Topic: Setting up BTC <--> INR exchange in India (Read 5493 times)

Benson was talking of a system of Pre-paid cards to move money from point A to point  B...I have come out with 50 milligram gold cards  costing approximately Rs.195/- and  half gram silver card costing Rs.40/- and one gram silver card costing Rs.70/-...These cards are the same size as that of a credit card or a debit card. PLEASE GIVE UR IDEAS to establish a BTC compatible GOLD EXCHANGE.My proposals are:
1)  Trading of gold n silver cards will take place online everyday from 10 am to 3 pm.
2)  The buy/ sell price for all Indian Cities will be quoted with a difference of Re.1/- to enable profits to the exchange.
3)  Friday evening settlement would be made and physical delivery of gold/silver would be given to participants.
4) Monday to Friday trading will take place online.
 ANY SUGGESTIONS, IDEAS PLEASE TELL

Hey NilamDoc. Wish you all the best for rbitco.in...
Can you add details about the market depth/orderbook on the site?

Great to have an exchange in INR. We are waiting for this for a long time. We need many more such exchanges before bitcoin can successfully take off in India.

And now, we have Bitcoin to bridge the gap between ideas and opportunity.

I wish you get well NilamDoc.

Welcome  luckyindia, awesome ideas. As someone said India land of ideas, but America land of opportunities.

Sorry, not to join this discussion on time. I was sick with fever and was in the bed for quite some time.

I am setting up an exchange for escrow and delivery of bitcoins locally in India. The portal is up and running http://rbitco.in.

Today I am just closing in with this, still not well fully. I will join with more inputs soon.

Last year more than 70 billion USD was remitted into India and the banks that have done these transactions have walked off with a COOL ABOVE ONE PERCENT.The BITCOIN community in India must integrate with the MAINSTREAM ECONOMY.There is NO NEED to create aBitcoin exchange in India, because  dozens of local exchanges are already operating.The practical utility of Bitcoin would be enhanced if thousands of merchants accept this method of payment.   Right now what is required is an agency to integrate the local bitcoin exchanges into a NATIONAL BITCOIN EXCHANGE which stocks the fiat currencies like $, £ ,€ ,¥ and other currencies and convert them to BITCOINS. As the fiat currency market is more than 95% of the mainstream economy, the BITCOIN COMMUNITY must  give incentives and discount coupons to merchants acepting BTC payment .BITCOIN's ENEMY No-1 in India  are the bankers and financial instiutions whose survival is threatened by the BITCOIN MOVEMENT.  I am planning to come out with some Discount Coupons to boost the bussiness of commercial establishments in BANGALORE CITY.

The website does need a bit of work, but if it works, it will be a darn good alternative to what we have now!

Am not holding my breath though. Localbitoins seems to be doing quite well with linking bank accounts.

ZipZap has been looking for partners in India, this could be a great way to ease buying and selling online.

what is those " lot of features" I tried to press "how it works" and it did not work. hardly reassuring. So, you really think you can make some money on bitcoins in India. here already been few guys around who can make much better websites or even made a full functional exchange and they are gone already. good luck!!

Maybe you should work with Opencoin to offer a trusted Gateway.  It would be cool to add a INR credit/debit Gateway.

Did anyone of you checked http://rbitco.in. It is an Indian company coming with a lot of features for bitcoin transactions.

I agree! Bitcoin is not for everyone in India yet!

Bit there is that penultimate clause in Bitcoin that ensures that every person on the planet 'Will be able to use it'.

It is nothing more a matter of convenience rather than individualism in India Inc..

There will always be someone that's innovative.

imo it is a bit of short coming to think of bitcoins business in India on Indian terms only. Think of it as global enterprise. There is possibility for forex traders to open account in usd. Dollars credited on such account remains dollars. Such account opens opportunity to run global exchange. Also registering trust and opening account on Mauritius for example can provide similar opportunity. Indian business community very conservative in their way of handling money and bitcoins would be at the bottom of the list 'whom I trust with my money".

can you process some bitcoins for me.

If you have a business in India that needs Bitcoin processing, let me know.

We have started work on this, just a few corners to be ironed out.

sorry, I may sound just too pessimistic. If they will come with something real I will be first to participate.

That is where IndiaBitcoin converts the bitcoin to inr and pays out.

well, what kind of payments, bitpay processing payments for traders who want to accept bitcoins, do we have such traders in India. Indian trader with hands full of bitcoins and long troubled road ahead, till he get his INRs. Try to convince someone, and good luck with it.

I once read the story about the brothers Orville and Wilbur Wright. For those uninformed, they invented the air-plane.

http://en.wikipedia.org/wiki/Wright_brothers for some more information.

Needless to say, few if any believed in what they were doing. Actually they were considered more as lunatics, even their own father said it was completely impossible to make an airplane fly.

They studied how sea gulls where glide flying and, so they wanted to create something similar, with propells attached to it.

They faced a lot of obstacles, but kept on pressing. Finally they had a plane that actually worked for short distances. Their father was a witness to one of their first flights, and he took of his hat, and his mouth was wide open.  His sons had made it.

Believing is the first step in doing anything. If you don't believe you can make it, you can't.

As we all know, aviation has advanced greatly since that time, not to mention what impact it has on the world.

It's not impossible that in maybe some decades that everyone will laugh about the fact that bitcoin was something that wasn't something that could succeed.

When you read something like this, https://bitcoinfoundation.org/blog/?p=63 , it's very clear that the banking system as it exists is hugely inefficient. Bitcoin or some similar technology could be the answer. Personally I think the market will embrace bitcoin once they see how agile and efficient it is.

Well said Herodes