Why BTC rates in Iran is so high

[pitiflin]

Seriously? This is a huge price compare on the ordinary market. Well, I'll make time to research more about this if so I can confirm on my own if its true or not. Free electricity means unlimited mining, that's crazy, anyway congrats to all Iranians because they can now invest in this good technology and I hope every country will do the same thing.

Whatever I said was based on a quick google search. Free electricity was available, at one point, not anymore. I read a user saying that electricity is basically free: https://bitcointalk.org/index.php?topic=4857518.msg43795478#msg43795478

And also, Iran is a fucked up country to invest in technology at the moment, they are struggling to survive. So don't expect that to happen.

[1714892711]

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[manojpatelme]

https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/

What I got from this new bellow comment that it was also a fake news. Nowadays fake news trend is increasing one day you will get the news and second day you realise that it was fake.

[carlisle1]

Perhaps you might be one of the victims of a fake news spreading from a website that didn't took the time to validate and check sources. Doing a quick search, the rate of 1 bitcoin on Iran is 110,000,000 rial at its peak, or if converted to USD, about $2400 more or less which is very far from the reported value. Also do keep in mind that the Iranian rial is falling hard against the dollar as we speak, so any recorded value on Exir's website might have been affected by the rapid change of valuation of the Iranian rial against the dollar.

I believe that i am one of the people who take that fake news seriously and now hated myself for being fooled..i cannot find some sites to validate that time when i read the thread

Sorry for my stupidity an$thank you for this clarification dude i owe you one

[scooby_doo23955]

The Iranian rial is falling hard against the dollar right now, so any recorded an incentive on Exir's site may have been influenced by the fast difference in valuation of the Iranian rial against the dollar. One should be aware of these things.

[Rosyanroid]

It's straightforward. The estimation of fiat is going down such a large number of observe Bitcoin to be a keen speculation. It might be a more astute speculation than holding the fiat. The more rial esteem, the more significant BTC progresses toward becoming when exchanging against rial.

[timerland]

my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

According to a US gov site:

Although not an international financial hub, Iran has a large informal economy, characterized by sanctions evasion, restrictive taxation, widespread smuggling, currency exchange controls, and capital flight

I think that the reason why rates are so high are most likely the fact that the government of Iran is trying to restrict people from buying foreign currencies, which makes their national currency worth less in practicality than it officially is.

That's why you see the sudden surge in prices when the government showed interest in legalizing the trading of it or whatever. People are trying to use bitcoin as a way to take capital out of rials and into foreign currencies. Thereotically you could make a profit from arbitraging the difference, but realistically, you're never going to get the official going rate for their currency when you try to exchange it back to a liquid one.

[bitbunnny]

Well, Iran is not among countries that is new technologies friendly, they are quite restricting. It's not in their best interest for Bitcoin to become wide spread and used.
Also, their economy is struggling to survive , one of the reason are sanctions and embargo.
Iranian people might see Bitcoin as a way out but it will take a while for Bitcoin to become fully accepted there.

[Hablinfuld]

BTC is worldwide price the same as it is priced in USD. If you see any fluctuation in that, do some research on the currency that you are trying to convert BTC to. There must be some underlying reason for that, and in the case of Rial, it's price is falling against the price of USD which is why you are thinking that the price of BTC is still higher in Iran.

[webdevmastery]

my title is the question and I am wondering if i can sell bitcoin to the people in Iran via Local Bitcoin . If not , please give me a reason

You can always check on google if they have a website that allows cryptocurrency to trade in their own fiat and in that way you can determine if it was possible for iran to hold cryptocurrency or not.