Topic: Without banking bitcoins will be work - page 3. (Read 600 times)
I don't get what do you mean and also about the poll it's kind of mixed up since you don't know what you were talking about. Bitcoin is not connected to banks or anything and I think what you meant is the exchange not the Bitcoin itself. Exchanges can switch Bitcoin to different currency depending on what currency they pair are available. And also Bitcoin is a decentralized currency which means no single entity is controlling it just like how the government control fiat in our country just like what the bank does.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin.
If you mean to exchange Bitcoin for another pair, it doesn't need banks. You only need banks if you want to convert your Bitcoin to fiats and withdraw to your bank accounts. It is a usual process of withdrawal on CEX, sure it is connected with banks. But if you exchange or swap your Bitcoin on DEX, there is no need for any bank for sure. Well, if there is no bank, we still can convert our Bitcoin to fiats through P2P, Mbitr has told you the example above. And I think, there will be more ways to convert it to fiats in the future. This industry is always growing and developing fast, so don't be pessimistic about the Bitcoin future. 
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
This your suggestion prompt me to come in conclusion that bitcoin can't take over or eliminate the uses of fiat currency, banking system does not give any support to cryptocurrency but fiat currency gives support to cryptocurrencies... what we should have known, is that Bank is a domain whereby money or fiat is been regulated or saved, the same thing is applicable to bitcoin, which wallet is the domain where Bitcoin is kept for period of time.. actually what you need to understand is that fiat is used for exchange of cryptocurrency which decentralized with a centralized currency been fiat. Both work with cooperation because they are all called currencies.We will always have the fiat system and I am not seeing this to be eradicated in the next decade or so. The bitcoin or crypto adoption will grow but fiat system will remain. And right now, based on the OP's question, which by the way, he needs to revise his poll question as well as the title thread. The choices should be Yes or No. But anyway, as we are seeing today, we can convert our crypto via p2p without the intervention of banks. But if we aim more adoption, participation of banks in this industry will pave the way for more crypto users.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
You need to know that currently, we need banks to change bitcoins to fiat in order for us to use the money as bitcoin is not available everywhere for payments.
However, consider for a moment that the fiat money exists no more and people only deal in bitcoins. In this case, we do not need any banks to change the bitcoins to paper money and vice versa.
In the future I believe there will be a machine to withdraw bitcoin and at that stage, the fiat currencies will give way to Bitcoin. And also Bitcoin Banks will be found everywhere on the Earth. As it is bitcoin chainblock is looking for a way to use the physical currency of bitcoin. As it is now, bitcoin can not be used without the fiat currencies because you must convert the bitcoin to fiat currency before you can spend it but as for the internet bitcoin is much more used than the local currency. In the Online you can pay and sell goods and services with bitcoin but for the offline, bitcoin is an alternative currency for the exchange of goods and services. For now, bitcoin can not work without the fiat currency as hardcopy of the currency.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
This your suggestion prompt me to come in conclusion that bitcoin can't take over or eliminate the uses of fiat currency, banking system does not give any support to cryptocurrency but fiat currency gives support to cryptocurrencies... what we should have known, is that Bank is a domain whereby money or fiat is been regulated or saved, the same thing is applicable to bitcoin, which wallet is the domain where Bitcoin is kept for period of time.. actually what you need to understand is that fiat is used for exchange of cryptocurrency which decentralized with a centralized currency been fiat. Both work with cooperation because they are all called currencies.
Trough we are still need cash money I think still need bank and can't working bitcoin depending its self without have bank as third side how to help your deposit and withdrawing to be cash money. I don't see bitcoin as accepted payment on every country and not have reason to reject bank although have option later with bitcoin as legal currency payment transaction. During still need money for transaction this way for getting bank as third part how to convert bitcoin to be cash money or from cash money to buy bitcoin.
It is quite expected that over time the share of this will grow higher and higher. I think everyone understands this very well.
There are now exchange offices in almost every country, in every major city, just as there are on-line exchanges. So exchanging bitcoin for cash or buying bitcoin is easy. The only negative thing in such cases is that most exchangers require verification, which for me personally is not very acceptable. Banks apart, bitcoins apart.
Hi
Your information is not sufficient to provide a valid response but I do think what you are asking is : if we would be able to use Bitcoins without the banking system. Long story short : YES
You can always use P2P transactions but it would depend upon your community and the people who are willing to engage in them therefore you would have to find people who would like exchanging coins. Some people would defiantly prefer doing it in terms of fiat as well. I do think that we should understand that banking system is a very good match for Bitcoins since they are able to instantly withdraw/deposit/trade/find multinational currencies, for me banking system is defiantly not that personal since all the information is collected and you still have to pay taxes on it but it's definitely very usable.
Your information is not sufficient to provide a valid response but I do think what you are asking is : if we would be able to use Bitcoins without the banking system. Long story short : YES
You can always use P2P transactions but it would depend upon your community and the people who are willing to engage in them therefore you would have to find people who would like exchanging coins. Some people would defiantly prefer doing it in terms of fiat as well. I do think that we should understand that banking system is a very good match for Bitcoins since they are able to instantly withdraw/deposit/trade/find multinational currencies, for me banking system is defiantly not that personal since all the information is collected and you still have to pay taxes on it but it's definitely very usable.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
To be honest, it will be hard, as long as you are selling btc to fiat bank is required one way or another, even if you go through the p2p (person 2 person meet up) process you will still need bank as the 3rd party, imagine you are to sell $50k worth of btc to fiat and assuming you are from a third world country where the value of the local currency is lower than usd, you will discover the $50k btc will be a lot of cash that can not be handed over from buyer to seller over the counter. in this case, bank is required to complete the transaction.
I don't see how bank will not be involved as long as fiat is involved too, except there is complete adoption of btc for payment worldwide.
You don't need banks to be connected with Bitcoin and they aren't. When people think of Bitcoin and banks they are only talking about finding a way to convert their BTC into fiat and depositing that into their bank account. But that's not the complete picture and you don't have to do that. In the past, people traded sea shells, meat, crops, fur, salt and anything that was in demand and had a market. And the system worked. Bitcoin has reached a stage in which there is demand for it, so you don't need banks. You will be able to find plenty of people to give you cash for it (if that's what you want) face-to-face or via decentralized platforms.
Where I come from (and in other countries in Latin America) you can buy bitcoin directly by joining a Telegram / Whatsapp channel of people who are looking to either sell or buy.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
This is a normal process when a thinking person understands that banks are not very reliable structures. It is clear that a modern person has to interact with the financial system, but this is not mandatory. For me, bitcoin at this stage is only an investment, I buy it and keep it, because I believe that in the future it will be very expensive and then I will use it, but for now, only hold.
Previously, there was an office in my city where you could buy bitcoin for cash, it was very convenient. Now, unfortunately, it has closed and I don’t know if we still have such exchangers.
Agree in general but psst psst, go to Bisq or even Localbitcoins (not nowadays though).
There are some bankless methods to trade (buy/sell) your Bitcoin, like face-to-face cash exchange or even mobile credit, Paypal, Western Union Moneygram etc.
Don't rush into it of course, learn what to trust.
There are some bankless methods to trade (buy/sell) your Bitcoin, like face-to-face cash exchange or even mobile credit, Paypal, Western Union Moneygram etc.
Don't rush into it of course, learn what to trust.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
Why would people want to exchange their bitcoin for fiat in the first place? That is the main problem that should be first addressed to answer your question. Instead of building a circular economy based on bitcoin, in which people will never again have a need for fiat on/off ramps, they still are trying to exchange a more reliable currency for a less reliable one. I see no reason for doing that, except for them seeking short-term profits or maybe there is the absence of necessary infrastructure or legislation to spend bitcoin directly on the things they need. Anyway, bitcoin is not battling with banks per se, it is meant to replace a flawed and obsolete system of central banks, which is, by meddling with money, artificially causing inflation, cantillionism, and other terrible things that make the poor poorer and the rich even richer. When this system is finally replaced, and we switch to bitcoin, banks will be more competitive and, therefore, more cautious about giving loans that may end up unproductive and cause bankruptcy.this is just my thoughts, we understand the value of Bitcoin as long as its compared to something which is fiat.
or how else would we comprehend the value of BTC?
Nowadays bitcoin is connected with banking process.
This may be right to an extent but also be reminded that many countries have shown displeasure in allowing their commercial banks operate in cryptocurrency transaction by placing a ban and we have it same in the opposite whereby some countries put regulation policies and tax in place for the successful run of bitcoin activities, i have two examples to give, In Nigeria and Thailand their government ban the commercial banks from performing any cryptocurrency related transaction while in UAE Dubai, their government provides a suitable regulation to convey the progress of bitcoin in their country.
People can't change Bitcoin. So coming future it possible for changing this process.
People can't exchange bitcoin using the fiat banks and that's not applicable to all countries, some countries permit that and there's a solution to that already, which is P2P. So if your country places embargo on cryptocurrency exchange using the commercial banks just simply make use of P2P
Lot will happen in the future but you don't have to be threaten by Bank, that is why many exchange ( Trading) platform have implemented P2P so if banks does not operate on accept bitcoin anymore you could easily used the p2p service. e.g, my country is being restricted from associating our local account details with bitcoin and cryptocurrencies but with the P2P service we have been able to transact within ourselves who operates with those exchangers that support p2p services today so need panicking.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
Why would people want to exchange their bitcoin for fiat in the first place? That is the main problem that should be first addressed to answer your question. Instead of building a circular economy based on bitcoin, in which people will never again have a need for fiat on/off ramps, they still are trying to exchange a more reliable currency for a less reliable one. I see no reason for doing that, except for them seeking short-term profits or maybe there is the absence of necessary infrastructure or legislation to spend bitcoin directly on the things they need. Anyway, bitcoin is not battling with banks per se, it is meant to replace a flawed and obsolete system of central banks, which is, by meddling with money, artificially causing inflation, cantillionism, and other terrible things that make the poor poorer and the rich even richer. When this system is finally replaced, and we switch to bitcoin, banks will be more competitive and, therefore, more cautious about giving loans that may end up unproductive and cause bankruptcy.
Without banking I think bitcoin still not working yet, you can imagine how come deposit and purchase cash money to buy bitcoin and altcoin assets without use bank, maybe you can see how daily activities withdrawing cash money from cryptocurrency trough bank and here as proof cryptocurrency still need bank for deposit and withdrawing funds. I think we can't trade several bitcoin and altcoin assets without have bank, how to make deposit cash money to buy bitcoin and altcoin without help and support deposit from bank to local exchange market.
You can always use P2P exchanges and thus there is no need for banks to be involved .
This method you are generally exchanging with another person.
Examples of P2P exchanges include -
Paxful - https://paxful.com/
Localbitcoins - https://localbitcoins.com/
As always though - DYOR.
Hope this helps
The question raised by OP is, how things will function if there is no banks. This means, what is the possible solution to convert bitcoin to fiat without the involvement of bank. At present there is no possible solution for the same without a banking account. What you've mentioned localbitcoins, paxful and all were platform that connects people who want to buy and sell bitcoin. However if a person sells through localbitcoins the buyer receives the bitcoin and needs to transfer fiat. Here bank account gets involved.This method you are generally exchanging with another person.
Examples of P2P exchanges include -
Paxful - https://paxful.com/
Localbitcoins - https://localbitcoins.com/
As always though - DYOR.
Hope this helps
In the future we'll get access to pay directly for services and products same as that we use fiat. By that time there is no need for anymore conversion process. Until then banks will have its role.
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