BITCOIN DEMAND EXPLODE IN INDIA

[krishnapramod]

According to ARK blockchain, India has contributed to 10 percent of global monthly BTC/USD trades.

Since the government is planning to regulate bitcoin, India's biggest bank SBI has taken the initiative to implement blockchain technology with the bankchain project. SBI has partnered with all the major banks to enable sharing of KYC, ALM and CFT details through permissioned blockchain. The main purpose is to prevent anti-money laundering, countering the financing of terrorism, and to reduce fraudulent loans where a borrower takes a loan against the same asset from multiple banks.

With over 500,000 downloads Zebpay has become the 7th most popular app in India in finance category.

[Xester]

This is interesting. Quite an overwhelming demand truly but why the sudden rush? I see this kinda development causing great upsurge in the price of bitcoin. Maybe I am just the only one thinking this, but isn't this purchase rate alarming? Hope it is just an attempt to invest or probably there is something some of us do not know?

The price hasnt got less in India as far as my friends are telling, people thought the price is gonna fall and will be great opportunity to invest in BTC. Zebpay is using this situation for themselves, the price is around 2850$+ now and it holding that place from 2 days now.

From what you and others are telling Zebpay is fleecing your compatriots bigtime.
Paying an extra 300$ at the moment of writing this or around 15% premium for buying btc is nonsense.

Why would you even do it?
There are so many ways in which you can get bitcoins I don't understand people that go and buy at this price or people that use atms and their sky high fees.

No never in my dreams will I pay for anynof that.  Like what you said, there were many ways to earn bitcoin to have an income with it.  Why bother doing things that will make you give your bitcoins.  We cannot blame people who are buying bitcoins right now.  They have money plus they are new into it.  They maybe glad and want to invest in it.

[giveen]

There is no doubt bitcoin demand is really increasing in india and many people are ready to pay 40% more than the current value. First i didn't understand why so much demand but when i had gone to india for working purpose is saw some local channel in the hotel telling the reason for this demand is because people wanted to hide their money which they got from illegal work and they were using bitcoin to convert their black money to white.
They did say the government is going to do something about this but i totally doubt that there is any solution to this issue.

[andrei56]

This is interesting. Quite an overwhelming demand truly but why the sudden rush? I see this kinda development causing great upsurge in the price of bitcoin. Maybe I am just the only one thinking this, but isn't this purchase rate alarming? Hope it is just an attempt to invest or probably there is something some of us do not know?

The price hasnt got less in India as far as my friends are telling, people thought the price is gonna fall and will be great opportunity to invest in BTC. Zebpay is using this situation for themselves, the price is around 2850$+ now and it holding that place from 2 days now.

From what you and others are telling Zebpay is fleecing your compatriots bigtime.
Paying an extra 300$ at the moment of writing this or around 15% premium for buying btc is nonsense.

Why would you even do it?
There are so many ways in which you can get bitcoins I don't understand people that go and buy at this price or people that use atms and their sky high fees.

They do not know better but you must remember these kind of things happens when there is a mania remember the Tulip mania back in the day, something similar happened, so this is nothing more than history once again repeating itself and humans are unable to see it.

[stompix]

According to ARK blockchain, India has contributed to 10 percent of global monthly BTC/USD trades.

Since the government is planning to regulate bitcoin, India's biggest bank SBI has taken the initiative to implement blockchain technology with the bankchain project. SBI has partnered with all the major banks to enable sharing of KYC, ALM and CFT details through permissioned blockchain. The main purpose is to prevent anti-money laundering, countering the financing of terrorism, and to reduce fraudulent loans where a borrower takes a loan against the same asset from multiple banks.

With over 500,000 downloads Zebpay has become the 7th most popular app in India in finance category.

Ok, I'm not color blind cause I can see the blue in the details but in the main picture I can't see any , and it should be more than black in that graph.

So where is that graph from?

LE.
Just a bit of digging and look what we find out.
That the graph is a total fake.

It is taken from here:
https://www.cryptocompare.com/coins/btc/analysis/USD?type=Currencies&period=1M

And surprise surprise the author just changed KRW with INR.
Another proof that the whole India boom is a fake.

[cryptoheadd]

That the graph is a total fake.

It is taken from here:
https://www.cryptocompare.com/coins/btc/analysis/USD?type=Currencies&period=1M

And surprise surprise the author just changed KRW with INR.

Mate, try using the dropdown on the right of the chart and select INR.

Another proof that the whole India boom is a fake.

Boom in India is definitely NOT fake. Our government is planning to legalize Bitcoin within the next 6 months.

Ref: https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

[fuckitall]

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.

Now that's the catch my friend... mostof the people in india just buy bitcoins with a single motive of selling it at ery high prices to earn prfit and to be rich quickly.. Such fools most of the time keep hold on their coins..disrupting the indian market bitcoin liquidity. I have seen people buy bitcoins when it broke all ATH'S $2900 and then after selling at low prices like $2600 ..because they panic a lot and want short terms huge profits..These fools aren't gonna become rich so easily , the way they think it to be

[Aleister Crowley]

India is one of the countries that has a considerable human population.
With the inclusion of bitcoin k india can certainly add to the wealth of bitcoin itself, ..
The good news is, we can afford without fear of drastic price decline.

[Pab]

500000 user a day is huge number.India is bilion people country but most of India is agriculture.That India middle class is relativelly small.On other hands India has many people advanced and working IT industry
Propably wil be similar story like it was in China

[avikz]

That's a good news for the bitcoin community that Indians are showing more and more interest in bitcoin. It will certainly increase the market cap of bitcoin which will increase the price of bitcoin. So it is a win win situation for all. However, I'm not sure about Zebpay's service and related fees.

I have used localbitcoin website for a few time and I am very happy with them. The rates are good and also the built in escrow feature make it attractive to the bitcoin community.

[andrei56]

500000 user a day is huge number.India is bilion people country but most of India is agriculture.That India middle class is relativelly small.On other hands India has many people advanced and working IT industry
Propably wil be similar story like it was in China

Probably but there is a big difference, in India there is not a government like the one in China so I suppose they have a greater degree of freedom, so the options here could help adoption or hinder it since they are not looking to protect themselves as badly as the Chinese from their own government.

[Netnox]

From what you and others are telling Zebpay is fleecing your compatriots bigtime.
Paying an extra 300$ at the moment of writing this or around 15% premium for buying btc is nonsense.

Why would you even do it?
There are so many ways in which you can get bitcoins I don't understand people that go and buy at this price or people that use atms and their sky high fees.

As far as I know, they are just charging the Indian market rates. I checked the Localbitcoins India section. Right now, the best offer is at ₹179,000 per coin (around $2,780 per coin), which is at least 10% higher than the exchange rates denominated in USD or EUR.

[iamTom123]

500000 user a day is huge number.India is bilion people country but most of India is agriculture.That India middle class is relativelly small.On other hands India has many people advanced and working IT industry
Propably wil be similar story like it was in China

Probably but there is a big difference, in India there is not a government like the one in China so I suppose they have a greater degree of freedom, so the options here could help adoption or hinder it since they are not looking to protect themselves as badly as the Chinese from their own government.

I am too expecting that in India the spread and adoption of Bitcoin (and other digital currencies for that matter) can be better compared to that of China. People are currently enjoying a more lax government and people have more freedom as it is also a democratic country. While it is having some perennial economic issues, there is no question it is also a powerhouse in Asia.

With its vast population and a burgeoning hi-tech industries (BPO is one of its main players), I am so sure that the market can be so big (even if middle class section in terms of percentage to the general population may not be enormous).

India can be the big good news that Bitcoin has been looking for this past few days as it experienced a continuing bloodbath together with almost all alternative coins...all of them are swimming in a sea of red tide. Hopefully, Bitcoin as well as Ethereum can be back in track again this time...preceding the planned August One event.