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RE: Bitcoin India: Prices Rise To $10026 Inspite Of RBI's Mandate & Resulting FUD!
How does one encash bitcoin using a p2p transaction? How exaclty is any online cash transaction p2p? Unless you exchange physical cash.
https://localbitcoins.com/ - There are sellers who will give you cash. So what's the issue? Even if it's a online transaction it's still no issue. Transacting with exchanges in an unregulated market like India poses its own problem w.r.t taxation.
Moreover, why do you think bitcoin trading at a premium in india a good thing?
For Steemit users from India it is good because users get more when they withdraw. That aside, I agree it's no good for building the market. Exchange price manipulation isn't good but it's there. What can we do to stop that? Not much really.
Yeah, there are issues with cash, although that seems to be the only way out. Storing cash is problematic but may be if one is investing small amounts, it is ok. Also, by p2p i thought you meant, people are able to get cash online after selling bitcoin. which is why i thought one leg has to be cash. The source of cash can also lead to problems. Given that this is a new tax source for the govt., i am sure agencies are tracking developments in this space very heavily.
regarding premiums, there isn't much one can do. There is just a very strong case for more exchanges to pop-up or p2p portals that can allow fair trading of bitcoin - the potential for user acquisition is immense.