Bitcoin Forum

Dear Members,

I am new to bitcoins. I see that RBI has ban on Bitcoin trade sell in India.

I would like to know more about it.

1) Can i buy bitcoins online to my wallet? Is that legal if my make buy it from my India credit card?
2) Can i letter sell bitcoins online and get that funds transferred to my Indian bank account?

Please let me know about it. I am simply looking to make money as my current business is not working.
I hope this is new trend and if I am make money online from India with bitcoin trading.

Please suggest.

Thanks,
Dhaval

RBI has no ban on Bitcoin trading in India. No. of people from India are engaged into Bitcoin trading and they are doing it legally. You need to pay tax on your profit gained from Bitcoin. If you are looking for P2P sale, then localbitcoins.com is good, otherwise you may try btc-e.com. There are also established members like escrow.ms who buy/sell bitcoin on forum. You may also get a list of indian exchanges here (https://bitcointalk.org/index.php?board=122.0). We will be launching a btc exchange soon that supports INR too. Will inform you once we are floating.

Thanks,

Can you let me know how can i start buying and selling it.
Can i crate trading website like buysellbitco.in ?
How to get API of exchange rate of bitcoin. or API for trading it? Is it profitable ?

OR how to start with this initial stage as i am new bie in it.
Any kind of bitcoin business so i can earn little profit.

Sorry to say, but I doubt if u can flourish in this business if profit is your only motive. Running a bitcoin exchange requires clear understanding of multiple aspects of bitcoin. If u can meet the need of the customer, customers will automatically follow you. You also need to make sure that your business does not break the law of the land any way...

Best of Luck. Seems this topic has been moved to India sub-forum. So I hope people over here will take up your issue...

Firstly to to the market place subsection. buy a  few bitcoins. play around with it Learn what it is about. and  what it can  do.
Secondly bitcoin is not a  get rich idea. so invest only what you can  afford to loose.

If you want to start a  business first  create trust interact with the  people in the community and  then you can do a  good  stable business.

API's for bitcoin rates can be  found on the websites on the  exchanges. get it from there.

 

localbitcoins.com is the place i used lot. I am not trading there but purchase and sell for my own use.

Hi, try ibitcointrade.com (http://ibitcointrade.com).

I suggest localbitcoins too. I have used it lots of times.

I agree with subvolatil that bitcoin is not a get rick quick scheme.

Having said that, to answer your questions, we provide a web service called www.Unocoin.com where you can buy and sell bitcoins.
Unocoin also provides online wallet where you can store some bitcoins. I do not see purchasing using indian credit card to violate any specific laws as compared to buying using bank account - but hard to find a seller who wishes to sell bitcoins for payment using credit card.
Yes when you sell bitcoins, Unocoin sends the funds to your Indian bank account.

From his second post it seems that he's more interested in running an exchange that buy/selling on any other platform.

Ibitcointrade.com  seems to be the right place

Thanks for all your suggestion.

Please suggest bitcoin Indian payment gateway OR for Indian merchants to integrate in my website?

You may find some help at the following 2 links...

1. https://bitcointalk.org/index.php?topic=576529.0 - by Benson Samuel

2. https://bitcointalk.org/index.php?topic=577131.0 - by Sathvik Vishwanath

Both are Indian devs...

I could help.

I could help as well but Unocoin merchant gateway is still under development. Planning to launch by the end of this month.

Thanks for all your suggestions.
I would agree with subvolatil first need to play with few bitcoins.
I check serveral sites including unocion but subvolatil charges 3% + tax on buying and selling
and i also see bitquick.in it only charges 1%
But is see there is no contact number or address on bitquick.in so i cant trust on it.

Any cheaper transaction fees provider? suggest. 1% will be best. Then only i can make profit and try to make buy sell locally here in my local area.

Usually the fee is high if the exchange/merchant is taking the risk in bitcoin volatility. If it is more of the escrow service, then the fee is low.
As you are willing to buy and sell locally i would suggest you to play with bitcoins to get yourself familiar and then start small. Use the exchanges only to square off. Say on a given day you were able to buy 2 bitcoins but only able to sell 1.5 bitcoins. Then you will need to sell the extra 0.5 bitcoins on some exchange so that you are squared. You would have charged say 2% fee while buying 2 bitcoins and selling 1.5 bitcoins. You now only need to pay the fee for what ever you are squaring off - for selling extra 0.5 bitcoins. According to me this is the most effective way to start small and still make sure you are at least partially immune to bitcoin fluctuation. Else bitcoin volatility would eat you away !

try ibitcointrade.

The largest exchange of Bitcoin at this moment is BTC-E which is run by unknown identities. This is the part & parcell of the bitcoin world. Better look for a trustless service over transparency.

Minimum 200 INR worth on https://www.unocoin.com :)

RBI doesnt have a ban on btc, RBI is just discouraging the use of btc. So you can buy btc like everyone else does, through online sites like btc-e and many more.