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Hi, Our Server is currently down, We are looking into the issue. Our emails are working. If anything urgent, you can contact us at info@inrbtc.com or support@inrbtc.com Regards, |
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RBI and Regulations though they might seem like a hindrance, they are not. The mark of a growing industry is when regulations are put in place. They are needed because when a large number of population come to accept a specific technology or a Industry they should be protected from fly by night operators.
For me the clincher definitely was technology. Not that we do not have the technical people to get the exchange running. National Stock Exchange is the premier exchange we have in India and in most ways it is way ahead of exchanges in other parts of the world.
With Bitcoin, the biggest threat is that this technology is not sufficient to prevent hackers. The latest exchange to get hit is BIPS.
With all the exchanges currently it is not a question of whether they will get hacked, it is a question of When ?
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India is country of with IT potential. When would I be able to see Indian exchange like? I so much want to trade.
Any comments?
Please visit INRBTC - Bitcoin Trading Platform Since our launch in September we have completed 450 Trades ( As on 28-Nov-2013 ) successfully and going strong. |
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INRBTC is a Bitcoin Trading Platform to Buy and Sell Bitcoins in Indian Rupees Buyers and Sellers can quote the prices and quantity to Buy and Sell Bitcoins at INRBTC respectively. Only serious Buyers and Seller's place their orders at INRBTC because they place a refundable deposit equal to 10% of their order value. When a Buyer and Seller's price is matched, a trade is executed and Both the Buyer and Seller honor their commitments. When the Buyer gets the Bitcoins and the Seller gets the INR, the deposits are refunded after deduction of commission. 413 Successful Trades completed since inception. ( As on 25-Nov-13) Visit INRBTC and trade peacefully because your peace is our USP
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Slightly higher prices - Infact I think they are overcharging for the bitcoins at the moment. Their buy prices are more then then the Mtgox exchange prices too.  . And when you see their sell prices its around 3k less then MtGox . Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox). Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell. Hi We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be higher than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank. On top of it we offer locked in exchange rates in such volatile market where once you book order with us and send money in within locked in period we honor booked rate only. If you will see carefully the price difference between exchanges is very huge in volatile period, over 70 to 100 dollars a time which goes to around 4k to 6.5k INR which also makes our task a bit tough  As far as fees concerns we offer loyalty discount so after certain volumes your effective fees reduced to 1.5% only. We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market. Regards Only if your site WORKED! Always out of stock, or try again when the prices are low. Yes, we agree we do have stock issues at the moment. As soon as we restock it, we go out of stock almost immediately. We are working hard to resolve this. Regards This is what I am hearing from past two weeks, really! Not to be rude, but can you please lower your fees, because looks like you guys are charging way more than expected! You guys also show low price at night, but you wouldn't let us buy. What kind of trap is this? Also, right now, the price comes down to 56000 for one btc, and on BTC-e china it's 725 dollars (which is equal to 45k). Take GOX price and you are still overcharging your customer. Other sites like INRBTC are charging 49000 at the moment! I have been waiting for, like, ever since to get my hands on a few BTCs but looks like no one is ready to sell when the market value is down. I definitely understand you folks are here to make profit, but I'd absolutely love to see an Indian site offering "affordable" prices with btcs always in stock. The market is wide open to capture, and I hope you folks will come out with something interesting very soon. sidjourn. Let's check the facts :- Price at Mt.Gox is USD 824 (Surprise !!!) Price at Btc China is 867 ( Surprise Again !!!) Except for BTC-e is 728 all the other exchanges are quoting above USD 800 I know because I checked immediately after you posted this. You have every right to buy bitcoin at a low price, I will not contest to that but please...when you quote something the facts have to be right. My life at INRBTC.com is a lot easier...I have to ensure that when a trade happens , buyers and seller fufill their part. buy operating BuySellBitco.in is a lot tougher and much riskier...Let us appreciate the fact. I know a lot of people on this forum appreciate what buysellbitco.in does but a few quotes should not tarnish that reputation especially when those quotes are based on wrong facts. |
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Once again Kudos to Benson for hitting the nail on it's head. It's as if all the world exchanges were waiting for Benson to publish this article on Exit or Hold. No sooner was this published, the BTC price came crashing down. You called it bothways  Now be a good boy and say "India will lead the Bitcoin revolution by accepting it as Legal currency" |
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Well if we convert the BTCChina rate to INR, we have just crossed 50k per coin. congrats Benson, you called it first and I don't know how  Let me be one up on you and make the next target at 100k per coin |
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Well regulations are good. Regulations are there mostly to get consumer protection. Think once if IRDA is not there what will happen in insurance sector. If TRAI is not there what will happen in telemarketing sector. There might be difference in opinion in their execution or effectiveness, but they are needed for sure.
Regards
Regulation as a general principle is required when a significant portion of people/businesses are using a new kind of service/product. Regulation is promulgated to ensure that the interested entities act in a fair and transparent manner. Most of the Govt Organisations all across the world act on a similar basis. Given that bitcoin has not touched even 0.1% of Indian population, I am pretty sure RBI is acting rightly when they say "watching and learning". Let us hope that bitcoin crosses the minimum threshold and regulation is introduced. By that time some of entities who are already dealing with Bitcoins will be asked to follow the regulations and at the same time will be given enough time to adhere to them. |
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Now no fees on selling coins Regards Wow. Now that is a irresistable offer. Cheers again. |
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Good to see another Indian BTC exchange company. I am curious about one thing, and it applies to all indian bitcoin exchanges.
Most Indian buyers resort to bank transfer in order to buy BTC. Few banks provide instant transfer option, yet some banks take a couple or more hours to finish the transfer. If the transfer is between 2 different banks, I guess it will take even bit longer to complete it. Then there is another factor of bank timings. NEFT feature is not 24/7.
Last night I saw BTC price dropping to $265 and climbing back to $310 all within a couple of hours. I was wondering what is your normal policy about this intense fluctuation that can happen between my order and by the time my money reaches you? Just my curiosity.
at INRBTC a buyer will be given 24 Hrs to deposit the amount to the Seller's Bank account. The price fluctuation does not matter, the price at which the Trade has been executed is the Final price. Sometime the buyer is given more time especially if the Trade happens after Markets hours or on a Bank Holiday but the price still remains the same. |
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Dear users, Now book profit and pay lowest fees possible We have reduced our fees for selling coins by 50% Now we charge you only 1.5% fees. Oh and we make it more sweet... Your loyalty discount will still apply on this fees, so you can get as low as 0.75% fees on your sell orders. So book profits now with lowest fees Cheers, BuySellBitco.in Cheers....Is this a permanent change ? If it is, then it sure is a mark of a maturing industry. |
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INRBTC is India's First real time Bitcoin Trading Platform Buying and Selling Bitcoins for Indian Rupees is much safer and easier at INRBTC (24 X 7) Buy or Sell Bitcoins at your own price or just match any of the existing order price. Check the latest price at which Bitcoin has been traded in INR. The price chart gives the historical perspective on bitcoin prices. For more information visit INRBTC INFOIf you need more information, just send an email to info@inrbtc.comIf you still have any questions, our support person is always waiting to help you on live chat. 556 Successful trades (as on 05-Dec-13) since launch and going strong.
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This comes to me as a shocker. With the type of security TF had in place. The way the attack has been performed seems to me a tricky and sophisticated attack.
With the type of security TF claimed to have in place. 4100 BTC in a hot wallet, WTF? it looks like 2011 all over again I agree. I smell something fishy here. 4000+ in a hot wallet was a disaster waiting to happen. I think he was waiting for this payday.! Not sure if the hack is true or not If you like a good riddle, I suggest you read the whole thread in the main section ....just some tidbits TF claimed that as a precaution that even if the server is hacked there will not be much damage as cold wallet is being used The server has hacked on 26th Oct, but the news is displayed today One of the api user suggested to TF that inputs.io was hacked around 3 weeks back |
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Has anyone from India got affected by Inputs.io closure and now I have read even coinlenders also has a problem.
I remember 3-6dice.com was using inputs.io , anybody else ?
I lost around 0.2 BTC, though at BTC current rates, cannot call it a small amount.
after this a lot of web wallets are going to get flagged.
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Happy to Diwali to all of you.
BuySellBitco.in congratulations on multi-lingual support.
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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 upAt 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=231585.0I 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. |
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I am sure you want to put India on bitcoin exchanges Map Let me take a go on a few of your statements. These answers are specific to INRBTC only.
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/- Most of these sites requires around 8 step for me to even do something, I might as well make my own exchange in 8 steps
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- The time period from most faq looks like from 1 - 4 days,
At INRBTC the theoretical limit for closing a trade is 36 hours ( Especially for buyers holding HDFC Bank as it takes 24 hours for adding a beneficiary )
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 )- Whatever happened to showing volumes and taking buy/sell orders ?
INRBTC does show the volume along with Buy Sell prices along with order volume and trade volume.
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.- No good indian exchange is showing up its graph in bitcoincharts.com , we have 12 US exchanges and 3 chinese ones. How does anybody know the volume of indian currency being traded in bitcoins ?
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 : - Show and keep a local balance of rupees in the user account, no need for user to continuously transfer funds to buy/sell new coins
This has been deliberately avoided. We consider it a feature. Your funds are always safe in your bank account rather than ours.- Show volumes and integrate with bitcoincharts.com
When the volume goes up to more than 50 bitcoins per day, INRBTC will integrate with bitcoincharts.com
- Allow user to specify buy/sell orders instead of giving them bitcoins at fixed price
Already exists at INRBTC- 2FA, not necessary to would be good
Again this is a feature at INRBTC, you can transact once or 100 times, you do not need a user id and password to trade here. Again no one steal the customer funds or the bitcoins if they even hack our server.This can be provided but at 5 bitcoins volumes per day, I did not imagine, anyway requires it. Let me know, we can provide with one.[/list][/list] |
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Please find below the Trade Satistics of INRBTC.com Trading platform since the launch. Total Volume Traded : 81.40 BTC No. of Trades : 87 Max Buy Qty : 20 BTC Max Sell Qty : 10 BTC Highest Trade Price : Rs 8055 ( 10-Sep-2013 ) Lowest Trade Price : Rs 6000 ( 13-Sep-2013 ) Wt Avg Trade Price : Rs 7093 Total Trade Amount (INR) : 5,77,384 More information and insights at Trade StatisticsI would also like to thank Benson for helping and promoting INRBTC on India Bitcoin facebook page. |
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INRBTC Order Book Details as at 29-Sep-2013 12:30 PM Buy Orders 0.6@7425 0.5@7400 0.5@7360 Sell Orders 2.5@7520 3.5@7550 2.25@7570 Take advantage of low sell orders and buy bitcoins for cheap. Buying and Selling Bitcoins at your price in Indian currency has never been easier. Quote your price and quantity and Place your order. You will be asked to deposit 10% of the order value in BTC to a bitcoin address. After the deposit is sent, your order will be confirmed. Your price matches with a counter party, a trade will be executed. To place your order visit INRBTCFor more info visit INRBTC Info |
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INRBTC Order Book Details as at 28-Sep-2013 7:00 PM Buy Orders 0.55@7550 0.25@7510 1.75@7500 Sell Orders 0.75@7560 2.25@7570 0.55@7600 Buying and Selling Bitcoins at your price in Indian currency has never been easier. No PAN card required, No registration required, No Verification required. Quote your price and quantity and Place your order. You will be asked to deposit 10% of the order value in BTC to a bitcoin address. After the deposit is sent, your order will be confirmed. Your price matches with a counter party, a trade will be executed. To place your order visit INRBTCFor more info visit INRBTC Info |
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