Indians should stop buying from Unocoin, Zebpay, Coinsecure, and EthexIndia

[nativehasher]

Fair exchange is need of time.

It will be very difficult to have a fair exchange in India, that allows deposits/withdrawals in INR, simply because of conservative government policies.

What we can have is a parallel economy in bitcoin just like people use black money right now (hand-to-hand, in-person transfers).

However, if your concern is locking into a fiat value of bitcoin at some point (let's say you think BTC is about to crash), just short btc in one of the futures/swaps market (Bitmex is good). I believe someone can make a similar derivative for BTC-INR without actually dealing in INR or indian banks.

[cryptoheadd]

Can be done with Bitpay, through the coinsecure partnership.
Their application stack is heavy though, and quite restrictive from what I have seen so far.

We can implement a gateway on our books, but cannot give a window for the payment guarantee, so this will bleed funds from us.
Gateways are risky with Bitcoin mainly because of the time window and the guaranteed nature of payments, where orders can't be cancelled if the service provider runs into a loss.

I think he meant using a gateway to buy Bitcoins with debit/credit cards.

[Benson Samuel]

Can be done with Bitpay, through the coinsecure partnership.
Their application stack is heavy though, and quite restrictive from what I have seen so far.

We can implement a gateway on our books, but cannot give a window for the payment guarantee, so this will bleed funds from us.
Gateways are risky with Bitcoin mainly because of the time window and the guaranteed nature of payments, where orders can't be cancelled if the service provider runs into a loss.

I think he meant using a gateway to buy Bitcoins with debit/credit cards.

aaaah.. gotcha..

Thats gonna be a pain for some time to come..

[sumit513]

Coinsecure is taking too much time to process INR deposits, on the other hand, Unocoin is surprisingly fast.

[iram3130]

Coinsecure is taking too much time to process INR deposits, on the other hand, Unocoin is surprisingly fast.

As far as I have experienced coinsecure is allot better service provider than Unocoin, right now coinsecure is having problems which they display on their application regarding delay. Hope it'll be fine soon.

[Absinthe]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

[yingyang8884]

I am just looking at registering at one of the indian bitcoin exchanges. I am trying to use it as a way to remit my USD to INR. Lets see how it works out.

[ngin-x]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

With Bancor protocol, we won't even need ShapeShift very soon. Waves Dex need to take off big time too. If that happens, centralized exchanges will be a thing of the past.

[Prodigan786]

You forget mentioned application down issue lots of time application down for maintenance some times its for few hour sometimes its for days . I was using coinbase i thought coinbase charging too much for fund transfer fromn btc wallet another wallet so i started using unocoin it was less may be half of the charge but when i wanted to buy bitcoin using local currency it was way beyond imagination charges . Then left as it is started doing Equity commodity trading.

[cuddaloreappu]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

I am sure you are not a newbie, u know more stuff..
Who r u

[Absinthe]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

I am sure you are not a newbie, u know more stuff..
Who r u

Just someone who was lucky enough to learn about crypto in July 2013, but not brave enough to go all in until May 2017.

Hahaha.

[krishnaverma]

If we stop buying from these, then where can we buy from. I just made an account on Unocoin after reading positive reviews about it.

[Absinthe]

If we stop buying from these, then where can we buy from. I just made an account on Unocoin after reading positive reviews about it.

cex.io
paybis
coingate

[packpacka]

Well guys sweet arbitrage opportunity right now for Indians .

[kittucrypt]

Well guys sweet arbitrage opportunity right now for Indians .

We can see that. I am based in US and wondering how can we synergize to cash in on these arb opps? I can easily source BTC for USD. I am an Indian but been away for some years and thus dont have indian verified accounts. I am just wondering if someone can sell those BTC for INR in India(i am sure there will be 100s of such folks here). But then need a way to convert INR to  USD. But since we are in a community here, maybe we can find trust worthy ways to do this. Can someone explain what limited options are there in India to remit USD?