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.
Topic: What other ways are available for purchasing Bitcoin? - page 2. (Read 522 times)
Thats not that simple to cut it down. Only thing that can be done is to encourage direct spending of bitcoin. Maybe such act will speed up the adoption of bitcoin all around. In reality it is difficult to happen, because of people's preference of bitcoin. People consider bitcoin as an investment than a transaction source or something else. So, the dependence over banks won't get cut easily.
Lack of available options to spend Bitcoins just like fiat is the reason why people consider Bitcoin an investment more than a source of payment. They don't see it being accepted anywhere, but they can clearly see its price moving up and down, so the fact that if someone buys it low and sells it high makes it more of an investment asset than a payment currency at the moment.Maybe in the future when vendors and businesses around the globe start accepting Bitcoin as payment and that might change people's perspective of how Bitcoin should primarily be used. But even after that, I believe some people will still use it as an investment opportunity.
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 is the possible way we all can buy bitcoin without the help any bank, and interestingly, the p2p market have very much advanced from what it used to be some few years back, p2p has gone digital, no longer analogy like it used to be.Several big exchanges now offer p2p market to their users, providing a safe place, for user to buy and sell bitcoin safely without the involvement of any bank.
The sad part about your response is that buying p2p can get you in trouble. Assuming your Bitcoins increase in price and you want to cash out after a certain holding period, financial authorities will ask you where you got those Bitcoins from. If you didn't document precisely who sold them to you, and if you don't make sure that the data provided is true, you might get a problem because you can't prove the origin of funds and the date of the transaction, which could be relevant for tax calculation purposes depending on the country you are living in. P2P trades can bring their own set of problems to the table. There might be countries where it is possible and no problem at all, but I know countries where it could turn into an issue as soon as you want to turn it into cash. If you do that with a p2p trade again, you can still be stuck because you can't easily buy a house and tell financial authorities that you got lucky. Again, it all depends on where you are living.
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 is the possible way we all can buy bitcoin without the help any bank, and interestingly, the p2p market have very much advanced from what it used to be some few years back, p2p has gone digital, no longer analogy like it used to be.Several big exchanges now offer p2p market to their users, providing a safe place, for user to buy and sell bitcoin safely without the involvement of any bank.
one good example is binance as they have p2p services already. i didn't use p2p services before as i was worried about being scammed and things related to that. but when binance opened up this service, i am a frequent user of this service as it is one of the trusted platforms in the industry.
for me, that's one safer way to deal with fiat using p2p service of a reputable trading platform. beware of third party sites offering p2p as you may be saving some fees but you will end up losing your funds owed to scammers.
Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out?
That's something done 9 years ago on this space where there are less users and less exchange. But for enable to use or get fiat, getting regulated on the country where the company is based, it's a different story.
I think it will happen only when all or most services where necessities can get accept bitcoin or crypto as payments.
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?
How to buy bitcoins without bank help? There is only one way you can buy bitcoins without the help of a bank. That is p2p (peer to peer) system you can buy bitcoins without bank help. Also I don't see any other way to buy bitcoins other than bank help. And as far as I know we use this system. legendary
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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 is the possible way we all can buy bitcoin without the help any bank, and interestingly, the p2p market have very much advanced from what it used to be some few years back, p2p has gone digital, no longer analogy like it used to be.Several big exchanges now offer p2p market to their users, providing a safe place, for user to buy and sell bitcoin safely without the involvement of any bank.
Thats not that simple to cut it down. Only thing that can be done is to encourage direct spending of bitcoin. Maybe such act will speed up the adoption of bitcoin all around. In reality it is difficult to happen, because of people's preference of bitcoin. People consider bitcoin as an investment than a transaction source or something else. So, the dependence over banks won't get cut easily.
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?
Actually, we can still not be able to cut from banks 100% fully. We may try using P2P transaction, but we must ensure that it is really secure.So we can trust the people to buy or sell the Bitcoin. We need to research that the P2P is guaranteed as well. But here, exactly, I personallly still cannot get it easily because I am using exchanges for transactions and I uses bank account as the manner 
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?
Not sure if this will work, right now we also need fiat to buy bitcoins by converting them and as far as I know there is no way to buy bitcoins or altcoins without converting them first.What ways can someone buy Bitcoin without the help of Banks?
Fiat and cash comes from Banks which means you still need it before making any bitcoin purchases. To get bitcoins, there may be loopholes for you by offering the goods you have and the buyer will send bitcoins to you, but things like this are still very rare, especially if you live in a country that has not fully accepted bitcoins.
This is possible in our country using Peer to peer transactions. But I don't know if it's legal in our law since their minimum is too high, and I'm unsure how safe it is. So If you want to do this, ensure you will negotiate with someone you know or an individual your trustee will recommend. I have no other option since I'm still using the bank to buy and sell my cryptocurrency. What's the purpose of cutting ties with banks? I'm just using the bank to lessen the hassle and risk of meeting someone.
I agree with you that bitcoin without a bank is very difficult and there is a fear of being robbed. But is the bank absolutely safe? Can't I keep my money safe in Bitcoin?
You can, if you country's legal system allows bitcoin to be transacted without any restrictions. Most countries have been working around it to avoid facing this statement altogether but few are making CBDC's too. At some point you have to keep liquid cash at hand and in banks, the transactions systems are not that developed to include bitcoin as of now.Doing face to face deals is risky and should be done in a public place with your own people around you in case the deal goes south.
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Of course I can do all these things in a bitcoin wallet. I can use bitcoin wallet to store my money. Where I can add high security so that my money is not lost. I mean even in Bitcoin you can keep your money safe. If you can add all security.
Essentially yes, if you know how to handle your wallet and its nuances.- Electronic payment systems such as Paypal
- Bitcoin ATMs
- Over-the-counter deals
- Person-to-person deals
Purchasing bitcoin without involving a bank will be hard, for instance here in my country if you say, you don't do a bank and hold cash all the time, you get someone to buy the bitcoin from and you gave the person the cash. The person needs to save the money or else the money will be idle instead of saved and converting it back to bitcoin. This is just a scenario which hard for you to have face-to-face conversations with your buyer or seller
I agree with you that bitcoin without a bank is very difficult and there is a fear of being robbed. But is the bank absolutely safe? Can't I keep my money safe in Bitcoin?Of course I can do all these things in a bitcoin wallet. I can use bitcoin wallet to store my money. Where I can add high security so that my money is not lost.
I mean even in Bitcoin you can keep your money safe. If you can add all security.
Purchasing bitcoin without involving a bank will be hard, for instance here in my country if you say, you don't do a bank and hold cash all the time, you get someone to buy the bitcoin from and you gave the person the cash. The person needs to save the money or else the money will be idle instead of saved and converting it back to bitcoin. This is just a scenario which hard for you to have face-to-face conversations with your buyer or seller
The simple solution is face-to-face, but it's especially dangerous when a lot of money is involved. There are many cases of robbery that have occurred in various countries when someone wants to buy bitcoin directly [face to face] between the buyer and the seller. I have several sample cases, but this is one that I remember.
Here's one example case: Jail, caning for member of trio who robbed bitcoin buyer of $365,000
In essence, without involving a bank one is really at risk of being robbed although it doesn't happen to everyone when buying bitcoin. I'm also not sure if the bankless idea is possible in many other ways, but it sure is difficult.
Here's one example case: Jail, caning for member of trio who robbed bitcoin buyer of $365,000
In essence, without involving a bank one is really at risk of being robbed although it doesn't happen to everyone when buying bitcoin. I'm also not sure if the bankless idea is possible in many other ways, but it sure is difficult.
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?
Aside from P2P, You can use money remittances to purchased Bitcoin. In our country, there’s an app called coins.ph that let you cash in fiat to their system through the use of money remittances services then let you convert it on Bitcoin without the use of banks as middleman for your transaction.
Banks is inevitable to use when we are talking about fiat. We might see some alternative but we still need banks in the future once we are dealing with huge amount. The only time we don’t need bank is when Bitcoin becomes a legal tender since we can purchase goods using it directly.
This is very hard to do away from why because bank is where fiat is being stored and you must need fiat to purchase bitcoin or any digital currencies out there. For those that are not yet a user here can't deal without bank, all less those that already user here can initiate such transaction using p2p around the forum without using any exchangers.
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?
Currently there are many countries where Bitcoins aren’t legal. Those nation’s banks are forced to forbid any transactions related to cryptocurrencies. But still many people of those nations are doing trading on a daily basis. How are they doing this? They are doing the transactions through P2P deals. Here you trade the Bitcoins and cash with other peer rather than directly to the bank. In this manner the bank can also find out what commodity you purchased through that transaction. P2P is the best way to buy Bitcoins and that too by remaining anonymous.
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?
It's not really banks that make us interact with crypto currencies, the problem is that banks hold our fiat money and we don't really have an alternative. In my country no employer is going to pay out cash, to receive a salary I need a bank account. I also need the bank and fiat money to pay all my bills each month's. In most cases we buy cryptos at an exchange and to transfer money there we also need a bank account. Maybe one way to avoid banks would be to receive our salary directly at the exchange and buy cryptos with it. But then we need to exchange money to pay taxes and bills. Another alternative could be to find local crypto seller that we could meet directly and pay in cash. Just make sure it's a trustworthy seller and we are not getting scammed.
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