I have a question to the people who lives in India

[ether19]

The price of Bitcoin (as I'm posting this) is $712, but some guy (will not use names) on Twitter tweeted that BTC is traded @ $100+ over the actual price on Indian exchanges. I haven't checked the Indian market recently, but currently Unocoin buys Bitcoin @ 55,800 INR ($824) and BTCXIndia buys it at 55,500 INR ($812). Can someone tell me why is that difference?

Cheers,
Spartak

Let say a coin a listed in poloniex and bittrex, it will have some difference in price, why is that? demand and supply is the answer. And I am an Indian staying in Kerala. I have to say that Indian exchanges and sites like unocoin and zebpay charges more as than other international sites.

I would prefer buying from unocoin or zebpay as they are set up in India and I can get a refund if things go wrong for some reasons. I may able to do so in any other sites which are based abroad, but I trust these Indian sites more. I believe Zebpay and Unocoin are registered in India and they do fall under the Indian jurisdiction which makes any Indian buyer or seller of bitcoins confident.

   

[1713496034]

1713496034

[bitllionaire]

I don't understand what's keeping the price of Bitcoin so high in India. What's stopping the Indians from purchasing Bitcoin at normal prices on other foreign exchanges avoiding the local sellers charging excessive amounts? It's not so difficult to use a credit or debit card online, is it?

i think these are just the false news, as i know so many people from India, even some are my close friends ans they often discuss with me about bitcoin but they never mentioned me such thins  therefore to me it may not be true.

[spartak_t]

And as we speak (and wasting our time as I didn't saw a single satisfying answer), India is buying Bitcoin @ $890: https://twitter.com/bulgar1an/status/799208813769453568

THE question is WHY?

[neochiny]

Isn't that BUY for when a person buys from the local exchange?
I do not see the rates the local exchanges are paying for when a person sell their bitcoin to the exchange.
It's usually significantly lower when selling(converting to fiat) to the exchange.

An example from my local exchange:
Php 37,218 = $750.068 = 1 BTC = When I buy from the exchange
Php 36,057 = $726.67   = 1 BTC = When I sell to the exchange

I cannot find the rates these local exchanges in India are paying when one wants to sell BTC.

So, wouldn't the reason for the high price when "Buying" from the exchange be the recent rupee crisis?
Like others have suggested, the exchanges are probably taking advantage of the demand since a lot are wanting to launder their "black money", hence the very high price for buying.

The price of Bitcoin (as I'm posting this) is $712, but some guy (will not use names) on Twitter tweeted that BTC is traded @ $100+ over the actual price on Indian exchanges. I haven't checked the Indian market recently, but currently Unocoin buys Bitcoin@ 55,800 INR ($824)  and BTCXIndia buys it at 55,500 INR ($812). Can someone tell me why is that difference?

Cheers,
Spartak

So, the BUY that we see there is when a person buys from them. It's not a p2p. You buy and sell directly to the exchange. Dumping Rupees = Very high "BUY" rate for BTC

Regarding the difference and the reason they are still sustaining is the ban on the paper cash, people are finding ways to dump their non taxed money into something and cryptocurrency is the best choice.

Since when dumping justifies a much higher (than usual) price?

[ether19]

And as we speak (and wasting our time as I didn't saw a single satisfying answer), India is buying Bitcoin @ $890: https://twitter.com/bulgar1an/status/799208813769453568

THE question is WHY?

Allow me to try again:

1. People who have black money wants to convert into white some how in the wake of demonitization and they are rushing to buy the "digital gold".

2. A lot of people started using digital payment apps such as paytm, statistics have showsn that transactions in the past week have risen to Rs 20,000,000  from Rs 300,000 of this app. This shows that Indians will soon adopt bitcoin in the coming months. Seeing this the old bitcoin users and traders are setting up the price in premium. The global scenario also points to bitcoin price appreciation at any moment