Topic: Why is buying/selling Bitcoin so difficult? - page 3. (Read 4509 times)

I had the same thought as you couple of months back as every exchange I tried to use, had these verification purposes that made me think twice before provided the needed stuff like an I.D of mine, a passport together with my bank card pictured.... so I tried to look for another one each time until I found out all are the same and these verifications are a necessity for your own safety so don't get frustrated...once you all verified with those, the whole process of exchange would be smooth as you imagined the first time

Legacy financial regulations are what makes it so difficult. If you look into its earlier days when it was tiny, Bitcoin was probably easier to buy than it is today simply because the authorities didn't care about it. Now there are proper amounts flowing into it it has landed on their radar and no exchange or selling service can ignore all the ID stuff.

There are different regulations at different places. At places with more developed infrastructure, there would be more people selling for Bitcoin. With higher demands, local exchanges could be opened and it doesn't required too much verification. You could just seek help at the local section or currency exchanges sections and use an escrow.

problem 1
if you live in columbia, use a columbian exchange that accepts peso's, leave the bitcoin<->canadian dollars for the recipient to deal with, you should never need to be having a canadian bank account involved.. otherwise your not really doing anything different then a canadian to canadian wire transfer..

whomever told you to use cavirtex obviously missed the point

problem 2
it seems you didnt do much of a search on peso exchanges..
try googling:
bitcoin peso
bitcoin mexico
bitcoin columbia

i seen many results on google that seemed to favour your native currency..


all you need to do is link your columbian/mexican bank to a columbian/mexican exchange. and buy bitcoin..
there is no need to care about canadian banks or rates.. stick with what you initially wanted.. to get peso's and turn them into bitcoin fast to give to recipient. then the recipient deals with the  canadian side.. not you

Bitcoin is not a bank.
It's free and trust.

valuable shit ... so, it's not cheap.
deal with it.

by the way, the problem is only the financial KYC ... applied to all merchand (of bitcoin).
so ... the problem is not bitcoin, it's the STATE.

Hi everyone,

A little bit of a dissappointed (attempted) Bitcoin user here.

I live in Colombia and have a business that has software provided for by a tech in Canada. We have had nothing but trouble with wire transfers due to exchange rates flying all over the place with the Peso and the Dollar. Recently he suggested to give Bitcoin a try. The idea of being able to transfer money instantly to him at a relatively low cost seemed like a very good idea.

Setting up a wallet was very easy, and I did not have to provide any info aside from my email. However, when it came to buying the coins, I had to practically give away every piece of information I had. CAVIRTEX, the Canadian Exchange wanted my Passport, ID, Utility Bill and a photo of me holding my ID. I have a Canadian Passport, but obviously living in Colombia, my ID and Utility Bills are from Medellín which put my Canadian bank out of the question. When trying to do a transfer through local bitcoins, users on there wanted the same information as well for a email transfer. Trying to buy local proved useless as the few options in Medellín, Colombia wanted at mínimum 25% fee on the transaction, which is way higher than what the banks are taking from me each month during the transfers.  Many of the trusted US based firms wont allow me to open an account due to my location, and of course ask for much of the same information.

In my head I always thought this process was simple. I watched a Joe Rogan podcast with a Bitcoin wallet or Exchange owner (or something along those lines) talk about being in Argentina and Venezuela and how everyone was using Bitcoin because it was so easy and internationally accepted. Peer to peer transfers might make it easy to buy and sell a few dollars here and there as a hobby, but when it comes to moving decent amounts of money on a consistent basis, this becomes extremely difficult. Has it always been this way, or am I late to the party and things have tightened up since the beginning?

Would be curious to get some thoughts from people on here who know far more about BTC than I ever will regarding my experiences.

Appreciate the time.