Title: indian exchanges , overly complex and unfunctional ? Post by: btc_enigma on November 01, 2013, 08:08:05 AM Hi,
I have reviewed almost all the indian exchanges, inrbtc.com, buysellbitco.in to name a few.
To see what I am talking about see fybsg.com, or any other good international exchange . Here are the basic stuff needed :
I am unsure of what are the legal aspects of an exchange in India. I am willing to help technically to make a better bitcoin exchange. Lets have a discussion on what are logistics in getting this done. Lets not be stuck in mediocrity Title: Re: indian exchanges , overly complex and unfunctional ? Post by: buysellbitcoin on November 01, 2013, 09:02:15 AM Hi, I have reviewed almost all the indian exchanges, inrbtc.com, buysellbitco.in to name a few.
To see what I am talking about see fybsg.com, or any other good international exchange . Here are the basic stuff needed :
I am unsure of what are the legal aspects of an exchange in India. I am willing to help technically to make a better bitcoin exchange. Lets have a discussion on what are logistics in getting this done. Lets not be stuck in mediocrity Hi, Thanks for review :) first thing, BuysellBitco.in is not an exchange and we do not wish to be one. We are over the counter trader for bitcoins and we buy and sell bitcoin from our stock only. Money sector is very tightly regulated in India and if we talk licensing it requires too many to say as still there is no clear indication on what Bitcoin will be classified into. As far as wait time concerns, you can buy or sell bitcoin in less than 10 minutes on buysellbitco.in, we can have many users from this forum only vouch for the same. The verification process one time effort and it is mandatory and it normally takes 10-15 minutes to get verified ( we though mention it may take 1 to 3 business days ). We are working on lot more features and our new portal should be released in late December. Regards Title: Re: indian exchanges , overly complex and unfunctional ? Post by: inrbtcad on November 01, 2013, 09:09:37 AM
INRBTC is not a traditional bitcoin exchange, it is a decentralised bitcoin exchange. It is a combination of localbitcoins and ordermatching. This exchange is actually a bit ahead of curve because unlike Mt.Gox or other well known exchanges, any govt organisation cannot seize either bitcoins for funds from this exchange. There is no central repository. Infact INRBTC is an awkward answer to this question on redditt. http://www.reddit.com/r/Bitcoin/comments/1aw9sp/is_anyone_developing_a_p2p_bitcoin_exchange/
Eventhough on INRBTC both for Buying and Selling bitcoins the number of steps mentioned are 9, the actual actions required from the user is only 3 1) Place an Order 2) Send deposit to confirm the order 3) If Buyer - Deposit amount directly into seller's account 3) If Seller - Deposit Bitcoins to a specific address
but we have customers who can vouch for 30 mins as their max time for closing a transaction. The least time it took to close a trade was 3 minutes ( The buyer already had the seller bank account added as a beneficiary )
We are not showing the complete order book and trade book because there is not much of a depth. Pretty soon we will show the complete order book and the complete trade book.
The volume at INRBTC is low, it is not more than 5 bitcoins per day. The volume is low either because INRBTC is not able to do a good job or there is really no volume in India. I really doubt the latter. So I will go with the assumption that we are not doing a good job marketing our exchange. To see what I am talking about see fybsg.com, or any other good international exchange . Here are the basic stuff needed :
This has been deliberately avoided. We consider it a feature. Your funds are always safe in your bank account rather than ours.
When the volume goes up to more than 50 bitcoins per day, INRBTC will integrate with bitcoincharts.com
Already exists at INRBTC
[/list][/list] Title: Re: indian exchanges , overly complex and unfunctional ? Post by: subvolatil on November 01, 2013, 03:27:11 PM Hi, I have reviewed almost all the indian exchanges, inrbtc.com, buysellbitco.in to name a few.
To see what I am talking about see fybsg.com, or any other good international exchange . Here are the basic stuff needed :
I am unsure of what are the legal aspects of an exchange in India. I am willing to help technically to make a better bitcoin exchange. Lets have a discussion on what are logistics in getting this done. Lets not be stuck in mediocrity btc_enigma , you are correct. the problem is that india does not have a proper bitcoin exchange market. the companies that do exists in India are only a currency exchange companies. (p.s - BuysellBitco.in you are a exchange company , you are not a Exchange market ) The main problem starting up a exchange market is that a company cannot take in money deposit from individuals, if they do they would need a lot of licence requirements from the RBI. Technically for the RBI if you accept deposits you are considered a banking and financial institution. and in india the Licence Raj is still in existence. The government makes it very hard to operate such a business. There are too many regulation and hoops you need to jump through to even operate a business in India. Creating an exchange that does what all the major international bitcoin exchange does is not a huge hurdle, it is the Business regulation and government interference that breaks a common mans back. Edit : Regarding Volumes. there is no actual volumes in india, there are very few people that uses bitcoin, There is barely any bitcoin meetups that happen in india. The one i have been to in Banglore is more structured to be call an investment group . Rather than a meetup. Bitcoin India IRC Channel is empty with no users even loging in . which means no one is ready to participate in contribution to bitcoin. Most of the users here are only here to make money. (Nothing wrong with that) I have not see a passionate member who believes in the decentralized power of bitcoin, and want to make it successful and not bring profits ahead of contribution. Grassroots initiatives are verry rare. The most Biggest problem in my opinion is that bitcoin is to expensive for people to really be involved in, espically in india. Title: Re: indian exchanges , overly complex and unfunctional ? Post by: btc_enigma on November 02, 2013, 01:14:51 PM Few things about INRBTC, I understand now what you are trying to do, you are trying to be a distributed exchange
Quote The main problem starting up a exchange market is that a company cannot take in money deposit from individuals, if they do they would need a lot of licence requirements from the RBI. Technically for the RBI if you accept deposits you are considered a banking and financial institution. and in india the Licence Raj is still in existence. The government makes it very hard to operate such a business. There are too many regulation and hoops you need to jump through to even operate a business in India. Creating an exchange that does what all the major international bitcoin exchange does is not a huge hurdle, it is the Business regulation and government interference that breaks a common mans back. I want to discuss this. What is stopping us from treating bitcoin as a commodity ? I guess thatz what BuysellBitco are doing. Until RBI comes up with a statement saying this is money, isn't it till a commodity? Is using the word "exchange" for your website creating problems or its much deeper than that. Can someone elaborate on this ? Quote The most Biggest problem in my opinion is that bitcoin is to expensive for people to really be involved in, espically in india. Regarding Volumes. there is no actual volumes in india, there are very few people that uses bitcoin, There is barely any bitcoin meetups that happen in india. The one i have been to in Banglore is more structured to be call an investment group . Rather than a meetup. Seeing how INR is hugely inflated and counting the number of bozos in our government, I don't see widescale bitcoin adoption in India very far away. subvolatil , there is a conference happening in bangalore in November. You should join and meet more of these investorsTitle: Re: indian exchanges , overly complex and unfunctional ? Post by: inrbtcad on November 02, 2013, 02:04:58 PM Few things about INRBTC, I understand now what you are trying to do, you are trying to be a distributed exchange
I was hoping to try it but then it asked me to deposit 0.1BTC before even doing anything , I gave up At INRBTC whenever a order is placed, the user will be asked to deposit 10% of the order value to confirm the order. In your case, you might have placed a order for buying/selling 1 BTC. Hence the request to deposit 0.1 BTC I will be able to give you more specific details after looking at your order details. Why we take a deposit ? 1) Deposit ensures that only serious buyers/sellers place an order, thereby eliminating spam orders and distorting order book. 2) Deposit ensures that once a trade is executed, both the buyer and seller honor the trade, incase they do not they risk losing the 10% deposit. Are you doing an escrow , to make sure the trade happens fairly ? A trade happens when the Buyer price and Seller price matches. After a trade is executed, the seller will be sent the BTC Address to deposit bitcoins. ( This address is held by INRBTC ). The Buyer will be sent the Bank Details of the seller along with the information of the BTC Address sent to the Seller. The buyer deposits the amount only after the BTC is transferred. After the Seller confirms the Bank deposit, we release the BTC to the Buyer. Now the facts a) out of 185 Trades executed on our exchange since Sep 10th , all have been honored. b) A few instances when the bitcoin value was hugely volatile on Bitstamp and Mt. Gox even then trades executed on our exchange have been honored by the Buyer and the Seller. Most people are worried that their money will just disappear, when they transfer it you. That is also the reason showing charts/activity helps. It helps to build some trust I will agree that providing charts/activity will help a user evaluate a exchange better but as per Trust is concerned, it has to be earned everytime, Day in and Day out. Given the fact that till now no user/customer has a registered a complaint or worry about our service either on this forum or anywhere else, we do believe that we are earning the trust from the customers. We do have some good feedback from our users https://bitcointalk.org/index.php?topic=231585.0 I also wish that more users who have utilized our services post their reviews or feedback Finally I would like to Thank you for raising these issues. It definitely helps to know the perspective from others. Do let me know how we can earn your trust. Title: Re: indian exchanges , overly complex and unfunctional ? Post by: Benson Samuel on November 02, 2013, 04:19:37 PM Few things about INRBTC, I understand now what you are trying to do, you are trying to be a distributed exchange
Quote The main problem starting up a exchange market is that a company cannot take in money deposit from individuals, if they do they would need a lot of licence requirements from the RBI. Technically for the RBI if you accept deposits you are considered a banking and financial institution. and in india the Licence Raj is still in existence. The government makes it very hard to operate such a business. There are too many regulation and hoops you need to jump through to even operate a business in India. Creating an exchange that does what all the major international bitcoin exchange does is not a huge hurdle, it is the Business regulation and government interference that breaks a common mans back. I want to discuss this. What is stopping us from treating bitcoin as a commodity ? I guess thatz what BuysellBitco are doing. Until RBI comes up with a statement saying this is money, isn't it till a commodity? Is using the word "exchange" for your website creating problems or its much deeper than that. Can someone elaborate on this ? Quote The most Biggest problem in my opinion is that bitcoin is to expensive for people to really be involved in, espically in india. Regarding Volumes. there is no actual volumes in india, there are very few people that uses bitcoin, There is barely any bitcoin meetups that happen in india. The one i have been to in Banglore is more structured to be call an investment group . Rather than a meetup. Seeing how INR is hugely inflated and counting the number of bozos in our government, I don't see widescale bitcoin adoption in India very far away. subvolatil , there is a conference happening in bangalore in November. You should join and meet more of these investorsThe problem with running an exchange lies in the INR deposit. Non banking entities cannot collect user deposits and store for over 7 days without reporting. You are absolutely correct in identifying that using the word 'exchange' can cause some problems. But the main issue is with customer deposits. Fix that problem and we should have some more traction on the 'exchange' front. As far as I can see buysellbitco.in and inrbtc are playing in the safest possible space and that does offer protection to their customers as well. |