India is Paying $900+ for Bitcoin Amid Cash Crisis

[BitcoinHodler]

i never thought i live to see the day that people of a country actually start buying bitcoin this massively and this expensive just because there is a financial crisis going on in their country.

we have already heard some news about it in Greece and two other places before but they were mostly talk and no action. this time they are actually buying bitcoin!

The safest currencies are the only ones that have the possibility to live during a crisis in this world. In our case, it should be Gold and Bitcoin. Bitcoin as the second because it's virtual and without Internet or electricity we can do NOTHING with it. Gold requires a small space for 1kg (it's as small as a phone), and Gold was always the best one during the World Wars. This is why the traders are relying on Gold too.

when a crisis happens in the world people are not thinking about "money" they think about food and shelter and the basic survival things! instead. and besides you can never store gold or anything else of value in times of crisis especially something that weighs 1 kilogram! and it wouldn't be small either.

[Yaupgitda]

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?

When a country takes such hilarious and odd decisions then the population suffers. I have seen some friends buying bitcoins for over 900$ its actually around 60000 INR which means around $950 per bitcoins. The demand is more insane for cash deals.

The very corrupted officials will not suffer. They have the inside information and already exchanged the notes.

[Hazir]

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?

When a country takes such hilarious and odd decisions then the population suffers. I have seen some friends buying bitcoins for over 900$ its actually around 60000 INR which means around $950 per bitcoins. The demand is more insane for cash deals.

The only truly bad decision was not demonetize 500 and 1000 rupee notes, but setting so short exchange period.
How Indian authorities expected people would react if they get only 2 moths to exchange their old banknotes, of course it will be mass panic.
If Indian government can pull something like that off out the blue then no wonder Bitcoin is the most desired asset in India right now.

[BTCLovingDude]

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?

one thing that i do not see anyone talking about which was in the article, is the fact that article's source for bitcoin price in India is localbitcoins and we all know that prices there are user defined and always higher than real exchange prices, and i don't think many people are going to buy from localbitcoins when they can buy from some place like btc-e with $200 under the price!

[Shiroslullaby]

I can't really blame sellers for asking a premium, price is based on supply and demand.
If people are willing to pay the price, a vendor is going to maximize their profits.
With all the chaos surrounding Indian banks, people are uncertain of the countries economic future, and in some cases unable to withdraw funds from their local branch.
Times like this are exactly what causes a surge of use in Bitcoin.

[barbara44]

        This not strange. In times of economic crisis and also when the inflation of fiat currency is intense people are directed elsewhere in order to protect their savings. (eg gold). Nowadays is much more safe, quick and anonymous to buy not only bitcoins but and altcoins such as litecoins and ethereum instead of bank notes.

Yeah actually been banned the currency people in India have like 50% of their money as black money due to high taxes and hence they are trying to buy some bitcoins by depositing money to bank, since they are rightly loosing trust in the government and shifting their trusts into bitcoin ecosystem. I guess they are right as bitcoins must be a right solutions for them.

[myparentsdisownedme]

What will this do to the market?

I feel like it should obv only help since theyre over valuing it but idk

[rajasumi2]

Its all because of demonetisation that increase the demand of bitcoins. Goverment has send to jeweller owners who had bought jewellers during that time but not bitcoins .because its online .and goverment trust out people .its good .and we should be haply about that ..kudoos

[Doamader]

Even with they paying a bit above the real value at the moment of bitcoin, i do believe those price will be achieved on the next 4 years, but taking into consideration people are buying to gamble, as well to protect their savings into bitcoin i do believe bitcoin can reach those value faster, and its a protection measure we people can take against the country when we dont trust at them at all.

[The_Dark_Knight]

How long it lasted?

Good time for arbitration and earn some money.

Really nice to see India enjoying on bitcoin world!

This has been good for those holding bitcoin and the speculators but for the average person bitcoin has been nothing but a lifeboat and they don't know if its going to hold up as expected.

[yayayo]

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?

When a country takes such hilarious and odd decisions then the population suffers. I have seen some friends buying bitcoins for over 900$ its actually around 60000 INR which means around $950 per bitcoins. The demand is more insane for cash deals.

The very corrupted officials will not suffer. They have the inside information and already exchanged the notes.

It's always the same. Those who trust in government or have no choice to escape its reach will pay the bill - well, unless they are part of the officialdom. The effect of the government's decision has been devastating especially for the poorer people. A lot of trust has been eroded. Things could quickly go out of hand for the current ruling class, when large parts of the population are starving, because they could not buy seeds to sow their crops.

Certainly, people will learn from it and seek better alternative to store their funds than fraudulent fiat money subject to arbitrary devaluation. As precious metals as a safe store of value face increasing restrictions by the government, more people will look further and will discover Bitcoin.

The current premium paid is due to limited Bitcoin supply (no major mining operations in India) and generally high inflation of India's fiat currency which makes it highly unattractive even without "special actions" by the central bank.

ya.ya.yo!

[Yakamoto]

How long it lasted?

Good time for arbitration and earn some money.

Really nice to see India enjoying on bitcoin world!

This has been good for those holding bitcoin and the speculators but for the average person bitcoin has been nothing but a lifeboat and they don't know if its going to hold up as expected.

The India value of Bitcoin holding up for any period of time beyond January 2017? Very unlikely. Anyone buying in now is making a mistake and should sell what they have and just get it all in smaller banknotes. The value will plummet quickly once the notes go out of circulation and the new bank productions enter the economy.

[richardsNY]

How long it lasted?

Good time for arbitration and earn some money.

Really nice to see India enjoying on bitcoin world!

This has been good for those holding bitcoin and the speculators but for the average person bitcoin has been nothing but a lifeboat and they don't know if its going to hold up as expected.

The India value of Bitcoin holding up for any period of time beyond January 2017? Very unlikely. Anyone buying in now is making a mistake and should sell what they have and just get it all in smaller banknotes. The value will plummet quickly once the notes go out of circulation and the new bank productions enter the economy.

It all depends on how much panic there is. If you look at the actual volumes there, then it's utterly low considering how large India is. If this is just the beginning of what has to come, then people will continue to pay significant premiums for a couple of more months. But if large players know how to use the higher price in their benefit, then it will bring the price down significantly. Even to such levels that when the prices there match the prices on western exchanges, that they will consider it to be a huge loss. They don't understand that as long as they don't sell anything, they don't lose anything.

[Zicadis]

I saw some posts in the currency exchange section so knew something was up with india cashing out to get bitcoin.

[Doms]

It is good to know that India is opening its arms to bitcoin and people are looking for alternatives to protect their money from devaluation. Same as what the Chinese did when the yuan started to lose some of its value. It is also worth noting that an Indian university will also be accepting bitcoin as payment for tuition fee. These are all small steps towards mass adoption and it is nice that we are seeing progress day by day.

[bitcoinmasterlord]

I saw some posts in the currency exchange section so knew something was up with india cashing out to get bitcoin.

But the people is if seller ready to accept those old notes then they will surely get even better rates, but seller needs to find ways to exchange those old notes. It is not entirely correct the people investing in Bitcoins in India. As of now who ever got money in banks they are safe and no need to worry much about current demonisation issue but the issue with the people who has got hard cash in hand. But with that old notes they can purchase bitcoins online.

[rajasumi3]

Its all because of demonetisation .when the real gold s price owners are getting notices of who are buying gold ad give them the cctv footage of who bought them .then only bitcoins become the only method ..kudoos

[iamnotback]

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?

They will need to switch to Bitcoin to escape from government taxes:

http://www.hindustantimes.com/india-news/after-complaints-of-printing-variations-rbi-says-new-rs-500-rs-2000-notes-legal/

[Sithara007]

When a country takes such hilarious and odd decisions then the population suffers. I have seen some friends buying bitcoins for over 900$ its actually around 60000 INR which means around $950 per bitcoins. The demand is more insane for cash deals.

How the cash deals can go forward, when the country is facing an acute shortage of banknotes? If you are suggesting that the buyer is purchasing the coins in exchange for the now-defunct ₹500 and ₹1,000 notes, then this is almost certain to cause issues to the seller. 

[hakanbalta577]

I am also from India and facing this issue as well.The main reason behind this have our government is taken a huge step and banned the higher value notes to take control of black money.So peoples here are trying to either buy gold with them quickly and some who know about bitcoins want to buy it.
Every day i see in our india exchange btcxindia.com,the price of bitcoin is just inreasing.