Bitcoin India

'Cash deposit' Method For Buying Bitcoins Reaches India

Bitcoin exchanges have found the magic formula that allows funds to flow and a new exchange, Mr. Bitcoins, is taking it to India!

For the first time ever for the country, those wishing to buy bitcoins can simply bring their Rupees to a bank (HDFC) and make a deposit into a special account for the exchange.  Those funds are then converted to bitcoins and the digital currency is delivered to the Bitcoin address the customer specified.

Mr. Bitcoins launched in May and offers this cash deposit method in Australia and the United States as well.  The exchange is operated by Kenseycol PTY LTD out of Australia.

This method will likely be valuable for its convenience — funds from cash deposits are converted either the same day or next business day.

The exchange rate that is quoted is real-time but it is somewhat higher than the BTC/USD exchange rate after further converting it using the USD/INR conversion rate.  There are no additional fees however, causing this method to be cheaper than sending an international bank wire or other money transfer service such as Western Union.

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Update: We’ve been asked to explain in more detail how to use this service:

• Visit Mr. Bitcoins, click on the INR tab.
• Enter your e-mail address, your bitcoin address (e.g., from Instawallet), and the amount (in BTCs) that you wish to buy.  Then click the Buy Bitcoins button.
• You will then see a receipt with the HDFC account name, account number and the amount (in INRs) to deposit.
• Print the receipt and take it with you to the nearest HDFC where you deposit cash into the account shown on the receipt.  Once Mr. Bitcoins sends the bitcoins, you can monitor the transaction’s progress towards getting confirmed using Blockchain.info.

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