Hello
Did anyone notice these buying selling bitcoin sites like unocoin and igot fooling us by shiowing incorrect market rate of bitcoin than showing in exchange websites like bitcoinpricerate.org ,preev.com , xe.com.
The unocoin Charges 3% + tax and igot charges 1% fees but they actually charges unocoin 7-10% and igot 3-5% by fooling us showing incorrect live rate. Compare the rate with exchange sites and share openion.
Um, there are many things you are neglecting here. The websites you are refering to that are showing live rates actually bases it on real time exchanges where buyers and sellers meet. In this model there is no financial risk that is getting involved. The other model is where they just act like escrows where again no financial risk is involved and not even INR or BTC risk is involved for long term. The model of Unocoin is being a trader where Unocoin takes the risk of both rate variations and also risk of holding bitcoins for the customers. Like how exchange rate of btc-e has nothing to do with bitstamp rates because they have their own customer base who determine the present exchange rate, it is in a way same with Unocoin as well. I said "in a way" because the customers do not directly contribute to the exchange rate but they have the influence on it. When there are 10 buyers and just 5 sellers, the btc price will go up so that there is an incentive for more sellers to sell their bitcoins etc - we term this as demand and supply of bitcoins among our customers. We ofcourse do consider some exchange rates while we calcuate the prices but this alone do not determine our prices as we are not buying and selling from those exchanges Did anyone notice these buying selling bitcoin sites like unocoin and igot fooling us by shiowing incorrect market rate of bitcoin than showing in exchange websites like bitcoinpricerate.org ,preev.com , xe.com.
The unocoin Charges 3% + tax and igot charges 1% fees but they actually charges unocoin 7-10% and igot 3-5% by fooling us showing incorrect live rate. Compare the rate with exchange sites and share openion.
.If you ask me, can there be better days for indian bitcoin buyers and sellers - ofcourse there will be. What Unocoin does is very similar to what CoinBase does in USA. Coinbase offers just 1% exchange because there are numberous number of customers who buy and sell on any given day and hence there is lesser financial risk for them and also they are able to buy bitcoins from international exchanges to square off if they need to which we cannot do in India at large quantities as India do not identify bitcoins as something that can be imported and we have trouble sending tens of thousand USD to other country without a recognized reason by the govt. When Indian exchanges or trading websites see thousands of buying and selling orders on day to day basis, you can expect the spread to come closer and transaction fee to decrease and we hope it is not far away.