India is Paying $900+ for Bitcoin Amid Cash Crisis

[btvGainer]

That is an over inflated amount that these people are paying and no wonder some of them have resorted to buying them on the black market for cheaper rates. That is just insane! Isn't that more than what China is paying per coin?

Most people with lots of black money are buying bitcoin to dispose off with their black money for the fear of Government's action.I don't think they have any problem paying high rates

Bitcoin could serve very well for that purpose, but if you're looking at the wealthiest people with the largest amounts of black money, then they have other ways of getting the black money hidden and/or cleaned. It will indeed cost them a decent premium to have done all this, but it's much better than having the government take a bite out of your money every year. Then you also have the penalties that people are facing for hiding their money. It's beyond insane that people have to go through all this with money that they have been working for their entire life.

If those guys are in India, they might be in trouble now.

Yes the question is how would they pay to buy bitcoin? do Indian exchanges accepting banned 500 and 1000 rs bills? They must keep the records of their users so people converting their black money in bitcoin will eventually got caught

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[john2231]

That is an over inflated amount that these people are paying and no wonder some of them have resorted to buying them on the black market for cheaper rates. That is just insane! Isn't that more than what China is paying per coin?

Most people with lots of black money are buying bitcoin to dispose off with their black money for the fear of Government's action.I don't think they have any problem paying high rates

Bitcoin could serve very well for that purpose, but if you're looking at the wealthiest people with the largest amounts of black money, then they have other ways of getting the black money hidden and/or cleaned. It will indeed cost them a decent premium to have done all this, but it's much better than having the government take a bite out of your money every year. Then you also have the penalties that people are facing for hiding their money. It's beyond insane that people have to go through all this with money that they have been working for their entire life.

If those guys are in India, they might be in trouble now.

Yes the question is how would they pay to buy bitcoin? do Indian exchanges accepting banned 500 and 1000 rs bills? They must keep the records of their users so people converting their black money in bitcoin will eventually got caught

Oh? i really dont know this news so you mean they are arresting someone in indian who are buying bitcoin with black money.. ? what you mean about black money? i dont understand well this is a crisis in india that is why some india people here are scamming with bitcoin because i think they want to stop using bitcoin right now like letyouearn..

[Juggy777]

That is an over inflated amount that these people are paying and no wonder some of them have resorted to buying them on the black market for cheaper rates. That is just insane! Isn't that more than what China is paying per coin?

Most people with lots of black money are buying bitcoin to dispose off with their black money for the fear of Government's action.I don't think they have any problem paying high rates

Bitcoin could serve very well for that purpose, but if you're looking at the wealthiest people with the largest amounts of black money, then they have other ways of getting the black money hidden and/or cleaned. It will indeed cost them a decent premium to have done all this, but it's much better than having the government take a bite out of your money every year. Then you also have the penalties that people are facing for hiding their money. It's beyond insane that people have to go through all this with money that they have been working for their entire life.

If those guys are in India, they might be in trouble now.

Yes the question is how would they pay to buy bitcoin? do Indian exchanges accepting banned 500 and 1000 rs bills? They must keep the records of their users so people converting their black money in bitcoin will eventually got caught

Oh? i really dont know this news so you mean they are arresting someone in indian who are buying bitcoin with black money.. ? what you mean about black money? i dont understand well this is a crisis in india that is why some india people here are scamming with bitcoin because i think they want to stop using bitcoin right now like letyouearn..

This whole thing about rich people dumping money In Bitcoin sees really a good ploy by the Bitcoin exchange guys in India to pump up the prices. I visited few of the Indian exchanges, and it is clear they need documents to buy, so let's say they dumped their money but they left a paper trail. I don't think the so called rich people are so dumb also. It's a bubble that will soon lower down and it will come to light while Bitcoin was shown in bad light people made other ways. Time will only say what really happened.

[deadsilent]

What?! Thats really huge difference between our current price. I think its because of demand of bitcoin there. The cash i think there is failing so in able not to lose everything, they spend it for bitcoin. As of now, we are at $790+ and still rising. India is struggling with their currency. Thats why bitcoin price is sky rocket there.

[Chin Cheng]

Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.

[Denker]

Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.

No as far as I know foreigners can not use their exchanges.
You will have register and identify.Therefore they will know you are not indian.
Would be awesome if we could just sell our coins there right?!

[gkv9]

Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.

I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...

[Sniper44]

Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.

I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...

what if you use alternative ways of money payment. such as paying through some of the other payment processors like perfect money and do your purchases on btc-e?

[Weatherby]

Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.

I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...

If you are providing your documentation then you are leaving a trail and how come you could convert your black money by providing all the detailed information and still say that you have exchanged your coins and that is the one doubt i have in my mind after hearing all these.

[SvenBomvolen]

I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...

   People are converting "black money", do you mean money obtained on illegal way? I dont think its nice to punish all the people cause of that. I doubt that all Indians are criminals, that is very ugly opinion.
   Exchanges are making huge profit if they sell bitcoin for 900 dollars. They are robbing people, can Indians bypass restrictions and to buy bitcoins in some other way?
  

[Pursuer]

this is what real demand looks like.
when it happens, price of bitcoin can easily go to the moon. and I'd say if a couple of other countries start showing even one third of Indian enthusiasm in buying bitcoin, price can easily go to $2000 in a couple of months. and that would be the mass adoption that we are all waiting for and sometimes talk about.

[Sithara007]

India is an enormous market, it can start moving things if they want to

There is no doubt that the Indian Bitcoin market is very promising. But if you are an outsider, then you will be frustrated with all the red tape and corruption. For example, you need to run from pillar to post to obtain a license, so that you can legally run a Bitcoin-related business. Now for obtaining this license, you need to have the right contacts, and you need to bribe the right persons.

[btcdevil]

this is what real demand looks like.
when it happens, price of bitcoin can easily go to the moon. and I'd say if a couple of other countries start showing even one third of Indian enthusiasm in buying bitcoin, price can easily go to $2000 in a couple of months. and that would be the mass adoption that we are all waiting for and sometimes talk about.

I dont agree with you, this was not enthusiasm in buying bitcoin, but it was done purposely to convert the black money to bitcoin, and it is not good for bitcoin community , if you see the price it was temporary and now the price is back to normal price, but the impact will be bad that bitcoin is used in black money.

It should be in good name of using bitcoin. That price hike was fake created by the black market for doing wrong work

[iram3130]

I don't think there is any exchange in India who take currency physically and sell bitcoins. So the using 500 and 1000 rs notes are not possible. But I do agree that there is a way to convert you black money to bitcoins, but it is very difficult coz as I have seen the trading websites will ask for some user authenticity. 

[QuestionAuthority]

Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.

I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...

That's fascinating. What are the black market goods Indian people are interested in that creates so much profit? Is it guns, drugs or some other type of contraband?

Are the Indians spending the converted cash on something or are they just holding the btc? How exactly are they buying the coin? You claim that "Know Your Customer" laws apply in India but surly Indian black marketeers aren't stupid enough to launder money by releasing personal information?

[Yaupgitda]

Does the Indian exchanges allow others to sell their coins and if so what are the exchanges that still provide these sort of rates.Is it true that we have to fill in our documentation before proceeding.

I am from India, and if you are asking about exchanges and only if you are from India, then yes, you need to follow certain KYC norms and provide your documentation before you move ahead exchanging with them... The rates here are high just because people are converting their "black money" into bitcoins just because of demonetization, and that's the only reason we are getting such rates... But due to this, many international exchanges have now stopped letting Indians buy through their exchanges at current market rates...

That's fascinating. What are the black market goods Indian people are interested in that creates so much profit? Is it guns, drugs or some other type of contraband?

Are the Indians spending the converted cash on something or are they just holding the btc? How exactly are they buying the coin? You claim that "Know Your Customer" laws apply in India but surly Indian black marketeers aren't stupid enough to launder money by releasing personal information?

I think they are holding.

[rapta]

I believe this is an opportunity for bitcoin and other crypto-currency.  It can easily showcase how useful they are for micro-transactions.  The paper money / coinage method of payment seems so old-world these days.

[Hydrogen]

Evidence of bitcoin being more stable than state regulated currency?

[Yaupgitda]

Evidence of bitcoin being more stable than state regulated currency?

At least the amount of bitcoins is fixed.

[Capradina]

India is an enormous market, it can start moving things if they want to

Yup, indeed india is a country with a market that is quite promising. However I'm not convinced 100% that bitcoin has huge influence in india, because I also have never seen miners in india. I am more attracted to China, because there already exist several places used to mine and it gives a pretty good color in the bitcoin growth in the country. For now it will be very hard to find goods sold for bitcoin payments accept bitcoin is still not understood by most people