Any Upcoming Start-ups?

[Benson Samuel]

Any Bitcoin initiatives in the pipelines for India?

[1715592122]

1715592122

[1715592122]

1715592122

[1715592122]

1715592122

[1715592122]

1715592122

[1715592122]

1715592122

[subvolatil]

will announce by the  end of this month .  Hopefully it  will be  well  received.

[buysellbitcoin]

will announce by the  end of this month .  Hopefully it  will be  well  received.

Best luck

Cheers

[nagatraju]

Waiting for it.

[assortmentofsorts]

Any Bitcoin initiatives in the pipelines for India?

Yes! I'm currently developing an app and its almost coming to a finish. Maybe max a week or so! Hopefully it will get a great deal of attention. Also have more ideas in the pipeline. Using https://bips.me as its the only processor which allows withdrawal to Indian banks (SWIFT). For those who want to use BIPS along-with nodejs here is an unofficial module: https://github.com/shripadk/bips. I think the only thing preventing India from entering the startup ecosystem with full-force was payment processing. Bitcoin really demolishes that barrier for entry. I bet there will be quite a lot of startups from India as Bitcoin becomes more popular.

[Benson Samuel]

Any Bitcoin initiatives in the pipelines for India?

Yes! I'm currently developing an app and its almost coming to a finish. Maybe max a week or so! Hopefully it will get a great deal of attention. Also have more ideas in the pipeline. Using https://bips.me as its the only processor which allows withdrawal to Indian banks (SWIFT). For those who want to use BIPS along-with nodejs here is an unofficial module: https://github.com/shripadk/bips. I think the only thing preventing India from entering the startup ecosystem with full-force was payment processing. Bitcoin really demolishes that barrier for entry. I bet there will be quite a lot of startups from India as Bitcoin becomes more popular.

I do believe that BIPS also pays to PayPal accounts in India.

[rezurect]

I havent used the bips Banking or Ebay.
Anybody with experience, what's stopping users from using Bips Bank Withdrawals /Deposits?

[assortmentofsorts]

Any Bitcoin initiatives in the pipelines for India?

Yes! I'm currently developing an app and its almost coming to a finish. Maybe max a week or so! Hopefully it will get a great deal of attention. Also have more ideas in the pipeline. Using https://bips.me as its the only processor which allows withdrawal to Indian banks (SWIFT). For those who want to use BIPS along-with nodejs here is an unofficial module: https://github.com/shripadk/bips. I think the only thing preventing India from entering the startup ecosystem with full-force was payment processing. Bitcoin really demolishes that barrier for entry. I bet there will be quite a lot of startups from India as Bitcoin becomes more popular.

I do believe that BIPS also pays to PayPal accounts in India.

Yep! But I think the withdrawal cost to PayPal is high (12%).

[assortmentofsorts]

I havent used the bips Banking or Ebay.
Anybody with experience, what's stopping users from using Bips Bank Withdrawals /Deposits?

I think the fees might add up to be a tad bit higher than directly transacting with say INRBTC/buysellbitcoin/localbitcoins. Also, exchange rate calculations are not taken only from mtgox... is probably similar to the way Bitpay does its calculations (http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.html?oid=1039_1). As for me I have had no issues depositing/withdrawing from BIPS.

[subvolatil]

Delay  in the announcement  of  new   service, ckz  the negotiations  on  acquiring  some licences  have  not  yet  fallen through. i might  announce  a  stripped  down  version of  the  service   later this  week.   

[Benson Samuel]

Upcoming Crypto Dice game very soon!

[devansh1991]

Hi guys! I am a 4th yr btech student from NIT Jamshedpur. I read about bitcoins in a forbesindia article a couple of months back. I wanted to buy a few coins but could not find an efficient and a reliable site/exchange to trade coins. I have joined hands with a friend of mine from IIT Kgp and am planning to start  an exchange. We will be operating from our colg. campus itself so that should remove the "trust deficit" since we still have an entire year of colg. left and cannot run away with your money.

1)I would like to know the problems faced by bitcoin traders and we'll try to solve them.

2) Could any one give me a rough estimate about the no. of active bitcoin traders and how actively they trade?

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Any suggestion/advice is welcome   
Hopefully we'll have the exchange rolling in a couple of months.

[Benson Samuel]

Hi guys! I am a 4th yr btech student from NIT Jamshedpur. I read about bitcoins in a forbesindia article a couple of months back. I wanted to buy a few coins but could not find an efficient and a reliable site/exchange to trade coins. I have joined hands with a friend of mine from IIT Kgp and am planning to start  an exchange. We will be operating from our colg. campus itself so that should remove the "trust deficit" since we still have an entire year of colg. left and cannot run away with your money.

1)I would like to know the problems faced by bitcoin traders and we'll try to solve them.

2) Could any one give me a rough estimate about the no. of active bitcoin traders and how actively they trade?

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Any suggestion/advice is welcome   
Hopefully we'll have the exchange rolling in a couple of months.

Spending a bit of time at the Forum Marketplace should give you a small idea of the ongoing trades. You can also refer to localbitcoins to see how the spread is across several cities.

All the best and do your research well.

[buysellbitcoin]

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Best of luck with your new initiative

Couple of things I will suggest :
1. There is no way you should expect operating costs low. Think it like if you have 1000 BTC in deposits, you are storing almost 45 lacs of cash. How you want to protect it is on you, because its not your money. Its your depositors money and scammers/hackers here are really creative
2. Banking infrastructure. Thats most important.
3. Accounting. You can not touch depositors money to pay your expenses. YOU CAN NOT. You can transfer your commissions, profits daily, weekly, monthly to your expense accounts and pay your expenses from there. So your expense account must have enough cash reserve to make sure your run at least for next 6 months. Get investors or invest your own money.
4. Form a company. Dont do it with your personal accounts and personal obligation. You must have either PVT LTD or LLP.
5. Try to be in this economy for at least 6  months to understand how it works, what are benefits and on top of everything where you can fail.
 
You can start with this. Better start with Crypto only exchange. Dont touch FIAT in the starting.

I remember a line from user "Wisard" here : Running an exchange or handling people money, you can not start with lean start up concept.

Cheers

[devansh1991]

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Best of luck with your new initiative

Couple of things I will suggest :
1. There is no way you should expect operating costs low. Think it like if you have 1000 BTC in deposits, you are storing almost 45 lacs of cash. How you want to protect it is on you, because its not your money. Its your depositors money and scammers/hackers here are really creative
2. Banking infrastructure. Thats most important.
3. Accounting. You can not touch depositors money to pay your expenses. YOU CAN NOT. You can transfer your commissions, profits daily, weekly, monthly to your expense accounts and pay your expenses from there. So your expense account must have enough cash reserve to make sure your run at least for next 6 months. Get investors or invest your own money.
4. Form a company. Dont do it with your personal accounts and personal obligation. You must have either PVT LTD or LLP.
5. Try to be in this economy for at least 6  months to understand how it works, what are benefits and on top of everything where you can fail.
 
You can start with this. Better start with Crypto only exchange. Dont touch FIAT in the starting.

I remember a line from user "Wisard" here : Running an exchange or handling people money, you can not start with lean start up concept.

Cheers

Thank you for ur wishes. Great advice. Could you please elaborate the scammers/hackers part.

[devansh1991]

Spending a bit of time at the Forum Marketplace should give you a small idea of the ongoing trades. You can also refer to localbitcoins to see how the spread is across several cities.

All the best and do your research well.

thank you 

[laserwolf]

As per my calculations a commission of 3% should be sufficient. I need your feed back on the commission rate.

MtGox, the largest exchange, charges less than 0.60%

[devansh1991]

MtGox, the largest exchange, charges less than 0.60%

The volume that we are expecting is nothing in comparison to the volume that mtgox gets. Add to it the cost of setting up and running a MSB in India and the costs shoot up dramatically. With people charging 10-20% over mtgox rates in India, a commission anywhere near the 5% mark should come as a relief to many.

[buysellbitcoin]

MSB in India

What is that ?

[Benson Samuel]

MSB in India

What is that ?

Money service Business. Nice to see a Bitcoin service, being called one.