Topic: How safe are physical exchanges in your neighborhood. - page 6. (Read 962 times)

Physical exchange may be ideal for most people but for me NO. That's because of safety. Even if I'm to use a physical exchange, I will only transact a small amount of money, maybe $100.

There are a lot of people in the neighborhood looking for people to target and a simple mistake can lead to someone getting robbed or killed.

There's no much difference between the physical exchange and the online exchanges because they are all centralized and illicit activities can occur with anyone of them and same also is scam everywhere irrespective of the avenue or platform used, to me physical exchange will be more risky with dangers to use than the online ones because there will be improper coordinations and abuse on the exchange which may also result to somethings being manipulated.

The issue of scalability while dealing with bulk could also serve a challenge as well, of they were not banned by the government then they can operate but should be ready to face huge regulations from them and this begins with them having issues on tax payment and the likes, non compliance will attract sanction on them.

If you can find the right person, then it's safe. Otherwise, I don't think it is a good idea to make deals with someone random. If you are trying it for the first time, then the meeting has to be in a public place. Take some people with you, like friend or family. Make sure to find the proper one who seems trustworthy, and you can do business afterward.
Then comes the question about if Bitcoin is legal or illegal in your country. If it's legal, then you can use it as you like, and it will be not so hard to find a proper dealer. You won't face any legal concern in that matter.
But, if it's illegal, then you will have to face a lot of troubles. It will be hard to make the transaction publically. Also, it could be a trap from the law enforcement to fish out people who are violating the rules and using cryptocurrency. So take cautions before you do it.

It is illegal in my country to use cryptocurrency or even owning them. So it is hard, as I explained in the top section. 3 people were caught and put to jail just for owning some crypto. So, I don't think physical cryptocurrency exchange(r) has a luck in this country. People are afraid to show their faces in the public, but many people still use cryptocurrency here. It is possible to make a human transaction, but the risk is high. If Bitcoin/crypto ever becomes legal here, then it will have a good luck here. Many will come out of the shadow. Let's see what will happen.

feedback for this because I haven't found the exchange you said in my country , so far I have only made exchanges that exist and support my country's currency

I think it highly depends on the country.

I was using physical exchange in Turkey and it was a really nice experience and the fees weren't too high.
So I think if you use exchanges in crypto-friendly countries, it probably would be fine.

But I'm NOT recommending using exchanges in Africa and Brazil. In these countries, if something has to do with money, the risk is getting much higher. So be careful with that.

The government is an authority within it's jurisdiction and owns all means of legitimate coercion and it is needful that anyone who finds himself within such society where the government has discountenance towards crypto tread with utmost careful as he embarks on his cryptocurrency business. Making a public show only endangers you and your business.

I come from a country where the government throw the banks frown at any crypto related business and transacts and to keep myself safe from anyone raising an eyebrow on me digging for informations I discreetly act like a pure novice to any crypto activities publicly done cause you just can't tell who's watching. Let's be guided please.

You can use BTC for payment without exposing your privacy, first is that you shouldn't use addresses that hold a large amount of your BTC for payment. Take note that one very important way to protect privacy in the BTC network is to avoid reusing addresses, since it is very easy to create a new address, use a new one whenever you want to make payment, and to eclipse the origin of the funds sent into your address for payment, you can use a mixer or CoinJoin to receive the funds.

1.There aren't any "physical crypto exchanges" where I live.
2.I never really understood the point of having to trade Bitcoin/crypto in person. Using the internet for trading purposes is way more convenient(and way safer). Decentralized exchanges are a thing, why do you have to put your trust in a random stranger?
3.The woman, who publicly revealed that she owns Bitcoin/crypto has made a terrible mistake. Never revealing to anyone that you own crypto is the golden rule of being a crypto investor/trader/HODLer. Some people simply aren't smart enough, other people make mistakes unintentionally.

Most of the exchanges I can see in our country are peer-to-peer exchanges. Where it's up to you if you want to meet up with the buyers/sellers.
There are lot of these transactions here, some could be in online if you really trust the person you are exchanging with (it's risky).

Physical exchange is safe as long as you only exchange for small amount of money and you not link all of your money to that's address, so no one know if you're a big bag holder. But if your country still not accept Bitcoin, better to not taking any risk.

It's not only happen in Nigeria, but every countries should have this law where impersonating a police or security isn't allowed. The woman can report those fake officers, but it will make she to spend time and money to handle this case, moreover someone could revenge or do bad thing to her.

That's the contradiction I've been wondering for a long time. We use bitcoin for privacy and anonymity, but at the same time, we want bitcoin to be popular and used as a payment method, while paying means we agree to reveal our identities. I invest in bitcoin and always try to maintain my privacy to the highest level in my region. So it is tough for me to use it as a currency to buy goods and make payments. Is there any way we can use bitcoin to secure privacy and use it as a currency?

I have never done a physical exchange for Crypto in my neighborhood as I don't want to disclose to anyone that I deal in Crypto or I have some Crypto with me as a financial investment.
I would also ask you to avoid this method of exchange as it's risky and not beneficial in the long run. 1 or 2 good exchanges don't mean it's going to be like that forever.

in my opinion you have to comply with the rules that apply in your area, in my opinion you can sell your btc and exchange it for fiat currency and you can shop using fiat money. I think complying with government regulations is the thing to do.

in my country, bitcoin cannot be used as a means of payment, but if it is used as an investment asset, of course it is allowed by my government.

Is hard or almost impossible to have exchanges not get to publicise themselves, its a must should you be expecting crypto investors to make use of your services.
Some strokes to the business is that, you don't get to ask any question. You receive and proceed to delivering your end of the bargain.

Now, running an exchange in a non crypto friendly nation would has to do with you getting the business or exchange registered. That becomes the first stage to having a backings with fhe government and you pay your taxes as due.
There would always be these complaints of aiding fraud for the most that understand and you would have these agencies all taking chances where they could find.

The ATMB are a rarity for some people, but this cannot be seen in a general sense, it depends on the country, the city and the place where you are, hence that is the same rhythm that gives you security, that is, In that order, a country can be friendly with ATMs, but then each city has its parameters, and the lowest is knowing the city well or places that have safe ATMBs.

And also those that offer an exchange service in physical places, that your title confuses in a certain way.


This below is another example, they have an ATM and an office.

GBTC Universitat | Money Exchange | Bitcoin ATM | Buy & Sell Crypto
Currency exchange service in Barcelona, Spain


Source:https://maps.google.com/maps/contrib/109254273301588470663



Depending on the country, perhaps they can be secure, beware, we are not talking about security in the aspect that their KYC implies, which is something else, it is the physical space where they are located, then the city and lower down the neighborhood, all that varies in the parameters of security.

In Spain there is not only ATMB, there are businesses specialized in loans and having an ATMB on site, there are also even in bars, restaurants, actually, as I said, it depends on the country.

I don't have any experience with physical exchanges so I cannot tell you it is safe or not. I think if you have to exchange a large amount of bitcoin don't go to your local exchange try to use online exchanges and don't let anyone know that you have a huge amount of bitcoin. The government will not take bitcoin easily they will try and find a way to stop you from using bitcoin.

If Bitcoin is banned in your country then you could be arrested since you are engaging in an illegal activity.  When it comes to physical exchanges, there is alwaya a risk invove when a person is engaing in an exchanging activity.  Those who have ill-intention can do undesirable things if they learned about people carrying large amounts of money.

Though I wonder how these uniformed people know about that person. Isn't it impossible for security personnel to pinpoint a single person to harass because this person had made his private exchange public?  Are they social media friends or what?

Trading face to face also provides convenience, there is nothing wrong with in-person trade, it has one of the best forms of privacy and that is a reason why many people use it. There are very good p2p exchanges that offer the option of cash for BTC and BTC for cash, p2p exchanges like bisq and AgoraDesk, you can use this feature in any of these exchanges. Surely if you want to trade in person there are precautions to take, try as much as possible to trade with the same people and build a sort of connection so trading in person becomes safer and more comfortable for you.

Physical exchanges always holds the risk of threats. Localbitcoins which served to be one among the leading P2P trading platform closed all its services recently. It had a feature of meeting the trader in person and exchanging fiat for cryptocurrency and vice versa. During that several bad incidents have happened and long back itself localbitcoins stopped the trading service with the nearby traders. So, it is common around and we need to be careful handling these kind of situations.

Am aware that some people still do physical exchanges and I still don't fancy the idea because it's time taking, it's dangerous because it exposes such person to harm which is the reason why p2p is more preferable to physical exchanges in my opinion. The security agencies may also capitalize on the issues of bitcoin not been legalize in Nigeria being the country of the op to arrest and extort money from anyone found doing a physical bitcoin exchange or transaction so on this note i think it is better to do an online transactions instead of a physical transaction because physical transaction isn't a good idea even to bitcoin because your privacy should be maintained at all times.