1000 currency notes – sparking a new interest in the digital currency and other cashless mechanisms such as internet banking, digital wallets, credit cards etc. When gold wasnât working, people were buying silver which significantly increased the demand of silver. The demand in India was so high that Indian Bitcoin price was nowhere close to rest of the worldâs. Those fees significantly shrink when customers shop using Bitcoin. Bitcoin price started to surge and weekly volume of bitcoin trading nearly doubled. Back then one Bitcoin was worth less than a dollar. 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 new users per month and the queries have gone up by 30 percent india bitcoin rate. Before demonetization, Bitcoin prices in India were hovering between $866 to $896 per Bitcoin; with 18 days after demonetization the prices surged from $757 to $1020. They bought Bitcoins in the US and sold them in India making a decent profit. This is where Bitcoinâs true potential lies. Also in developing countries where people donât have bank accounts but do have phones, Bitcoins can play a major role in how people transfer money to one another. Bitcoin prices have also settled down to normal. If you havenât been living under a rock for the past 6 years, you must have heard about Bitcoin by now.
The real impact of demonetization will be long term. India is a country where 87% of transactions are done in cash india bitcoin rate. Old notes were found floating in the river. Using their connections and by paying up to 30-35% premium they started buying Bitcoins with cash. With gold and silver being targeted by authorities, these souls saw Bitcoin as a safe haven. 2016 was a remarkable year (and it looks like 2017 will be as well) for Bitcoin. India is a great example of this – where Bitcoin is thriving, partly due to demonetization. 10,000 crore per day, India still lags at Rs 500 crore (per year) with 700-800 Bitcoin traded every day. Bitcoin in India and Demonetization Bitcoin is a great deal for small businesses. We are working hard so that Bitcoins and this technology can help fulfill the government’s dream. As compared to other countries like the US, the UK and China where the total Bitcoin trade value is around Rs. It was trading at $100 premium on Indian exchanges creating huge arbitrage opportunities. The demonetized notes amounted to 86% of Indiaâs cash in circulation.
Bitcoin has come a long way after debuting in 2009 when the financial crisis was still underway. Lots of people in the know that had bank accounts in India and the US took advantage of the situation. Not to forget, India is one of the largest remittance markets with a total value of more than $70 billion.Lisk.. People who were hoarding âblack moneyâ (unaccounted cash) could not deposit money into their accounts because banks were keeping a close eye on suspicious deposits. There was not enough cash with the banks to dispense. But experts believe these arbitrage opportunities will come again. In a bid to fight corruption and terrorism, on November 8, 2016, Prime Minister of India Narendra Modi shocked the nation by demonetizing Rs. People holding cash could deposit their money in the bank accounts or exchange for new Rs. He said, âWe hail the unprecedented move by PM Modi’s vision for a cashless and corruption free India. The initial growth that most of the Indian exchanges have seen is mainly due to cash crunch. .VeChain.Bitcoin Gold. Dash.