RIL COIN (OP)
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September 28, 2017, 10:17:31 AM |
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All the economists and investors should know that Bitcoin prices in India are quite higher than Bitcoin prices in other countries. Some people think that Bitcoin holds same universal value throughout the world, but that is not true. The value of Bitcoin keeps on changing for different countries. These prices vary particularly according to exchanges in the various countries. Pricing of Bitcoin depends significantly on some factors like the volatility of the market, international prices and stock levels, aggregate demand as well as supply in India.
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mk4
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September 28, 2017, 10:44:57 AM Last edit: September 28, 2017, 10:55:29 AM by mjglqw |
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Can you give us any links to backup your claim? I've checked a few Indian exchange sites like coinsecure and zebpay, the prices are currently very close to current market prices. Zebpay(India) | 1BTC = 271,895INR = $4,149 Coinsecure(India) | 1BTC = 272,000INR = $4151 Coinbase | 1BTC = $4,181.01 Coinmarketcap | 1BTC = $$4178.58 https://www.buybitcoinworldwide.com/india/
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Aamir1
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September 28, 2017, 10:55:04 AM |
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Ofcourse every exchange does not have the exact same price for bitcoin. All exchanges have a slightly different price and they have different fees as well, so i don't think that the price difference depends on any country premises, as long as the exchanges does not put their own price and people accept it. Otherwise, all the price are equal or just having some small difference for every exchange everywhere in the world (only if you see its $ value, it can surely be different for your local currency, as that depends on the exchange rate of $ to your local currency).
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capoeira
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September 28, 2017, 10:56:10 AM |
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what maintains prices close over the globe is arbitrageing. now arbitraging also has it's price, and lag. in some countries it cheaper to send money outside, in others more expensive.
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DaMut
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September 28, 2017, 11:03:43 AM |
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Yeah, I found it a 'bit' higher than others exchanger,and the difference between your india exchanger(unocoin.com for example) and my local exchanger are around $100 right now,sometimes my exchanger higher than others and sometimes it's lower than other. it's all depend on the investor,demand and your goverment. if the demand is higher than the supply on your local exchanger,you will see something like this.
to be honest i never heard about 'hold same universal value throughout the world' because it's a cryptocurrency. the price determined and valued by the fiat itself. which mean we should see the difference between one and another
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alien-fx2
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September 28, 2017, 01:11:25 PM |
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Perhaps because Bitcoin is scarce in the exchanges of that country. They also have a huge population, which generates great demand for Bitcoin.
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nizamcc
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September 28, 2017, 01:21:33 PM |
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Can you give us any links to backup your claim? I've checked a few Indian exchange sites like coinsecure and zebpay, the prices are currently very close to current market prices. Zebpay(India) | 1BTC = 271,895INR = $4,149 Coinsecure(India) | 1BTC = 272,000INR = $4151 Coinbase | 1BTC = $4,181.01 Coinmarketcap | 1BTC = $$4178.58 https://www.buybitcoinworldwide.com/india/They mean to say that Bitcoins are being sold at premium rates in India. OP, it is true that Bitcoin holds a "VALUE", but Universal? Where the hell did you read it? If you consider Bitcoin as an asset, would you sell at lower rates or willing to sell them at lower or equal prices that you are getting at exchanges? I have seen some P2P trades and done myself, where I get even better rates than these exchanges. That's the beauty of selling this at our own rates, no? If you are willing to sell them at "UNIVERSAL RATES" and would like to give them to me for $150 less, then I will be glad to buy it from you. Just take an example, you have a bicycle, I have too. We both are willing to sell it. I am interested in selling it for 10k but you know that your bicycle is in good condition and you can get 5k more on it, would you still sell it at my rate?
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alyssa85
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September 28, 2017, 01:25:39 PM |
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India has captial controls, which means the price can't be arbitraged downwards. Therefore if demand for bitcoin is high in India, there is going to be a premium paid.
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alien-fx2
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September 28, 2017, 02:17:11 PM |
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...and I forgot to add that they have one of the most unstable currencies in the world. It makes sense if people are flipping to Bitcoin.
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BrewMaster
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September 28, 2017, 02:41:14 PM |
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...and I forgot to add that they have one of the most unstable currencies in the world. It makes sense if people are flipping to Bitcoin.
that doesn't make any sense at all! usability of a currency is defined within the boarders of the country not globally. of course being able to use it globally is a perk but "citizens" don't care as long as they can pay for their daily needs with their currency at hand! and i assure you there are a lot of other currencies such as USD and EUR before they "flip for bitcoin". this higher price and huge volume only shows that Indian know the real value and the potential of bitcoin.
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There is a FOMO brewing...
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alien-fx2
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September 28, 2017, 02:52:18 PM |
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...and I forgot to add that they have one of the most unstable currencies in the world. It makes sense if people are flipping to Bitcoin.
that doesn't make any sense at all! usability of a currency is defined within the boarders of the country not globally. of course being able to use it globally is a perk but "citizens" don't care as long as they can pay for their daily needs with their currency at hand! and i assure you there are a lot of other currencies such as USD and EUR before they "flip for bitcoin". this higher price and huge volume only shows that Indian know the real value and the potential of bitcoin. The point is, Bitcoin is also a good hedge against USD and EUR, from a long term perspective. Buying Bitcoin is also much simpler for a lot of people. If you buy your Bitcoins through localbitcoins, for example, you can avoid a lot of regulations. Also, Bitcoin is unseizable.
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carlfebz2
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September 28, 2017, 04:16:52 PM |
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Can you give us any links to backup your claim? I've checked a few Indian exchange sites like coinsecure and zebpay, the prices are currently very close to current market prices. Zebpay(India) | 1BTC = 271,895INR = $4,149 Coinsecure(India) | 1BTC = 272,000INR = $4151 Coinbase | 1BTC = $4,181.01 Coinmarketcap | 1BTC = $$4178.58 https://www.buybitcoinworldwide.com/india/I don't know on where did OP is basing regarding on the rates on India Exchanges and as on the link provided it does shows that theres no much differences on their price. They might have some gap but justifiable.I cant see that they are way higher on international prices. Glad to hear on what would op reply to this matter.I would like to know on where he do see such prices.
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fredrick4u
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October 07, 2017, 07:53:47 AM |
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All the economists and investors should know that Bitcoin prices in India are quite higher than Bitcoin prices in other countries. Some people think that Bitcoin holds same universal value throughout the world, but that is not true. The value of Bitcoin keeps on changing for different countries. These prices vary particularly according to exchanges in the various countries. Pricing of Bitcoin depends significantly on some factors like the volatility of the market, international prices and stock levels, aggregate demand as well as supply in India. I hope the bitcoin price is now rising in India again
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Kemarit
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October 07, 2017, 08:41:18 AM |
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India has captial controls, which means the price can't be arbitraged downwards. Therefore if demand for bitcoin is high in India, there is going to be a premium paid.
Correct, its that the demand in India is higher that why the need to buy it in premium price. There was only once instances where the price of bitcoin in South Korea is like $100 higher back then. So this is not the first time that we are seeing this kind of difference in the current price. ...and I forgot to add that they have one of the most unstable currencies in the world. It makes sense if people are flipping to Bitcoin.
that doesn't make any sense at all! usability of a currency is defined within the boarders of the country not globally. of course being able to use it globally is a perk but "citizens" don't care as long as they can pay for their daily needs with their currency at hand! and i assure you there are a lot of other currencies such as USD and EUR before they "flip for bitcoin". this higher price and huge volume only shows that Indian know the real value and the potential of bitcoin. I'm not sure India has already lifted its demonetization program to end corruption. If not then it make sense to go to bitcoin. Because the source of fiat is very limited. And maybe this is one impact of the program, Indians started to flock the bitcoin market and as a result the price peak and can be bought at a premium.
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13abyknight
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October 07, 2017, 09:32:01 AM |
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This has been a scenario ever since exchanges like Zebpay and Unocoin step foot into the Indian bitcoin market as 'exchanges'. The prices offered for buying bitcoin is higher than the current market price (even more than 5% sometimes) and the helpless us buy from here because they have a 'trusted' tag attached to their website. Clear case of profiteering and that is exactly why I have been avoiding Indian exchanges (Coinsecure is an exception) and using LBTC for almost all transactions.
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giveen
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October 07, 2017, 09:53:44 AM |
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There is technically no fixed price for btc the reason why international prices are same is because if the price is higher people will surely buy at a lower price from the othet exchanges and sell it can't be resisted also now what you are talking about is a local exchange of a particular country based on demand in that particular country the price is set. See in Zimbabwe the price of btc is $7k + few days back.
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BitcoinHodler
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October 07, 2017, 11:18:14 AM |
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There is technically no fixed price for btc the reason why international prices are same is because if the price is higher people will surely buy at a lower price from the othet exchanges and sell it can't be resisted
that is the whole reason! the price of bitcoin WILL remain in a balance no matter where it is being traded because of 1. markets move together as they react to movements 2. arbitrage trading if they don't move but that balance will remain as long as you can trade between exchanges. in case of India, for a while they could not because they had some bank issues in their country so price kept going up because the demand for bitcoin was increasing, again because of the bank issues. See in Zimbabwe the price of btc is $7k + few days back.
does Zimbabwe have an exchange or are you telling this price from some P2P platform such as localbitcoins?
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atulvatsa
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October 07, 2017, 03:42:36 PM |
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This is not always true. I have seen many times that BTC prices in the Indian market are lower than the global market.
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yishak
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October 07, 2017, 03:56:05 PM |
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It maybe because that in your country the demand for bitcoins is higher than the rest of the world hence the higher the price. Btw this same thing happened in Zambia , the price of bitcoin on a local exchange in that country was $7200 some weeks ago , the reason being a very high demand for bitcoins in that country.
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webtricks
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October 07, 2017, 04:10:54 PM |
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All the economists and investors should know that Bitcoin prices in India are quite higher than Bitcoin prices in other countries. Some people think that Bitcoin holds same universal value throughout the world, but that is not true. The value of Bitcoin keeps on changing for different countries. These prices vary particularly according to exchanges in the various countries. Pricing of Bitcoin depends significantly on some factors like the volatility of the market, international prices and stock levels, aggregate demand as well as supply in India.
That's true. After the demonetization (Nov 2016), demand for Bitcoin in India has risen dramatically. It has crossed $5000 in India already while international market is still waiting for that break point. Since Nov 2016, Indian Bitcoin prices are mostly higher than international prices. The reason is quite simple. The major Indian exchanges including Zebpay, Unocoin, Coinsecure and some others only allow Indian users to exchange. Thus Indian market is unaffected from international conditions. As demand grows in internal market, people are ready to pay higher than international prices. There is hardly any interdependence.
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