Bitcoin to INR – India Bitcoin Chart – INR Conversion Rates for Today

Bitcoin Price

Intraday Details

Quotes

Bitcoin Alerts

We suggest an effortless way to compare the price of bitcoin to INR with our charts and currency exchange rate.

Bitcoin aka Internet Money aka Future of Money is the talk of the town.

If you haven’t been living under a rock for the past six years, you must have heard about Bitcoin by now.

Bitcoin has come a long way after debuting in two thousand nine when the financial crisis was still underway. Back then one Bitcoin was worth less than a dollar.

2016 was a remarkable year (and it looks like two thousand seventeen will be as well) for Bitcoin. There were some scalability innovations that took place and the price per Bitcoin reached the highest in over two and a half years.

Bitcoin in India and Demonetization

Bitcoin is a fine deal for petite businesses. When you swipe your card every time you shop, the store has to pay a hefty card processing fee. Those fees significantly shrink when customers shop using Bitcoin.

Also in developing countries where people don’t have bank accounts but do have phones, Bitcoins can play a major role in how people transfer money to one another.

India is a good example of this – where Bitcoin is thriving, partly due to demonetization. However, a vast majority of India is still unaware about Bitcoin.

In a bid to fight corruption and terrorism, on November 8, 2016, Prime Minister of India Narendra Modi shocked the nation by demonetizing Rs. Five hundred and Rs. One thousand currency notes – sparking a fresh interest in the digital currency and other cashless mechanisms such as internet banking, digital wallets, credit cards etc.

The demonetized notes amounted to 86% of India’s cash in circulation. India is a country where 87% of transactions are done in cash. Chaos was inescapable.

This resulted in long queues at the ATMs and banks for weeks. There was not enough cash with the banks to dispense. People holding cash could deposit their money in the bank accounts or exchange for fresh Rs. Five hundred and Rs. Two thousand notes before thirty December.

People who were hoarding “black money” (unaccounted cash) could not deposit money into their accounts because banks were keeping a close eye on suspicious deposits.

What options do these people have? Let go all of their money? Well some of them did exactly that. Old notes were found floating in the sea.

While others turned to look for commodities to hedge the risk of an economic slowdown; some bought gold, some bought silver.

What did government do to curb this? They embarked raiding gold jewellers. When gold wasn’t working, people were buying silver which significantly enhanced the request of silver.

Interestingly Fergal O’Connor, a senior lecturer in Finance at the University of York (my alma mater), stated that a 10% reallocation from gold jewelry investment to silver could dual world silver request, which could cause a drastic switch in the silver market.

With gold and silver being targeted by authorities, these souls spotted Bitcoin as a safe haven. Using their connections and by paying up to 30-35% premium they began buying Bitcoins with cash.

Bitcoin price began to surge and weekly volume of bitcoin trading almost doubled.

As compared to other countries like the US, the UK and China where the total Bitcoin trade value is around Rs. Ten,000 crore per day, India still lags at Rs five hundred crore (per year) with 700-800 Bitcoin traded every day.

Not to leave behind, India is one of the largest remittance markets with a total value of more than $70 billion. On this a user usually pays up to 15% in bank charges and conversion fees. This is where Bitcoin’s true potential lies.

Sandeep Goenka, founder of Zebpay, one of the largest Bitcoin exchanges in India, said that post demonetization his exchange is now adding about 50,000 fresh users per month and the queries have gone up by thirty percent.

He said, “We hail the unprecedented budge by PM Modi’s vision for a cash less and corruption free India. More people have commenced looking at Bitcoins and interest has surged. We are working hard so that Bitcoins and this technology can help fulfill the government’s wish.”

Unocoin, another India’s leading Bitcoin exchange said the average number of daily visitors to its website has spiked to 14,000, compared to toughly Four,000 prior to demonetization.

“We are eyeing an enhanced request for Bitcoin and India clearly has shortage of supply, making the request and lack of liquidity thrust up prices of Bitcoin as compared to global exchanges” said Mohit Kalra, CEO, Coinsecure.

As mentioned earlier, countries like the US and China with large liquid Bitcoin markets, can lead the global price, but when a smaller market practices a big switch it doesn’t trigger a global effect, and it creates arbitrage opportunities.

Before demonetization, Bitcoin prices in India were hovering inbetween $866 to $896 per Bitcoin; with eighteen days after demonetization the prices surged from $757 to $1020.

The request in India was so high that Indian Bitcoin price was nowhere close to rest of the world’s. It was trading at $100 premium on Indian exchanges creating fat arbitrage opportunities.

Lots of people in the know that had bank accounts in India and the US took advantage of the situation. They bought Bitcoins in the US and sold them in India making a decent profit.

To understand how Bitcoin may progress in India it will be beneficial to know the role gold plays in Indian society. An American couple’s most valuable asset is typically their home, income and education. An Indian couple’s possession of gold touches on all these areas.

It is fair to compare Bitcoin to gold, as they both are liquid commodities. Bitcoin as a result can be seen in the middle of fiat currency and gold – only lacking the cultural weight that gold has.

After two months of demonetization circus the situation looks under control. Bitcoin prices have also lodged down to normal. But experts believe these arbitrage opportunities will come again.

All we have to do is wait and see the crazy Bitcoin price fluctuation. The real influence of demonetization will be long term. The initial growth that most of the Indian exchanges have seen is mainly due to cash crunch.

Bitcoin to INR – India Bitcoin Chart – INR Conversion Rates for Today

Bitcoin Price

Intraday Details

Quotes

Bitcoin Alerts

We suggest an effortless way to compare the price of bitcoin to INR with our charts and currency exchange rate.

Bitcoin aka Internet Money aka Future of Money is the talk of the town.

If you haven’t been living under a rock for the past six years, you must have heard about Bitcoin by now.

Bitcoin has come a long way after debuting in two thousand nine when the financial crisis was still underway. Back then one Bitcoin was worth less than a dollar.

2016 was a remarkable year (and it looks like two thousand seventeen will be as well) for Bitcoin. There were some scalability innovations that took place and the price per Bitcoin reached the highest in over two and a half years.

Bitcoin in India and Demonetization

Bitcoin is a superb deal for puny businesses. When you swipe your card every time you shop, the store has to pay a hefty card processing fee. Those fees significantly shrink when customers shop using Bitcoin.

Also in developing countries where people don’t have bank accounts but do have phones, Bitcoins can play a major role in how people transfer money to one another.

India is a excellent example of this – where Bitcoin is thriving, partly due to demonetization. However, a vast majority of India is still unaware about Bitcoin.

In a bid to fight corruption and terrorism, on November 8, 2016, Prime Minister of India Narendra Modi shocked the nation by demonetizing Rs. Five hundred and Rs. One thousand currency notes – sparking a fresh interest in the digital currency and other cashless mechanisms such as internet banking, digital wallets, credit cards etc.

The demonetized notes amounted to 86% of India’s cash in circulation. India is a country where 87% of transactions are done in cash. Chaos was unpreventable.

This resulted in long queues at the ATMs and banks for weeks. There was not enough cash with the banks to dispense. People holding cash could deposit their money in the bank accounts or exchange for fresh Rs. Five hundred and Rs. Two thousand notes before thirty December.

People who were hoarding “black money” (unaccounted cash) could not deposit money into their accounts because banks were keeping a close eye on suspicious deposits.

What options do these people have? Let go all of their money? Well some of them did exactly that. Old notes were found floating in the sea.

While others turned to look for commodities to hedge the risk of an economic slowdown; some bought gold, some bought silver.

What did government do to curb this? They commenced raiding gold jewellers. When gold wasn’t working, people were buying silver which significantly enhanced the request of silver.

Interestingly Fergal O’Connor, a senior lecturer in Finance at the University of York (my alma mater), stated that a 10% reallocation from gold jewelry investment to silver could dual world silver request, which could cause a drastic switch in the silver market.

With gold and silver being targeted by authorities, these souls witnessed Bitcoin as a safe haven. Using their connections and by paying up to 30-35% premium they began buying Bitcoins with cash.

Bitcoin price commenced to surge and weekly volume of bitcoin trading almost doubled.

As compared to other countries like the US, the UK and China where the total Bitcoin trade value is around Rs. Ten,000 crore per day, India still lags at Rs five hundred crore (per year) with 700-800 Bitcoin traded every day.

Not to leave behind, India is one of the largest remittance markets with a total value of more than $70 billion. On this a user usually pays up to 15% in bank charges and conversion fees. This is where Bitcoin’s true potential lies.

Sandeep Goenka, founder of Zebpay, one of the largest Bitcoin exchanges in India, said that post demonetization his exchange is now adding about 50,000 fresh users per month and the queries have gone up by thirty percent.

He said, “We hail the unprecedented stir by PM Modi’s vision for a cash less and corruption free India. More people have embarked looking at Bitcoins and interest has surged. We are working hard so that Bitcoins and this technology can help fulfill the government’s fantasy.”

Unocoin, another India’s leading Bitcoin exchange said the average number of daily visitors to its website has spiked to 14,000, compared to toughly Four,000 prior to demonetization.

“We are witnessing an enhanced request for Bitcoin and India clearly has shortage of supply, making the request and lack of liquidity thrust up prices of Bitcoin as compared to global exchanges” said Mohit Kalra, CEO, Coinsecure.

As mentioned earlier, countries like the US and China with large liquid Bitcoin markets, can lead the global price, but when a smaller market practices a big switch it doesn’t trigger a global effect, and it creates arbitrage opportunities.

Before demonetization, Bitcoin prices in India were hovering inbetween $866 to $896 per Bitcoin; with eighteen days after demonetization the prices surged from $757 to $1020.

The request in India was so high that Indian Bitcoin price was nowhere close to rest of the world’s. It was trading at $100 premium on Indian exchanges creating massive arbitrage opportunities.

Lots of people in the know that had bank accounts in India and the US took advantage of the situation. They bought Bitcoins in the US and sold them in India making a decent profit.

To understand how Bitcoin may progress in India it will be beneficial to know the role gold plays in Indian society. An American couple’s most valuable asset is typically their home, income and education. An Indian couple’s possession of gold touches on all these areas.

It is fair to compare Bitcoin to gold, as they both are liquid commodities. Bitcoin as a result can be seen in the middle of fiat currency and gold – only lacking the cultural weight that gold has.

After two months of demonetization circus the situation looks under control. Bitcoin prices have also lodged down to normal. But experts believe these arbitrage opportunities will come again.

All we have to do is wait and observe the crazy Bitcoin price fluctuation. The real influence of demonetization will be long term. The initial growth that most of the Indian exchanges have seen is mainly due to cash crunch.

Bitcoin to INR – India Bitcoin Chart – INR Conversion Rates for Today

Bitcoin Price

Intraday Details

Quotes

Bitcoin Alerts

We suggest an effortless way to compare the price of bitcoin to INR with our charts and currency exchange rate.

Bitcoin aka Internet Money aka Future of Money is the talk of the town.

If you haven’t been living under a rock for the past six years, you must have heard about Bitcoin by now.

Bitcoin has come a long way after debuting in two thousand nine when the financial crisis was still underway. Back then one Bitcoin was worth less than a dollar.

2016 was a remarkable year (and it looks like two thousand seventeen will be as well) for Bitcoin. There were some scalability innovations that took place and the price per Bitcoin reached the highest in over two and a half years.

Bitcoin in India and Demonetization

Bitcoin is a fine deal for puny businesses. When you swipe your card every time you shop, the store has to pay a hefty card processing fee. Those fees significantly shrink when customers shop using Bitcoin.

Also in developing countries where people don’t have bank accounts but do have phones, Bitcoins can play a major role in how people transfer money to one another.

India is a good example of this – where Bitcoin is thriving, partly due to demonetization. Tho’, a vast majority of India is still unaware about Bitcoin.

In a bid to fight corruption and terrorism, on November 8, 2016, Prime Minister of India Narendra Modi shocked the nation by demonetizing Rs. Five hundred and Rs. One thousand currency notes – sparking a fresh interest in the digital currency and other cashless mechanisms such as internet banking, digital wallets, credit cards etc.

The demonetized notes amounted to 86% of India’s cash in circulation. India is a country where 87% of transactions are done in cash. Chaos was inescapable.

This resulted in long queues at the ATMs and banks for weeks. There was not enough cash with the banks to dispense. People holding cash could deposit their money in the bank accounts or exchange for fresh Rs. Five hundred and Rs. Two thousand notes before thirty December.

People who were hoarding “black money” (unaccounted cash) could not deposit money into their accounts because banks were keeping a close eye on suspicious deposits.

What options do these people have? Let go all of their money? Well some of them did exactly that. Old notes were found floating in the sea.

While others turned to look for commodities to hedge the risk of an economic slowdown; some bought gold, some bought silver.

What did government do to curb this? They embarked raiding gold jewellers. When gold wasn’t working, people were buying silver which significantly enhanced the request of silver.

Interestingly Fergal O’Connor, a senior lecturer in Finance at the University of York (my alma mater), stated that a 10% reallocation from gold jewelry investment to silver could dual world silver request, which could cause a drastic switch in the silver market.

With gold and silver being targeted by authorities, these souls witnessed Bitcoin as a safe haven. Using their connections and by paying up to 30-35% premium they began buying Bitcoins with cash.

Bitcoin price began to surge and weekly volume of bitcoin trading almost doubled.

As compared to other countries like the US, the UK and China where the total Bitcoin trade value is around Rs. Ten,000 crore per day, India still lags at Rs five hundred crore (per year) with 700-800 Bitcoin traded every day.

Not to leave behind, India is one of the largest remittance markets with a total value of more than $70 billion. On this a user usually pays up to 15% in bank charges and conversion fees. This is where Bitcoin’s true potential lies.

Sandeep Goenka, founder of Zebpay, one of the largest Bitcoin exchanges in India, said that post demonetization his exchange is now adding about 50,000 fresh users per month and the queries have gone up by thirty percent.

He said, “We hail the unprecedented stir by PM Modi’s vision for a cash less and corruption free India. More people have began looking at Bitcoins and interest has surged. We are working hard so that Bitcoins and this technology can help fulfill the government’s wish.”

Unocoin, another India’s leading Bitcoin exchange said the average number of daily visitors to its website has spiked to 14,000, compared to harshly Four,000 prior to demonetization.

“We are watching an enlargened request for Bitcoin and India clearly has shortage of supply, making the request and lack of liquidity shove up prices of Bitcoin as compared to global exchanges” said Mohit Kalra, CEO, Coinsecure.

As mentioned earlier, countries like the US and China with large liquid Bitcoin markets, can lead the global price, but when a smaller market practices a big switch it doesn’t trigger a global effect, and it creates arbitrage opportunities.

Before demonetization, Bitcoin prices in India were hovering inbetween $866 to $896 per Bitcoin; with eighteen days after demonetization the prices surged from $757 to $1020.

The request in India was so high that Indian Bitcoin price was nowhere close to rest of the world’s. It was trading at $100 premium on Indian exchanges creating giant arbitrage opportunities.

Lots of people in the know that had bank accounts in India and the US took advantage of the situation. They bought Bitcoins in the US and sold them in India making a decent profit.

To understand how Bitcoin may progress in India it will be beneficial to know the role gold plays in Indian society. An American couple’s most valuable asset is typically their home, income and education. An Indian couple’s possession of gold touches on all these areas.

It is fair to compare Bitcoin to gold, as they both are liquid commodities. Bitcoin as a result can be seen in the middle of fiat currency and gold – only lacking the cultural weight that gold has.

After two months of demonetization circus the situation looks under control. Bitcoin prices have also lodged down to normal. But experts believe these arbitrage opportunities will come again.

All we have to do is wait and observe the crazy Bitcoin price fluctuation. The real influence of demonetization will be long term. The initial growth that most of the Indian exchanges have seen is mainly due to cash crunch.

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