Bitcoin owners ! anyone cashed out to india ?

Okay, here's the simple guide:

1. Buy Bitcoins using INR from here: https://localbitcoins.com/ (Takes 5 minutes to 1 and half hours, depends)
2. Transfer to BTC-E wallet (takes an hour at the most). You have to make a profile, click on finances, DEPOSIT, and use the wallet address of your btc-e account to transfer coins purchased from localbitcoins.com
3. Start trading. Buy low, sell high on BTC-e.com

I've never been able to pump and dump, because I don't have enough to do so. If all of us were to, we could make some nice profit twice or thrice a week :p
 
comp@ddict said:
Okay, here's the simple guide:

1. Buy Bitcoins using INR from here: https://localbitcoins.com/ (Takes 5 minutes to 1 and half hours, depends)
2. Transfer to BTC-E wallet (takes an hour at the most). You have to make a profile, click on finances, DEPOSIT, and use the wallet address of your btc-e account to transfer coins purchased from localbitcoins.com
3. Start trading. Buy low, sell high on BTC-e.com

I've never been able to pump and dump, because I don't have enough to do so. If all of us were to, we could make some nice profit twice or thrice a week :p
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I guess the question then becomes how do you buy low and sell high. Will you really be able to pull of pump and dump on btc-e? Its kinda doubtful. Maybe on cryptsy (or as people call it crapsty).
 
comp@ddict said:
Okay, here's the simple guide:

1. Buy Bitcoins using INR from here: https://localbitcoins.com/ (Takes 5 minutes to 1 and half hours, depends)
2. Transfer to BTC-E wallet (takes an hour at the most). You have to make a profile, click on finances, DEPOSIT, and use the wallet address of your btc-e account to transfer coins purchased from localbitcoins.com
3. Start trading. Buy low, sell high on BTC-e.com

I've never been able to pump and dump, because I don't have enough to do so. If all of us were to, we could make some nice profit twice or thrice a week :p
Click to expand...

I know this part but thanks for clearing the confusion

I'm confused about confirmations, Do i have do any confirmations or just follow the steps above & relax

Are there any extra charges/fees on localbitcoins.com?
 
The prices on localbitcoins are already bloated up. I mean, $600 = 36,000 but on localbitcoins you will have to spend atleast 46-50k. So you better be in this for the long term.
 
impulse1992 said:
I know this part but thanks for clearing the confusion

I'm confused about confirmations, Do i have do any confirmations or just follow the steps above & relax

Are there any extra charges/fees on localbitcoins.com?
Click to expand...
Download multibit wallet. It takes care of the confirmation thing you are worried about. You will have balance and spendable balance. When LBC or buysellbtc sends you the btc it shows up on the balance. It will spendable or transferrable to btc-e only after 4 confirmations are complete.
 
First time in the country, ED raids a Bitcoin seller in Ahmedabad

A couple of days after the Reserve Bank of India issued an advisory to public not to indulge in buying-selling of Bitcoins, the first raid in India was undertaken in Ahmedabad by Enforcement Directorate (ED) on an entity that provide platform to trade in this illegal but virtual currency.

On Thursday, ED raided the premises of Mahim Gupta in Bopal area of the city who provides trading platform through his website -‑ buysellbit.co.in. During the preliminary investigation, the ED found that it is in clear violation of Foreign Exchange Management Act (FEMA) rules of the country as central bank does not provide permission to indulge in such transactions.

“We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested,” said a top ED official.

As per sources, a separate raid was also conducted in Satellite area of the city, however, the person the investigation agency was looking for could not be found. “When we reached his office, he was not there. We have sealed the premises,” the official added.

The value of transactions is not known as each transaction will be verified by the investigating agency. However, it is likely to be around Rs20-30 crore. “Value of transaction is one aspect. Being a virtual currency its transfer and settlement is done online. No country has legalised Bitcoin as of now because of its opaque nature. The biggest threat is that without recording your transaction in official foreign currency platform money can be transferred like hawala with the use of this transaction. We are examining such instances, if any, here,” the official said.

http://www.dnaindia.com/india/repor...d-raids-a-bitcoin-seller-in-ahmedabad-1941187
 
it is not illegal. there are no regularions yet. RBI and Finance ministry instead of learning from other western countries and China they are just panicking on the issue of Cryptocurrencies. similar stupid policies were adopted against paypal but paypal was no slouch they wriggled out easily. I guess unless activists or other civil rights organisations put their weight behind crypto currencies they will only be viewed suspiciously.

the stonage attitude of fearing everything that cannot be understood persists even today *sigh*


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http://m.economictimes.com/news/eco...dia-amid-rbi-warning/articleshow/27975528.cms

One of the bitcoin operators in India, buysellbitco.in,has posted its website,"Post the RBI circular,we are suspending buy and sell operations until we can outline a clearer framework with which to work.
"This is being done to protect the interest of our customers and in no way is a reflection of Bitcoin's true potential or price," it said.
Another entity, INRBTC also said that"in light of RBI's notice, services of INRBTC.com are being suspended indefinitely".
Explaining its decision, INRBTC said that RBI has stated that users of virtual currencies are exposed to both legal and financial risks.
"Further it (RBI) states that absence of information of counter parties could subject the users to unintentional breaches of Anti-Money laundering and combating the financing of terrorism(AML/CFT) laws," it added.
"The only option left now is suspend the services until further arrangements can be made," INRBTC said, while adding that all trades which have been executed till December 26, 2013 will be processed completely.
"All pending orders will be cancelled and the deposits on those orders will be refunded100 per cent to the users," it said.
Many other websites offering bitcoin services in India have gone down,although a few continue to operate as of now despite increasing regulatory glare on bitcoins globally. While authorities and experts are becoming worried about its potential money laundering risks,concerns have also been raised about this new phenomenon snowballing into an 'e-ponzi' or an electronic version of investor fraud, given the growing promotion of bitcoin as investments without any enabling regulations for them.
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This guy literally asked for this:
http://timesofindia.indiatimes.com/...o-go/articleshow/27449103.cms?intenttarget=no
Mahin Gupta is the CEO of buysellbitco.in. His company, as the name indicates, allows Indians to trade in Bitcoin, the open source peer-to-peer payment network, using Indian Rupees for transactions. "I do around a crore of transactions each month," he says. His company is just a few months old. Despite this, Gupta is not happy. "We desperately need a regulatory framework for Bitcoin transactions," he says. "Is my company a Non-Banking Financial Company? Are we foreign exchange traders? The thing with Bitcoin is that it is so new - and so unprecedented that we are not sure where we stand"
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Not sure what was he thinking making these remarks.

Another problem this site had was, he dealt in INR himself. As he himself puts it, he is neither NBFC nor Fx trader, but he is dealing with money. Thats asking for trouble, specially with no KYC. He was sooner or later going to run afoul with AML laws.
 
The bitcoin train has already passed, it's pointless to trade in bitcoins at this stage. Over 12-15 months back i used to buy 10-20 BTC every month for 15-20$ for reasons other than investments with a 10% transaction charge from virvox (Should've bought a bunch when i saw the potential when it went up to 100 sometime this year :( )
Now it has the attention of everyone who didn't even know what it was 2 months back and wants to have a piece of the action just because it went up to 1000 from 10 earlier this year.
 
sharktale1212 said:
This guy literally asked for this:
http://timesofindia.indiatimes.com/...o-go/articleshow/27449103.cms?intenttarget=no

Not sure what was he thinking making these remarks.

Another problem this site had was, he dealt in INR himself. As he himself puts it, he is neither NBFC nor Fx trader, but he is dealing with money. Thats asking for trouble, specially with no KYC. He was sooner or later going to run afoul with AML laws.
Click to expand...
I don't think he will have any problems with AML laws. every customer has to send a scanned copy of PAN card for registering on his site. without that no one can do a transaction. I did not register there because I felt uncomfortable to send a scan of my PAN card to some unknown company. many people were questioning with what authority he is asking for PAN cards, and yes they should have been more careful with the legal ramifications.

if you see the forum posts of him and some other bitcoin enthusiasts in the bitcointalk forum, it seems they have been in touch with RBI regarding the cryptocurrencies and even a RBI representative participated in a recently conducted crypto currency conference in India. but not much was happening, I guess that frustration led to those comments. ED is probably just taking precautionary methods or just want to scare others before a thousand such bitcoin exchange clones started to popup. the archaic FERA and other financial regulatory laws are based on a centralised control of the financial and banking system and they cannot handle the modern concept of cryptocurrencies which takes the monetary power out of the reserve banks and puts it directly in the hands of the people albeit with some initial risks. germany, norway, china, singapore are reacting maturely to this modern challenge, but like always our authorities will ban first and ask questions later :p



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