Bitcoin Forum

Hello,
We (BitOcean) seem to have hit a big stone on the way, we never really expected this one but anyways,

Now that we can't use WesternUnion (can only receive, you can't send :/),

what ways do you suggest to send and receive money to/from us ? (Apart fron NEFT/Bank transfer)


looking forward to your suggestions

Welcome to India's closed loop banking system :(

I hate to say this, but yes :/

Been studying Banking strategies for the past few weeks and it seems that nothing much apart from competition keeps them from accepting deposits.

Why not talk to a smaller bank? We know that they need every deposit possible.

Banks are probably planning to integrate bank account numbers with bitcoin addresses.

I can't think of options that are well known apart from billdesk and ccavenue.

What is the problem with bank transfers??

The only ways I can think of are follows : (though they seem enough for all Indian businesses)
1.credit cards
2.debit cards
3.Net banking
4.Cheque/Demand draft
6.Wire/Online transfer
7.Cash on delivery for redeemable coupons or gharpay
8.Mobile payments (Paymate)
9.ITZ cash cards

Hmmmm... Anyone know if Postal money orders are still in existence?
I think that is the answer. They used to be quite discreet, unsure about now.
And I am sure that there will be limits.

They Exist ! As a matter of fact they have improved their services in the last 3 years. They even got a new logo now.

Anyone know the details?

What are the limits?

Is it anonymous?

Etc..

Hmm, Gharpay seems to be good, but i think they come to your house to collect the money, which I am not too sure how that'll work in every city in India..

I need to look into westernunion again, if they allow to send and receive in india, i wont mind using that..

I would assume that you can go to a gharpay collection point to pay as well.

Will you list your exchange on http://bitcoincharts.com/ ?

Yes we will contact them to list us once we get our exchange going..

direct cash deposit to bank account OR NEFT transfer will be the best way to deposit money.

Credit/debit cards can be used in a way similar to how Virwox uses it -> use the card to credit your account with USD/INR/whatever, and then use that money to place a bid on the btc. this is more expensive and i do not know how they get protected against chargebacks.

Gharpay doesnt exist in Westbengal, even if they do i dont think they are that spread here, again any service in any state is mostly available to the main state capitals and not the more rural areas - where electricity is more cheap.

So I suggest a form of mobile payment, you know ?

Where the user sends a message and he gets a call or another message confirming his request & the amount is directly deducted from his account balance.

Or simply make a call from a mobile/landline and top up your account through that - through your MAIN ACCOUNT BALANCE - I see a way where this can make the life of STD owners a lot tougher - if you know what I mean.

Any way to do this without linking a bank account?

I assume that is what Dashing is trying to achieve here.

By Account balance I meant MOBILE account balance.

That will work for prepaid users.
I have seen people recharging for others as well, but scope is limited to pre-paid users.

And how much can be charged at the most each month? 1-2K max?

Does not really help if someone wants few more.

2k ~ 3k max per recharge (airtel) I dont think there is an upper limit to how much one can recharge every month, I could be wrong.

Yes, that could hardly buy 1 BTC once the price leveling happens.

Ex. My bills never exceed 2K INR, so is that the limit that I can buy for?

What is the point of over paying?

Not sure what you mean by price leveling.

Have you ever tried to pay for any service before through your phone ?
I dont think their is any restriction to it, I remember doing it once & my bill was 20k that month - BSNL

Got some good thrashing from dad :p

Can only pay bills by mobile..

why cant we use bank depositing structure similar to what other currencies and buysellbitco.in are using?? its convenient and fast..

Lets blow up RBI -_-

Hmm how about this,

People fund their OkPay account (https://www.okpay.com) using bank transfer etc and with that they can buy BTC / sell BTC on our site ?

https://www.okpay.com/en/developers/payment-methods.html

http://thenextweb.com/in/2013/04/17/vodafone-launches-m-pesa-mobile-banking-service-in-india-targets-700m-unbanked-people/?

I created an account with OK Pay.

Depositing some money is fine (as long as I have an internationally recognized card) but withdrawals seem to be an issue since verification is required. It's been a few minutes since I tried to verify my mobile phone number but nothings happened.

Ok, so this is what we have finalised,

We will use OkPay for deposits and withdrawals, you can deposit into OkPay with your bank account and then fund your account at BitOcean with your OkPay account, although your balance may show up in USD in OkPay, it will be converted to INR at the highest rate for that day when you deposit into BitOcean

Now, there are many advantages to this,
You can buy and sell on MtGox with OkPay too, so you can take advantages of both markets when trading.

We may allow local cash-in-hand deposits for INR for people in Bangalore.

Click on the "SMS Delivery Troubleshooter." at the SMS verification page and it should work..

Thanks for the heads up. I just did that when probably were typing the post.

Dont wanna sound noobish but how can i transfer funds to okay pay??
bank wire requires verification and IDs.. i was thinkin of a more anonymous kind off transaction..
Any other method or a walkthrough anyone???  :-\

oh well, the rules and regulations are too tight and sadly we cannot comply with them if we open this exchange.. and we don't want to get into a legal mess because of that, so sorry guys, but the exchange cannot happen.


But,
we will launch a store with which you can purchase physical goods with bitcoins and INR (cash on delivery / bank transfer)

Thanks for the support on the way and hopefully our store will be a success..

Why not just keep a BTC to LTC exchange at hand.

Zero Investment and people get a working exchange in India.

Then add a Location Based service like locabitcoins.com to engage INR conversions if needed. Obviously no involvement in this from your end.

We know that even without INR, an exchange is very very possible.

Just remove some barriers of entry and add some new ones like other Crypto-currencies, etc.

This is just ONE of several ways to get fixed up with a legal workaround to Bitcoin.

hmm we could hmm, i'll probably move the exchange to exchange.bitocean.in and make it LTC <-> BTC only

What India needs is a voucher site where we can buy vouchers using bank transfers (not plastic) and exchange those vouchers for redeemable points or credits. Plenty of Groupon clones in India but no Liberty Reserve or Aurumxchange clones.

An exchange that accepts every alt coin and exchanges it to btc could be very profitable since you'd get business from outside India. Feathercoin seems to be the coin of the month.