[BitOcean] Bitcoin exchange India [Closed]

[Dashing]

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..

Hey Guys,
The signups are open on the exchange now, please signup and please get accustomed to the exchange while we get the rest done. (About/contact page)

http://bitocean.in/

Signup at : http://bitocean.in/login/index.php?register

Please read this everyone, that's the only way to get your INR into OkPay for now.
http://bitocean.in/help.php

Original Topic :

Me and my friend plan to launch a Bitcoin exchange to buy and sell bitcoins in India,

Currently this is what we'll offer,
1. It'll just have buy and sell options and no trading like Mt.Gox and the other exchanges
2. Payment in INR only via WesternUnion or any other "cash-in-hand" way (we may add other options if they are easy to access)
3. Low fee, and near to Mt. Gox rates in INR

What we plan to offer soon,
1. Direct deposit via bank / NEFT
2. Live BTC/INR Trading


So, we need your feedback guys,
1. Do the features we currently offer now make it worth using ? as we have done most (at least 60%) of the code ready (just the theme work has to be done to be honest)

Looking forward to your feedback guys !

Thanks!!

[Benson Samuel]

This is a much awaited service for India.
I have stickied the topic.

[Pinwheel]

check out https://www.spendbitcoins.com/convert/
very nice simple interface, also run by one man actually. Something like that would be great to have in India.

[Dashing]

Thanks for the feedback guys!

but yes, do note there will be some limitations at the start which will be gone by the time we get some trading going on...

Some screenshots,

[Benson Samuel]

Very nice.

Let me guess: Clojure? :p

[Dashing]

Very nice.

Let me guess: Clojure? :p

Clojure looks nice, we may use that for the next version to make it scale well or even maybe Node.js

Currently its mySQL + PHP based, with a lot of JSON to pull live exchange values (BTC -> USD -> INR etc)

It's themed with Bootstrap (http://twitter.github.com/bootstrap/)

We've got the major bit to finish / decide on,

1. We can store funds in a hot wallet (maybe 10 - 15% of them)
- or -
2. Make a small delay on transactions (15 - 20 mins), but store the wallet elsewhere - completely out of the system/service to ensure safety of funds.

EDIT :
Delay possible..
Western Union, now after reading around in this forum, we've found that Western Union does not like bitcoin (? Maybe if the info we read is true)

So we have to look at Xoom or anyother cash-in-hand method before we continue, as eCash like Libertyreserve etc wont help for long in maintaining INR funds.

[Dashing]

UPDATE !
As the exchange will naturally take some time to come up, we have decided to add a service like spendbitcoins, but for limited things like Flipkart gift vouchers and maybe a few restaurant gift vouchers.

This will help us build volume and also trust when we open the exchange.

[Dashing]

Update :
Exchange coding is done, a few restrictions are being planned to make the exchange stable and safe for everyone, i'll update this post later today or tomorrow morning once done.

[Benson Samuel]

Dashing,

Please explore Gharpay, PayTM, PayU. These may be the route forward.

Also, please explore IMPS in detail. I transferred 1 Rs in 1 min to my friend through IMPS.

Am dying to see something from India in this space.

[Dashing]

Dashing,

Please explore Gharpay, PayTM, PayU. These may be the route forward.

Also, please explore IMPS in detail. I transferred 1 Rs in 1 min to my friend through IMPS.

Am dying to see something from India in this space.

Hey Benson,
Could you tell me more about Gharpay,
1. Do they allow cash withdraw to hand ?

2. I think PayU may not work out, as it has some setup fee https://www.payu.in/pricing

3. PayTM maybe tricky, as we may need to apply for partnership with them (https://www.paytm.com/alliances)

4. Can you also explain about IMPS too ?

As I'm open to adding payment methods which make this exchange more easy to use

[Benson Samuel]

Dashing,

Please explore Gharpay, PayTM, PayU. These may be the route forward.

Also, please explore IMPS in detail. I transferred 1 Rs in 1 min to my friend through IMPS.

Am dying to see something from India in this space.

Hey Benson,
Could you tell me more about Gharpay,
1. Do they allow cash withdraw to hand ?

2. I think PayU may not work out, as it has some setup fee https://www.payu.in/pricing

3. PayTM maybe tricky, as we may need to apply for partnership with them (https://www.paytm.com/alliances)

4. Can you also explain about IMPS too ?

As I'm open to adding payment methods which make this exchange more easy to use

http://gharpay.in/ - That should answer a few.

2 & 3 may not be free and do need a bit of work, but will be worth it. The cost can always be transferred back to your customers.

4. http://www.axisbank.com/personal/transfer-funds/interbank-mobile-payment-service/mobile/about-this-service.aspx - That should answer a bunch about IMPS. Not sure if they have API's, etc.

[Dashing]

Dashing,

Please explore Gharpay, PayTM, PayU. These may be the route forward.

Also, please explore IMPS in detail. I transferred 1 Rs in 1 min to my friend through IMPS.

Am dying to see something from India in this space.

Hey Benson,
Could you tell me more about Gharpay,
1. Do they allow cash withdraw to hand ?

2. I think PayU may not work out, as it has some setup fee https://www.payu.in/pricing

3. PayTM maybe tricky, as we may need to apply for partnership with them (https://www.paytm.com/alliances)

4. Can you also explain about IMPS too ?

As I'm open to adding payment methods which make this exchange more easy to use

http://gharpay.in/ - That should answer a few.

2 & 3 may not be free and do need a bit of work, but will be worth it. The cost can always be transferred back to your customers.

4. http://www.axisbank.com/personal/transfer-funds/interbank-mobile-payment-service/mobile/about-this-service.aspx - That should answer a bunch about IMPS. Not sure if they have API's, etc.

I'll try Gharpay for now, as I want to keep it as light and fee free as possible for now Just want to get enough to pay up for the server and me and the coders basic costs, but yes, They both are widely accepted and adding them both will be really beneficial..

IPMS i'll have a look as well,

Update 2 : Basic API with buy/sell amount ticker is done

[Dashing]

Okay, More screenshots before we launch in a day or 2,

Account page, to deposit / balance info,


Exchange history for your account,


Buy BTC with INR through WesternUnion,


Dead simple API lol,

[knight22]

This is fucking awsome! keep up the good work!!

[drdanishkhan]

Keep up the good work.. Lets make bitcoin grow by leaps and bounds so that someday i may buy a pizza with my bitcoins in Delhi(atleast)..   

[luckyindia]

Congrats Mr.Dashing for ur New venture... I have launched SWISS BIT GOLD of 50 milligram costing Rs.195/-....one gram silver card costing Rs.70/- & half gram silver card costing Rs.40/- The postal department is interested in signing a MOU to sell these cards. The Federation of Karnataka chamber of commerce and industry has expressed its willings to popularise these cards.Canara Bank is very much interested in any of our proposals. Dashing...make ur exchange compatible with our Gold and silver cards

[laserwolf]

Dead simple API lol,
https://i.imgur.com/ziHgN2W.png

Congrats on the great work!

regarding API, you will need the following as well:

• quantity
• limit order or market order

you should also consider giving liquidity rebates atleast initially to make the exchange more liquid.
Like Bitfloor does.
https://bitcointalk.org/index.php?topic=51130.0

[buysellbitcoin]

Appreciate the work you are doing and regular updates on progress. We need more and more business and contact points in India to make people aware about Bitcoins, making less painful for them to exchange coins.

One advise, It is much better to have 100% cold wallet. I think people will understand that it is better to have inconvenience  of waiting for 1 or 2 hour to receive their coins, than chance to lose all the coins. Process all the withdraws manually till you can process them without affecting 2-3 hour deadline. Once volume increases you can think about way to securely support instant limited amount withdraws.

Overall its good looking and promising work. Keep it up !!!

Cheers

[StLucifer]

Appreciate the work you are doing and regular updates on progress. We need more and more business and contact points in India to make people aware about Bitcoins, making less painful for them to exchange coins.

One advise, It is much better to have 100% cold wallet. I think people will understand that it is better to have inconvenience  of waiting for 1 or 2 hour to receive their coins, than chance to lose all the coins. Process all the withdraws manually till you can process them without affecting 2-3 hour deadline. Once volume increases you can think about way to securely support instant limited amount withdraws.

Overall its good looking and promising work. Keep it up !!!

Cheers

I completely agree wit you. When it comes to bitcoins, safety of funds and trust is of utmost importance.
In any case, a 2 hour waiting period is not so long compared to online bank transfers or cheque payments.

If you intend on implementing litecoins on your site, the users will have the option of buying Litecoins and getting their transactions confirmed in 10 minutes or so, instead of 2 hours for bitcoin.

[Dashing]

This is fucking awsome! keep up the good work!!

Thanks We'll be ready for launch soon, hopefully by today or tomorrow, just need to get a few guidelines written down about the exchange

Keep up the good work.. Lets make bitcoin grow by leaps and bounds so that someday i may buy a pizza with my bitcoins in Delhi(atleast)..   

Thanks for the kind words I'm sure you'll be able to buy a lot of stuff directly with Bitcoin now in India, as the INR you get once withdrawn will be via WesternUnion which is cash-to-hand

Congrats Mr.Dashing for ur New venture... I have launched SWISS BIT GOLD of 50 milligram costing Rs.195/-....one gram silver card costing Rs.70/- & half gram silver card costing Rs.40/- The postal department is interested in signing a MOU to sell these cards. The Federation of Karnataka chamber of commerce and industry has expressed its willings to popularise these cards.Canara Bank is very much interested in any of our proposals. Dashing...make ur exchange compatible with our Gold and silver cards

Thanks for the kind words Gold/Silver is something that we'll have to look into as it's a bit risky etc and even handling gold/silver and transporting
it will be a security risk I feel ..

Dead simple API lol,

Congrats on the great work!

regarding API, you will need the following as well:

• quantity
• limit order or market order

you should also consider giving liquidity rebates atleast initially to make the exchange more liquid.
Like Bitfloor does.
https://bitcointalk.org/index.php?topic=51130.0

I'll work on the API later today, maybe add up more info about the market etc

Yes, a sort of liquidity rebates will be there, as if you see the 1st screenshot here (https://bitcointalk.org/index.php?topic=166265.msg1751392#msg1751392)

You'll see "The esitimated INR amount will vary with live BTC/USD rate converted to INR until a trade to match it is made"

So yeah, usually the price you get will be more than whats displayed there

Appreciate the work you are doing and regular updates on progress. We need more and more business and contact points in India to make people aware about Bitcoins, making less painful for them to exchange coins.

One advise, It is much better to have 100% cold wallet. I think people will understand that it is better to have inconvenience  of waiting for 1 or 2 hour to receive their coins, than chance to lose all the coins. Process all the withdraws manually till you can process them without affecting 2-3 hour deadline. Once volume increases you can think about way to securely support instant limited amount withdraws.

Overall its good looking and promising work. Keep it up !!!

Cheers

Thanks for the kind words Yep, bitcoin in India will be a major thing in the coming years, as its value goes up, i think it will attract more people towards it

Yes, I too feel the same about the cold wallet and I think we'll just keep everything in the cold wallet until a withdraw request is made or directly send from the cold wallet once a withdraw request is made..