What do you mean "There is no exchange rate involved"? Of course there is an exchange rate. You are not buying a bitcoin for one rupee, then selling the bitcoin for one Singapore dollar, are you. You pay X rupees for your bitcoin, and when you sell it, you get Y SGD.Wd40 wrote:You buy bitcoin in an Indian bitcoin exchange, using rupees and then transfer it to a wallet and then sell from that wallet using SG exchange and get paid in dollars. There is no exchange rate involved. But, currently the price of bitcoin is so volatile, that the sell price can vary widely compared to the buy price.Strong Eagle wrote:Using what exchange rates?Wd40 wrote:I heard you can buy bitcoin in India using rupees and then sell it here in dollars.
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Who is setting that exchange rate? Bitcoin "value" on the open market appears to be expressed in terms of US dollars. Somebody who is going to sell you a bitcoin for rupees has already figured out in her mind how many rupees it is worth, based on its US dollar value.