India is Paying $900+ for Bitcoin Amid Cash Crisis

[XCoinCall]

India is Paying $900+ for Bitcoin Amid Cash Crisis

https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/

What do you think about this?

[1715355926]

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[1715355926]

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[Zadicar]

India is Paying $900+ for Bitcoin Amid Cash Crisis

https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/

What do you think about this?

I do hear  some  previous  news   regarding  on this  on which  the price  is  still $800 per bitcoin which is   already  high compare on the  current price and   the  reason  for this  is the  supply of  bitcoin  on  india  which is  scarce  thats why  they  put  interest  into it. Its  really insane to  think  of this  which  could somehow to make a  business .

[European Central Bank]

that's what happens when there's no liquidity. i'll guess it's also a pain in the ass to wire money out of india. nothing much to get worked up about. it's a market that's all on its own.

[Dudeperfect]

Yes, I am from Indian and I bought my part of bitcoin at the rate of $776 per bitcoin. I usually accept bitcoin in my business and sometimes I purchase bitcoins from localbitcoins and I prefer digital fiat wallet like paytm (backed by Alipay) or freecharge and not everyone accepts it so I have to deal with those who have that option in payments. Since I don’t keep much cash with me and prefer electronic transfers, I am not affected by the cash crisis.

[BitHodler]

that's what happens when there's no liquidity. i'll guess it's also a pain in the ass to wire money out of india. nothing much to get worked up about. it's a market that's all on its own.

Liquidity is the biggest point of concern there as the market is nothing compared to what we have in the western world.

I am quite sure that the exchange operators will supply these exchanges with a fresh load of coins and take the price down to a significant level.

But then again, there is barely any supply available, but there is also barely any serious buy support. Imagine what a 500BTC dump will do to the price there.

[asriloni]

Purse.io CEO: Bitcoin Adopters ‘Won’t Go Back’

Anyone likes with this statement, the kind word. Both are getting a disaster about his financial. I just agree with the CEO purse.io report. He will be searching for the fast backup.
He was lost a lot, their civilians.

[unamis76]

We've seen a few threads around this subject, looks like Bitcoin is gaining some traction there or speculators are doing this due to the "extinction" of big bank notes...

[ebliever]

When this happened with China a few months back it pulled the price of bitcoin up in the rest of the global market because of the obvious arbitrage opportunities. Looks like the same thing will happen with India. I would expect the effect to be more modest because India is presumably a smaller player in the bitcoin ecosystem, but if the underlying cause is more dramatic and sustained that could be wrong.

I recall hearing once that India is disproportionately a buyer/hoarder of gold, all things considered. I wonder how this could play into their cash crisis and the spillover to bitcoin?

[mrkevio]

The price of Gold also rose very fast and a lot. This happens because people are starting to give up hopes in banks and the cash given by the governments because it's the worst system we could have, I guess. Anything you do in the bank, you're going to end up in debt. It's good that people are finding Bitcoin as a safe currency, but at the same time they need one more currency to rely on. Out of all, Gold is probably the best one out there because it hasn't only been used in the World Wars as a currency but it's also rare and it's real phisically: you can touch it. Maybe the thing that happened in India will change things out here too.

[~Bitcoin~]

It is not a surprise to see such high price than current market price because there is not many bitcoin in India. Only limited sellers are trying to cover huge demand after government banning 500 and 1000 INR notes as well as bitcoin price have itself grew $50+ in last few days which also helps to pump price more in Indian local exchange platforms.

[eternalgloom]

Damn, and I thought I overpaid when using services like Virwox or Bitonic.nl
Would be interesting to see what happens if other countries apply similar regulations.

[xdrpx]

That's more than 10% difference in the trading prices between US and Indian exchanges. The cash crisis has indeed created more demand for Bitcoins than how much the sellers can sell, thus creating such a large percentage of hike in prices between the exchanges. Also, I'm glad to see that more and more people in India are getting involved into Bitcoins and realizing that the need be to evolve into a cashless society. The same happened with the price of gold when the black money hoarders went to purchase gold with their black money before the Government mandating PAN cards to buy gold.

[iram3130]

My dealer made deals for more than $875+/BTC from last week.
People are frustrated with the demonetization and on that this type of dealers...

[Kprawn]

What would be the motivation to buy at that high price difference? Some people are definitely extorting people with these rates and using this

opportunity to milk the high demand. Most of that cash must be illegal, or money that was hoarded for tax purposes. They now rushing to get

rid of it.  .... This will not last long, but the exposure to Bitcoin is good.

[DimensionZ]

Can foreigners sell coins on Indian exchanges? Do people need to submit any ID documents upon withdrawal or can just put their bank account numbers in there and request withdrawal? Man I would love to be able to sell my coins for $800+ a pop lol.

If anyone from overseas has been successful trading on Indian exchanges please share your experience 

[Juggy777]

I really don't understand it what's the point of buying it at a high price. As soon things starts getting better price will crash. Secondly don't you need documents to buy it that will be linked with income tax, so what's sense of buying it or they are buying without the documents? This is a blind move and it shall not be good. People stay away at such prices

[franky1]

ARBITRAGE

convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee

profit

convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee

profit

rinse and repeat

[requester]

What's this all about I have many friends who deals 24 hours with bitcoin but none of them had heard about this. Well anyone explain me who is paying and why they are paying $900. Is there any logical game behind this .

[Ryan Dugan]

India is Paying $900+ for Bitcoin Amid Cash Crisis

https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/

What do you think about this?

How exactly can they restrict bitcoins price to way out of the minimum ? If you in India you buy bitcoin like anyone else. Find a none local trusted site and biy there. No problem. What is the issue here ? It is sensationalism that is all.

[Ayers]

I really don't understand it what's the point of buying it at a high price. As soon things starts getting better price will crash. Secondly don't you need documents to buy it that will be linked with income tax, so what's sense of buying it or they are buying without the documents? This is a blind move and it shall not be good. People stay away at such prices

its can be that for them it's more hard to acquire bitcoin outside of their country so they are forced to pay more to have one, but this is good because it will force a market movement toward their value, they will help the market growth