Will increasing banking restrictions lead to a rise in P2P transactions? - page 3.

Iamgoat

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Quote from: Oshosondy on April 16, 2024, 03:39:01 AM

I do not like face to face trading because it is dangerous. In the country I am, I have to avoid it.

I do not like face to face trading or transaction too because I see that there can be some dangers in it especially if you are not comfortable with the business environment where the trade is ongoing, physical trading and transaction can be a bit risky. I also won't like the idea of cash transactions or trades too because of the insecurity that comes with it most especially when the persons involved are unfamiliar with another.

Quote from: Oshosondy on April 16, 2024, 03:39:01 AM

Quote from: Jet Cash on April 16, 2024, 03:29:25 AM

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

There are some decentralized exchanges and swap services already and people are using it with tor.

I do not know why government is strongly working against the P2P exchanges within the cryptocurrencies community in a decentralized system. Will the reason be the government's interest to continue to control the financial sector within the crypto platforms which has been impossible to achieve or what exactly

Abu-Naim

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Quote from: ABCbits on April 16, 2024, 04:15:11 AM

Some P2P/DEX such as Bisq require deposit to reduce scam possibility. As for physical or face to face P2P, you also could reduce the risk by bringing people you could trust.

I never tried any of them that’s why I made it clear, but Bisq is mostly recommended here in the forum I can see so many forum users are making good reference to the exchange.

On carrying your trusted people along; I think it is a good idea but stressful, and there is no privacy in it again since you have to take people along to make sure you are also safe.
Nevertheless, it is safer than exposing your privacy in CEXs.

Easteregg69

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Quote from: ABCbits on April 16, 2024, 04:15:11 AM

Many people are used with CEX, so i don't expect there'll major rise in P2P trading. It's more likely people will try to create bank account on different bank or even off-shore bank which doesn't forbid cryptocurrency-related transaction.

Quote from: Abu-Naim on April 16, 2024, 04:10:40 AM

Peer to peer is good and will be the best if any form of scam can be avoided which is not possible.
Face to face peer to peer is very risky because one can be set on trap and can be rubbed all because of trust. On the other hand, one can also be scammed if there is not a trusted person to stand as a middleman to make sure the transaction is done with any cheat because people can be funny at times, they can decide to go away with people’s money because they are anonymous.

Some P2P/DEX such as Bisq require deposit to reduce scam possibility. As for physical or face to face P2P, you also could reduce the risk by bringing people you could trust.

Problem is you don't know what kind of laundry the p2p provider is involved in. If they also work for Hamas.

ABCbits

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Many people are used with CEX, so i don't expect there'll major rise in P2P trading. It's more likely people will try to create bank account on different bank or even off-shore bank which doesn't forbid cryptocurrency-related transaction.

Quote from: Abu-Naim on April 16, 2024, 04:10:40 AM

Peer to peer is good and will be the best if any form of scam can be avoided which is not possible.
Face to face peer to peer is very risky because one can be set on trap and can be rubbed all because of trust. On the other hand, one can also be scammed if there is not a trusted person to stand as a middleman to make sure the transaction is done with any cheat because people can be funny at times, they can decide to go away with people’s money because they are anonymous.

Some P2P/DEX such as Bisq require deposit to reduce scam possibility. As for physical or face to face P2P, you also could reduce the risk by bringing people you could trust.

Easteregg69

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It will force you on to a regulated exchanges and make you consider your old invest to be play money.

Second round is laundry! Hence the ETF's.

Abu-Naim

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Peer to peer is good and will be the best if any form of scam can be avoided which is not possible.
Face to face peer to peer is very risky because one can be set on trap and can be rubbed all because of trust. On the other hand, one can also be scammed if there is not a trusted person to stand as a middleman to make sure the transaction is done with any cheat because people can be funny at times, they can decide to go away with people’s money because they are anonymous.

I like exchanges p2p because the exchanges are the excro to make sure there is no scam in any end, but I never tried any decentralized p2p so I don’t more about that, but I feel more safer with CEX p2p.

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Will increasing banking restrictions lead to a rise in P2P transactions?

Definitely. This same situation played out in Nigeria sometime 2 years ago, IIRC. The government baned banks from directly getting involved with Crypto transactions, so you could not fund your exchange wallet directly from the bank of withdraw directly to it as you could do before. After banks were restricted there was a sharp rise in P2P transactions and the Nigerian market quickly became one of the largest for P2P services.

Same scenario will play out anywhere else that has ardent Bitcoin users. Only the threat of government intervention in many places already grows the P2P market.

Hatchy

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Quote from: Jawhead999 on April 16, 2024, 03:40:02 AM

Probably it will, I've heard many Nigerians said their banks restrict crypto transactions, which force them to trade via P2P. If banks keep restrict crypto transactions, it will make people not to mix crypto and banks, but it only works if the demand is really high.

While some people might think to stop invest in cryptocurrency because they're afraid.

The truth is, alot of these government are scared of what might happen to their economic status if they accept or legalize crypto. Similar to what happened in my country Nigeria months ago, when our currency had depreciated alot towards the dollar. The government started raising fingers and began a race and fought back against crypto and crypto exchanges claiming that they were the cause of sudden fall of naira. Few months before all those drama, they had said to have removed the restrictions they placed on banks as regards crypto then suddenly they had another reason to fight against it.

From what we saw just few weeks after the fight against crypto exchanges, our local currency gained a lot of value once more. So we can't actually blame the government of such countries, they might be right to some extent. But if they are able to regulate crypto and probably assume to work together, It will cause a major flaw in the main idea about decentralization which many crypto like Bitcoin was initially created for.

OcTradism

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Peer to Peer transactions and trades are good for privacy but people will need to have deep knowledge on how this trade type works and how scammers can exploit it to scam naive newbies.

It is for everyone to use but with newbies, they will need to be very strong mentally to avoid any pressure from scammers to release coins and so on.

Most of people will choose convenience than privacy and if it is not mandatory, no other choices available, they will choose things that can bring convenience, not privacy. I don't expect banking restrictions will increase P2P transactions too much.

Oshosondy

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Quote from: Mia Chloe on April 16, 2024, 03:39:16 AM

P2P has always been the best option for Bitcoin to fiat exchange and even exchange for one crypto to another especially when trying to avoid KYC.It was because of its easy and efficiency most exchanges quickly copied it and added a KYC feature to make the lane man feel safe thinking their data is 100% safe with them like most exchanges usually say.

It makes them fee safe but they can still be scammed. Decentralized exchanges scams are avoidable.

Quote from: Mia Chloe on April 16, 2024, 03:39:16 AM

As for this crypto enthusiast are all putting hopes that Bitcoin will be fully accepted by major world countries. Especially
in countries where the government view it as totally illegal. Also I believe it's already taking a positive turn since some countries have fully legalized it. In my opinion I believe decentralization is the reason why most governments are refusing to legalize Bitcoin in their countries.

I do not think there is any major countries that did not accept cryptocurrency. The countries that do not legalize crypto do not also legalize gambling. They have this wrong motive against crypto. You can see these countries in Northern part of Africa and also countries like Saudi Arabian and Qatar in Asia.

Jawhead999

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Quote from: Jet Cash on April 16, 2024, 03:29:25 AM

These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account. Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

Probably it will, I've heard many Nigerians said their banks restrict crypto transactions, which force them to trade via P2P. If banks keep restrict crypto transactions, it will make people not to mix crypto and banks, but it only works if the demand is really high.

While some people might think to stop invest in cryptocurrency because they're afraid.

Quote

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

Yes Largest DEX receives wells notice from the SEC

Mia Chloe

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P2P has always been the best option for Bitcoin to fiat exchange and even exchange for one crypto to another especially when trying to avoid KYC.It was because of its easy and efficiency most exchanges quickly copied it and added a KYC feature to make the lane man feel safe thinking their data is 100% safe with them like most exchanges usually say.

Quote from: Jet Cash on April 16, 2024, 03:29:25 AM

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

As for this crypto enthusiast are all putting hopes that Bitcoin will be fully accepted by major world countries. Especially
in countries where the government view it as totally illegal. Also I believe it's already taking a positive turn since some countries have fully legalized it. In my opinion I believe decentralization is the reason why most governments are refusing to legalize Bitcoin in their countries.

Oshosondy

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I do not like face to face trading because it is dangerous. In the country I am, I have to avoid it.

Quote from: Jet Cash on April 16, 2024, 03:29:25 AM

I keep reading about bank accounts in the UK, US and EU being frozen due to crypto associations. This is concerning me, and I am reluctant now to use any exchanges to purchase Bitcoin. However, I am happy to purchase crypto via P2P transactions. These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account. Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

This is how crypto was before. But people just like what is centralized because of their ignorance. Some people will argue with you that the centralized exchanges are regulated, unlike the opposite ones. They will not care about privacy. Most people of this world have ignorant thinking until they fall into a problem. Some people will even be ignorant because of lack of information about how it should be.

Quote from: Jet Cash on April 16, 2024, 03:29:25 AM

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

There are some decentralized exchanges and swap services already and people are using it with tor.

Jet Cash

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I keep reading about bank accounts in the UK, US and EU being frozen due to crypto associations. This is concerning me, and I am reluctant now to use any exchanges to purchase Bitcoin. However, I am happy to purchase crypto via P2P transactions. These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account. Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

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