India is Paying $900+ for Bitcoin Amid Cash Crisis

[iamnotback]

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.

Is gold viable as a currency? How do you trade a gold necklace for a hamburger?

Wouldn't an instant currency transfer with your mobile phone be more practical?

Aren't Indians very fond of having a smart phone as soon as they can afford one?

The government can't stop people from using crypto-currency unless they block the Internet.

Am I correct that Indians hate to pay taxes?

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/

[n0ne]

Traders from India has been using the situation in a way to make good earning. Because it looks like the currency is getting devaluation due to the decreased circulation than required. It is a good plan to reveal the people holding lot of black money, but the method of implementation got failed.

[1Referee]

Traders from India has been using the situation in a way to make good earning.

Of course, there will be a few people taking advantage of this higher price to a certain extent, but there is barely any real supply. If a serious trader that is being seen as a relatively small trader with 100BTC here, then this exact same trader will be a massive whale if he is operating from one of their exchanges. Another thing is that with 100BTC, you can get the price there to go down with 50% (if not lower) without any effort.

It is a good plan to reveal the people holding lot of black money, but the method of implementation got failed.

It doesn't impact the rich elite. It's either the middle class people that are being affected, and the group of poor people which is the far majority. It's another attempt to strengthen their control on the economy. The hunger for control from the government's side is what makes people jump into Bitcoin. They don't want you to have any financial freedom.

[Juggy777]

When I visit the site zebpay that sells it clearly says that they need to upload their Pancard, isn't Pancard linked to every transaction and the tax men will eventually find out they hid their money there, so what's the point and today it hitting approx 1000$,this is madness, what will happen when price falls.

[error08]

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.

Glad for you, these kind of gov decision that gave bad impact to economics and people was the most suffer if crisis happens.
Bitcoin is one of good option to saving your money instead of cash which the value always decline from time to time due to inflation and whatever banks regulations cause those situation. But Indian people bought $800-900 for 1 btc was quite not fair, even if demand increase but bitcoin has standard price right, I think some of exchanges raised it too much.

[Techie5879]

That is the kind of cash crisis here. People have payed upto 800 $ though, I never saw $900 for a single bitcoin. Many people are also trying to hoard their money up using this, specially the black market holders. And yes, to reply to some people above, people are using banned notes and stuff to hoard up by buying gold, and bribes even. Every day in Indian exchange btcxindia.com, the price of bitcoin is indeed inrceasing, and you can check the prices in google too. Its well above 50k INR, while it was 42-43k INR just before this crisis.

[pereira4]

What volume of BTC is the indian exchanges moving? that is what I want to know, because $900 per BTC seems unlikely with big volume, maybe someone bought like 0.1 BTC and now the newspapers are picking up on that headlines of "$900 BTC in India" which is flashy and clickbaity, just like ZEC got millionaire amounts per coin for tiny a mounts of ZEC and it got headlines in the papers.

In any case, this is the begining of the end of fiat currencies, we will see this happening all over the world and bitcoin will be worth $100000 with good volume over the next 10 years.

[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.

Is gold viable as a currency? How do you trade a gold necklace for a hamburger?

Wouldn't an instant currency transfer with your mobile phone be more practical?

Aren't Indians very fond of having a smart phone as soon as they can afford one?

The government can't stop people from using crypto-currency unless they block the Internet.

Am I correct that Indians hate to pay taxes?

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/

Sadly yes indian dont love to pay taxes but i am totally against it because there is a huge lot of black money in our country which is slowing down country's progress for sure,thats why that strong step being taken to remove all those black money.
Bitcoin can be an option but still to buy bitcoin people have to first deposit their cash to bank account and then buy bitcoin and i that way government can track that big amount is being deposited but yes they can never know how much bitcoins have been holded and hence cannot take tax for that.

[bryant.coleman]

This is just crazy!!!

I was checking the localbitcoins Indian section, and the exchange rates are just rocketing upward. Right now, the best deal is at $964 per coin (the exchange rate in BTC-e is $736 per coin), and this represents a premium of 31%.

Who is buying the coins at such high prices? I think that it is only a matter of time before the exchange rate hits $1,000 per coin in India!!!

[iamnotback]

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.

Is gold viable as a currency? How do you trade a gold necklace for a hamburger?

Wouldn't an instant currency transfer with your mobile phone be more practical?

Aren't Indians very fond of having a smart phone as soon as they can afford one?

The government can't stop people from using crypto-currency unless they block the Internet.

Am I correct that Indians hate to pay taxes?

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/

Sadly yes indian dont love to pay taxes but i am totally against it because there is a huge lot of black money in our country which is slowing down country's progress for sure,thats why that strong step being taken to remove all those black money.

Bitcoin can be an option but still to buy bitcoin people have to first deposit their cash to bank account and then buy bitcoin and i that way government can track that big amount is being deposited but yes they can never know how much bitcoins have been holded and hence cannot take tax for that.

Bitcoin has that problem of onboarding, but Steem(it) does not. And there is a better clone/kind of Steem(it) coming which I think is going to make it very easy for the people to get crypto-currency without needing to go through an exchange. And then the world will change. I say this, because I am the person who is creating this new project.

Why is not paying taxes bad for your country? The government is the most inefficient use of resources, so keeping resources out of the government's hands should be the best for growing the economy.

“An elephant is a mouse built to government specifications.”  ― Lazarus Long

You think the government is the only entity which can build roads, schools, and provide food and health care to the indigent?

Rather the problem in India is your country doesn't allow foreigners to invest there without a lot of corrupt bureaucracy. The problem of India is all the corruption. I read there are corrupt police and officials and it is very difficult and dangerous to attempt to do business there.

So what you really need in India is to stop the caste system and stop the corruption.

With crypto-currency and the Internet, we can empower the people of India to rise above the corruption, because the government officials can't control the Internet, the way they can control the lands, the licenses to build infrastructure and do physical business. The virtual economy is global and the people can increasingly go to it to earn income which can't be corrupted.

This is the future.

[Victorycoin]

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.

Is that really a case of no liquidity or scarcity? I think much more Indians are losing faith in the Rupee as a result of not understanding what direction the government is headed with the currency thus creating a huge demand for a currency outside the control of their government and our dear bitcoin, comes handy there.

Wiring money out of India still walks the corridors of the authorities and so it is nothing changed from what used to be. This development in India is a pointer to what to expect in the future, as more and more people finally discover in bitcoin, what the fiat currencies have denied them.

[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.

Glad for you, these kind of gov decision that gave bad impact to economics and people was the most suffer if crisis happens.
Bitcoin is one of good option to saving your money instead of cash which the value always decline from time to time due to inflation and whatever banks regulations cause those situation. But Indian people bought $800-900 for 1 btc was quite not fair, even if demand increase but bitcoin has standard price right, I think some of exchanges raised it too much.

Yes absolutely, paying more than actual price is not worth it in usual cases but since it is a period of financial crisis, people have paid more for time instead of bitcoin. Yes I have also faced problems like standing in ATM queues for 1 hour and more to withdraw cash from my bank account but still as a student of economics I support such decision  of the government and although it’s painful now but it will give good returns in the long term.

[jyakulis]

Puhlease ...you can't eat a bitcoin

[neochiny]

That is the kind of cash crisis here. People have payed upto 800 $ though, I never saw $900 for a single bitcoin. Many people are also trying to hoard their money up using this, specially the black market holders. And yes, to reply to some people above, people are using banned notes and stuff to hoard up by buying gold, and bribes even. Every day in Indian exchange btcxindia.com, the price of bitcoin is indeed inrceasing, and you can check the prices in google too. Its well above 50k INR, while it was 42-43k INR just before this crisis.

But what I want to know is that, are people able to use the "banned notes" and/or "black money" to buy bitcoins from the local exchanges? Do you have any idea? Because I have searched through Unocoin some weeks back and saw that they require a PAN (Permanent Account Number) just to register. So, that would mean, every time they'd want to buy/deposit to their Unocoin account they'd have to go through the banks.

[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.

Is gold viable as a currency? How do you trade a gold necklace for a hamburger?

Wouldn't an instant currency transfer with your mobile phone be more practical?

Aren't Indians very fond of having a smart phone as soon as they can afford one?

The government can't stop people from using crypto-currency unless they block the Internet.

Am I correct that Indians hate to pay taxes?

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/

Sadly yes indian dont love to pay taxes but i am totally against it because there is a huge lot of black money in our country which is slowing down country's progress for sure,thats why that strong step being taken to remove all those black money.

Bitcoin can be an option but still to buy bitcoin people have to first deposit their cash to bank account and then buy bitcoin and i that way government can track that big amount is being deposited but yes they can never know how much bitcoins have been holded and hence cannot take tax for that.

Bitcoin has that problem of onboarding, but Steem(it) does not. And there is a better clone/kind of Steem(it) coming which I think is going to make it very easy for the people to get crypto-currency without needing to go through an exchange. And then the world will change. I say this, because I am the person who is creating this new project.

Why is not paying taxes bad for your country? The government is the most inefficient use of resources, so keeping resources out of the government's hands should be the best for growing the economy.

“An elephant is a mouse built to government specifications.”  ― Lazarus Long

You think the government is the only entity which can build roads, schools, and provide food and health care to the indigent?

Rather the problem in India is your country doesn't allow foreigners to invest there without a lot of corrupt bureaucracy. The problem of India is all the corruption. I read there are corrupt police and officials and it is very difficult and dangerous to attempt to do business there.

So what you really need in India is to stop the caste system and stop the corruption.

With crypto-currency and the Internet, we can empower the people of India to rise above the corruption, because the government officials can't control the Internet, the way they can control the lands, the licenses to build infrastructure and do physical business. The virtual economy is global and the people can increasingly go to it to earn income which can't be corrupted.

This is the future.

Yes you are right on the fact that corruption is a lot in India specially highly ranked government officers,police and the ministers as well are the most corrupted.No work can be done without their permission and they ask you bribe for that,weather your project is right or wrong.And yes caste system prevails a lot as well in India.
Thats why i also like crypto-currency because i also dont want any of these corrupted officials to know my wealth or control it and i have to pay them my earned money.
But right now i do not know how it is possible to buy bitcoins without the use of bank and without going through exchanges specially in India.

[overthetop2011]

The majority people are not aware of the true BTC value yet.

Let us wait and  find out what would happen after next 5 years.

[iamnotback]

But right now i do not know how it is possible to buy bitcoins without the use of bank and without going through exchanges specially in India.

It will become possible to get crypto-currency for free by joining a social network and just using it the way you normally use Internet sites. You will "earn" this crypto-currency.

Steemit.com pioneered this concept but for blogging only and their method is I think not optimum. I have a project coming for this. Stay tuned...

[outatime1]

I countries where there is huge inflation, bitcoin can be a good store of value. I think that is the situation in some countries in South American as well. As long as you have a way to transfer the fiat currency to bitcoin,it can be a good alternative.

[fiscorcle]

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?

[Xester]

I countries where there is huge inflation, bitcoin can be a good store of value. I think that is the situation in some countries in South American as well. As long as you have a way to transfer the fiat currency to bitcoin,it can be a good alternative.

Yes India sees bitcoin as a way of protecting their investments if in case their fuat currency goes down. It is a good strategy for them to hold bitcoins not only it is increasing in price but can be their way out of financial crisis. But when we speak of India it does not refer to the whole India but only to those selected few who have a good background on economy and cryptocurrency.