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.
Topic: How safe are physical exchanges in your neighborhood. - page 3. (Read 962 times)
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. Personally I also don't have any experience with these physical exchanges you are talking about but most of the time I want to withdraw funds I use exchange to get amount in my bank account so no government authority can raise questions against it until they have substantial evidence against me.But as you said they might be risky or you can also use Bitcoin ATM if you wish to withdraw funds as there are many of them nowadays.
In my opinion, using a P2P service is the best way to convert fiat to cryptocurrency or vice versa, one should just make sure that they are using a service that prevents you from getting scammed just like Binance where your assets are escrowed when you are selling until you get paid and the assets of the seller are escrowed until you pay and then get the assets, that way, the chances of scammers scamming you will be minimum.Using a physical exchange can always get you in trouble and that also reveals your identity and people will know that you have cryptocurrencies and that also can be a bit dangerous for you since anyone with knowledge about these things can get behind you to rob you or take your phone to steal your funds.
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
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
That is a sad story...however the unfortunate reality is that anyone who is deciding to do Peer to Peer trading for a living must maintain privacy measures in the event of something like this happening. Obviously, governments will not like traders helping other people buy/sell Bitcoin without using institutions and regulated exchanges. So, do I think dealers are safe? Yes. If they are responsible in the way that they conduct their business and maintain their privacy. What's the fate of a physical cryptocurrency exchanger in my country? Probably something similar to what this woman suffered, unfortunately. I think this would be similar in most places. I do hope that this changes in the future.
We have different types of physical exchanges. I sometimes use them when the amount for a P2P transfer is large enough, as the bank may have questions. Physical exchanges offer the purchase and sale of cryptocurrencies for cash, which is convenient. Moreover, for transactions, you can use not only the national currency, but also the dollar or the euro. In principle, transactions are generally fairly safe. You create an application in which you indicate the required amount of purchase or sale. You are informed in the messenger about the amount of commissions. If everything suits you, then the owner of the exchange sends the address where the exchange is physically located and a unique code that must be reported directly to the person who is sitting in the exchange. You, in turn, send him the address of your wallet for the cryptocurrency, or vice versa, send him the cryptocurrency, and you will be given cash in the exchange. Everything works quite quickly and smoothly.
You've discovered a unique way to acquire Bitcoin—physical exchanges. But how secure are they, truly? Your portrayal suggests simplicity and ease. Still, I question the safety implications. Doesn't the pseudo-anonymity of Bitcoin evaporate in physical dealings? Is the trade-off justifiable? Moreover, the human element adds risks absent in digital transactions. Plus, legal pitfalls loom if these venues flout local laws. Bitcoin holds immense promise, true. But exercising caution in how we secure it is non-negotiable!And why does anonymity evaporate in physical transactions? In such exchangers, which were discussed in my post, no one requires identity cards and does not know your personal data. It is clear that the human factor always promises risks, but this applies to any method of withdrawing Bitcoin to Fiat, and not just to physical exchangers. I don't really understand what you are suggesting? Not using a physical exchanger at all? How then to cash out bitcoin when there is a need for it? P2P withdrawal to the card is even more risky and lacks anonymity, withdrawal directly from the exchange is not allowed everywhere, PayPal is the last century, famous for its huge commissions and inconvenience. Ideal options have not yet been invented, and the topic concerns the work of physical exchangers in different countries. So I described the work of those that I personally encountered in my country. And yes, this is a fairly quick and convenient way, with which I have not had any problems at the moment.
The fate of crypto here in my country? It's kinda dynamic when we're talking about the relationship between banks in here and crypto. My bank (BPI) before accepted crypto transactions but now they no longer support nor allow those kinds of transaction.
Financial institutions in my country, including banks, are not allowed to own or conduct transactions with crypto assets. But there are indeed exchanges that facilitate this. So even though it is ultimately related to the Bank. While the direct exchange outlet I have not found for crypto, but for perfect money already exists. There haven't been many cases of robbery but there have been some frauds committed but not all, but it happened on foreign currency exchanges. And usually the dollar.
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
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
That is a sad story...however the unfortunate reality is that anyone who is deciding to do Peer to Peer trading for a living must maintain privacy measures in the event of something like this happening. Obviously, governments will not like traders helping other people buy/sell Bitcoin without using institutions and regulated exchanges. So, do I think dealers are safe? Yes. If they are responsible in the way that they conduct their business and maintain their privacy. What's the fate of a physical cryptocurrency exchanger in my country? Probably something similar to what this woman suffered, unfortunately. I think this would be similar in most places. I do hope that this changes in the future.
This is also why I don’t agree with shops or businesses publicly making bitcoin a payment option in countries like this, because Just like this case scenario once the government comes hunting for those who violate the law you will be first to be napped.
Until they finalized their legalization of bitcoins as payments in your country, it's always better to stay low and keep safe from potential bad people who will gonna steal your bitcoins from you if they know you are holding some. It's a good idea to have such mindsets but if you are only having small businesses which don't really matter if the government comes to you, then you can start to accept bitcoins as your customer's payment because it won't really hurt you when the government finds out because they don't want small fish anyway, they are targeting those huge companies so that they can get huge portions of their money.
I have no past experience with physical exchanges because I don't see the need to use them, I am from a world where if you have a lot of money the government will come looking into what you doing for a living, this is why Bitcoin is a good choice for me, if I have 1 million dollars I won't dare keep it in the bank, I would prefer to have this big amount of money in Bitcoin instead.
Physical exchanges is not a safe practice for a reason, it's true that many people wont know what you are into, because not everyone knows about crypto and Bitcoin opportunities but what about those working in the exchange?
There have been some rumors in my country about how bankers are the ones who leaked their rich customer's funds to criminals, they get them kidnapped or robbed because those bankers working on the inside are abettors of the criminals.
Physical exchanges is not a safe practice for a reason, it's true that many people wont know what you are into, because not everyone knows about crypto and Bitcoin opportunities but what about those working in the exchange?
There have been some rumors in my country about how bankers are the ones who leaked their rich customer's funds to criminals, they get them kidnapped or robbed because those bankers working on the inside are abettors of the criminals.
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.
I am kinda curious if this was reported in your local news or it was just a small-case incident that it is not worth reporting anyway. Any forms of bad stuffs happening relating to Bitcoin are usually reported here in my country although the government does not prohibit the usage of it anyway. 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.
I don't know if it was later reported in our local news but typically everything happened in my presence and I really do felt pity for the woman because on different occasions, I don't think she deserved such harassment because I don't think she was in the position to ask her customers the success of their assets they wanted to trade and blaming the woman for patronizing them wasn't right as there have been stories where people steal and still use the proceeds to purchase things, why not also mandate the regular sellers to investigate their customers before leting them buy.
From the look of things, I think the attack was for bitcoin and not just the woman.
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.
Same here. I have never used any physical exchange in my neighborhood. However, when it comes to security, at least find stores that will not require anymore any KYC. That is still possible with small exchanges in town. And if you happen to make a transaction, don’t make a huge amount of transaction in a single shop, because once you’re known that you have a huge amount of bitcoin hodling, your own security might be in danger. And as much as possible, never make a lot of transactions in a certain shop. Do it in different stores, so that the owner itself will never suspect you or will never think of harming you like making a personal attack on you to steal your bitcoin as he can easily pay some people to do it for him. 
I think this is a very important topic to discuss, as it shows the challenges and risks that some people face when dealing with cryptocurrencies. I feel sorry for the woman who was harassed and I hope she is okay. I think those dealers are not safe, as they may attract unwanted attention from the authorities or criminals who want to steal their coins. I think the fate of physical cryptocurrency exchanges depends on the legal and regulatory framework of each country, as well as the level of awareness and acceptance of the public.
I would like to say this, if you know the laws of your country does not work out well for Crypto activities why expose yourself to such situations all in the name of p2p when you fully know that it is very risky to do so. Do you know if that was a set up against her? Nobody knows and the security agents that caught her would pass charges against her if truly Crypto trading is a crime in the country.
One needs be careful on how they enteract When they know the law does not favor Crypto in their various countries.
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.
I am kinda curious if this was reported in your local news or it was just a small-case incident that it is not worth reporting anyway. Any forms of bad stuffs happening relating to Bitcoin are usually reported here in my country although the government does not prohibit the usage of it anyway. 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.
~Do you think those dealers are safe?
~And what's the fate of physical cryptocurrency exchanges(r) in your country?
Thing is you never know who you're dealing or even meeting with through the internet. It goes the same for any other online businesses out there that conducts personal meetups ....which me and my significant other do~And what's the fate of physical cryptocurrency exchanges(r) in your country?
The fate of crypto here in my country? It's kinda dynamic when we're talking about the relationship between banks in here and crypto. My bank (BPI) before accepted crypto transactions but now they no longer support nor allow those kinds of transaction.
We have different types of physical exchanges. I sometimes use them when the amount for a P2P transfer is large enough, as the bank may have questions. Physical exchanges offer the purchase and sale of cryptocurrencies for cash, which is convenient. Moreover, for transactions, you can use not only the national currency, but also the dollar or the euro. In principle, transactions are generally fairly safe. You create an application in which you indicate the required amount of purchase or sale. You are informed in the messenger about the amount of commissions. If everything suits you, then the owner of the exchange sends the address where the exchange is physically located and a unique code that must be reported directly to the person who is sitting in the exchange. You, in turn, send him the address of your wallet for the cryptocurrency, or vice versa, send him the cryptocurrency, and you will be given cash in the exchange. Everything works quite quickly and smoothly.
You've discovered a unique way to acquire Bitcoin—physical exchanges. But how secure are they, truly? Your portrayal suggests simplicity and ease. Still, I question the safety implications. Doesn't the pseudo-anonymity of Bitcoin evaporate in physical dealings? Is the trade-off justifiable? Moreover, the human element adds risks absent in digital transactions. Plus, legal pitfalls loom if these venues flout local laws. Bitcoin holds immense promise, true. But exercising caution in how we secure it is non-negotiable! 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
The woman's crime according to the law enforcement agents was not that she engaged in bitcoin transactions but she aided fraudsters to carry out their activities. Such accusations are also common in my country when these corrupt police officers wants to intimidate and exploit citizens. Considering the situation of your country, bitcoiners should be careful and engage in bitcoin exchange secretly with trusted parties. The best option will also be the use of trusted P2p platforms available in your country 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
Well, I always make sure I go to a place where they have CCTV for the exchange... so that the people that I trade with will know that they are on CCTV if they want to do something funny. I also do not go alone and I make sure that I am not followed after the exchange took place.
The best thing to do is to go to Bitcoin meetups, where you build trust with small exchanges with other people that you meet there. We do this in a local pub or restaurant... so we make a lot of new friends.
This could be an effective means of securing yourself against crime when carryout your exchange. Immediately the parties know that their identity have been recorded by the CCTV machines the plans to engage in criminal activities will reduce. I know there are many restaurants and public spaces in my location that have 24hrs security cameras. The parties can even decide to carry out the transaction inside a commercial bank where there are enough security officials, nobody will when know that they are doing a Bitcoin transaction. The best thing to do is to go to Bitcoin meetups, where you build trust with small exchanges with other people that you meet there. We do this in a local pub or restaurant... so we make a lot of new friends.
The truth be told that not everyone is interested in knowing the source of ones cryptocurrency since it is expected to be decentralized and hence promoting privacy and to some points i think there was no single with anyone who reason to harass the woman and secondly, I know my country, most persons wouldn't take it lightly with any marchant wanting to know the source of their money because it really do sounds disrespectful and for that and for the sake of their business, you don't expect the woman to be scared.
hero member
Activity: 1036
Merit: 933
Find your Digital Services at- cryptolibrary.pro
~Do you think those dealers are safe?
But risk is everywhere, sometimes physical dealer is needed when the banking sector becomes very tight. But I think if there is no such situation, then it will be better to avoid these dealers, and you can communicate within your own community, once a good community is built up, then you can do transactions among yourselves.Quote
~And what's the fate of physical cryptocurrency exchanges(r) in your country?
If I want to talk about my country then here the matter is more strict, any kind of transaction of all cryptocurrency is illegal in our country. Cryptocurrency is now directly in the queue of money laundering in our country. And currently those who are involved in it are being arrested. Notice boards are being hung for not using cryptocurrency in the banking sector as well. If I were to speak for myself in this situation, I would say that I am proceeding my works very cautiously and fearfully 
but most of the time I want to withdraw funds I use exchange to get amount in my bank account so no government authority can raise questions against it until they have substantial evidence against me.But as you said they might be risky or you can also use Bitcoin ATM if you wish to withdraw funds as there are many of them nowadays.
If you are using a centralized exchange and your government or Central Bank doesn't look kindly on bitcoin, you have already given them plenty of proof of where the money came from. You can't have a CEX deposit fiat into your bank account without your bank knowing about your activities. And the bank can report you to the tax office or other authorities if they suspect something or have reasons to believe you haven't paid your taxes. Depending on where you live, your local tax authority could have the means to check the flow of money as well.If you are talking about DEXs, that's a bit different. In that case, it's one person sending money to a different person. If the sums are significant, the authorities can still ask questions. Then it's on you to explain what's the source of that money.
We have different types of physical exchanges. I sometimes use them when the amount for a P2P transfer is large enough, as the bank may have questions. Physical exchanges offer the purchase and sale of cryptocurrencies for cash, which is convenient. Moreover, for transactions, you can use not only the national currency, but also the dollar or the euro. In principle, transactions are generally fairly safe. You create an application in which you indicate the required amount of purchase or sale. You are informed in the messenger about the amount of commissions. If everything suits you, then the owner of the exchange sends the address where the exchange is physically located and a unique code that must be reported directly to the person who is sitting in the exchange. You, in turn, send him the address of your wallet for the cryptocurrency, or vice versa, send him the cryptocurrency, and you will be given cash in the exchange. Everything works quite quickly and smoothly.
Bitcoin business is a very lucrative business that is very safe and neighborhood can never know the business you're doing accept, when you open up to you're neighbors and besides, it add many advantage to compare to other traditional business doing, No shop rent being paid, while working out home.
I think you missed the point of OP here, Op is referring to engaging with someone physically in other to exchange your coin ( it might be bitcoin or some other altcoins).
To the Op, based on the kind of environment I live in I do think I'll ever be confortable trading with someone physically as it has so many risks attached, generally anything that has to do with my finances I don't share with public (only just some of my close friends know that I do bitcoin).
When you live in a society that thinks anyone that has anything to do with bitcoin must be super rich, you'll understand why I'm strongly against the idea of trading physically. Some might be openned to the idea as it reduces the risk of you getting scammed by an unknown individual but yet it exposes you for some physical harm which IMO is not worth the risk.
Personally I also don't have any experience with these physical exchanges you are talking about but most of the time I want to withdraw funds I use exchange to get amount in my bank account so no government authority can raise questions against it until they have substantial evidence against me.But as you said they might be risky or you can also use Bitcoin ATM if you wish to withdraw funds as there are many of them nowadays.
Jump to: