Indonesian Largest Bitcoin Exchange Reach 788 USD while Other in 770 USD area

[hifzi]

how can is this Possible Indonesian Largest Bitcoin Exchange VIP.Bitcoin.CO.ID Reach Rp. 10,500,000 or 788.23 USD (rate 1 USD = Rp. 13,321) while Other in 770 USD area?


is there inside trader?
if you want quick money. sent your  money, and sell all you coin and buy back at after the price at Rp. 10,2xx,xxx area or 770 USD area
bvecause trader over ther is easy to panic

Update:
Now they are reaching 795 usd while other still in 770area,
Im aware, that there are inside trader in this loval exchange

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[MadGamer]

This happened with Indian exchanges a couple of weeks ago as well and It's not different , you still have to verify your identity by providing an ID or passport + your photo as mentioned in their blog post .
I guess this is the case for all local exchanges and not only this one so unless you are from Indonesia , I don't see how this could turn profitable to you.

[hifzi]

This happened with Indian exchanges a couple of weeks ago as well and It's not different , you still have to verify your identity by providing an ID or passport + your photo as mentioned in their blog post .
I guess this is the case for all local exchanges and not only this one so unless you are from Indonesia , I don't see how this could turn profitable to you.

yeah i know that it hard for foreign users to verified their account,

i know every user there always arbitrage their money to international exchange like huobi bitfinex, or etc,
but it happen when this local exchange had cheaper price than huobi or bitfinex,

my question is
what happen to this localexchange, this price (higher almost 10 USD happen for month) ussualy the price is cheaper tahn international exchange

[fiserman]

It could be that the demand is high in Indonesia but there are fewer local suppliers. The price may settle down after the rush is over.

[Jhanzo]

This happened with Indian exchanges a couple of weeks ago as well and It's not different , you still have to verify your identity by providing an ID or passport + your photo as mentioned in their blog post .
I guess this is the case for all local exchanges and not only this one so unless you are from Indonesia , I don't see how this could turn profitable to you.

Actually you don't need to verify your ID to withdraw.  I have an account there.
You need to verify your identity to increase your withdrawal limit as per this post.

[calkob]

how can is this Possible Indonesian Largest Bitcoin Exchange VIP.Bitcoin.CO.ID Reach Rp. 10,500,000 or 788.23 USD (rate 1 USD = Rp. 13,321) while Other in 770 USD area?


is there inside trader?
if you want quick money. sent your  money, and sell all you coin and buy back at after the price at Rp. 10,2xx,xxx area or 770 USD area
bvecause trader over ther is easy to panic

This happens on all exchanges, all the time.  It's simple there are different people trading on each exchange all with different ideas of what they are willing to pay or accept for bitcoin.  All exchanges are usually within a tight range tho.

[Yuuto]

It all depends on the country's restrictions and all that. If a market isn't free then it is likely to reflect a false price, as suggested by somebody above me who stated the example of the Indian 500 and 1000 banknote ban and the surge in Indian btc prices.

Regulations is what makes arbitrage difficult.

[eternalgloom]

That's actually not that bad compared to the situation with Indian exchanges a while back.
Will go back to normal soon though, things like these are just temporary due to higher demand.

[mobnepal]

There are few things that can easily boost price in local exchanger like;
1. Sudden increase in demand which may have been tiggered by something like in India few weeks ago price per bitcoin get pumped really hard and reached almost $900 per bitcoin because government of india banned high value notes. And you can see price per bitcoin is still higher in indian exchanger even more than $800 right now.

2. Limited supply, Most of the developing countries have really tight foreign currency rules/regulation so that you can't just deposit fiat to any exchanger outside your country. So there will be no choice other than buying bitcoin at local exchanger from few sellers in the price those sellers are happy to sell their bitcoins.

Nothing to surprise in having higher price in local bitcoin trading platform than other international market.

[chesatochi]

I think is simply because a lot of people want to buy bitcoins and the exchange doesn't have much bitcoins to sell in return. So in this case, the rarity will boost the price up and the people will buy much in order to acquire them.

In any free market, the same thing happens in the real world.

[Juggy777]

Op if you are aware or not in India it was trading about 900+ and this happened because of the currency becoming useless. And suddenly the only option was to put money in Bitcoin to save what ever they could. It happens a lot of times due to the uncertainty and sudden Demand but good to see its happening globally now.

[BTCLovingDude]

how can is this Possible Indonesian Largest Bitcoin Exchange VIP.Bitcoin.CO.ID Reach Rp. 10,500,000 or 788.23 USD (rate 1 USD = Rp. 13,321) while Other in 770 USD area?


is there inside trader?
if you want quick money. sent your  money, and sell all you coin and buy back at after the price at Rp. 10,2xx,xxx area or 770 USD area
bvecause trader over ther is easy to panic

first of all i have never heard about that exchange before in my life and even if i knew about it i would never trust them with my money by just randomly sending it there to take a small arbitrage profit.

also this is not a new thing, many Asian exchanges mostly in China have $800 for price from time to time.

[Xester]

I think is simply because a lot of people want to buy bitcoins and the exchange doesn't have much bitcoins to sell in return. So in this case, the rarity will boost the price up and the people will buy much in order to acquire them.

In any free market, the same thing happens in the real world.

This can be explained in simple terms, it is called hype. When there is hype of buyers the seller of course is adjusting the price of their items which in return adds more hype to the buyers and more profit to the sellers.

There is nothing to be puzzled about the different prices, in fact in different exchangers the price of bitcoin are not the same but different. Maybe the only thing that makes the author buggled about it is the wide range in prices which is normally happening.

[thejaytiesto]

It's not that much of a difference. It happens all the time. For example in Bitcoinwisdom you can see several different exchanges in real life and there's always a difference from bitstamp to btc-e and to chinese exchanges.

The big difference in price that we have seen is in india where bitcoin has been 900+ recently

[nara1892]

There are few things that can easily boost price in local exchanger like;
1. Sudden increase in demand which may have been tiggered by something like in India few weeks ago price per bitcoin get pumped really hard and reached almost $900 per bitcoin because government of india banned high value notes. And you can see price per bitcoin is still higher in indian exchanger even more than $800 right now.

2. Limited supply, Most of the developing countries have really tight foreign currency rules/regulation so that you can't just deposit fiat to any exchanger outside your country. So there will be no choice other than buying bitcoin at local exchanger from few sellers in the price those sellers are happy to sell their bitcoins.

Nothing to surprise in having higher price in local bitcoin trading platform than other international market.

yeah. I think it is true. there are a lot of people want to own bitcoin in Indonesia because the price is going up this month and last month, that's why the demands increase. and the most famous site to buy and sell bitcoin in Indonesia is vip.bitcoin.co.id. so some people buy and sell bitcoin there. cmiiw.

[equator]

how can is this Possible Indonesian Largest Bitcoin Exchange VIP.Bitcoin.CO.ID Reach Rp. 10,500,000 or 788.23 USD (rate 1 USD = Rp. 13,321) while Other in 770 USD area?


is there inside trader?
if you want quick money. sent your  money, and sell all you coin and buy back at after the price at Rp. 10,2xx,xxx area or 770 USD area
bvecause trader over ther is easy to panic

This is because suddenly their are lot of buyers in Indonesia due to that the buying price gets increased, same thing happened to localbitcoins.com site which supports indian market it touched $1000 + in inr above 70k inr. It was due to demonetization in India so the price went high but today you can see the price is back to normal and in yobit exchange it is trading in $800 range

[Kprawn]

This happened with Indian exchanges a couple of weeks ago as well and It's not different , you still have to verify your identity by providing an ID or passport + your photo as mentioned in their blog post .
I guess this is the case for all local exchanges and not only this one so unless you are from Indonesia , I don't see how this could turn profitable to you.

Actually you don't need to verify your ID to withdraw.  I have an account there.
You need to verify your identity to increase your withdrawal limit as per this post.

Yea, just transfer some bitcoins in and sell it... do not withdraw to fiat. Then take the risk and wait for the price to drop to buy back

the original bitcoins and some more with the profit.   ... As a rule, I do not keep any bitcoins in exchanges, so this might be a bad idea. If

you had family of friends there, they could create an account and verify it and you could use it to buy & sell. The conversion to fiat and the

remittance fees... will eat a fair share of your profits.  

[Zadicar]

how can is this Possible Indonesian Largest Bitcoin Exchange VIP.Bitcoin.CO.ID Reach Rp. 10,500,000 or 788.23 USD (rate 1 USD = Rp. 13,321) while Other in 770 USD area?


is there inside trader?
if you want quick money. sent your  money, and sell all you coin and buy back at after the price at Rp. 10,2xx,xxx area or 770 USD area
bvecause trader over ther is easy to panic

This thing really happens since exchanges on a particular country does really differ in rates per 1 bitcoin,as other members said here its really good to make some buy and sell which you could eventually make profits with it but local exchanges does really require some documentations and verifications before you could able to do on the things.

[BitcoinHodler]

why are we even excited about $18 difference
i remember a couple of days ago when price was still around 720ish dollar bitcoin price in India was above $800 which makes it a big $80 difference. and there are some good exchanges like Zebpay there! or even localbitcoins.

[fiscorcle]

That is a huge discretion that should not be tolerated by any exchange.
I think this is happening due to the anomalies in the Indian currency market that is causing huge price increases in the bitcoin value there but not in any other exchanges around the world.