[BitOcean] Bitcoin exchange India [Closed]

[drdanishkhan]

dont think so we can transfer via western union.. can somebody give me a walkthrough ??   

[drdanishkhan]

And sir dashing please add the buy sell ticker.. i cant find it on the site..

[divyanchris]

im buying right now, and i am fully aware of how the WU works im looking to buy 2.5 btc, ive signed up to bitocean but i am not 100% sure how everything works so if someone can guide me through the process, it would be lovely.  

thanks

[Dashing]

im buying right now, and i am fully aware of how the WU works im looking to buy 2.5 btc, ive signed up to bitocean but i am not 100% sure how everything works so if someone can guide me through the process, it would be lovely.  

thanks

So you can send and receive in India ? with WesternUnion ?

If so, and if you can confirm, I'll make up deposits ready now

[Benson Samuel]

Dashing, have you checked out Postal order and Moneygram?

[Dashing]

postal order has to be looked into but it seems even Moneygram is receive only :/

[Dashing]

We could make it such that,
1 person who lives in Bangalore itself can receive the money, through NEFT etc and transfers the money to us by hand / local meet up and then we credit the account of the people who deposited through that person.

[skang]

We could make it such that,
1 person who lives in Bangalore itself can receive the money, through NEFT etc and transfers the money to us by hand / local meet up and then we credit the account of the people who deposited through that person.

Umm, please dont be starting a hawala!

[Fifth_ID]

We could make it such that,
1 person who lives in Bangalore itself can receive the money, through NEFT etc and transfers the money to us by hand / local meet up and then we credit the account of the people who deposited through that person.

Why not do a bank transfer to the owners of bitocean directly?

As long as the reference code (the system can provide a unique reference code and bank details after a deposit amount is entered) and transaction amount is there, a deposit in the bank can be identified (a date helps too.)

Cheque deposits may not have reference codes so it's best to enforce NEFT or similar channels that allow unique reference codes.

[Benson Samuel]

BTC to INR gets recognized as a currency trade. Not possible to perform due to regulations.

I assume that is why this request.

[skang]

BTC to INR gets recognized as a currency trade. Not possible to perform due to regulations.

I assume that is why this request.

Is it listed somewhere?

[Benson Samuel]

Does not matter if it is listed.

It will account for sale of virtual currencies and that is a regulated act under prepaid governance.

The only way to be safe for now is to play with micro sales and smaller amounts which will not get picked up by any radar.

[Dashing]

BTC to INR gets recognized as a currency trade. Not possible to perform due to regulations.

I assume that is why this request.

Yes, that is the exact reason behind this, we'll need to find a epayment method like OkPay or something which has INR on it

[Dashing]

http://bitocean.in/help.php

^ Please read everyone, that's the only way to get your INR into OkPay for now.

[wisard]

OKpay fees are high.

Talk with your lawyer.
A good lawyer should be able to help you set things up so that you can setup an exchange legitimately.

One idea: Don't allow INR / BTC trades. Don't follow the exchange model, follow the game model. Create your own virtual credits. Like a gaming company would. When people send you money via bank transfer, you "sell" them credits that they can use on your website. They can spend these credits on your website to buy bitcoins.

A good lawyer should be able to figure out solutions for you.

You can either do this legitimately. Or you will do this temporarily. And go down as bitme and bitfloor have gone down in USA.

[Fifth_ID]

OKpay fees are high.

Talk with your lawyer.
A good lawyer should be able to help you set things up so that you can setup an exchange legitimately.

One idea: Don't allow INR / BTC trades. Don't follow the exchange model, follow the game model. Create your own virtual credits. Like a gaming company would. When people send you money via bank transfer, you "sell" them credits that they can use on your website. They can spend these credits on your website to buy bitcoins.

A good lawyer should be able to figure out solutions for you.

You can either do this legitimately. Or you will do this temporarily. And go down as bitme and bitfloor have gone down in USA.

That makes sense. Similar to facebook credits, we could buy something akin to bitocean credits and then use them to trade bitcoins or other goods.

Similar to SLL on Virwox, the value of INR could go up or down in relation to available bitocean credits. Actually let 1 credit = 5,000 INR and be divisible up to 0.001 where 0.001 credits is worth 5 rupees.

[wisard]

I would actually keep the credits pegged to INR. Easier for people to trade.
Otherwise, people will have to do one more calculation before deciding to transact.

[Dashing]

okay as you guys requested we will keep the credit system to a point based system.this will be changed as soon as possible and will ease out the transaction process.

[Benson Samuel]

If the credit is convertible to BTC and back, then what is the point?

[wisard]

The point is: talk with a good lawyer first.

They are the guys who find loop holes and help you cover your bases. I just threw out one idea out there - that gaming virtual credits is legal in India. It may be useable in dealing with buying and selling of BTC - it may not be. But talk with a good lawyer and he should be able to figure things out for you.

Buying and selling of BTC is not a technical problem. So don't try to solve it with technology alone.

As I said - try to do this legitimately. Or you will do this temporarily.