robert Mugabe is the oldest current serving state leader by age 93 years. The guy is sick and should not have been in power for this long, but he is clearly power drunk.

Some of the things he said is this : " The only white man you can trust is a dead white man. " and " Our party must continue to strike fear in the heart of the white man, our real enemy! " -- Is this the mind of a crazy man?

His legacy will be the destruction of his country and his people, while his wife shop in Paris and his kids live in luxury in other countries.

Dudeperfect

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I don't see any surprising news in this one because considering the vacuum and demand of any strong currency, I think even a little supply of Bitcoin could be extremely valuable as compared to that of other countries. There is inflation crisis going on within the country that is disturbing for the economy as a whole. We can compare this issue with the temporary situation that took place in India 1 year ago during and after demonetisation.

jekanmasin

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This will be a good change to arbitrage trade on there.. it just hard to believe this truly happen as there was a lot of exchanges outhere can be use for the trade.

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