Please stop buying bitcoins from India

[Blackshadow007]

So the fun time over .. back to reality now slowly for India ..
well i must say enjoyed a lot during the price hike .. Thanks to Moneypolo gave me clean path to enter to btc-e with sweet rate and then come back to my favorite coinsecure for sale
Enjoyed while it lasted ... now hope the original BTC price hikes to 800$ then another enjoyment starts ..

you crazy guy price is still hiked its still 100$ above market rate.


Do explain me how you purchased from BTC-E I would like to do the same ...

I bought some coins via paypal yesterday at cheaper than today's price ...

Simply register at Moneypolo , Get yourself verified , Get physical VISA CARD for 15$ for withdrawal at local Indian ATMs , Then deposit with your debit card [ 4% + conversion rate INR TO USD ] then generate BTC-E Code in your moneypolo wallet 1% fees and then Deposit to BTC-E with 0% fee and enjoy BTC . Remember their verification is very hard , to get yourself Level 2 verified you need to video chat with their verification team , i am Level 2 verified in Moneypolo now and its quite amazing and fast and legal .

cheers    

Most amazing thing is the VISA Card , i tested and it withdraw flawlessly in Indian ATM remember per withdraw charge is 3.5$ so withdraw big only .. per day limit 2000$ max .

So how much fees do you get charged totally ? Still inefficient as you lose money on top of fees converting inr to usd .

for withdraw let say you load Moneypolo with BTC fees 1% and then withdraw via VISA Card fees 3.5$ whatever amount you withdraw fixed .. max withdraw per day 2000$ ; small withdraw = loss but big withdraw profit and anonymous . As there is nowhere PAN involved with Moneypolo .. ; i tested withdraw 2000 INR , i ended up 1700 INR in hand with my new card ...

Considering so much of fees and formalities involved in doing this, its not at all easy it seems. Also just for example could you provide how much did 1 btc cost you buying including all the fees from Moneypolo and at what rate did you sold to Coinsecure?

Buying from BTC - E did profit when price was premium in India , but now its not much difference. I am not saying its the best option but at least it the best option to hold a foreign VISA Card and stay anonymous for your spending and purchase online items with it , withdraw via ATM  . Besides it gives you direct and lowest fee access to BTC-E .

[baristor]

Enough guys... the more we feed these greedy sellers the more they will increase their prices...

If everyone stops buying btc from India they will be forced to revert to old prices.

Waiting for price to be as good as preev market place price then it's fine this is India not North Korea or Pakistan... even then I suspect those countries will be easier n cheaper to buy btc.

Whats wrong if price is high in india? Almost everything has different prices in different countries.Price of petrol for example, it is cheaper in some of our neighboring countries but we are paying more so whats wrong if due to high demand price of bitcoin is also high in india?

There is nothing wrong in having higher prices in India, but due to these sudden price hikes that took place just because of demonetization, have you noticed that many other International exchanges have now restricted Indians to be able to buy Bitcoins at their websites? You cannot buy bitcoins even from Coinbase anymore? Don't you think that's unfair?

Nothing wrong with having high prices in India ?

Seems you didnt understand the concept of bitcoin my friend.

[eXpl0sive]

so i am form india form where should i buy the bitcoin and why should stop buyinf bitcoin from india its better to level up ur own county

At the moment it's still cheaper to buy via paypal from international exchanges.

That would be interesting. However I haven't come across any exchanges that accept PayPal, except VirWox. And that too comes at around 10% premium price due to transfer commissions and INR-USD-SLL-BTC conversions.

Are you using any other exchanges than VirWox for PayPal transactions?

[13abyknight]

This seems like a really interesting way to go about the current prices but as a user earlier pointed, Demand > Supply so people who urgently want BTC will obviously won't mind paying more than preev rates and end up giving more $ to the seller.

[lordquanta]

This seems like a really interesting way to go about the current prices but as a user earlier pointed, Demand > Supply so people who urgently want BTC will obviously won't mind paying more than preev rates and end up giving more $ to the seller.

There is lot of Ignorance about other options available for purchasing bitcoin. One could buy from bitcoin exchanges as well (though very few are offering prices compatible with preev price).  Purchasing bitcoins from internation market is bit difficult. There was a thread in forum where a veteran member shared a cheaper way to purchase bitcoins from international market. Problem was the restrict verifications or rules followed by that company. I'm not able to find it readily now.

If anyone knows how to purchase the bitcoins from international market without much hassle then it would make much difference. For some going through procedure hassle is secondary if rates are at preeve level.

[DomainMagnate]

Enough guys... the more we feed these greedy sellers the more they will increase their prices...

If everyone stops buying btc from India they will be forced to revert to old prices.

Waiting for price to be as good as preev market place price then it's fine this is India not North Korea or Pakistan... even then I suspect those countries will be easier n cheaper to buy btc.

Demand > Supply

Dont forget both demand and supply can be manipulated.There are only few exchanges in India and I think they have secretly made some kind of cartel to keep the price higher than international price.
What is more frustrating is that their sell price is much lower than buy price.

[nizamcc]

Enough guys... the more we feed these greedy sellers the more they will increase their prices...

If everyone stops buying btc from India they will be forced to revert to old prices.

Waiting for price to be as good as preev market place price then it's fine this is India not North Korea or Pakistan... even then I suspect those countries will be easier n cheaper to buy btc.

Demand > Supply

Dont forget both demand and supply can be manipulated.There are only few exchanges in India and I think they have secretly made some kind of cartel to keep the price higher than international price.
What is more frustrating is that their sell price is much lower than buy price.

Should only the exchanges be blamed and not people trading there?
What do you think? Are these exchanges only liable for those prices?
No. We also need to be blamed for it because we want those prices to be there (either demonetization is the reason or greed), but we need it.
And I don't think there is anything wrong if the price is high in India compared to International markets, because it is an opportunity for everyone to make good profits from these, and this is kind of a commodity market, so no one should be blamed here.

[erikalui]

Should only the exchanges be blamed and not people trading there?
What do you think? Are these exchanges only liable for those prices?
No. We also need to be blamed for it because we want those prices to be there (either demonetization is the reason or greed), but we need it.
And I don't think there is anything wrong if the price is high in India compared to International markets, because it is an opportunity for everyone to make good profits from these, and this is kind of a commodity market, so no one should be blamed here.

I agree here. These exchanges charge high rates as they even buy bitcoins from users at those high rates (usually above the market rate). If the users wouldn't be buying bitcoins from the Indian exchange sites. International exchange websites too sometimes have a rate which is 5% higher or lower than the market rate and their withdrawal fee is also high at time (sometimes it's as high as 3% which makes it the same case with Indian exchanges). But I agree it's more in the case of Indian exchanges. It's not only the users fault but the demand and supply as well play an important role.

[rajasumi2]

People should always buy bitcoins in india .it is not so popular india but it is also too much in demand than the supply its for sure .bitcoin companies should rise up so that they can the suppy the demand that is rising in india .for me i do not buy bitcoins , i only earn it through signature campaign . 

[eXpl0sive]

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

[moooonu]

Enough guys... the more we feed these greedy sellers the more they will increase their prices...

If everyone stops buying btc from India they will be forced to revert to old prices.

Waiting for price to be as good as preev market place price then it's fine this is India not North Korea or Pakistan... even then I suspect those countries will be easier n cheaper to buy btc.

Its all game of demand and supply. After all each trader wants to sell at high and buy at low. Otherwise how will they make profit.

[lordquanta]

Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise,  vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

[Forbiddenone]

Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise,  vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

It is similar to share market or property buying/selling .people invest as to get profit.there is advantage on seller side as they can sell btc at high rate than international exchange  and disadvantages on buyer side but its is more convenient than buying on external exchange.

[bitcoinisbest]

Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise,  vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

It is similar to share market or property buying/selling .people invest as to get profit.there is advantage on seller side as they can sell btc at high rate than international exchange  and disadvantages on buyer side but its is more convenient than buying on external exchange.

Well for Indians there is no advantage/disadvantage because you buy from India and sell in India. As you cannot afford to buy from International markets due to the laws governing and also there are huge fees for making transaction though cards, withdrawal fees etc.

[tech_solutions]

Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise,  vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.

It is similar to share market or property buying/selling .people invest as to get profit.there is advantage on seller side as they can sell btc at high rate than international exchange  and disadvantages on buyer side but its is more convenient than buying on external exchange.

Well for Indians there is no advantage/disadvantage because you buy from India and sell in India. As you cannot afford to buy from International markets due to the laws governing and also there are huge fees for making transaction though cards, withdrawal fees etc.

I think you can buy through neteller or other online cash wallet system through direct sellers from other country , that will not be problem for you. but buying and selling in india through indians will be more benefit.

[Pattberry]

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

[eXpl0sive]

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

[bitcoinisbest]

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

Do you know if there is any restriction for buying internationally and could fall under some Act of FEMA? Did you do any research or just buying it and then it can fall you in trouble? Kindly consult your CA and get advice.

[eXpl0sive]

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

Do you know if there is any restriction for buying internationally and could fall under some Act of FEMA? Did you do any research or just buying it and then it can fall you in trouble? Kindly consult your CA and get advice.

I should probably do that, thanks.

However I don't think there should be any trouble in doing international spends unless you're doing any money laundering. It would be just like purchasing something from amazon US site and paying with credit card or PayPal. Bitcoin is not yet classified into any particular goods/services, so that would be safe. To be on the safer side, I would just log all my Bitcoin-related purchase/sell trades so that I have all records if someone comes knocking.

RBI is just 'observing' Bitcoin, not putting any restrictions.

[lordquanta]

You can now purchase Bitcoins from Bitstamp using your Credit/Debit Card!:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Have you tried purchasing bitcoin using debit card and if so what is the charges for doing these kind of transactions and what is the conversion charges,when using neteller there is a specific charge as they would say 4.9% but they used to debit more than that and it is said to be conversion charges,so i want to know how much are they charging for every transaction.

I tried going into Bitstamp in first week of Feb and using Credit Card option. I got a message saying the service is being rolled out gradually and may be available within next few days. I will try checking again this weekend probably.

Not sure how much Bitstamp would charge, but all Credit Card companies levy a "Markup Fees" of around 3.5% on all international transactions, so that should be taken into consideration.

Do you know if there is any restriction for buying internationally and could fall under some Act of FEMA? Did you do any research or just buying it and then it can fall you in trouble? Kindly consult your CA and get advice.

I should probably do that, thanks.

However I don't think there should be any trouble in doing international spends unless you're doing any money laundering. It would be just like purchasing something from amazon US site and paying with credit card or PayPal. Bitcoin is not yet classified into any particular goods/services, so that would be safe. To be on the safer side, I would just log all my Bitcoin-related purchase/sell trades so that I have all records if someone comes knocking.

RBI is just 'observing' Bitcoin, not putting any restrictions.

Here concern is more on sending money outside india instead of getting in India. However I don't think purchasing bitcoins from International market could land you in legal trouble. Somewhere on one of thread, one of veteran mentioned purchasing bitcoins from International market.
It is always better to get facts correct than feeling sorry later. Consult with proper CA and then proceed. Make sure to share your experience here.