24 comments on “Bitcoin – In India?

  1. Remittance payments made in bitcoins will be one influx of coins to the region. What needs to happen is for there to be an over-the-counter method to match up those who have received bitcoins to exchange them for rupees and for those with rupees to find those who are selling bitcoins.

    There are a number of local exchange services, and once some traders start building up a trust history, that type of trading can flourish.

  2. Bitcoin will solve the Escrow problem with a new kind of transaction type. In which two users create a third account. An account that each user have half the key to control. This way they can do their own Escrow for free.

    A. Buyer wants to buy a product.
    B. Seller wants to sell a product

    But Seller do not trust A to send the money.
    Buyer do not trust seller to deliver the goods.

    They create an account that each have half the key to control.
    So noone of them can control that account.

    Seller sends a tiny amount of Bitcoin to that account. 0.01 Btc
    (This way he shows he means business and that his product is to be trusted as he is willing to risc his own funds.)

    Buyer sends double that amount. 0.02
    (Buyer shows that he wants to do business.)

    Now lets say the product cost 50 Btc.

    They now take turn filling the account so that it contains 100 Btc.

    Now they both have 50 Btc each to lose of not doing a good deal.

    The seller now, knows that the buyer have the money (they are in the shared account.)

    So he sends the goods.

    Buyer gets the product. And he has now no reason to not give his key to the seller.
    So he sends the key so the seller can collect all the money from the account.

    Something like that will be possible with Bitcoin. For the first time in internet history solving the issue with trade on the internt for free. This did not cost them anything.

    Thus value of Bitcoins will increase.

    • This is a nice method of escrow.
      However, it still weighs more on one side.
      What if the buyer does not pass on his key after receiving the goodds?
      I do beleive that it can be used with a monetary system such as Hawala or Ripple.

  3. No one is active or available on Any of the Bitcoin India channels 😦 Also How to buy Bit Coins via Credit card? My card supports only domestic payments… no International..

    • the OTC channel in IRC is brand new. Give it sometime to pick up. Credit card is a problem because of chargebacks. In my knowledge, there are 2 initiatives in motion to enable buying and selling of Bitcoin in India.

    • I have tried CPU and GPU mining, but it is too late for those now.
      If you can get your hands on ASICS, it will be worth it, considering the cost of electricity in India.

  4. i had a chance to mine long back.. missed it.. now… its too costly.. 25 BTC for 1 block :(… even on pooled mining i do not see much hope.. unless i upgrade my pc or setup a rig.. waste… any other logic to get bitcoins?

  5. Any particular currency has paper based, and metal based
    units of various denominations that represent different denominations
    of tthe currency. Step Four: Follow the instructions on your chosen
    pool’s website, plugin your username andd password, and hit start
    — you’ll see a MHash (That’s mega-hashes) per second rate appear, and sharews should start coming in.

    One of the coolest things about Bitcoin is that it gets
    its value not from real-world items, but from codes.

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