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Topic: Motivate currency exchangers in big city centres to exchange bitcoin ? - page 2. (Read 1526 times)

hero member
Activity: 2114
Merit: 619
Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.
It looks like a good idea but the problem is that the big currency exchangers are generally categorised as financial companies and come under direct purview of national banks of respective countries. These money exchangers have to report their forex reserves and transaction the concerned authorities and also they can only work in purview of currencies set by the national banks. So, it might seem good but the currency exchangers would actually have a hard time getting sanction letter from central bank to deal in such currencies.
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I wonder if the exchanges that already use bitcoin uses KYC details before exchanging bitcoins because if they do then again that defeats the purpose of anonymity (not saying that bitcoin is completely anonymous) .
True, but many BATMs do not require KYC under a certain amount, so it is likely that street exchanges can avoid it within a certain range of exchanged BTCs. I guess nevertheless that this will be a country specific issue, in accordance to their regulation.

Note: Yep, I saw that OP was at least active this year once I has merited the OP.
Most of the countries have regulations for money exchangers. Because they directly affect the foreign exchange reserves of country and valuation of currency. Money exchangers are allowed to deal in only certain currencies.
legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
Also, if you noticed, OP was last active on May 29 2019. I wonder how the thread came up.<…>
There was a spam post that was pretty much incomprehensible to understand, created today, right between OPs and mine. That post brought this topic back to life, and I did not check the OP’s post date before posting my reply. I then tried to decode once more the spam post, and reported it for what is was (spam, now deleted).

Quote
I wonder if the exchanges that already use bitcoin uses KYC details before exchanging bitcoins because if they do then again that defeats the purpose of anonymity (not saying that bitcoin is completely anonymous) .
True, but many BATMs do not require KYC under a certain amount, so it is likely that street exchanges can avoid it within a certain range of exchanged BTCs. I guess nevertheless that this will be a country specific issue, in accordance to their regulation.

Note: Yep, I saw that OP was at least active this year once I has merited the OP.
hero member
Activity: 2702
Merit: 716
Nothing lasts forever

 
Edit: Just noted that the OP is 2010, and that the dumbo above resurfaced the thread with spam (now deleted). Anyhow, the topic is still a viable discussion, and it goes to show that progress of the OP's idea has not moved along too much.
Also, if you noticed, OP was last active on May 29 2019. I wonder how the thread came up.

As for the major exchanges, it's a good option for them to use bitcoin since it will create an additional space of income.
I wonder if the exchanges that already use bitcoin uses KYC details before exchanging bitcoins because if they do then again that defeats the purpose of anonymity (not saying that bitcoin is completely anonymous) .
hero member
Activity: 2310
Merit: 532
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Success of anything happens when the low bottom people (common people) start using it. To this currency exchangers can't contribute big, they can suggest to go digital. The same if available with each and every store similar to currency automatically people try to use it. Just think of debit/credit cards, earlier none preferred it. Later every level of people have begun to use it. This is how change happens, requires time and possible chances for immediate change is low.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
A bright and neat concept in 2010 if you look into it, but with all these developments in crypto-regulation and of course, domestic laws of each countries regarding currencies and financial instruments, this is no longer a bright proposition. We now have dedicated platforms that serves as the 'currency exchangers' OP envisioned about. They may not be found in your regular physical exchangers but at the least, there is some development in OPs proposal, albeit a complete detour of what it should be based on the post.
legendary
Activity: 3080
Merit: 1500
Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.

That is a good proposition. But please make sure that bitcoin is a legal tender in your country before you start pitching them. Because currency exchange business is heavily regularized by the central bank and local authorities. So if bitcoin is not a legal tender in your country, all your efforts will go in vain! But if legal, then it will take much less effort for a currency exchanger to accept cryptos than any other types of businesses!
legendary
Activity: 2310
Merit: 1035
Not your Keys, Not your Bitcoins
Actually this concept has just begun to be implemented in my city. But you need to create an account withing an online exchange and make the transaction physically with cash at the exchange shop. But you still need to present your ID when dealing with the exchanger and I think you need to undergo KYC when creating your online account. Bitcoin ATMs would be the best way to go, but their commissions are crazy high at least here.
legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
<…>
I’ve been recently commenting with others on the Spanish local board on the situation in Venezuela. One of the participants stated that in nearby Colombia, you can walk into many exchanges (specifically he mentioned a commercial zone Called Alejandría in Colombia-Cúcuta), and besides fiat currencies, they also trade bitcoin for fiat. The exchange rate is not too great to say the least, but it is already integrated into some regular street level exchanges there.
 
Edit: Just noted that the OP is 2010, and that the dumbo above resurfaced the thread with spam (now deleted). Anyhow, the topic is still a viable discussion, and it goes to show that progress of the OP's idea has not moved along too much.
legendary
Activity: 1470
Merit: 1006
Bringing Legendary Har® to you since 1952
Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.
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