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Author Topic: Bitcoin.co.id - Bitcoin Exchange in Indonesia - Arbitrage Opportunity  (Read 3862 times)
funchiestz
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September 16, 2014, 06:33:59 PM
 #1

Hi Bitcoiners

I would like to introduce myself. My name is Oscar Darmawan and I am
CEO of this Bitcoin.co.id  - Indonesia Biggest Bitcoin Exchanger. We are handling exchange for Bitcoin and Rupiah using open marketplace system like btc-e and bitstamp

Our exchange price is 3% - 10% higher than other exchange due number of buyer higher than bitcoin seller as per can seen in here https://vip.bitcoin.co.id/orderbook

Our daily volume is around 50 BTC - 100 BTC with trading fee 0.3% only

We really need bitcoin miner from other country to support our exchange. I wonder if any bitcoiners here will do arbitrage through our exchange. We have very small fee

We are registered company in Indonesia ( PT BitCoin Indonesia ) and initiator of Bitislands project

Visit our website www.bitcoin.co.id

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St-ly_T
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September 17, 2014, 08:23:24 AM
 #2

Hi Bitcoiners

I would like to introduce myself. My name is Oscar Darmawan and I am
CEO of this Bitcoin.co.id  - Indonesia Biggest Bitcoin Exchanger. We are handling exchange for Bitcoin and Rupiah using open marketplace system like btc-e and bitstamp

Our exchange price is 3% - 10% higher than other exchange due number of buyer higher than bitcoin seller as per can seen in here https://vip.bitcoin.co.id/orderbook

Our daily volume is around 50 BTC - 100 BTC with trading fee 0.3% only

We really need bitcoin miner from other country to support our exchange. I wonder if any bitcoiners here will do arbitrage through our exchange. We have very small fee

We are registered company in Indonesia ( PT BitCoin Indonesia ) and initiator of Bitislands project

Visit our website www.bitcoin.co.id

It would be difficult for foreigners to do arbitrage because at bitcoin.co.id, you can only withdraw to Indonesian bank account or selling voucher(which is difficult to find buyers too).

Unless you offer other ways to withdraw. Maybe withdraw to paypal ?

 
funchiestz
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September 17, 2014, 06:43:11 PM
 #3

Well I do believe serious arbitrage normally will make indonesia bank account. Quite easy to open one in here. I also have china bank account for bitcoin arbitrage trading in btcchina previously

Or they can sell bitcoin in our exchange and withdraw it through bitcoin as well when the price about same with global market

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GOAL BONANZA
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▄▄▄
...FOOTBALL BETTING REVOLUTION...
▄▄▄  WHITEPΛPER  ▄  FΛCEBOOK  ▄  TELEGRΛM  ▄  SLACK  ▄  TWITTER  ▄▄▄
.
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bodgybrothers
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September 18, 2014, 04:54:30 AM
 #4

Do you realise bitcoin is illegal in indonesia?

I looked at your system but there is no real arbs to be traded there, the volume is too thin and the pricing is almost equal to bitstamp. Do you have an address? Indonesia is full of scams, I live it everyday.
arieq
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September 18, 2014, 08:14:14 AM
 #5

Do you realise bitcoin is illegal in indonesia?

- snip -

Bitcoin is not illegal in Indonesia, it's just we can't use it in any kind of payment inside Indonesia. Heck, even listing your prices in USD and accepting USD in lieu of IDR is forbidden in Indonesia. Which is why the chance of seeing Indonesian businesses accepting Bitcoin as a method of payment is practically nil.

What we can do here in Indonesia is treating Bitcoins as commodities instead of currencies, and obliging people to exchange their coins to fiat before making transactions, that's what an exchange (eg: bitcoin.co.id) is for.

St-ly_T
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September 18, 2014, 08:21:22 AM
 #6

bodgybrothers never bothered to do research first to find out the facts.
funchiestz
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September 21, 2014, 05:11:39 PM
 #7

bodgybrothers never bothered to do research first to find out the facts.


Yes, many people  just give quick response without proper research. Bitcoin is not illegal in Indonesia. You may check in http://bitlegal.net

Currently trading volume is about 100btc to 150btc daily and our price is $40 above btce. You may do arbitrage but in small volume for each order. I can see that many people doing it

@bodgybrothers
Yes we are development country but it doesnt mean we can not be trusted. I love my country and I dont like it when people looking down of my country with no basis.

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GOAL BONANZA
.
▄▄▄
...FOOTBALL BETTING REVOLUTION...
▄▄▄  WHITEPΛPER  ▄  FΛCEBOOK  ▄  TELEGRΛM  ▄  SLACK  ▄  TWITTER  ▄▄▄
.
▄▄▄
.
▄▄▄▄▄
funchiestz
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September 21, 2014, 05:14:03 PM
 #8

Do you have an address?

Please come to our Bitcoin Center in Bali at legian kaja no 455. You are free to come anytime.

.
▄▄▄▄▄
GOAL BONANZA
.
▄▄▄
...FOOTBALL BETTING REVOLUTION...
▄▄▄  WHITEPΛPER  ▄  FΛCEBOOK  ▄  TELEGRΛM  ▄  SLACK  ▄  TWITTER  ▄▄▄
.
▄▄▄
.
▄▄▄▄▄
funchiestz
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September 23, 2014, 05:30:17 AM
 #9

It seems like number of bitcoin seller has been increased. Thank you guys Smiley

But our price still more expensive by $30 compare with btc-e. 

You still can arbitrage your bitcoin in our trading platform if you want Smiley

.
▄▄▄▄▄
GOAL BONANZA
.
▄▄▄
...FOOTBALL BETTING REVOLUTION...
▄▄▄  WHITEPΛPER  ▄  FΛCEBOOK  ▄  TELEGRΛM  ▄  SLACK  ▄  TWITTER  ▄▄▄
.
▄▄▄
.
▄▄▄▄▄
ardee
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September 23, 2014, 02:16:39 PM
 #10

Hello. I'm Indonesian and a newbie in bitcoin stuffs.
I already join your site and i think it's a good hub between rupiah and BTC.
hexagram
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September 24, 2014, 02:02:23 AM
 #11

bitcoin.co.id can go both ways. sometimes the price is higher than the market price, other times lower. if you want to do arbitrage with them you need to monitor the markets closely. indonesians are usually slightly lagged to respond to news, so there's your chance there. for example their price today is somewhat lower than the international market price because indonesians have barely woken up to the paypal news.
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