The unprecedented demand for Bitcoins has can be found in the back ground of the us government requesting feedback about virtual currencies from users.
Exploding demand, high premium
"Zebpay, certainly one of India's Bitcoin exchanges, has over 500,000 downloads of its mobile app and is adding about 2,500 new users every day."
The
scarcity of Bitcoins in India has triggered Bitcoin being traded at a
substantial premium. The Bitcoin price in India touched INR 225,000 ₦1.3M
(~$3,500) before declining slightly. International users cannot
arbitrage the demand for Bitcoins in India because of capital controls
and foreign exchange regulations.
Exchanges overwhelmed
Just how are exchanges coping with this particular overwhelming demand?
Zebpay urged investors to be mindful while buying Bitcoins, citing the high volatility
Zebpay tweeted
“Bitcoin costs are very volatile right now. Please be careful when
investing. This can be a new technology innovation on a worldwide but
early stage. Your investment should match your knowledge. Be safe!”
However,
this didn't have the intended impact on Bitcoin investors. Zebpay later
introduced an everyday limit of INR 50,000 ₦296K (~$780) on Bitcoin
purchases.
Zebpay tweeted:
1/2 Dear user, we have put temporary buy limits of Rs 50,000 per day due to the shortage of bitcoin stocks.— zebpay (@zebpay) May 25, 2017
The
specific situation was no different at other Bitcoin exchanges.
Coinsecure, certainly one of India's leading exchanges was down, citing
the exponential growth of users causing strain on the Company's systems.
The organization expects the downtime to carry on over the following
few days. Visitors to the internet site were greeted with the next
message.
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