Topic: How safe are physical exchanges in your neighborhood. - page 7. (Read 962 times)

There are plenty of good reasons why people choose physical exchanges to convert their crypto to cash and vice versa. One major reason is that many folks around the world don't have access to traditional banks for various reasons. They're what we call "bankless." Plus, physical exchanges often have looser rules when it comes to KYC requirements, making them attractive to individuals who value anonymity or prefer not to disclose extensive personal information during transactions.

So is it legal or not in your country to house a bitcoin exchange?  I'm a bit confused by what you wrote.  Do your countries financial regulatory bodies have control over bitcoin in any way inside your country? 

I think whether or not others should be concerned would be starting with the legalities of it, but if it is legal across the board than maybe they are starting to take actions for it not to be..

Do you mean people who operate peer-to-peer? If this is what you mean, the personal security of an individual is his sole responsibility no matter where you find yourself. Individuals who offer p2p services do not need live a lavish lifestyle. Stay anonymous and operate anonymously. Follow basic security tips for both online and offline transactions.

For now, everything is safe until one governemnt official somewhere decides that they do not understand bitcoin and want it ban.

Physical  Exchange?? This is new to me...the only thing that comes close to a physical exchange in my mind is peer2peer trading!
And why would anybody opt to go for a physical exchange leaving a digital exchange that provides convenience and some degree of safety in your own comfort zone??

Besides, don't you think having a physical exchange could be prone to more regulatory checks, business restrictions and endless other issues that could prevent it from growing...Whatever the idea is surrounding the so called physical exchange I don't like it.

Agree, too many red flags for this kind of trading and so many things can go wrong...One could be robbed, given fake fiat cash, IDs clowned, biometrics taken list is endless....Bitcoin is digital, less keep the business digital too

if i can't transact person 2 person then what in the fuck is wrong with ya'll stop worrying thats bullshit.

I don't know how the laws of other countries work but in my country any activity involving money is mandatory to have a license issued by the central bank of my country, the exchange offices in my country are very strictly inspected by the central bank in order to avoid illegalities such as money laundering, sudden price increases for no reason, also people when they want to make some exchange are obliged to take their IDs with them and in cases of having foreign currencies such as US dollars, the person will need to indicate where those US dollars came from, there is a policeman at the exchange doors, there are cameras

so the whole system is very controlled, now talking about bitcoin, in my country using bitcoin is not illegal, it is not a crime, on the contrary in my country the government allows people to use bitcoin, but in my country physical exchanges do not exchange bitcoin, so the person can only do this with private people who do not have a license from the central bank, as there is no law on bitcoin so this is not a crime, but the central bank warned that the person will be doing this at his own risk and that he should not blame the government nor the central bank in case of any financial loss, however if the person hands over money to buy bitcoin and does not receive bitcoin then that person can complain to the police in my country, and this is how things work in my country

If Nigeria is the country you are referring to, then the woman has the right to sue those officers who wrongfully harassed her, provided that she is free from all the allegations levied against her. If the use of crypto was just her case, then she has little to no case at all.
The Federal Government is not completely straight-forward regarding how they actually ban crypto in the country. I have come across a case where a young guy was publicly molested, but he got justice by doing the right thing.

Those dealers who are publicly advertising themselves are safe from such harassment because they have not done anything wrong; they can't be charged in any criminal or fraud case unless they have solid evidence; you can't just walk up to someone's office or shop and harass the person over nothing. Nigeria is not a complete crypto-ban country; you and I know that. What they just did was serve out a memo and send out a direct warning to the banks not to associate themselves with any direct crypto transaction since it's not legal tender in the country. However you want to do it, as a citizen, to some extent you are free. We have lots of publicly-operated crypto exchange firms in the country, and they are all paying taxes to the government. Patricia is one of them.

With the number of alternative options to buy from, physical exchange of Bitcoin for fiat should be the least you consider.
It breaks your privacy fully cause the other trader not only knows what you look like, but also the neighborhood you live in and they can track you to get more information putting you at risk.

Use a decentralized, P2P exchange and save yourself a lot of trouble.

If there's that worry, then just bear it and do the transactions online and at least with that you're very much safe from harassing. With those places that have people that think that if someone who's into crypto and/or holds Bitcoin, they're rich. That's why if you already have incident that there are traders that are about to exchange and do the transaction P2P but then something goes wrong, I wouldn't have the guts to do it. I'll be too patient to do it online and just do it on online exchanges and have the fiat transferred through my bank account.

Well I have not made transaction publicly even though I use p2p which I use some time with neighbors, friends around and far. I know that Nigeria banks are not accepting Cryptocurrencies but I have not seen someone been embarrassed because of cryptocurrency. Even in banks if you are filling forms there is a column for you to tick to know if you are involved in cryptocurrency or not and I always keep that part empty.
As for me I see the security officers are illiterate and like the perpetual poverty in their life. How can they arrage someone because she made a transaction with bitcoin in the public announcement. That is stupidity.

I think the security men were legit because they also came in board day light with id cards.
But I didn't see any reason why an act wasaunched immediately  on the woman and judging from now everything  happened in a glance of an eye, I guess the woman has been spied for a long while now and the attack was more of a calculated one.

On the second thought,  I think the woman has been linked to some sort of scam and either she did it intentionally  or not, she's  an accomplice and it will take some extra effort to get her out of that mess if this option  is right.

Why do you need to trade in person when bitcoin is digital and you can trade it from halfway around the world?  Perhaps you live in a country where it is not possible to have a bank account and therefore you cannot open a bank account so the only way to exchange is in person.

I've never used a physical exchange so I don't have any experience with this because in my country there are already legal exchanges that can withdraw local money from the exchange so no bad experience whatsoever.

Each country is different in treating crypto trading, some are more stringent with the rules for its use, some are ignored for small traders, but the solution above is maybe by doing P2P with certain people, at least it removes you from fear.

My country is still safe enough for transactions and trading bitcoins, it's just not allowed when someone uses bitcoin as a means of payment because it would violate the law, while my government for transactions with bitcoins or other types of crypto is still illegal.

Just avoid physical exchanges that require you to show your identity card or any documents that can trace you. If it is an exchange of crypto to local currency then why not use p2p first on cex. And I personally avoid p2p using a bank account. but it can be tricked by using a digital fiat wallet application. but that only applies to depositing a small amount of money for the application that I use can only be a maximum of under $ 2500USD in a month.

I am quite lucky because in my country everything is quite safe and under control. physical exchanges and such are not given much attention by the government. and here bitcoin has become legal as a commodity asset. so that the sale of these assets is also legal anywhere. as long as it is not used as a means of payment to replace local money.

Because of the security challenges and police harassment in my country, as well as the fact that the government has yet to legalize Bitcoin in the country, I always advise against physical Bitcoin exchanges because they can be set up by criminals, and the police may harass you for violating the government rule for using Bitcoin.

Depending on their stance, some physical exchangers know how to get out of this situation because I am sure the government did not order the police to arrest anyone using Bitcoin; thus, they can continue to operate their exchange services, but there is a high risk involved because if the government finds out, they may stop their exchange service.

I don’t understand. She was harassed by security officers pretending to be police (which I guess is illegal?)for making her transactions public?

Physical exchanges.. you mean ATMs, real exchange offices or people who do face to face meets for exchanging? ATMs are pretty safe, unless you’re there with a bag of cash on you and you catch the wrong guy’s attention. Physical exchanges (offices) should be pretty safe unless there’s KYC involved in my opinion. Face to face meetups.. it’s more like gambling. Like try your luck and see how that goes.

Face to face meetings are sometimes risky even for less important exchanges like selling a phone on Craigslist. But when it comes to crypto, a bad actor knows what’s up and they know if you do this physically, it means you probably have enough money to care about your privacy and to stay covert. So if you arrange a meetup with a bad actor, they’ll assume you have much, much more in your wallet than what you actually own.

Anyway, sometimes even face to face meetings can be set up safely. Some countries’ police departments have rooms specifically for safe transactions and negotiations. So nothing can go wrong, you’re in probably one of the safest places you can be for negotiations. But this involves a con: you don’t have privacy anymore and I’m not sure whether the cops will have to question you beforehand and have a physical proof that you went there to exchange money. So if you’re trying to meet up face to face for privacy, it’s a bad idea to enter a police department lolz

I have never experienced any problems with the physical dealers. Never heard of any problems too. I think the chances of encountering with a problem in a reputable crypto dealer is pretty slim. I think your example is a bad one because that security guard clearly made a mistake and people make mistakes. They probably fired that dude too. Just because that one bad incident happened, it doesn't mean these dealers are crap. People do have problems with all kinds of online crypto exchanges everyday (sometimes they even get hacked!) and yet, millions of people still use them.

I don't support the use of physical exchange or black market shops this has more negative effect of the coin holder as the risk of getting attacked is high since most people will know when you make use of such exchange and even the police as mentioned can keep an eye on your activities once their picked your presence is such exchange shops.
And there is no way to compare online exchange to physical exchange even though with the high risk of scams associated with online coin exchange or can't be compared to what you face when you decide to do a face-to-face exchange, in fact, the physical exchange is not an option to me.

I'm just trying to answer the point above. for current conditions, I use a platform that already has legality in my country. For now, the deposit process and WD are still safe, although there is a bit of anxiety, too, seeing the recent news about Binence being sued by the SEC, whether it will affect the platform I use. Yes. that's all possible from me.

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.