BITCOIN DEMAND EXPLODE IN INDIA

[rumex]

Exploding demand, high premium

    "Zebpay, one of India’s Bitcoin exchanges, has over 500,000 downloads of its mobile app and is adding about 2,500 new users every day."

The scarcity of Bitcoins in India has resulted in Bitcoin being traded at a significant premium. The Bitcoin price in India touched INR 225,000 (~$3,500) before declining slightly. International users cannot arbitrage the demand for Bitcoins in India due to capital controls and foreign exchange regulations.
Exchanges overwhelmed

So how are exchanges coping with this overwhelming demand?

Zebpay urged investors to be cautious while buying Bitcoins, citing the high volatility

Zebpay tweeted “Bitcoin prices are very volatile right now. Please use caution when investing. This is a new technology innovation on a global but early stage. Your investment should match your knowledge. Be safe!”

However, this didn’t have the intended effect on Bitcoin investors. Zebpay later introduced a daily limit of INR 50,000 (~$780) on Bitcoin purchases.

Zebpay tweeted:

    “Dear user, we have put temporary buy limits of Rs 50,000 per day due to the shortage of Bitcoin stocks. These limits are temporary and will be revised as market conditions change.”

The situation was no different at other Bitcoin exchanges. Coinsecure, one of India’s leading exchanges was down, citing the exponential growth of users causing stress on the Company’s systems. The company expects the downtime to continue over the next few days. Visitors to the website were greeted with the following message.

Letter

[kubricktrader]

Exploding demand, high premium

    "Zebpay, one of India’s Bitcoin exchanges, has over 500,000 downloads of its mobile app and is adding about 2,500 new users every day."

The scarcity of Bitcoins in India has resulted in Bitcoin being traded at a significant premium. The Bitcoin price in India touched INR 225,000 (~$3,500) before declining slightly. International users cannot arbitrage the demand for Bitcoins in India due to capital controls and foreign exchange regulations.
Exchanges overwhelmed

So how are exchanges coping with this overwhelming demand?

Zebpay urged investors to be cautious while buying Bitcoins, citing the high volatility

Zebpay tweeted “Bitcoin prices are very volatile right now. Please use caution when investing. This is a new technology innovation on a global but early stage. Your investment should match your knowledge. Be safe!”

However, this didn’t have the intended effect on Bitcoin investors. Zebpay later introduced a daily limit of INR 50,000 (~$780) on Bitcoin purchases.

Zebpay tweeted:

    “Dear user, we have put temporary buy limits of Rs 50,000 per day due to the shortage of Bitcoin stocks. These limits are temporary and will be revised as market conditions change.”

The situation was no different at other Bitcoin exchanges. Coinsecure, one of India’s leading exchanges was down, citing the exponential growth of users causing stress on the Company’s systems. The company expects the downtime to continue over the next few days. Visitors to the website were greeted with the following message.

Letter

500,000 downloads in a country of a billion people, umm that's .05% of the population. I'm not saying Bitcoin isn't getting more interest but let's go easy on the 'explode' shall we.

[cryptohunter]

Exploding demand, high premium

    "Zebpay, one of India’s Bitcoin exchanges, has over 500,000 downloads of its mobile app and is adding about 2,500 new users every day."

The scarcity of Bitcoins in India has resulted in Bitcoin being traded at a significant premium. The Bitcoin price in India touched INR 225,000 (~$3,500) before declining slightly. International users cannot arbitrage the demand for Bitcoins in India due to capital controls and foreign exchange regulations.
Exchanges overwhelmed

So how are exchanges coping with this overwhelming demand?

Zebpay urged investors to be cautious while buying Bitcoins, citing the high volatility

Zebpay tweeted “Bitcoin prices are very volatile right now. Please use caution when investing. This is a new technology innovation on a global but early stage. Your investment should match your knowledge. Be safe!”

However, this didn’t have the intended effect on Bitcoin investors. Zebpay later introduced a daily limit of INR 50,000 (~$780) on Bitcoin purchases.

Zebpay tweeted:

    “Dear user, we have put temporary buy limits of Rs 50,000 per day due to the shortage of Bitcoin stocks. These limits are temporary and will be revised as market conditions change.”

The situation was no different at other Bitcoin exchanges. Coinsecure, one of India’s leading exchanges was down, citing the exponential growth of users causing stress on the Company’s systems. The company expects the downtime to continue over the next few days. Visitors to the website were greeted with the following message.

Letter

500,000 downloads in a country of a billion people, umm that's .05% of the population. I'm not saying Bitcoin isn't getting more interest but let's go easy on the 'explode' shall we.

500,000 regular new users would be quite impressive though in such a short period of time of course none the less.

[olubams]

Exploding demand, high premium

    "Zebpay, one of India’s Bitcoin exchanges, has over 500,000 downloads of its mobile app and is adding about 2,500 new users every day."

The scarcity of Bitcoins in India has resulted in Bitcoin being traded at a significant premium. The Bitcoin price in India touched INR 225,000 (~$3,500) before declining slightly. International users cannot arbitrage the demand for Bitcoins in India due to capital controls and foreign exchange regulations.
Exchanges overwhelmed

So how are exchanges coping with this overwhelming demand?

Zebpay urged investors to be cautious while buying Bitcoins, citing the high volatility

Zebpay tweeted “Bitcoin prices are very volatile right now. Please use caution when investing. This is a new technology innovation on a global but early stage. Your investment should match your knowledge. Be safe!”

However, this didn’t have the intended effect on Bitcoin investors. Zebpay later introduced a daily limit of INR 50,000 (~$780) on Bitcoin purchases.

Zebpay tweeted:

    “Dear user, we have put temporary buy limits of Rs 50,000 per day due to the shortage of Bitcoin stocks. These limits are temporary and will be revised as market conditions change.”

The situation was no different at other Bitcoin exchanges. Coinsecure, one of India’s leading exchanges was down, citing the exponential growth of users causing stress on the Company’s systems. The company expects the downtime to continue over the next few days. Visitors to the website were greeted with the following message.

Letter

I really want to understand the basis for the massive amount in buying as I have a feeling that most of those buying are doing if out of ignorance because I have not read anywhere India has adopted bitcoin as people there will believe  its a get rich quick scheme they force the price so high and the moment they realise they are not getting what they bargained for, they dump which will end up affecting the mentality of other users around the world.

[PhoenixWarrior333]

I wonder how many Bitcoins will be gone forever with the amount of Accidents & Deaths in India each day, anyone could be holding for life.... at least it increases value just like satoshi's untouched 1 Million BTC

[klf]

But the growth is not so much high compared to the current population India has now. Also, all these 2500 people may not be buying directly bitcoins because of a current high market price. Number downloads will not tell us the growth but how much bitcoin they turnover every day will give us the more accurate data. Unless government regulate bitcoins, the bitcoin growth in India will not go high.

[NorrisK]

But the growth is not so much high compared to the current population India has now. Also, all these 2500 people may not be buying directly bitcoins because of a current high market price. Number downloads will not tell us the growth but how much bitcoin they turnover every day will give us the more accurate data. Unless government regulate bitcoins, the bitcoin growth in India will not go high.

The extremely high price in inda directly shows that these people are actually buying.

If this was not the case, the price would not be that much higher as in other countries.

[Herbert2020]

-snip-

500,000 downloads in a country of a billion people, umm that's .05% of the population. I'm not saying Bitcoin isn't getting more interest but let's go easy on the 'explode' shall we.

500,000 regular new users would be quite impressive though in such a short period of time of course none the less.

not to mention it is only the number of users using their mobile APP. and it is worth mentioning not everyone has a smart phone and not everyone who has a smart phone is installing Zebpay's mobile app on their phone.

the adoption of bitcoin in India has been growing for a while now, and majority of the buys are happening off the counter and mostly on localbitcoins with cash payments since their government was talking a little against bitcoin for a while.

also i don't get why this is posted in an altcoin board

[ethereumhunter]

i think its because people from india is receive something new including technology and i think this is why if the technologies in india is growing so fast. and i think its natural if we are see that bitcoin demand in india is really high, because the people in that country really want to make money from free source and they are willing to hard work and smart work.

[Spoetnik]

Ya we'll for starters this is the Altcoin section and if I wasn't lazy I'd report it.
Seen it last night and was surprised it wasn't moved already..

I seen them flood XDA forums and it wasn't good.
It's like being overrun by 5 yr olds.

Where the fuck have they been for 8 years?
Oh yeah.. They weren't born yet LOL

And in case it wasn't obvious.. This topic highlights my point.
Crap.. Posted in the wrong section.

[jamesqy]

Wow this is really a great new. India has such a huge population, even one potential user out of a thousand people would be a large number.

[robelneo]

I wonder how many Bitcoins will be gone forever with the amount of Accidents & Deaths in India each day, anyone could be holding for life.... at least it increases value just like satoshi's untouched 1 Million BTC

That is one of the reason why bitcoin is increasing because of it's scarcity and in 10 years time bitcoin could become scarce anyway bitcoin is transferable I'm sure those people who will die will have a written documents about their bitcoin private and password,because like gold and cash it can be considered an asset for holder's heir.

[Febo]

Exploding demand, high premium

    "Zebpay, one of India’s Bitcoin exchanges, has over 500,000 downloads of its mobile app and is adding about 2,500 new users every day."

The scarcity of Bitcoins in India has resulted in Bitcoin being traded at a significant premium. The Bitcoin price in India touched INR 225,000 (~$3,500) before declining slightly. International users cannot arbitrage the demand for Bitcoins in India due to capital controls and foreign exchange regulations.
Exchanges overwhelmed

So how are exchanges coping with this overwhelming demand?

Zebpay urged investors to be cautious while buying Bitcoins, citing the high volatility

Zebpay tweeted “Bitcoin prices are very volatile right now. Please use caution when investing. This is a new technology innovation on a global but early stage. Your investment should match your knowledge. Be safe!”

However, this didn’t have the intended effect on Bitcoin investors. Zebpay later introduced a daily limit of INR 50,000 (~$780) on Bitcoin purchases.

Zebpay tweeted:

    “Dear user, we have put temporary buy limits of Rs 50,000 per day due to the shortage of Bitcoin stocks. These limits are temporary and will be revised as market conditions change.”

The situation was no different at other Bitcoin exchanges. Coinsecure, one of India’s leading exchanges was down, citing the exponential growth of users causing stress on the Company’s systems. The company expects the downtime to continue over the next few days. Visitors to the website were greeted with the following message.

Letter

2500 for India is little. I do believe that India will push crypto on totally new level. But that will happen with totally different numbers then 2500 new users daily. It is a start yes. For years this forum was full of posts about China. But India is where the real breakout will happen.

[ivanst776]

There's no like button in forum but I like this post, and we should not underestimate the indian people because I think they are smart and a lot of them work remotely for the rest of the world especially U.S.

I think that India can push the bitcoin price further and it's quite interesting how the bitcoin price reached $3.5k there.

500k active users i think is a lot comparing to the overall India population which is around 1.4 billion people.

[Spoetnik]

Wow this is really a great new. India has such a huge population, even one potential user out of a thousand people would be a large number.

How long until we have conspiracies about India ?
We all heard all kinds of shit about China + crypto..

[Raxitto]

India can legalize Bitcoin in the near future, as feedback from citizens and companies seems to support the regulation of digital currencies.
Government of India asks the public about regulation.
The online comment section, which has been running for 10 days, has received almost 4,000 submissions since it was released on May 21.
The areas researched are: whether digital coins should be banned, regulated or observed. If they are regulated then what measures should be taken to ensure consumer protection, promote development and also which institution should monitor and regulate them?
He also asked what would be the effective self-regulation mechanisms and the methods that should be adopted to ensure consumer protection in these scenarios.

[iamTom123]

I wonder how many Bitcoins will be gone forever with the amount of Accidents & Deaths in India each day, anyone could be holding for life.... at least it increases value just like satoshi's untouched 1 Million BTC

That can happen anytime since we will all die anyway but I don't think this factor alone can significantly affect Bitcoin. However, I find it a little bit funny reading your reply here because of all things you can think of it is death you zero in. But as what I said it is quite legit and realistic.

As for India, the market here is huge and once the current government can finally laid down the template for recognizing Bitcoin especially for taxation and consumer protection purposes, this market can really explode like a volcano primarily because of its population. Combining China and India can mean something so huge for Bitcoin.

[apoorvlathey]

Yes, the demand for bitcoin is increasing slowly as more and more people are getting aware of this technology with its increasing price. You can find many users online using bitcoins, but it is hard to find bitcoiners in the locality.
Even a school has started accepting bitcoin as a mode of donation^[1] . Though I still look forward to see some big stores accepting bitcoins, bitcoin atm's, etc. I don't know if any of the physical stores have started using it. Long way to go!

[1]:http://www.indiabitcoin.com/bitcoin-for-education-indian-mountain-school-accepts-bitcoin-donations-cointelegraph/

[jtipt]

But the growth is not so much high compared to the current population India has now. Also, all these 2500 people may not be buying directly bitcoins because of a current high market price. Number downloads will not tell us the growth but how much bitcoin they turnover every day will give us the more accurate data. Unless government regulate bitcoins, the bitcoin growth in India will not go high.

You are correct to some extent, yes it's true that compared the overall population 500,000 downloads is nothing. But just consider this out the whole population only a fraction of it is privileged enough to even think about Bitcoin in India, so considering that this is a good adoption rate of bitcoin in India.

[stompix]

So the whole China will make bitcoin great again mirage is gone let's search for another El Dorado.
India...

Yeah 500 000 downloads. The number doesn't mean shift.
Let's see the number of users.
And after the number of users let's see the numbers of poeple buying.
And .. yeah it's getting funny after all this let's see how much in terms of BTC they have bought.

You can have 100 000 buyers but if they all come to 5$ in their pocket, I would prefer 10 guys with 1 million to spare.

Show me the trading volume, not inflated stories.
We know hoe the Chinese volume and usage was faked for years.

I'm not going to stay and listen to the same story about every damn country on this planet.

[1]:http://www.indiabitcoin.com/bitcoin-for-education-indian-mountain-school-accepts-bitcoin-donations-cointelegraph/

Story from FEB 04, 2015