iBITCOINTRADE

[devansh1991]

I am finally ready to roll out the..... within 10 days. In the mean time I would like the members to......and report any bugs and suggest ways to beef up security.For testing there is no need to enter correct user details.Upload any file in place of PAN.However do use a valid mail id phone no(used for OTP and notification of trade).The website lin..........
NOTE:Currently login is possible only in business hours as our SMS gateway account has not been converted to transactional

There is no need to ...... with us.Once an order is executed, the ..................b] directly to the buyer[/b].We'll track t.................., we will release the payment to the seller. I will be offering the ........] free of cost for about a month[/b] and plan to charge a small fee (not decided yet but should be around [........ to be .............b], by both the buyer and the seller individually.

The..........s currently open to only Indian citizens and yes, we will require PAN.We have taken certain measures to protect user details and will keep on improving them. Even if the site is hacked, neither any monetary loss can occur nor PAN details will be compromised.
Security Features(some still to be implemented before the launch)

1.sha1 encryption for passwords
2.encryption for what ever data is transfered
3.ssl keeps data over network secured
4.cookies for maintaining session which is also secured by encryption plus ssl

About Us

[buysellbitcoin]

One small thing, if you are collecting Service Tax, than you must display your Service Tax number. Do not collect until you have registered Service Tax number.

Regards

[buysellbitcoin]

Perfect. You are alright than

Best of luck.


Regards

[escrow.ms]

If no bitcoins are getting trasferred online its not an exchange aka trading site then, you are just acting as escrow for INR payment and it has big risks.
A scammer can use your site to do scam, he can use your bank account to accept payment and cashout scammed/stolen/fraud funds to bitcoins.

Make sure to do proper verification .

[escrow.ms]

A scammer can use your site to do scam, he can use your bank account to accept payment and cashout scammed/stolen/fraud funds to bitcoins.

Make sure to do proper verification .

I did not understand how can i get scammed??

You will not get scammed, but you can get into problems if you didn't verified users account and started accepting payments from any bank account.

[nefron]

30% fine for not executing the order!! i think thats waay too much. whatever  you are trying to regulate in the process, the fine is too high, given the volatility of btc, ppl may not want to sell at price they might have earlier quoted.

[Benson Samuel]

interesting. Will watch this thread.

[Eternity]

Great news

[americandesi]

Interesting.!  This week btcchina became No.1 in volume.
Hopefully you can bypass them someday..! All the best guys.!

P.S : Is there a way that you can get away from having the users to deposit payment to your account. When you start getting volumes, the banks start getting all cranky. If there is no transfer happening on the site, then why would you want them to deposit it to you rather than directly to the seller's account.
That is a overhead cost and time delay to deposit it to your account and you then transfer it to the seller.

I would suggest talk to INRBTC. He might have some ideas.!

[Eternity]

Does this differ anyway round from mtgox or things are same ?

[jinson]

Good to see another Indian BTC exchange company. I am curious about one thing, and it applies to all indian bitcoin exchanges.

Most Indian buyers resort to bank transfer in order to buy BTC. Few banks provide instant transfer option, yet some banks take a couple or more hours to finish the transfer. If the transfer is between 2 different banks, I guess it will take even bit longer to complete it. Then there is another factor of bank timings. NEFT feature is not 24/7.
Last night I saw BTC price dropping to $265 and climbing back to $310 all within a couple of hours. I was wondering what is your normal policy about this intense fluctuation that can happen between my order and by the time my money reaches you? Just my curiosity.

[inrbtcad]

Good to see another Indian BTC exchange company. I am curious about one thing, and it applies to all indian bitcoin exchanges.

Most Indian buyers resort to bank transfer in order to buy BTC. Few banks provide instant transfer option, yet some banks take a couple or more hours to finish the transfer. If the transfer is between 2 different banks, I guess it will take even bit longer to complete it. Then there is another factor of bank timings. NEFT feature is not 24/7.
Last night I saw BTC price dropping to $265 and climbing back to $310 all within a couple of hours. I was wondering what is your normal policy about this intense fluctuation that can happen between my order and by the time my money reaches you? Just my curiosity.

at INRBTC a buyer will be given 24 Hrs to deposit the amount to the Seller's Bank account. The price fluctuation does not matter, the price at which the Trade has been executed is the Final price. Sometime the buyer is given more time especially if the Trade happens after Markets hours or on a Bank Holiday but the price still remains the same.

[jinson]

Thanks INRBTC and Devansh,

I would suggest HTTPS protocol for your new website as it provides another layer of security and confidence to your customers.

[Benson Samuel]

6. General Provisions.

6.1 Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF BUYSELLBITCO.IN OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, ibitcointrade.com SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES.

ibitcointrade.com & buysellbitco.in are partners or sisters concern?

Lol, dont tell me this is a copy paste gone wrong. Lmao

[nefron]

6. General Provisions.

6.1 Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF BUYSELLBITCO.IN OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, ibitcointrade.com SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES.

ibitcointrade.com & buysellbitco.in are partners or sisters concern?

oh cmon his site is not ready yet, its too early to criticize. you can easily spot few elements of his site are still nt developed, footer is an example.
wat u pointed out is ofcourse a classic copy paste, but let him finish his site, then we can decide its reliability.

[Benson Samuel]

We have used bitco's T&C as the basis for the legal work done for our site.It was quite hard to explain to the lawyer what we are actually planing to do so bitco and rbitco were used as reference. The lawyer told me that bitco's t & c was good enuf and he asked me to make a couple of changes to it & copy the rest as it was. I am not really embarrased by the goof up coz bitco has been a pioneer in the field and any new business can take a leaf out of his book.
@Nefron thanks for ur support 

Absolutely nothing wrong in that. Its the best way to setup a framework for documentation on a website.

[buysellbitcoin]

We have used bitco's T&C as the basis for the legal work done for our site.It was quite hard to explain to the lawyer what we are actually planing to do so bitco and rbitco were used as reference. The lawyer told me that bitco's t & c was good enuf and he asked me to make a couple of changes to it & copy the rest as it was. I am not really embarrased by the goof up coz bitco has been a pioneer in the field and any new business can take a leaf out of his book.
@Nefron thanks for ur support 

Nothing wrong with that. It happens, not a big deal till you get launched officially. Just remove reference and you are good. Please note that once you are launched officially and you make users accept your terms and conditions, each word of that document is legal binding contract so be careful with that once you launch.

Anyways again best of luck for your adventure

@dishwara, really impressed that you read the terms of use of the site you are using it. Normally people simply click, I accept

Regards

[sidjourn]

Someone on the site is selling one BTC for 200 bucks? Is this site even functional at the moment?

Also, if you are calling this as a "project" then I better stay away from it.

[sidjourn]

Your opening post says it is a "project."

[troy112]

Just as a suggestion you could also use  IMPS for transfering funds , its 24/7 and money comes in instantly. This could minimise the time delays in associated tranactions. There are quite a few banks having this service, and its really instant
because I was not expecting it to be so fast.

Anyways just a suggestion.