Topic: How safe are physical exchanges in your neighborhood. - page 2. (Read 962 times)

Quote from: fuguebtc on August 17, 2023, 05:31:21 AM

I believe the topic speaks volume for itself as it is already self explanatory.
This question was born out of a real life experience where a petty trader was publicly harassed by some uniformed security personnels claiming to be some police officers and after some investigations the security personnels claimed that the woman aided some criminal activities as well as some internet fraud simply because she made her private exchanges public and the government as some point also frowns at the use of bitcoin in my country.

Now my worries is that, this singular act has driven alot of fear to some low key bitcoin holders in my neighborhood even myself and there are shops I hope in town that operate physical exchanges.

~Do you think those dealers are safe?
~And what's the fate of physical cryptocurrency exchanges(r) in your country?

Let's discuss

I'm not sure what risks there may be for your country in using cryptocurrencies, but not only in your country has the government made it clear that using Bitcoin is against the law there. Nevertheless, in my opinion, if your government forbids the use of Bitcoin there, you should stop using it and avoid any situations that could land you in jail. I can see that there is no faithful unity in your country, but in my country, using cryptocurrencies is illegal either, but not as awful as your country. For your own safety, stop using it, mate.

jeraldskie11

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Here in my place where I lived, I didn't found yet that there are physical exchanges for crypto. If ever I see one, I'll be happy and maybe immediately try their service. But before I do that, we have to remember that if people know that you have a crypto, what they think is that you have a lot of money. So if criminals knows about it, they will surely eyeing that person.

So in my opinion, it's not ideal to use physical exchanges for crypto because it may risk your life. Remember, Bitcoin was made for our safety, so if we use physical exchanges, we are not doing the best use of Bitcoin.

Z-tight

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If as you said, you are not willing to use bitcoin in public, it means that you do not want people to know you are a bitcoin investor. If everyone is like you, how can bitcoin become a currency, a means of payment when everyone hides that they own bitcoin? We always want bitcoin to become more popular, always want people to know more about bitcoin, but meanwhile we are afraid to use bitcoin or spread bitcoin to others. How can bitcoin become popular?

BTC is already very popular, you don't have to tell everyone about BTC or that you use BTC before it can become a currency. People spend BTC daily, either in their local stores or online and they don't have a problem doing that as long as they are protecting their privacy, by either not reusing addresses, or not using addresses that holds their main funds for payments.

I have never before seen a physical BTC exchange, though if i have one around me, i may consider using it, because whatever threat you feel after using such exchange should be the same as when you walk into a fiat bank or use a fiat or BTC ATM, though i get it that in some areas where BTC is not too popular, people think that whosoever uses BTC is very rich and they may become a target.

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Quote from: Ale88 on August 16, 2023, 09:06:56 PM

Quote from: Ale88 on August 16, 2023, 09:06:56 PM

I believe the topic speaks volume for itself as it is already self explanatory.
This question was born out of a real life experience where a petty trader was publicly harassed by some uniformed security personnels claiming to be some police officers and after some investigations the security personnels claimed that the woman aided some criminal activities as well as some internet fraud simply because she made her private exchanges public and the government as some point also frowns at the use of bitcoin in my country.

Now my worries is that, this singular act has driven alot of fear to some low key bitcoin holders in my neighborhood even myself and there are shops I hope in town that operate physical exchanges.

~Do you think those dealers are safe?
~And what's the fate of physical cryptocurrency exchanges(r) in your country?

Let's discuss

Personally I never used physical locations to buy bitcoin and to be honest I don't think I would ever do it simply because it means that whoever is there in that moment will know you own some crypto. Maybe you bought $10, maybe you bought 1 bitcoin, who knows, in any case others don't know and they may think you own a lot of bitcoin so, government aside, there is also a personal safety issue.

I agree with you and I am the same. I am very uninterested in physical exchanges or any personal transaction regarding crypto. Not only is it unsafe for me, it is also unsafe for the one I am transacting with. Moreover, it is very hard to trust people especially when it comes to financial transactions. I would rather do everything online where I have the means to stay under the radar and keep my identity hidden by being as anonymous as I can. There is still risk doing that but not as much as doing physical transactions and exchanges.

fuguebtc

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I believe the topic speaks volume for itself as it is already self explanatory.
This question was born out of a real life experience where a petty trader was publicly harassed by some uniformed security personnels claiming to be some police officers and after some investigations the security personnels claimed that the woman aided some criminal activities as well as some internet fraud simply because she made her private exchanges public and the government as some point also frowns at the use of bitcoin in my country.

Now my worries is that, this singular act has driven alot of fear to some low key bitcoin holders in my neighborhood even myself and there are shops I hope in town that operate physical exchanges.

~Do you think those dealers are safe?
~And what's the fate of physical cryptocurrency exchanges(r) in your country?

Let's discuss

Personally I never used physical locations to buy bitcoin and to be honest I don't think I would ever do it simply because it means that whoever is there in that moment will know you own some crypto. Maybe you bought $10, maybe you bought 1 bitcoin, who knows, in any case others don't know and they may think you own a lot of bitcoin so, government aside, there is also a personal safety issue.

If as you said, you are not willing to use bitcoin in public, it means that you do not want people to know you are a bitcoin investor. If everyone is like you, how can bitcoin become a currency, a means of payment when everyone hides that they own bitcoin? We always want bitcoin to become more popular, always want people to know more about bitcoin, but meanwhile we are afraid to use bitcoin or spread bitcoin to others. How can bitcoin become popular?

Ale88

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Quote from: Wimex on August 16, 2023, 03:44:38 PM

I believe the topic speaks volume for itself as it is already self explanatory.
This question was born out of a real life experience where a petty trader was publicly harassed by some uniformed security personnels claiming to be some police officers and after some investigations the security personnels claimed that the woman aided some criminal activities as well as some internet fraud simply because she made her private exchanges public and the government as some point also frowns at the use of bitcoin in my country.

Now my worries is that, this singular act has driven alot of fear to some low key bitcoin holders in my neighborhood even myself and there are shops I hope in town that operate physical exchanges.

~Do you think those dealers are safe?
~And what's the fate of physical cryptocurrency exchanges(r) in your country?

Let's discuss

Personally I never used physical locations to buy bitcoin and to be honest I don't think I would ever do it simply because it means that whoever is there in that moment will know you own some crypto. Maybe you bought $10, maybe you bought 1 bitcoin, who knows, in any case others don't know and they may think you own a lot of bitcoin so, government aside, there is also a personal safety issue.

Wiwo

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Hmm... I really didn't know about that news, in which country was this event held? But based on the context you gave, I don't understand why make your personal exchanges public?.. If there are restrictions where you live, it would be best to do it anonymously, don't you think? On the other hand, answering your question, first of all the fate of physical cryptocurrency exchanges may vary depending on the regulation and adoption in your country… Since as cryptocurrencies gain popularity, some countries have implemented regulations to Supervise and control the activities related to them. .. In my case, physical exchanges are not seen very often, ignorance towards Bitcoin still abounds here... I hope this will change in the future and there will be more people who know what Bitcoin is at least..

Aside from law enforcement agencies, we also have security threat to be the major risk in making your bitcoin exchange public, because people are found of seeing those with Bitcoin as being supper rich since the own the magic money but on the other hand, if you operate online exchange that way your privacy will be highly protected and no one will ever know your worth or what you can afford or not.

Have you ever asked yourself why Binance which happens to be the world's biggest exchange doesn't have a physical office, this is because office space costs much more in terms of bills and security, as long as you can perform 100% from online, it means online.

Wimex

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Hmm... I really didn't know about that news, in which country was this event held? But based on the context you gave, I don't understand why make your personal exchanges public?.. If there are restrictions where you live, it would be best to do it anonymously, don't you think? On the other hand, answering your question, first of all the fate of physical cryptocurrency exchanges may vary depending on the regulation and adoption in your country… Since as cryptocurrencies gain popularity, some countries have implemented regulations to Supervise and control the activities related to them. .. In my case, physical exchanges are not seen very often, ignorance towards Bitcoin still abounds here... I hope this will change in the future and there will be more people who know what Bitcoin is at least..

milewilda

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Quote from: Wiwo on August 16, 2023, 02:57:04 PM

Quote from: DVlog on August 16, 2023, 01:36:16 PM

Yeah, I know of an identical incident in my country. Some police officers from my country stop a bus and arrest a man with his phone. Later we found out that the man was involved in gambling activity and at that time he was holding 22 Bitcoin in his mobile Bitcoin wallet. I am not sure if that man was dumb to do that or not conscious enough to carry his Bitcoin within his mobile phone.

I don't think there is nothing wrong with him having his bitcoin along with him always but the truth is that the country is messed up and I don't know your country but if the guy can prove that his winnings are from gambling then I think their shouldn't be any reasons to hold him down except gambling is illegal in your country .
On the other hand, if someone already has over 22 Bitcoins in his possession, then what really must have hindered him from having a hardware wallet?
Well I'm sure only the victim can answer perfectly for himself but whatever the case might be, we should learn how to trade with caution while handling Bitcoin and cryptocurrency in general especially if it has restrictions in our country

At some point I prefer not to go public with anything that will announce me as Bitcoin or cryptocurrency user this is because in my country, Bitcoin is not legalized yet but everyone use it just like..... so if you leave in such a country as mine, the best possible measure will be to avoid physical exchange or casinos because this is red spot activities and must be done underground to avoid possible suspicion that could lead to your privacy invasion by overzealous security personals, and just as you have said, having a 22 bitcoins outside is a big risk because the ops become vulnerable to attack I suggest, the best possible practice should be to leave you wallet keys somewhere accessible, but don't carry wallet apps on your mobile while travelling or outside.

You don't know when you can come across some corrupt policemen who don't know the rule of law coming to search your phone, even though they don't have such right against the citizen, to search any citizen's phone you need a warrant.

A person who had been caught because of such app is really just that dumb and its true that if you do know that you are on middle of something or some possible trouble then uninstalling an app does only need few seconds but if it really just that you are really that wary about on the said condition but if you do make yourself that too confident or really that simply dont mind about those potential danger then you would likely
be ending up on this kind of condition on which it is really that something that you should have done earlier so that you wont really be putting yourself on tough situation. Its not really that dangerous on storing up
some coins on an online wallet or exchange or whatever wallet that you do have in mobile as long you do possess the keys then you could simply access it on other via means. There are really just those
people who cant really think up well on the time that they would really be on a condition on which they are really that on a potential danger or putting themselves at harm.

Mr.suevie

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Yeah, I know of an identical incident in my country. Some police officers from my country stop a bus and arrest a man with his phone. Later we found out that the man was involved in gambling activity and at that time he was holding 22 Bitcoin in his mobile Bitcoin wallet. I am not sure if that man was dumb to do that or not conscious enough to carry his Bitcoin within his mobile phone.

I don't think there is nothing wrong with him having his bitcoin along with him always but the truth is that the country is messed up and I don't know your country but if the guy can prove that his winnings are from gambling then I think their shouldn't be any reasons to hold him down except gambling is illegal in your country .
On the other hand, if someone already has over 22 Bitcoins in his possession, then what really must have hindered him from having a hardware wallet?
Well I'm sure only the victim can answer perfectly for himself but whatever the case might be, we shoukd learn how to trade with caution while handling Bitcoin and cryptocurrency in general especially if it has restrictions in our country

Yeah, gambling is illegal in my country, and trading or exchanging any kind of cryptocurrencies as well. So hardware wallet is not so easy to get in the country and customers even blocked the delivery of safepal hardware wallet in some cases. You are right the country is just so messed up and the law enforcement agency tries to take advantage of the situation most of the time.

Still, bitcoin is very popular in my country and people uses P2P transaction to trade bitcoin with each other. Many use mobile banking system to bypass the formal banking channel so that they won't get caught.

That's also similar case over here although is very much legalize in my country and almost everyone is into it due to the poor standard of living here and the situation with crypto is still not quite understandable over because with I feel about Bitcoin and crypto legalisation in my country, it only the CBN that put restriction on transacting crypto with your Normal fiat bank but the issue on the restriction has been taken to another level by the so called government security official.

Wiwo

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Yeah, I know of an identical incident in my country. Some police officers from my country stop a bus and arrest a man with his phone. Later we found out that the man was involved in gambling activity and at that time he was holding 22 Bitcoin in his mobile Bitcoin wallet. I am not sure if that man was dumb to do that or not conscious enough to carry his Bitcoin within his mobile phone.

I don't think there is nothing wrong with him having his bitcoin along with him always but the truth is that the country is messed up and I don't know your country but if the guy can prove that his winnings are from gambling then I think their shouldn't be any reasons to hold him down except gambling is illegal in your country .
On the other hand, if someone already has over 22 Bitcoins in his possession, then what really must have hindered him from having a hardware wallet?
Well I'm sure only the victim can answer perfectly for himself but whatever the case might be, we should learn how to trade with caution while handling Bitcoin and cryptocurrency in general especially if it has restrictions in our country

At some point I prefer not to go public with anything that will announce me as Bitcoin or cryptocurrency user this is because in my country, Bitcoin is not legalized yet but everyone use it just like..... so if you leave in such a country as mine, the best possible measure will be to avoid physical exchange or casinos because this is red spot activities and must be done underground to avoid possible suspicion that could lead to your privacy invasion by overzealous security personals, and just as you have said, having a 22 bitcoins outside is a big risk because the ops become vulnerable to attack I suggest, the best possible practice should be to leave you wallet keys somewhere accessible, but don't carry wallet apps on your mobile while travelling or outside.

You don't know when you can come across some corrupt policemen who don't know the rule of law coming to search your phone, even though they don't have such right against the citizen, to search any citizen's phone you need a warrant.

DVlog

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Yeah, I know of an identical incident in my country. Some police officers from my country stop a bus and arrest a man with his phone. Later we found out that the man was involved in gambling activity and at that time he was holding 22 Bitcoin in his mobile Bitcoin wallet. I am not sure if that man was dumb to do that or not conscious enough to carry his Bitcoin within his mobile phone.

I don't think there is nothing wrong with him having his bitcoin along with him always but the truth is that the country is messed up and I don't know your country but if the guy can prove that his winnings are from gambling then I think their shouldn't be any reasons to hold him down except gambling is illegal in your country .
On the other hand, if someone already has over 22 Bitcoins in his possession, then what really must have hindered him from having a hardware wallet?
Well I'm sure only the victim can answer perfectly for himself but whatever the case might be, we shoukd learn how to trade with caution while handling Bitcoin and cryptocurrency in general especially if it has restrictions in our country

Yeah, gambling is illegal in my country, and trading or exchanging any kind of cryptocurrencies as well. So hardware wallet is not so easy to get in the country and customers even blocked the delivery of safepal hardware wallet in some cases. You are right the country is just so messed up and the law enforcement agency tries to take advantage of the situation most of the time.

Still, bitcoin is very popular in my country and people uses P2P transaction to trade bitcoin with each other. Many use mobile banking system to bypass the formal banking channel so that they won't get caught.

Obari

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Yeah, I know of an identical incident in my country. Some police officers from my country stop a bus and arrest a man with his phone. Later we found out that the man was involved in gambling activity and at that time he was holding 22 Bitcoin in his mobile Bitcoin wallet. I am not sure if that man was dumb to do that or not conscious enough to carry his Bitcoin within his mobile phone.

I don't think there is nothing wrong with him having his bitcoin along with him always but the truth is that the country is messed up and I don't know your country but if the guy can prove that his winnings are from gambling then I think their shouldn't be any reasons to hold him down except gambling is illegal in your country .
On the other hand, if someone already has over 22 Bitcoins in his possession, then what really must have hindered him from having a hardware wallet?
Well I'm sure only the victim can answer perfectly for himself but whatever the case might be, we shoukd learn how to trade with caution while handling Bitcoin and cryptocurrency in general especially if it has restrictions in our country

DVlog

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Quote from: coinerer on August 15, 2023, 11:53:42 PM

I believe the topic speaks volume for itself as it is already self explanatory.
This question was born out of a real life experience where a petty trader was publicly harassed by some uniformed security personnels claiming to be some police officers and after some investigations the security personnels claimed that the woman aided some criminal activities as well as some internet fraud simply because she made her private exchanges public and the government as some point also frowns at the use of bitcoin in my country.

Now my worries is that, this singular act has driven alot of fear to some low key bitcoin holders in my neighborhood even myself and there are shops I hope in town that operate physical exchanges.

~Do you think those dealers are safe?
~And what's the fate of physical cryptocurrency exchanges(r) in your country?

Let's discuss

Yeah, I know of an identical incident in my country. Some police officers from my country stop a bus and arrest a man with his phone. Later we found out that the man was involved in gambling activity and at that time he was holding 22 Bitcoin in his mobile Bitcoin wallet. I am not sure if that man was dumb to do that or not conscious enough to carry his Bitcoin within his mobile phone.

Pmalek

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But I can guess that physical exchange may have lower rate than online exchanger and service charge may be more than online exchange.

The rates don't necessarily have to be lower, but the exchange will take a cut of your profit, that's for sure. They have to make money, otherwise, what's the point of their business?! The rates can be anywhere from 1-3%, maybe more for small amounts. Anything above that is too much.

Quote from: coinerer on August 15, 2023, 11:53:42 PM

And in this case there will be tax issues so I think online exchange will more convenient and easy to use than physical exchange.

If the law in your country requires that you pay taxes when exchanging crypto for fiat, you aren't exempt from that just because you are using an online exchange. You are required to declare that in your tax report and pay the necessary taxes. It's a completely different topic of discussion if people do that and if their tax offices check or have the needed information.

Quote from: coinerer on August 15, 2023, 11:53:42 PM

And in case of physical exchange different documents must be required whereas in online exchange one can trade without KYC and only by doing KYC with NID up to 100BTC transaction and exchange facility is available daily there is not so much limit available in physical exchange.

I don't think you can find a quality CEX nowadays that allows you to exchange 100 BTC without previously undergoing KYC. And if there is such a service, it's not going to work for long. Even Binance had a daily withdrawal limit of up to 2 BTC in the better (KYC-less) days.

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Quote from: coinerer on August 15, 2023, 11:53:42 PM

Quote from: Pmalek on June 07, 2023, 12:53:11 PM

I have never used a physical exchange so I don't have useful feedback to contribute to the topic. But if you are worried about your security, try to exchange amounts where you don't have to show an ID or fill in paperwork that leave a trail that could be used against you. Shops like that usually have a threshold where no KYC is required. If you want to exchange more, you can always go in twice, use several different shops in town, or have a friend help you out and exchange a bit in your name.

Physical exchange is not available in my location yet so I can't imagine a physical exchange here. so in this case I have no experience that I can give any feedback here. But I can guess that physical exchange may have lower rate than online exchanger and service charge may be more than online exchange. And in this case there will be tax issues so I think online exchange will more convenient and easy to use than physical exchange. And in case of physical exchange different documents must be required whereas in online exchange one can trade without KYC and only by doing KYC with NID up to 100BTC transaction and exchange facility is available daily there is not so much limit available in physical exchange.

Your physical exchange assumptions may sound reasonable, but they're still assumptions. This shows a fundamental misunderstanding of Bitcoin's groundbreaking decentralized architecture. Exchanges in person? They may reflect crypto transactions physically, but their existence limits them.

Bitcoin-supporting online sites operate in the borderless digital realm. KYC limitations and trading limits are simplistic. Exchanges in person? Physical bureaucracy of the traditional financial system hinders them. Bitcoin was created to overcome these constraints. KYC and other regulatory restrictions online are due to government involvement, not Bitcoin. The essence of Bitcoin is freedom from such restrictions. And we should relentlessly promote that.

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Quote from: KiaKia on August 16, 2023, 10:15:49 AM

They are not safe to use and I won't even go near anyone, I am from a place where people don't like minding their business, they are always after you to know what you are up to, it's why I don't go to casinos too until we start having an online casino, I think it's more safer to use online exchanges because they are more safer and your identity as a user won't be revealed to anyone unless you want to reveal it yourself. No one will know that you normally use exchanges to change Fiat or buy other assets, there is no store that accept crypto as means of payment yet, and it's been few years since the crypto ban has been lifted, I think it's going to take a very longer time before we can start using crypto to buy stuffs in the real world.

But still, it is almost the same because you'll need to do an online KYC on the website, which still lets them know your identity, but again, there are cons to the physical one as a lot of people will see you, which again can attract bad guys. I don't have much experience with it as it is not available in our area, but I would definitely try it because I just want to know the feeling. I mean, it is not the usual way we are exchanging our assets, so it is good to try, but again, privacy and your security will be compromised.

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