Buying BTC in India

[lonsharim]

Hello people

I am just starting out in the digital currency universe and I would like to buy between 0.8 and 1 BTC. It just seems so hard to convert money into BTC when you are starting out initially. I saw websites like www.buysellbitco.in and their rates seem to be a bit on the higher side. I visited localbitcoins and the most I could purchase was 0.1. Their phone verification system doesn't seem to work for Vodafone, Bangalore or maybe its just my phone. A couple of other websites mentioned here no longer operate like Mr Bitcoins

Are there any safe, reliable way to convert into BTC?

Thanks

[1715378158]

1715378158

[1715378158]

1715378158

[1715378158]

1715378158

[uk1]

https://en.bitcoin.it/wiki/Trade#Local.2FIn-Hand_Exchanges

[Eternity]

You can wait few days so the rates come down

Else you can get lots of fellows selling them

[lonsharim]

You can wait for the rate to go down, OR buy now and cash in when it hits $500.
Even if the rates go below $90 I'm always selling. I might not always be online but leave me a PM or a request on the Krogyan OR call me 9038853347

Thanks for the response. The price is crazy at the moment, all I can hope for is that it does not get crazier in the coming days.

I will contact you when I am ready to buy. Hopefully we can do some business. Thanks again.

Cheers
lonsharim

[Benson Samuel]

Hello people

I am just starting out in the digital currency universe and I would like to buy between 0.8 and 1 BTC. It just seems so hard to convert money into BTC when you are starting out initially. I saw websites like www.buysellbitco.in and their rates seem to be a bit on the higher side. I visited localbitcoins and the most I could purchase was 0.1. Their phone verification system doesn't seem to work for Vodafone, Bangalore or maybe its just my phone. A couple of other websites mentioned here no longer operate like Mr Bitcoins

Are there any safe, reliable way to convert into BTC?

Thanks

Mr Bitcoin is now buysellbitco.in

[legendster]

It always feels good to be back here !

[Benson Samuel]

It always feels good to be back here !

Welcome back.

[mitts.daki]

Now it is even crazier

[lonsharim]

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

[americandesi]

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

[subvolatil]

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh  you are  correct  on  that. and  there is  also  a  few  conditions , if i  remember it  correctly .
you can  send  money  out  on these  following  condition.
1.  money to  relative.
2. Education.
3. medical.
and  these have  a cap of  about  50,000/-, and  you need  to  have  proof for it all. if you say its  bitcoin  they   will usually   not  understand  what you are  talking  about  and  when you  explain  to them  what it  is they  will usually  treat  you a  a  criminal.

there is  also  another  way  is  if you are   buying   or  purchasing   goods,  but  for that  you need  to  provide  alot  of  garbage   paperwork (causes  more  headache than  solution)

Funny thing is that i  can  use  a  credit  card on a   foreign  website  and  do a  transaction of over  50k. lol

[americandesi]

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh  you are  correct  on  that. and  there is  also  a  few  conditions , if i  remember it  correctly .
you can  send  money  out  on these  following  condition.
1.  money to  relative.
2. Education.
3. medical.
and  these have  a cap of  about  50,000/-, and  you need  to  have  proof for it all. if you say its  bitcoin  they   will usually   not  understand  what you are  talking  about  and  when you  explain  to them  what it  is they  will usually  treat  you a  a  criminal.

there is  also  another  way  is  if you are   buying   or  purchasing   goods,  but  for that  you need  to  provide  alot  of  garbage   paperwork (causes  more  headache than  solution)

Funny thing is that i  can  use  a  credit  card on a   foreign  website  and  do a  transaction of over  50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

[subvolatil]

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh  you are  correct  on  that. and  there is  also  a  few  conditions , if i  remember it  correctly .
you can  send  money  out  on these  following  condition.
1.  money to  relative.
2. Education.
3. medical.
and  these have  a cap of  about  50,000/-, and  you need  to  have  proof for it all. if you say its  bitcoin  they   will usually   not  understand  what you are  talking  about  and  when you  explain  to them  what it  is they  will usually  treat  you a  a  criminal.

there is  also  another  way  is  if you are   buying   or  purchasing   goods,  but  for that  you need  to  provide  alot  of  garbage   paperwork (causes  more  headache than  solution)

Funny thing is that i  can  use  a  credit  card on a   foreign  website  and  do a  transaction of over  50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

No !  it  does  not  .  the  only   red  flag  on  credit card  is  if you   try  to  use  credit  card   for  money  laundering  by  overpaying   the  card  and  then  using  that  amount  in another place. 

[Benson Samuel]

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh  you are  correct  on  that. and  there is  also  a  few  conditions , if i  remember it  correctly .
you can  send  money  out  on these  following  condition.
1.  money to  relative.
2. Education.
3. medical.
and  these have  a cap of  about  50,000/-, and  you need  to  have  proof for it all. if you say its  bitcoin  they   will usually   not  understand  what you are  talking  about  and  when you  explain  to them  what it  is they  will usually  treat  you a  a  criminal.

there is  also  another  way  is  if you are   buying   or  purchasing   goods,  but  for that  you need  to  provide  alot  of  garbage   paperwork (causes  more  headache than  solution)

Funny thing is that i  can  use  a  credit  card on a   foreign  website  and  do a  transaction of over  50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

No !  it  does  not  .  the  only   red  flag  on  credit card  is  if you   try  to  use  credit  card   for  money  laundering  by  overpaying   the  card  and  then  using  that  amount  in another place. 

Could you explain this out a bit? Isn't the source of the over-payment known?

[subvolatil]

Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?

According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.

The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.

I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.

Thanks again
lonsharim

If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India.
When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments.

And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her.

Somebody correct me if am wrong.

Yeh  you are  correct  on  that. and  there is  also  a  few  conditions , if i  remember it  correctly .
you can  send  money  out  on these  following  condition.
1.  money to  relative.
2. Education.
3. medical.
and  these have  a cap of  about  50,000/-, and  you need  to  have  proof for it all. if you say its  bitcoin  they   will usually   not  understand  what you are  talking  about  and  when you  explain  to them  what it  is they  will usually  treat  you a  a  criminal.

there is  also  another  way  is  if you are   buying   or  purchasing   goods,  but  for that  you need  to  provide  alot  of  garbage   paperwork (causes  more  headache than  solution)

Funny thing is that i  can  use  a  credit  card on a   foreign  website  and  do a  transaction of over  50k. lol

Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.?
I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD.

But are there any restrictions / does it cause red flags.?

No !  it  does  not  .  the  only   red  flag  on  credit card  is  if you   try  to  use  credit  card   for  money  laundering  by  overpaying   the  card  and  then  using  that  amount  in another place. 

Could you explain this out a bit? Isn't the source of the over-payment known?

Yeh !  the  source is  known, this  was a  problem a  few  years  back  people   were  overpaying the cards usually  payments  were  from other accounts (not  belonging from the same  person). took the  banks  some  time  to  notice  this so  now  days  all  banks  have  their own policies on  tackling  with over payments.  usually  its  put on a watch list  or  reported to the RBI.

Person A has a  credit  card.  Person B  makes a  payment  through  check  to  the  person A's  cc, the amount  gets  overpaid on the cc.  person  A  calls up the  bank and  tells them he  made  a  mistake  and   overpaid it and  requests the  bank  to  pay him  back. usualy back then  banks used  to send the  a  check to person A . poof  instant money  laundering.
RBI made good  progress  in making  sure  credit  card  companies  complied  with  the law  and curb this  problem, i dont  think  now  days  it  happens  much.

But, i  so  much  wish  the  RBI  would ease up on  money  transfer for  the  conman  man, and concentrate more  on the  rich who  launder  money.  Because  the RBI  want to  stop  money  laundering  they end  up  making  rules  that  make  it  impossible  for  the  legitimate and  normal man to  do any  thing.

[legendster]

Just putting in my voice. make sure you check out Krogyan. https://bitcointalk.org/index.php?topic=176877.msg1841315#msg1841315

[lonsharim]

Just putting in my voice. make sure you check out Krogyan. https://bitcointalk.org/index.php?topic=176877.msg1841315#msg1841315

Sorry legendster, After having gone through your posts, I think your rates will not work for me. If I understand correctly that's Mt Gox + 14%, current rate is 740, so that makes it 740 + 103 + 4 (NEFT charges) = $847 for a BTC that's currently trading on 654 on BTC-e. Hence you can understand why I considered wire transfer to BTC-e. I don't even understand why it should be 250 for NEFT. All banks charge Rs 5 for transfers below 1 lakh and the receiver does not have to incur that cost. You are entitled to sell them at what rate you are comfortable with but I think buying it at that rate is bad investment for me.

BuySellBitco is currently trading at a rate that works out to 760 @ 63 rupees a pop. I am beginning to see why they claim to have the lowest charge rates. I also understand given the highly volatile period, they seem to be selling limited quantity to lower their exposure and are getting sold out.

I am not saying I am interested in buying at this rate, merely stating your selling price based on the current exchange rate.

lonsharim

[subvolatil]

Looks like  you are  having a hard time  getting  some  coins.  do  this 

post your bitcoin address and i will forward you some coins you  just play around with. It will be  really low amt but  some to  get you started. and get the hang of thing.

[lonsharim]

Looks like  you are  having a hard time  getting  some  coins.  do  this 

post your bitcoin address and i will forward you some coins you  just play around with. It will be  really low amt but  some to  get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

[Benson Samuel]

Looks like  you are  having a hard time  getting  some  coins.  do  this 

post your bitcoin address and i will forward you some coins you  just play around with. It will be  really low amt but  some to  get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

I used to advice people not to mine or invest in mining. My opinion is definitely changing.

Every Satoshi is gonna have a Dollar value one day.

Hope you get few coins before people start to kill for 1.

[lonsharim]

Looks like  you are  having a hard time  getting  some  coins.  do  this 

post your bitcoin address and i will forward you some coins you  just play around with. It will be  really low amt but  some to  get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

I used to advice people not to mine or invest in mining. My opinion is definitely changing.

Every Satoshi is gonna have a Dollar value one day.

Hope you get few coins before people start to kill for 1.

Incidentally I did research and strongly consider mining too but decided against it.

[Benson Samuel]

Looks like  you are  having a hard time  getting  some  coins.  do  this 

post your bitcoin address and i will forward you some coins you  just play around with. It will be  really low amt but  some to  get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

I used to advice people not to mine or invest in mining. My opinion is definitely changing.

Every Satoshi is gonna have a Dollar value one day.

Hope you get few coins before people start to kill for 1.

Incidentally I did research and strongly consider mining too but decided against it.

mine with a CPU if it gives you a share

[lonsharim]

mine with a CPU if it gives you a share

LOL It was more like a 2TH/s Terraminer IV Feb batch. I even researched colocating the hardware in the US, spoke to a couple of people in Bangalore who were ready to invest upto 50% of the hardware cost as part of a group buy with me.

The only reason I didn't go ahead was that there were too many ifs involved, if difficulty in 2014 is unsustainable, if there are delays in production, if global hashes were too high, if colocating could not be trusted, if Cointerra turned out like BFL. Like I said, I did some heavy duty research before deciding against it.

[subvolatil]

Looks like  you are  having a hard time  getting  some  coins.  do  this 

post your bitcoin address and i will forward you some coins you  just play around with. It will be  really low amt but  some to  get you started. and get the hang of thing.

Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term.

That's  awesome!  play around and  get a  feel  of  it  more.  try   making a   paper  wallet and   encrypt  your  wallet. you  can  also  play  around  with the  concept  of   getting   devices  on a  air-gap.   

Best  of  luck