Some questions and answers about Bitcoin in Bangladesh.

BitMaxz

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Quote from: Plaguedeath on September 24, 2023, 03:45:14 AM

1. Bad suggestion, when the country are ban Bitcoin, centralized exchanges will do same because they need to follow regulation. Even they didn't state it, you will get a problem after you submit your KYC.

The reason why it's a bad suggestion it's because OP's posts are AI-generated from chatGPT we know that ChatGPT text generation is pretty bad it gives inaccurate information.

Check his post to copyleaks.com.

SatoPrincess

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If bitcoin is illegal in your country, you should avoid any link that connects you to your bitcoin holdings. Centralized exchanges isn’t an option because most CEXs require customers to submit kyc and when you do provide your personal documents, it is likely that your account will be flagged and frozen.
I think you should post this topic in the Bangladesh local board. Not every topic should be in the general board, discussions like this one that are particular to a region or country should be handled in the local board.

Vaskiy

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I don't know the present stand of Bangladesh on cryptocurrency usage. Earlier it was the country that arrested people for just having bitcoin in wallet. This incident took place years back and now things could've changed. It looks like Bangladesh is in fear on bitcoin usage and they have a thought it might affect their economy badly as they're one among the country with good growth rate before covid-19.

What is being suggested could end up the person's bitcoin usage. I've heard that people from Bangladesh used to reach India to use cryptocurrency and they maintain through person who are from India. This is risky, when opportunity blocked people look for alternate.

bhadz

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I have a question about your options 1, 2 and 3. Since all of these are gonna require you to head over an exchange whether they're P2P or stop or through direct credit/debit card of your choice. You'll be required to input where you are from and if typing Bangladesh there, these services and platforms are aware that it's illegal in there so why they allow so? Also, these exchanges will record your IP addresses that they might be asked on them if it turns out that the government of yours finds out that you're doing an illegal thing which is just simply buying bitcoin.

icalical

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I for a couple of follow up questions here, So, you said that Bitcoin is illegal, is it illegal to be used as currency or it is also illegal to safe Bitcoin as an assets?

Quote from: Spark22 on September 24, 2023, 02:53:20 AM

Question 3 : How to buy Bitcoin in Bangladesh?

Answer : Buying Bitcoin in Bangladesh is not a simple or legal process, as the Bangladeshi government has declared cryptocurrencies illegal and prohibited.
Option 1 — Online Exchange: You can buy bitcoin by using some exchange like : Bybit, Kraken, Coinmama that operate in other countries.
Option 2 — Debit/Credit Card: If you are new to Bitcoin trading then this option will be easy for you.
Option 3 — P2P Trading with 0 Fees: P2P Trading Lowes Trading of Bitcoins Directly Betofen Buyers and Sellers.

If it's even illegal just to buy Bitcoin and safe it as assets, how can you suggest to buy bitcoin from either online exchahge/P2P trading? Didn't Bangladesh government should have banned those sites or you suggesting to use VPN. Then if we got caught buying / holding Bitcoin what will happened? Will we get fined or even a jailtime?

tbct_mt2

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https://kycnot.me/ but it is slowly updated with exchange policy changes recent months. You must double check after starting from this website.

No-KYC Exchange Encyclopedia. Centralized exchanges are not recommended like people in a nation that bans Bitcoin and cryptocurrency but your national policy can change in future too. Bookmark that thread for future use is not time-wasting.

hugeblack

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Quote from: Spark22 on September 24, 2023, 02:53:20 AM

Everyone knows the digital currency called Bitcoin. Bitcoins are regularly traded all over the world. Many have become millionaires trading Bitcoins online. Bitcoin was invented in 2009 by an individual or group named Satoshi Nakamoto. In particular, Bitcoin prices skyrocketed between 2021-2023. 2023-09-24 12:53:51 GMT+06:00, the current price of one bitcoin is $6,789.23.

The price date is correct, but the price is wrong. I think you forgot to add the number 2.
$6,789.23.
$26,789.23.

Quote from: Spark22 on September 24, 2023, 02:53:20 AM

Many people in Bangladesh have many questions about Bitcoin. So I made this post to answer all these questions

If you speak the local language, translate this topic into the local language and post it in the local board. Otherwise, it is better to lock this topic.
If Bitcoin is illegal or dealing with it leads to imprisonment, and there are confirmed cases of this, it is better to stop buying and travel to the nearest legal country, buy Bitcoin and keep it.

knowngunman

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Quote from: Spark22 on September 24, 2023, 02:53:20 AM

2023-09-24 12:53:51 GMT+06:00, the current price of one bitcoin is $6,789.23.

Where did you get this price from? Is it typographical error or what? $6k? If it's typo error then you should edit your post and change it to $26.7k. If it's not typo, you should offer some more explanation.

Quote from: Spark22 on September 24, 2023, 02:53:20 AM

Option 2 — Debit/Credit Card: If you are new to Bitcoin

This is as deadly as shooting yourself in the head with a gun. I don't know about Bangladesh but here in my country, if you mistakenly linked your bank card with anything associated with bitcoin, you have cause problem for yourself because your account will be freez and you'll be invited for questioning before you have the account back to operation. During this questioning, if care is not taken, you might be prosecuted for violating the rules.

Fiatless

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Quote from: Spark22 on September 24, 2023, 02:53:20 AM

Question 1: Is Bitcoin legal in Bangladesh?
Answer: Bitcoin and other cryptocurrencies are considered illegal in Bangladesh, as in several other countries, and anyone who uses or trades them can be fined or imprisoned.

Dealing with any cryptocurrency violates Bangladesh’s strict anti-money laundering laws and it could lead to up to a 12-year jail term. I am not from the country but I have seen reports of arrest of some cryptocurrency traders in the country.

Quote

Question 2 : How much is 1 Bitcoin in Bangla Taka?
Answer : According to the latest exchange rates, 1 Bitcoin is equal to 2,964,069.99 BDT. This means that you can buy 0.00000034 BTC with 1 BDT.

You don't really need to post this information here. It can be easily derived by a simple search.

Quote

Question 3 : How to buy Bitcoin in Bangladesh?
Answer : Buying Bitcoin in Bangladesh is not a simple or legal process, as the Bangladeshi government has declared cryptocurrencies illegal and prohibited.
Option 1 — Online Exchange: You can buy bitcoin by using some exchange like : Bybit, Kraken, Coinmama that operate in other countries.
Option 2 — Debit/Credit Card: If you are new to Bitcoin trading then this option will be easy for you.
Option 3 — P2P Trading with 0 Fees: P2P Trading Lowes Trading of Bitcoins Directly Betofen Buyers and Sellers.

Any centralized platform that needs KYC will not be helpful in trading cryptocurrency in Bangladesh. This is because the cyber and special crime unit can easily track the transaction and unveil the identity of those behind the transaction. It is better to use a CEX and promote P2P transactions. Privacy is important while dealing with crypto in a country where it is banned.

Potato Chips

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About the thread, it appears you're trying to make a FAQ but it's too short, my dude... Further, always try to look into yourself if you're fit to make such informative threads otherwise, it could backfire.

For question #2, it's better to add webites such as coingecko so people can see the updated price.

Honestly, I'd be afraid to use custodial/centralized exchanges-- where'd I have to give out any of my identifying personal information-- if this was the stance of my country. I would rather use P2P exhanges with E2E encryption so there'll be no midman in the conversation.

If memory serves right, I did hear btc doing well in Bangladesh so my guess is laws aren't enforceable or the authorities simply don't do any effort in enforcing it so it has been pretty much nothing to a lot of citizens, I would still err on the side of caution though.

Baofeng

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Before we have the services of one of our members here, @Little Mouse Sell Bitcoin in Bangladesh. Buying BTC, for BDT (Bangladeshi Taka) 98tk per USD. But for now though, he just decided to close it for now. Or maybe you can PM him.

But as far as P2P though, yes, as per my experience, just be very careful when you used platforms such as Binance. There are many scammers plowing on that exchange too. So you need to be very vigilant and not just released your bitcoin even in the other side says that he/she has sent the money already. You have to check your banks if that is where you agree or online wallets, before you released everything.

Plaguedeath

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Quote from: Spark22 on September 24, 2023, 02:53:20 AM

Option 1 — Online Exchange: You can buy bitcoin by using some exchange like : Bybit, Kraken, Coinmama that operate in other countries.
Option 2 — Debit/Credit Card: If you are new to Bitcoin trading then this option will be easy for you.
Option 3 — P2P Trading with 0 Fees: P2P Trading Lowes Trading of Bitcoins Directly Betofen Buyers and Sellers.

1. Bad suggestion, when the country are ban Bitcoin, centralized exchanges will do same because they need to follow regulation. Even they didn't state it, you will get a problem after you submit your KYC.
2. Worst suggestion, you linked your debit/credit card with Bitcoin? your banks and your government will know if you're buy and sell Bitcoin.
3. Be careful not all P2P is real P2P, Binance P2P is fake P2P. The real P2P will not ask KYC e.g. agoradesk.

My suggestion: use DEX e.g. Bisq.

Spark22

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Everyone knows the digital currency called Bitcoin. Bitcoins are regularly traded all over the world. Many have become millionaires trading Bitcoins online. Bitcoin was invented in 2009 by an individual or group named Satoshi Nakamoto. In particular, Bitcoin prices skyrocketed between 2021-2023. 2023-09-24 12:53:51 GMT+06:00, the current price of one bitcoin is $26,789.23.

Many people in Bangladesh have many questions about Bitcoin. So I made this post to answer all these questions

Question 1: Is Bitcoin legal in Bangladesh?

Answer: Bitcoin and other cryptocurrencies are considered illegal in Bangladesh, as in several other countries, and anyone who uses or trades them can be fined or imprisoned.

Question 2 : How much is 1 Bitcoin in Bangla Taka?

Answer : According to the latest exchange rates, 1 Bitcoin is equal to 2,964,069.99 BDT. This means that you can buy 0.00000034 BTC with 1 BDT.

Question 3 : How to buy Bitcoin in Bangladesh?

Answer : Buying Bitcoin in Bangladesh is not a simple or legal process, as the Bangladeshi government has declared cryptocurrencies illegal and prohibited.
Option 1 — Online Exchange: You can buy bitcoin by using some exchange like : Bybit, Kraken, Coinmama that operate in other countries.
Option 2 — Debit/Credit Card: If you are new to Bitcoin trading then this option will be easy for you.
Option 3 — P2P Trading with 0 Fees: P2P Trading Lowes Trading of Bitcoins Directly Betofen Buyers and Sellers.

Topic: Some questions and answers about Bitcoin in Bangladesh. (Read 133 times)