Topic: Sell coins book profit, No fees on selling coins :) (Read 1592 times)

I agree that no one has an estimate of active market size in india.

people who are trading(buying and selling to customers in india) btc, can u give us a rough estimate of avg.amount of btc u trade in a day or or week? americandesi and escrowms are actively selling right now i guess.

Bangalore    
Hyderabad    
Mumbai    
Chennai    
Pune
Delhi

are only showing interest or say have awareness in btc in that order. Untill a big name/brand associates itself to btc the reach and growth will be poor as far as India is concerned.

devansh1991 what you  said  is  an  ideal  form  of  trading  which  can  only  be  possible  if  there  is a  trading   market,  in India.  right now   the   price  determination  is  done  by  exchanges   that are in  other  countries and   it  does  not   paint  a   proper  picture  of  what  the   market  force  in  India  is  like. 

I have  always  said  that   we  can  create  a  market  force   determination  in India   without  a  conventional trading market  setup (Exhange), i.e  to  use  this   forum's Market  section  as a   barometer,  enforce  a  rule  that   makes the  sellers  and  buyers  to  display  the  amt  they  are   willing to  buy and  sell for .  the   mid  point  will be   a current  market  price. 

"It gives you better competitiveness in price display."


is the prominent factor if u ask me.

ppl will visit  thinking the rates are cheaper, ofcourse can later decide on it.

Wow.

Now that is a irresistable offer. Cheers again.

Now no fees on selling coins 

Regards

Bump for today, only 2 days left

Book profits now and pay lowest fees in Industry

Regards

No worries I do understand what you are trying to say. Initially with buysellbitco.in we had fees included in our rates, but we evolved

Any ways, lets agree to disagree

Regards

Hi,

Reasons to have separate component on fees are several :
1. It gives you better competitiveness in price display.
2. It's more transparent to user's what we charge them.
3. It helps in accounting
4. It helps to have creative promotions run  smoothly, like you can easily allow discounts on fees etc.

I think the question you had because of the gap in buy and sell prices before adding fees. This thing almost every one gets wrong.

If you think the exchange spot price is correct way to determine BTc prices than its a very wrong choice.

We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC ( Normally those trades setup bull and bear traps and they artificially keep prices manipulated, and with such a small economy like bitcoin it is too easy )  and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be lower than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank. We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market.

And closing comments The current sell fees we are offering is lowest.. LOWEST you can get.

I hope I was able to clear few of your concerns.

Edit : And yes we give locked in rates for 4 hours. Thats a huge huge risk when you actually do business and considering volumes.

Regards

I am relieved . I suppose it is best left to the customers to decide !

Lol, not at all an argument.

Just trying to explain out what I think that he is trying to do. And it is cool to raise these questions.

I don't want to start a silly argument, I had a doubt and I asked. If it hurts anybody, i'll delete my comments.

Whats the market value of Bitcoin in India?

You can also say that he is playing on honest averages and that his buy rate is exactly what the claimed market rate is.

The point I am trying to make is that you cannot charge a fee for your own goods but can only book a profit. No offence to bitco but i feel it misguiding the customers into believing that the price they are paying is 3%(or1.5%) more than the market value when they are actually paying much more than that.

Thats a business model choice, I would say. You can also say that you are selling it for 900 and add a 300 rs fee. Whatever sells is all.

I guess that buysellbitcoin would have the correct answer.

I did not get the point. Who decides the base price for charging the commission? Say I buy a coin for Rs.1000 and want to sell it at Rs.1200. Either i directly quote Rs.1200 as the price or say the price is 1150 and the 'fee' is Rs.50 .

I would assume that separating them allows for better transparency and competitiveness on the API/ Price displays.

I don't understand why buysellbitco has a 'fee' at all. Since price is being quoted by bitco itself whats the point in adding a 'fee' on top of the price you are selling at?

It is not permanent change, we will see the response and will analyze it again on Thursday. If we get expected response we will surely make it permanent

Regards

Cheers....Is this a permanent change ? If it is, then it sure is a mark of a maturing industry.