Quote from: sunildhillon on November 16, 2016, 07:39:14 PM

I'm an Indian Bitcoin trader (https://localbitcoins.com/p/sunildhillon) skeptical about the future of Bitcoin in my country.
From the day 8 Nov 2016.(Two biggest denomination[500INR,1000INR Bills] govt. notes cease to legal tender in the country) The price of Bitcoin in India rose by nearly 23% whereas international market grew today only and that too by only 4%.

The price Bitcoin in rising India is mainly due to "High demand and less supply" , and is expected to follow the trend for coming 40-45 days more and may generate price difference of 100% from the international market by the end of the term.

This has left me with several questions.

How does bitcoin infuse into a new country?
Do we need to start that process again for India?
Who are the player(s) who can balance the skewed market?
Bitcoin is for Illegal market only?
How long can it take for such skewed market to get back to normal even when power player gets into action as early as today.

India is the 2nd largest populated country having nearly 25 trillion $ cash in circulation. It can be left behind by the Bitcoin community.

There is no way I can send money to unknown individual abroad. You have followed full banking procedure that can take up to 7 business days to send one transaction. And there are strict limits to the amount I can send.

India is having lots of bitcoins into it, but probably not enough to meet the "requirement of the country" and are now probably going to the hands of people who were holding unaccounted cash by now.

I have seen this case before in digital goods. In dota/cs go, we treat keys as the currency for trade. And there can be a quite a diff in price for the common market and within their own country market. Due to language barriers and some other restriction, there are dealers who can take in hundred of keys everyday and then resell to their country mates at a profit.