Why BTC rates in Iran is so high | Bitcointalksearch.org

webdevmastery

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Quote from: Neverlost on September 06, 2018, 07:11:24 AM

my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

You can always check on google if they have a website that allows cryptocurrency to trade in their own fiat and in that way you can determine if it was possible for iran to hold cryptocurrency or not.

Hablinfuld

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BTC is worldwide price the same as it is priced in USD. If you see any fluctuation in that, do some research on the currency that you are trying to convert BTC to. There must be some underlying reason for that, and in the case of Rial, it's price is falling against the price of USD which is why you are thinking that the price of BTC is still higher in Iran.

bitbunnny

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Well, Iran is not among countries that is new technologies friendly, they are quite restricting. It's not in their best interest for Bitcoin to become wide spread and used.
Also, their economy is struggling to survive , one of the reason are sanctions and embargo.
Iranian people might see Bitcoin as a way out but it will take a while for Bitcoin to become fully accepted there.

timerland

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Quote from: Neverlost on September 06, 2018, 07:11:24 AM

my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

According to a US gov site:

Quote

Although not an international financial hub, Iran has a large informal economy, characterized by sanctions evasion, restrictive taxation, widespread smuggling, currency exchange controls, and capital flight

I think that the reason why rates are so high are most likely the fact that the government of Iran is trying to restrict people from buying foreign currencies, which makes their national currency worth less in practicality than it officially is.

That's why you see the sudden surge in prices when the government showed interest in legalizing the trading of it or whatever. People are trying to use bitcoin as a way to take capital out of rials and into foreign currencies. Thereotically you could make a profit from arbitraging the difference, but realistically, you're never going to get the official going rate for their currency when you try to exchange it back to a liquid one.

Rosyanroid

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It's straightforward. The estimation of fiat is going down such a large number of observe Bitcoin to be a keen speculation. It might be a more astute speculation than holding the fiat. The more rial esteem, the more significant BTC progresses toward becoming when exchanging against rial.

scooby_doo23955

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The Iranian rial is falling hard against the dollar right now, so any recorded an incentive on Exir's site may have been influenced by the fast difference in valuation of the Iranian rial against the dollar. One should be aware of these things.

carlisle1

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Quote from: dothebeats on September 06, 2018, 07:39:07 AM

Perhaps you might be one of the victims of a fake news spreading from a website that didn't took the time to validate and check sources. Doing a quick search, the rate of 1 bitcoin on Iran is 110,000,000 rial at its peak, or if converted to USD, about $2400 more or less which is very far from the reported value. Also do keep in mind that the Iranian rial is falling hard against the dollar as we speak, so any recorded value on Exir's website might have been affected by the rapid change of valuation of the Iranian rial against the dollar.

I believe that i am one of the people who take that fake news seriously and now hated myself for being fooled..i cannot find some sites to validate that time when i read the thread

Sorry for my stupidity an$thank you for this clarification dude i owe you one

manojpatelme

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https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/

What I got from this new bellow comment that it was also a fake news. Nowadays fake news trend is increasing one day you will get the news and second day you realise that it was fake.

pitiflin

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Quote from: richminded on September 10, 2018, 06:28:16 PM

Seriously? This is a huge price compare on the ordinary market. Well, I'll make time to research more about this if so I can confirm on my own if its true or not. Free electricity means unlimited mining, that's crazy, anyway congrats to all Iranians because they can now invest in this good technology and I hope every country will do the same thing.

Whatever I said was based on a quick google search. Free electricity was available, at one point, not anymore. I read a user saying that electricity is basically free: https://bitcointalksearch.org/topic/m.43795478

And also, Iran is a fucked up country to invest in technology at the moment, they are struggling to survive. So don't expect that to happen.

Tobt

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Clearly, Iran has significant money issues right now. With a fiat falling that quick bitcoin must appear to be awesome. Be that as it may, pitching to the general population of Iran may get you an extensive jail sentence. The authorizations you hear a considerable measure about apply to you also. U.S. residents and U.N. part countries may not work with Iran.

tradcoin

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I am not sure about the news is true of false. But if its high in Iran than it can be reason that they don’t have a remarkable numbers of platform for investments.

SlashEject

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I wouldn't even think of buying Bitcoin using Rial as right now, Rial is slowly failing and Iranian people are also thinking of moving to Bitcoin from their traditional currency. Moreover, the news that you are talking about was just another rumour that was spread by some third party that must have wanted to see how people will be reacting or panicking after hearing this.

timerland

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Quote from: cryptofan999 on September 09, 2018, 11:02:22 AM

Although I think it might be a fake news, before deciding on this matter, you should know about this news very well and check that the incident is true. Because Bitcoin's prices are generally the same everywhere. But if there will be a another reason behind it.

You could if you had a bank account in Iran. However, it doesn't mean it'll make you a profit whatsoever.

I reckon the price hike is because most people in Iran currently are seeing the legalization and official recognition of bitcoin, and taking advantage of it as a means to buy foreign currencies and get out of their official currency which is relatively unstable, with an inflation level of over 200% P.A.

Usually when there is such a huge arbitrage opportunity like this which theoretically could work, it very rarely works practically. Since Iran's economy is unstable and most likely has capital controls, I think you'll struggle to get any Iranian rials out of the country. Illiquidity of the rial, capital control, as well as the fact demand is high within the market is why prices are so artificially high in the first place.

richminded

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Quote from: pitiflin on September 10, 2018, 04:49:31 PM

Quote from: dothebeats on September 06, 2018, 07:39:07 AM

Perhaps you might be one of the victims of a fake news spreading from a website that didn't took the time to validate and check sources. Doing a quick search, the rate of 1 bitcoin on Iran is 110,000,000 rial at its peak, or if converted to USD, about $2400 more or less which is very far from the reported value. Also do keep in mind that the Iranian rial is falling hard against the dollar as we speak, so any recorded value on Exir's website might have been affected by the rapid change of valuation of the Iranian rial against the dollar.

Along with that, there was free electricity in Iran,at one point, so people were mining like hell. Now too, the electricity is very cheap there. That plays a big role I assume.

The price per btc is around 850,000,000 Rial,in Local bitcoins: https://localbitcoins.com/country/IR, and its fucking crazy,cause its worth like 20,000$. We are having Zimbabwe bitcoin version 2.0 here.

Seriously? This is a huge price compare on the ordinary market. Well, I'll make time to research more about this if so I can confirm on my own if its true or not. Free electricity means unlimited mining, that's crazy, anyway congrats to all Iranians because they can now invest in this good technology and I hope every country will do the same thing.

pitiflin

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Quote from: dothebeats on September 06, 2018, 07:39:07 AM

Perhaps you might be one of the victims of a fake news spreading from a website that didn't took the time to validate and check sources. Doing a quick search, the rate of 1 bitcoin on Iran is 110,000,000 rial at its peak, or if converted to USD, about $2400 more or less which is very far from the reported value. Also do keep in mind that the Iranian rial is falling hard against the dollar as we speak, so any recorded value on Exir's website might have been affected by the rapid change of valuation of the Iranian rial against the dollar.

Along with that, there was free electricity in Iran,at one point, so people were mining like hell. Now too, the electricity is very cheap there. That plays a big role I assume.

The price per btc is around 850,000,000 Rial,in Local bitcoins: https://localbitcoins.com/country/IR, and its fucking crazy,cause its worth like 20,000$. We are having Zimbabwe bitcoin version 2.0 here.

khaled0111

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Maybe because Iranian government forbid the use of Bitcoin (not certain about that) and maybe because of the US sanctions on Iran making any deal like that illegal.
Be careful before making any decision to avoid juridical problems.

jfelix

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Many countries like Iran Turkey Venezuela Argentina and Zimbabwe are going hard in Crypto because of their financial crisis and hyperinfaltion.

What this means is that people see Bitcoin as a store of value like gold which is a good sign for crypto supporters.

SwampRose

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Don't be confused hearing this news. Everywhere in the world the price of Bitcoin are same. It is decentralized system. Price in Iran is high at Irani currency, because the price of Irani currency i so low. It's not a topics to be confused.

KissyPiggy

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This because Iran Govt has declare it legal a few month ago. I think most of the people from crypto lover are collecting Bitcoin buying it from seller. This may be the reason of High price.

SmallFish

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It is probably for new launching that very recent Iran govt has announced it acceptance. May be many of the crypto lovers are buying Bitcoin so naturally price rising . It may be a reason. I am not sure.

KissyPiggy

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If fiat decreasing it's value then it should bee wiser decision to buy bitcoin and hold it rather then hold fiat because bitcoin is most fluctuated and it's one of the best digital currency all over the world.

ChiefPotato

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It's should be scam news. Because scam are spread out in online with crypto and everyone need to be avoid these otherwise they should not be benefitted by crypto.

DarkVampire

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It's may occur because of the decreasing the value of the local fiat of iran. But it's should be trap who will be interested about it. Be careful about that and have a safe invest on crypto.

scribble2

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"The value of rial is going down day by day.if you convert it in dollar you might not be benefited. lots of experienced people are here for advice you.talk with them and take right decision.
"

cryptocrabs2

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It may be due to the decrease in the price of Iran's Fiat currency. Or there may be other reasons behind it. But actually verify that the news is true and then make any decision. Because it is necessary to take precautions in taking any decision.

sidneycrypto6

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Although I do not know whether the news is true or not. If you are certain that the fact is true, then it may be based on Iran's economic situation. Because the price of fiat currency in Iran is going down a lot.

brukva

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Everything is complicated there, so it's better not to delve into it.

sakrosak

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where did you get the news from? currently many currencies experience a decline in the exchange rate against the dollar, not least the iran currency. you should include a source link of information in the thread.

cryptofan999

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Although I think it might be a fake news, before deciding on this matter, you should know about this news very well and check that the incident is true. Because Bitcoin's prices are generally the same everywhere. But if there will be a another reason behind it.

crypto-bit456

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I am really surprised that I have get any updates about such stuff big news, if it actually happens then it is a very good news for the market but if it's a scam then it can fall bad impact over the market so I would request everyone to not get influence by any fake news

azazel_hakim

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It would have been better if you can provide the link from where you have seen this. Because as far as the news is, the rates are the same.

easycoin995

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there been many mix concepts are available about this topic, some are acepting it in a good way and some are claiming it as a scam so we should wait until we don't get any confirmation

MidnightNugget

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I didn't know anything about that news yet , that is very good news to hear if price of bitcoin is high somewhere then it definitely will fall positive impact on all over the place so pray for the best to happen

geminiboy

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Quote from: Neverlost on September 06, 2018, 07:11:24 AM

my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

btc value depends on where they live, because btc is exchanged with the value of the US dollar, in any country with a high US dollar value the price of btc will be very high if exchanged for their money, you must understand that friend

Fersec

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The recognition of the Iranian government of mining cryptographic currencies as a legitimate industry pushed Bitcoin bidding to record a high when the country built its own national crypto currency to avoid international sanctions.

Iran Cyberspace (HCC) Supreme Council has confirmed that the government now sees cryptographic mining like Bitcoin as a legitimate industry. HCC Secretary Abolhassan Firouzabadi stressed that the authorities would "state the framework and policy" for companies and startup companies in the currency sector that were not clear before the end of this month. In particular, senior government officials demonstrated the same basic approach among several government agencies including the Ministry of Communication and Information Technology, Industry, Mining and Trade, Energy and the Ministry of Economy had agreed that crypto mining "had been accepted as an industry."

Following state recognition of crypto mining, trading activity on the Iranian crypto exchange increased sharply, making the price of Bitcoin reach a record high of $ 24.00 more than 3 times the global average price.

MegaDots

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I didn’t get the question you have asked relating your comments below. Anyway the price of Bitcoin in Iran is so high because the market there is not available much and some days ago crypto actually was banned

gantez

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Quote from: BarnabyETH on September 09, 2018, 07:37:37 AM

If you have checked from the legit sources, the rate is the same as dollars. If you use the exchange rate coversion, it is the same. Only the figures are high because of the exchange rates.

I think this is one of the reasons. The equivalent would be the same in dollar exchange.

Then another significant issue is when a country's economy is dwindling, it affects its currency which is same as devaluation. When that happens to a country's fiat, you will need more of the devalued currency to exchange in the market. I think that is why it is looking as if bitcoin is high there.

BarnabyETH

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If you have checked from the legit sources, the rate is the same as dollars. If you use the exchange rate coversion, it is the same. Only the figures are high because of the exchange rates.

Pursuer

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Quote from: SladderyNewS on September 09, 2018, 03:05:23 AM

It is true that the price of bitcoin in Iran is so high. I think the reason behind this problem is the inflation in Iran. Many unreliable websites are also showing the fakes news about Iran.

it is because it's enough for one news site (specially the bigger ones like bitcoin.com) to publish something for it to go viral among the other news sites. they just copy the contents, change the words (some don't even change anything!) and publish it as a new one.
in some cases I have even seen they add additional wrong information to the original wrong news and publish it just to make it look more interesting and make people "click" on their links as click baits go.

SladderyNewS

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It is true that the price of bitcoin in Iran is so high. I think the reason behind this problem is the inflation in Iran. Many unreliable websites are also showing the fakes news about Iran.

figmentofmyass

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Quote from: Neverlost on September 06, 2018, 07:11:24 AM

my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

what country are you in? in the USA and several other countries, doing business with iranians is prohibited due to the ongoing economic sanctions. and the penalties for violating sanctions are very steep: fines up to $1 million and up to 20 years in prison for each violation. i would avoid getting involved with this if i were you. Wink

it also seems like there is indeed a premium for BTC in iran, but it's much smaller than originally reported.

ZazaG7

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The cost of bitcoin in fluctuating without fail. This is the purpose for expanding the cost of bitcoin in Iran. Moreover, the cost of 1 dollar = 42105.00 Iranian Rial. In this way, as indicated by this, the cost of bitcoin is high in Iran.

cryptogideon19

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I think you should know if the news is real or not. And if the price in Iran is too high then just look on market it's real or not. And iran is not a special country that BTC is too high enough for them I think it's not real

just read news for better.

BTCCavalletto

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According to the latest data, the price of 1 bitcoin=6418 US Dollar=270223136 Iranian Rial which is huge. Beside this, there are so many fake news which spreads rumors about the price of bitcoin in Iran.

Atrom_84

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The price of bitcoin in fluctuating every time. This is the reason behind increasing the price of bitcoin in Iran. In addition, the price of 1 dollar = 42105.00 Iranian Rial. So, according to this, the price of bitcoin is high in Iran.

lokas0506

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As a lot of people were wondering why bitcoin is traded around 30 % more on Korean exchanges at some point …

Neverlost

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Thank you so much guys

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Quote from: Neverlost on September 06, 2018, 07:11:24 AM

my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

It's simple. The value of fiat is going down so many find Bitcoin to be a smart investment. It may be a smarter investment than holding the fiat. The more rial value, the more valuable BTC becomes when trading aginst rial.

RodeoX

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The revolution will be monetized!

Obviously Iran has major currency problems at the moment. With a fiat falling that fast bitcoin must seem fantastic.

However selling to the people of Iran may get you a lengthy prison sentence. The sanctions you hear a lot about apply to you as well. U.S . citizens and U.N. member nations may not do business with Iran. Not saying it's a great idea, but it is a law that is enforced.

Xenrise

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Include the rates of Iran's BTC rates. It is probably a scam if you're talking about the high btc rates. Don't fall for that.

Neverlost

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thanks for the infomation sir , so why dont by BTC from Iran by Usd,its cheaper

dothebeats

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Perhaps you might be one of the victims of a fake news spreading from a website that didn't took the time to validate and check sources. Doing a quick search, the rate of 1 bitcoin on Iran is 110,000,000 rial at its peak, or if converted to USD, about $2400 more or less which is very far from the reported value. Also do keep in mind that the Iranian rial is falling hard against the dollar as we speak, so any recorded value on Exir's website might have been affected by the rapid change of valuation of the Iranian rial against the dollar.

Neverlost

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my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

Topic: Why BTC rates in Iran is so high (Read 681 times)