What other ways are available for purchasing Bitcoin?

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Quote from: GideonGono on March 27, 2023, 12:40:07 PM

If we couldn't use our banks to buy Bitcoin then I think using other online wallets to pay for it.
P2P would also be a good way to purchase crypto or you could also use Bitcoin ATM machine if there is one at your location.

This! if you can't use your bank to buy bitcoin, you can transfer it to other wallets like credit card, or debit (but I'm using Gcash since I live in Philippines) and go peer to peer or meet them in person or in online.

MIner1448

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Charles Hoskinson and many other proponents of cryptocurrencies believe that one of the main reasons for the existence of cryptocurrencies is the ability to avoid being tied to traditional financial institutions such as banks. However, as you correctly pointed out, many people still use fiat money and banking systems to buy cryptocurrencies.

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Cryptocurrency does not need to necessarily cut ties with banks in order to function, however it is possible to buy Bitcoin without the help of banks. There are a number of different ways to purchase Bitcoin without the help of Banks, such as peer to peer exchanges, crypto ATMs, and over-the-counter trading.

Peer-to-peer exchanges, such as LocalBitcoins, allow users to buy and sell Bitcoin directly with one another. This eliminates the need for a bank or third-party to facilitate the transaction.

Crypto ATMs are physical machines that allow users to buy Bitcoin with cash and without the need for a bank.

Over-the-counter trading allows users to buy Bitcoin directly from a broker or dealer. This eliminates the need for a bank or third-party to facilitate the transaction.

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Quote from: livingfree on March 27, 2023, 01:01:07 AM

There are few available options but that's the easiest one. We have to use the banks for us to purchase bitcoin but who knows if someday there will be another available way of buying directly bitcoin without the intervention of the banks.

Because even if I think of it for so many times, there will always be the third party involvement of a service that will be like the middleman for our transactions unlike in P2P which has been said many times already.

We cannot use banking channels everywhere to buy bitcoins because in many parts of the world, the use of bitcoin is not allowed and therefore governments/banks would allow you to buy bitcoin and if you do, legal action may be taken against you. In most cases, P22 Method is widely used to buy sell bitcoin. That's the reason sites like localbitcoin was widely used for these P2P transactions and now a days, the same service is offered at Binance and other big exchanges.

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Quote from: livingfree on March 28, 2023, 05:11:28 AM

Quote from: coinerer on March 27, 2023, 05:51:49 PM

Quote from: livingfree on March 27, 2023, 05:29:09 PM

Well, if you're going to use P2P system there have been measures for you to avoid such fraud that will be done by the other party. That's why you need to make sure as well that you won't be scammed and every transaction you do is safe.

If you're unsure with the transaction, educate yourself on how to check properly that the transaction you're doing is not going to end up as a scam. Many are already aware of those tactics that will be leading into scamming and if you've seen those signals and red flags, don't proceed.

When someone buys or sells Bitcoin or any other crypto through P2P without the help of a bank. Then of course they meet somewhere physically and then transact money or bitcoin then of course they can make a safe transaction. But if Bitcoin is declared illegal in that country then it will be useful to them because if one party is involved with the police the other party can be arrested or the police can arrest both parties after getting information through a 3rd party sources. So there is high risk in this case too

There are pros and cons of actual P2P, without the intervention of the bank then physical presence is needed and we don't know if that's safe for both ends but I am sure that many of us would just like to choose the online transaction by having it on a safe platform.

Those people that are in a country where bitcoin is illegal and they try to meet in person for them to have a trade. It's possible that they may fall on an agent that tries to catch those people doing these trades.

Yes I think buying bitcoin through online bank will be a safer way than buying bitcoin or any crypto by physically meeting while maintaining distance. However, the use of banks is troublesome in one case that if you buy or sell bitcoins through the bank, the information is easily obtained by the government through the central bank, which also increases the tax problem. But there is high risk in buying and selling through physical meeting. So I think it is better to buy and sell bitcoins through banks even if there are some tax issues

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Quote from: KiaKia on March 15, 2023, 09:57:24 PM

What ways can someone buy Bitcoin without the help of Banks?

In my personal view, in any case we have to go through the banking system for first investment in Bitcoin or purchase of Bitcoin. If we don't buy directly with a credit card or debit card, if we go to purchase bitcoins through peer to peer system, then we still have to use the bank to send money to the seller person.
The only other way I see here and that is to work in the crypto industry i.e. sell your work and buy bitcoins from that earnings.
That is, by accepting crypto currency as payment for their work, there was no help from the bank in this case whether it was Bitcoin from that payment.

livingfree

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Quote from: coinerer on March 27, 2023, 05:51:49 PM

Quote from: livingfree on March 27, 2023, 05:29:09 PM

Well, if you're going to use P2P system there have been measures for you to avoid such fraud that will be done by the other party. That's why you need to make sure as well that you won't be scammed and every transaction you do is safe.

If you're unsure with the transaction, educate yourself on how to check properly that the transaction you're doing is not going to end up as a scam. Many are already aware of those tactics that will be leading into scamming and if you've seen those signals and red flags, don't proceed.

When someone buys or sells Bitcoin or any other crypto through P2P without the help of a bank. Then of course they meet somewhere physically and then transact money or bitcoin then of course they can make a safe transaction. But if Bitcoin is declared illegal in that country then it will be useful to them because if one party is involved with the police the other party can be arrested or the police can arrest both parties after getting information through a 3rd party sources. So there is high risk in this case too

There are pros and cons of actual P2P, without the intervention of the bank then physical presence is needed and we don't know if that's safe for both ends but I am sure that many of us would just like to choose the online transaction by having it on a safe platform.

Those people that are in a country where bitcoin is illegal and they try to meet in person for them to have a trade. It's possible that they may fall on an agent that tries to catch those people doing these trades.

And they'll be subject to arrest and that's what we don't want to happen to them.

thecodebear

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Until lots of people are earning in Bitcoin, it'll be hard to cut ties with banks.

Banks are the on-ramp to the Bitcoin/crypto ecosystem. Naturally, cuz that's where everyone holds their money today. Until people are earning in Bitcoin or stablecoins so that they directly get into the ecosystem through their earnings, we gotta rely on banks. The other option of course is using cash but either you are paying big fees through ATMs or you are meeting people in person which could be dangerous.

We need an actual Bitcoin economy where people are earning and spending Bitcoin, that way bitcoin gets passed around through the economy, without the need for fiat-ramp onboarding into Bitcoin. It will take a long time to bootstrap this bitcoin economy. People need to be both willing to spend their bitcoin (still pretty rare today) as well as take bitcoin as payment.

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My opinion There are multiple ways to buy Bitcoin without involving traditional banks. One popular method is using peer-to-peer marketplaces like LocalBitcoins or Paxful. Another way is to use Bitcoin ATMs or buy from a Bitcoin seller directly using cash. Additionally, some online exchanges allow users to buy Bitcoin with alternative payment methods such as PayPal, credit cards, or even gift cards. While cutting ties with banks may pose a challenge, it is possible for cryptocurrency to operate independently, and the growth of decentralized finance (DeFi) is evidence of this trend. However, the future remains uncertain and dependent on various factors, including regulatory frameworks and market acceptance.

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Quote from: KiaKia on March 15, 2023, 09:57:24 PM

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

Peer to peer system is the best way to buy bitcoins without the help of banks. No central authority is required to issue bitcoins or cryptocurrencies or track transactions. Bitcoin relies on peer to peer networks and cryptographic technology, making it an alternative currency for people living in countries with unstable economies.

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Quote from: livingfree on March 27, 2023, 01:01:07 AM

There are few available options but that's the easiest one. We have to use the banks for us to purchase bitcoin but who knows if someday there will be another available way of buying directly bitcoin without the intervention of the banks.

Because even if I think of it for so many times, there will always be the third party involvement of a service that will be like the middleman for our transactions unlike in P2P which has been said many times already.

As long as fiat money and banks remain the backbone of the world economy, we won't be able to stop using them. Many people think it is possible to use P2P but that means we are still using cash and cash is also related to banking. Not to mention if we transact billions of dollars worth of bitcoin using P2P, it would be very risky, I don't think anyone would use P2P to transact with that amount. I don't know if there will be an alternative in the future, but now, it is impossible not to depend on the bank.

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Quote from: Artem Sereda on March 27, 2023, 04:22:22 AM

Use the exchanges. Or you can buy from a trusted individual.
p2p

You can buy through Bitcoin ATMs, Trusts or exchange-traded funds, Peer-to-peer money transfer apps, Wallet software

coinerer

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Quote from: livingfree on March 27, 2023, 05:29:09 PM

Quote from: borovichok on March 27, 2023, 05:36:34 AM

Quote from: livingfree on March 27, 2023, 01:01:07 AM

There are few available options but that's the easiest one. We have to use the banks for us to purchase bitcoin but who knows if someday there will be another available way of buying directly bitcoin without the intervention of the banks.

Because even if I think of it for so many times, there will always be the third party involvement of a service that will be like the middleman for our transactions unlike in P2P which has been said many times already.

Alternatives exist for purchasing bitcoin without the current need for a third party. The P2P system is risky, and there is a chance that someone could become a victim of fraud. Banks are extremely secure, but they are completely unnecessary to traders without access to them because most countries have already imposed strict regulations banning the use of cryptocurrencies, making it difficult for anyone operating within their borders to purchase coins using a bank. P2P is significant in their situation because you can buy from merchants online, or even better, you can buy from vendors offline.

Well, if you're going to use P2P system there have been measures for you to avoid such fraud that will be done by the other party. That's why you need to make sure as well that you won't be scammed and every transaction you do is safe.

If you're unsure with the transaction, educate yourself on how to check properly that the transaction you're doing is not going to end up as a scam. Many are already aware of those tactics that will be leading into scamming and if you've seen those signals and red flags, don't proceed.

When someone buys or sells Bitcoin or any other crypto through P2P without the help of a bank. Then of course they meet somewhere physically and then transact money or bitcoin then of course they can make a safe transaction. But if Bitcoin is declared illegal in that country then it will be useful to them because if one party is involved with the police the other party can be arrested or the police can arrest both parties after getting information through a 3rd party sources. So there is high risk in this case too

livingfree

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Quote from: borovichok on March 27, 2023, 05:36:34 AM

Quote from: livingfree on March 27, 2023, 01:01:07 AM

There are few available options but that's the easiest one. We have to use the banks for us to purchase bitcoin but who knows if someday there will be another available way of buying directly bitcoin without the intervention of the banks.

Because even if I think of it for so many times, there will always be the third party involvement of a service that will be like the middleman for our transactions unlike in P2P which has been said many times already.

Alternatives exist for purchasing bitcoin without the current need for a third party. The P2P system is risky, and there is a chance that someone could become a victim of fraud. Banks are extremely secure, but they are completely unnecessary to traders without access to them because most countries have already imposed strict regulations banning the use of cryptocurrencies, making it difficult for anyone operating within their borders to purchase coins using a bank. P2P is significant in their situation because you can buy from merchants online, or even better, you can buy from vendors offline.

Well, if you're going to use P2P system there have been measures for you to avoid such fraud that will be done by the other party. That's why you need to make sure as well that you won't be scammed and every transaction you do is safe.

If you're unsure with the transaction, educate yourself on how to check properly that the transaction you're doing is not going to end up as a scam. Many are already aware of those tactics that will be leading into scamming and if you've seen those signals and red flags, don't proceed.

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Quote from: Godday on March 27, 2023, 10:42:18 AM

I think that's nonsense. I mean how can you decide bank with crypto? I'm sure we will continue to be able to buy Bitcoin through bank intermediaries. It is simply impossible for all the banks in the world not to make payments to cryptocurrency trading sites. Even if that happens I can still use my financial application to make transactions to cryptocurrency trading sites. I'm not worried about what he said. Because I'm pretty sure that's not going to happen and it's never going to happen.

There are nations that made it illegal, which is why it is not possible to do that in those nations. Sure in our nations it is available, I can just send my money there via bank transfer and that's more than enough for me, I am doing fine about it and won2t ever worry about how to buy bitcoin in any other way.

But, not everyone has the same chance and that is why places like localbitcoins have these troubles. I know that it is not going to be easy or anything, but it is going to be not so hard neither and should be fine. I personally believe that the best thing to do in this case is to make sure you use p2p and do not get caught, if banks are not an option of course.

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If we couldn't use our banks to buy Bitcoin then I think using other online wallets to pay for it.
P2P would also be a good way to purchase crypto or you could also use Bitcoin ATM machine if there is one at your location.

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Quote from: Godday on March 27, 2023, 10:42:18 AM

I think that's nonsense. I mean how can you decide bank with crypto? I'm sure we will continue to be able to buy Bitcoin through bank intermediaries. It is simply impossible for all the banks in the world not to make payments to cryptocurrency trading sites. Even if that happens I can still use my financial application to make transactions to cryptocurrency trading sites. I'm not worried about what he said. Because I'm pretty sure that's not going to happen and it's never going to happen.

If someone wants your bitcoins for the benefits or consistent profits from it, then they'll set up any payment system for you. There will always be ways left as far as exchange services thrive, bank restrictions aren't a problem. What is considered valuable isn't always something issued or managed by a bank.

If you want freedom, then be less dependent on the bank.

Godday

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I think that's nonsense. I mean how can you decide bank with crypto? I'm sure we will continue to be able to buy Bitcoin through bank intermediaries. It is simply impossible for all the banks in the world not to make payments to cryptocurrency trading sites. Even if that happens I can still use my financial application to make transactions to cryptocurrency trading sites. I'm not worried about what he said. Because I'm pretty sure that's not going to happen and it's never going to happen.

borovichok

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Quote from: livingfree on March 27, 2023, 01:01:07 AM

There are few available options but that's the easiest one. We have to use the banks for us to purchase bitcoin but who knows if someday there will be another available way of buying directly bitcoin without the intervention of the banks.

Because even if I think of it for so many times, there will always be the third party involvement of a service that will be like the middleman for our transactions unlike in P2P which has been said many times already.

Alternatives exist for purchasing bitcoin without the current need for a third party. The P2P system is risky, and there is a chance that someone could become a victim of fraud. Banks are extremely secure, but they are completely unnecessary to traders without access to them because most countries have already imposed strict regulations banning the use of cryptocurrencies, making it difficult for anyone operating within their borders to purchase coins using a bank. P2P is significant in their situation because you can buy from merchants online, or even better, you can buy from vendors offline.

Artem Sereda

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Use the exchanges. Or you can buy from a trusted individual.
p2p

Topic: What other ways are available for purchasing Bitcoin? (Read 552 times)