Threads on local currency with bitcoin!

Fivestar4everMVP

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Quote from: JamesBorn on March 06, 2023, 05:10:58 AM

Like one of my experience, I was doing P2P from financial apps to my BTC wallet and use it to trade, then when I want to withdraw, I also use P2P to my local account. One day I withdraw $300 to my account and it was block by my bank, I didn't have access to my money, when I went to complain I was issued a threat to arrest me if i continue with that activities of crypto currency and since then my money was seized but someone help me to sort it out. So we really facing this challenge to trade bitcoin.

What do you suggests to solve or amend easy way trading? With our government policies

Maybe you are a Nigerian like myself, cus this is exactly what is happening in Nigeria,
Since the ban of bitcoin and cryptocurrency trading in Nigeria, I have been trading, Buying and selling Bitcoin and withdrawing my money to my local bank, also depositing from my local bank to exchanges to buy bitcoin and other cryptocurrencies, all this without any issues of any kind, i have never had any issues with my bank concerning my activities in crypto.

To trade crypto successfully even with the ban in place, it all depends on how you play your game, choose the right P2P exchange( I've been using Remitano for more than six years now without issues), and also choose a right local bank, I have more than five local bank account, but i use one mainly for cryptocurrency withdrawal and deposits, have never had any issues, so it all depends on how you play your game.

lixer

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Quote from: Jawhead999 on March 06, 2023, 11:03:01 PM

Quote from: wajik-tempe on March 06, 2023, 11:23:32 AM

So use a VPN, to access cryptocurrency exchanges that are located in other countries. This can help you bypass the restrictions and trade cryptocurrencies more freely.
But don't forget, even if cryptocurrency trading is not illegal in your country, you may still be required to pay taxes on any profits you make. Be sure to understand your tax obligations and keep accurate records of your transactions.

VPN isn't a good way to hide your internet connection, because the VPN you used know your real location and they might share it to your government. Anyway any centralized exchanges do not allow to use VPN otherwise your account will be flagged and you need to provide your KYC.

Well @OP isn't talking about how to evade from taxation, he's asking a way to trade Bitcoin in illegal countries, so it's off topic to discuss about tax.

It's not the internet connection is the one that VPN hides but it was his country which are tied to an IP address. VPN changes our IP/country actually (not hiding it) so that we can now access those restricted websites. There are other ways of doing it and not just via a VPN. VPN isn't the best but others can be difficult to perform for a regular individual.

There are still good kinds of VPN out there or the ones which are premium/paid. This ensures that they are not hiding anything from us. I think there are CEX which are not strict and can allow VPN's but in order to be sure about it, let us always make it a habit to read their terms and conditions page.

Jawhead999

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Quote from: wajik-tempe on March 06, 2023, 11:23:32 AM

So use a VPN, to access cryptocurrency exchanges that are located in other countries. This can help you bypass the restrictions and trade cryptocurrencies more freely.
But don't forget, even if cryptocurrency trading is not illegal in your country, you may still be required to pay taxes on any profits you make. Be sure to understand your tax obligations and keep accurate records of your transactions.

VPN isn't a good way to hide your internet connection, because the VPN you used know your real location and they might share it to your government. Anyway any centralized exchanges do not allow to use VPN otherwise your account will be flagged and you need to provide your KYC.

Well @OP isn't talking about how to evade from taxation, he's asking a way to trade Bitcoin in illegal countries, so it's off topic to discuss about tax.

OcTradism

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Peer-to-peer marketplaces are mostly centralized but people want to use centralized P2P marketplaces as they have good trading volume. It's easier to find trade partner and complete your trades. However those centralized platforms are not safe.

If you want a decentralized P2P platform, it's Bisq.network platform.

Honestly, with Peer-to-Peer trading, banks don't know what is your trade about and don't know it is related to Bitcoin or cryptocurrency. If you choose a good trade partner, that partner won't report your trade to banks. Bad case is if you are greed, choose too good offer and open a trade with a scammer. If that scammer successfully scam you, it's fine, nothing happen with your bank account. If that scammer fail to scam you, that partner can report your trade to bank.

Be careful when choosing your trade partner and skip too good offers that logically come from scammers.

Xampeuu

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regulations for each country may be different, because it depends on the government regulations of each country, of course we must know the details of the regulations in question. if it is strictly prohibited, then there is little room for activities with cryptocurrencies, because in my country there are other waivers for activities with crypto, even though it is prohibited if it is used for transactions. so it's safest we follow the rules in the country we live in

noorman0

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Quote from: GreatArkansas on March 06, 2023, 07:31:20 PM

I think the problem here is with the bank you used, you must also confirm with your bank why they blocked your account, maybe because of another reason which is not about the trade you made.

Banks are only subject to regulation. OP did not mention in which country he lives, but with the threat of imprisonment for crypto activity concluded that local regulations do not tolerate such things. Even if the law includes non-business crypto activity, op really shouldn't be learning crypto anywhere if op is worried about similar threats.

GreatArkansas

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Quote from: JamesBorn on March 06, 2023, 05:10:58 AM

(....)
Like one of my experience, I was doing P2P from financial apps to my BTC wallet and use it to trade, then when I want to withdraw, I also use P2P to my local account. One day I withdraw $300 to my account and it was block by my bank, I didn't have access to my money, when I went to complain I was issued a threat to arrest me if i continue with that activities of crypto currency and since then my money was seized but someone help me to sort it out. So we really facing this challenge to trade bitcoin.

What do you suggests to solve or amend easy way trading? With our government policies

I think the problem here is with the bank you used, you must also confirm with your bank why they blocked your account, maybe because of another reason which is not about the trade you made.
Another thing is you need to be careful here, first, you need to check your banks about their protocols because when you do a P2P transaction, the money is coming from another person so I don't have an idea how can they identify if that came from cryptocurrency trading.

sheenshane

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It's sad to say but unfortunately, government policies can often be challenging to change or amend quickly.
You need to accept that it's hard to break the law not unless you'll transfer to another jurisdiction.

Thinking of this that might work on your side, how about using peer-to-peer trading platforms that are not directly linked to your local account? These platforms often offer more privacy and security, which could help you avoid potential blocks and seizures but of course, this will depend on the specific laws and regulations in your country and the level of risk you are willing to take.

By your last option, you can use this forum for the P2P transaction, and don't forget to use escrow.

AakZaki

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The regulations are quite extreme, prohibiting all crypto transactions and will even confiscate the money when forced to transact, and what's worse is to make arrests. Countries like this are not crypto-friendly, maybe like China which completely bans crypto from all over. There are no loopholes that can be done for a complete layman. Fortunately, I live in a country that allows crypto as a commodity asset, even though it's not allowed for payments, but I can still manage my money with crypto easily.
Obviously you don't have a chance to make legal transactions, but you may be able to make crypto transactions illegally, there will be loopholes for sure, but it will be risky.

|MINER|

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However, when it is illegal and strictly suppressed in your country, there is no other way out. Because when you want to convert it to your bank or fiat currency through trading, you will be in trouble if your bank authority asks you to show the source of your money, even than it be in cash or digital banking system. So in my opinion if you want to use it when it is illegal in your country then you have to use that risk, Also, what I mean by other oops is to go somewhere else where it's legal

ShowOff

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So far the government has not forbid me from trading bitcoin and investing, but the government has only forbid me from using bitcoin as a means of payment because it is illegal according to the law. For any crypto it is clearly illegal, of course foreign fiat currency also has the same status unless I change it to my country's fiat.

About your problem, I think it's very important for you to know how bitcoin regulation is in your country. If it's illegal to trade and invest and as a means of payment, then I don't expect you to force yourself to keep buying at any cost. If it really is completely banned there, then try to find safe place that is crypto friendly if you want to get involved as a trader or investor.

CryptocurencyKing

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Quote from: JamesBorn on March 06, 2023, 05:10:58 AM

What do you suggests to solve or amend easy way trading? With our government policies

Some of the easiest ways to trade cryptos as per fiat to crypto exchange and vice versa has been using p2p services. Its just the most you could do and in that, having an escrow in the form of an exchange is one of the best means as it indeed protects your identity by ensuring you stay anonymous while transacting and protects your interest as well which includes, getting a fair price for your coins.

Doing it p2p without an escrow isn't advised but still okay if you've got a well known vendor.

naikturun

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if bitcoin is really banned in your country then there is nothing you can do other than stop the activity, so what I see here is you are committing an offense if you keep doing it, and some are also threatening to jail you if you don't stop doing it.So i guess you have to do another thing for now.

yhiaali3

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The only way to trade bitcoin for local currency in countries that ban bitcoin is to avoid banks completely, you have to use P2P with a trusted broker. I have been using this method safely for several years now.

Bitcoin is banned here in my country and there are no services related to bitcoin and the central exchange account cannot be linked to banks, so the only way we can trade against the local currency is through a trusted broker.

wajik-tempe

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One of the most important advantages of cryptocurrency is because it's seamless and all networks are connected over the internet, so i think if the government limit our access to it, it's no longer feels right. So use a VPN, to access cryptocurrency exchanges that are located in other countries. This can help you bypass the restrictions and trade cryptocurrencies more freely.
But don't forget, even if cryptocurrency trading is not illegal in your country, you may still be required to pay taxes on any profits you make. Be sure to understand your tax obligations and keep accurate records of your transactions.

Jawhead999

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It's mean you need to have a complete 100% anonymity, so you must use Tor network, decentralized exchange, mixer etc that can achieve 100% anonymity. But of course it's an illegal way to trade Bitcoin in your country, so you need to accept the risk.

I think you're live in Nigeria, it's better for you to create a new thread on your local board about how to convert Bitcoin to your fiat without need permission from banks.

Oshosondy

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Quote from: JamesBorn on March 06, 2023, 05:10:58 AM

What do you suggests to solve or amend easy way trading? With our government policies

Who the bank new it was crypto related transactions? Likely the person that you sold the coin to labelled the transaction to be for coin buying,, which it supposed not to be, you should have always warn the buyers not to label the transaction to be for crypto transaction.

My suggestion is for you to move out of the country until crypto become legal, or you should just continue a decentralized way to exchange it while telling the buyer not to include crypto payment or anything related in the transaction.

Some people can go to the extent of using the coin to first buy gift card and then sell the gift card for local currency in return.

There can be other ways like coins supported ewallets if your country supports some of them.

dimonstration

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Quote from: JamesBorn on March 06, 2023, 05:10:58 AM

What do you suggests to solve or amend easy way trading? With our government policies

Lol, Do you realize what you are asking here. You are asking here for help to break your law. The only solution here is to follow the law or leave your country because doing tricks to just to invest invest in crypto while you are clearly doing a crime is not a good idea. You are just making yourself in a tight spot by having an investment that there’s no certainty that you can benefit on it in the future because it can be seized by the government when you caught.

Husires

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There is nothing to do if Bitcoin is banned in your country, you are committing a prohibited activity, so either you move to another country or you try to hide your identity, which requires moving away completely from all central platforms.
Some tips if you like:
Buy and pay with cash only.
Provide services and get paid in Bitcoin.
Buy things with cash and sell them for bitcoin.
Otherwise, everything you try to do may expose you to the legal issue.

rat03gopoh

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You have no opportunity legally in your country, so that basically gets tricky. I'm not even sure there's a legal way left.
The best way is to change your nationality. If there are other activity suggestions, it must force you to break the regulations again.

Cantsay

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During the time my country's government placed a ban on crypto activity in my country we were still able to trade using P2P.

In your profile make sure you give a warning instructing potential buyers not to include anything pertaining to crypto while making payment so if they're paying with bank transfer they should just proceed with the transfer without adding crypto term to it. And that way we were able to continue our trades without the bank noticing anything suspicious.
Although, I don't know how strict the ban is in your country but I believe this might work.

Lucius

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If the banks in your country enforce the laws so strictly and block your account for only $300, then you simply have to exclude them as an option when trading with Bitcoin. One of the options is to trade personally face to face, because that is the only way in which you completely bypass the system, unless your government gets involved and instead of a legitimate buyer you meet an undercover government agent.

Another option that comes to mind is to try to get a card that you can use to withdraw cash from an ATM, some CEXs offer such an option, and there is also a more expensive option in the form of anonymous bank cards. However, even that is not a 100% safe way to stay under the radar, because if your government wants to know who is withdrawing cash from the ATM, believe me, they will find a way to find out.

JamesBorn

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The ideas of many countries not supporting bitcoin has affects many individuals trading like in my country crypto currency is banned and we can't trade anything relating crypto with our local account. Because use our local account to do deposits and withdraw backs to our local account but the government give orders to block and seized income anyone traced with activities of bitcoin and altcoins. So is really big concerns trying to initial fair trade with people or even host a campaign.

Like one of my experience, I was doing P2P from financial apps to my BTC wallet and use it to trade, then when I want to withdraw, I also use P2P to my local account. One day I withdraw $300 to my account and it was block by my bank, I didn't have access to my money, when I went to complain I was issued a threat to arrest me if i continue with that activities of crypto currency and since then my money was seized but someone help me to sort it out. So we really facing this challenge to trade bitcoin.

What do you suggests to solve or amend easy way trading? With our government policies

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