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Can they pay in bitcoins? Then you can convert them to cash at coinbase and alike exchanges right away.
by gesman 10y ago
Can they pay in bitcoins?
Then you can convert them to cash at coinbase and alike exchanges right away.
- danieltillett 10y agoI suppose in theory, but does anyone know of a reliable Indian bitcoin exchange that is easy for Indian businesses to use? Edit. A quick check suggests this is a very expensive way to go given the price of bitcoins in India. Also to buy bitcoins in India you basically have to set up a bank account and go through the whole KYC process. This does not look like a low friction option for Indian companies.
- sayelt 10y agoLocalbitcoins should allow you to buy BTC other than with a bank account. https://localbitcoins.com/country/IN https://localbitcoins.com/country/IN
- danieltillett 10y agoThis is not really a low friction or cheap solution.
- sayelt 10y agoWhy not?
- danieltillett 10y agoI answered it in the response to the OP. A wire transfer would be cheaper and have lower friction.
- sayelt 10y agoThat's bullshit. Banks are the ones with the highest friction and fees.
- danieltillett 10y agoThe bitcoin spread is over 25% right now in India. That combined with the paperwork requirement needed for a business to buy bitcoins does not make for a low friction experience.
- sayelt 10y agoWhat paperwork do you need as a business to buy bitcoin?
- danieltillett 10y agoThanks to the RBI you need to go through the full KYC process - basically the same as setting up a business bank account. This in not low friction.
- sayelt 10y agoWith banks you always go through KYC/AML, this is nothing to do with bitcoin, and everything to do with banks.
- danieltillett 10y agoWell everything to do with the RBI regulations on bitcoin in India. The end outcome is that bitcoin is not a viable option to solve the India payment problem.
- sayelt 10y agoIf your legal system is fucked, that's not bitcoin's fault.