Without banks, is it possible to move physical currencies to Crypto? - page 2.

bL4nkcode

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Quote from: ololajulo on November 08, 2020, 05:40:46 AM

I dont think any of the processes you mentioned will elude the use of bank account. Most fiat transaction on-line will require bank account, If I dont know any you can help but Fiat lately is not built for transfer online without the use of bank. Remittance and other measure are even more risky than the banks, OTC can cater for the absence of bank if one can present cash but that is not also safe.

Wrong, seems like you knew much better than what other people are experiencing here.

As I said, it doesn't require you to link a bank account. Yet, you can transfer from this e-wallet to banks, withdraw to a remitance, deposit to a local stock exchange's platform, deposit to crypto exchange, pay bills and many more and that's vice versa. For more info you can search Gcash.

Quote from: noorman0 on June 28, 2020, 01:36:40 AM

How do I top up my e-wallet balance for the first time?

Late respond, but let me answer that, here you can top up the e-wallet using hundred of remitances available here, using other e-wallets, 7-Eleven, also with mc/visa and banks but it's not necessary that bank acct is linked to the account or have the same info on the e-wallet's account.

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Quote from: bL4nkcode on June 28, 2020, 01:30:02 AM

Quote from: Josefjix on June 28, 2020, 01:25:04 AM

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

Yes, we called them e-wallets or some say digital wallets. Even without a bank account, you can transfer fiat to crypto exchange that accepts deposits from these e-wallets. Others use remittances to transfer funds to crypto exchange, at least at coins.ph and any local exchange based on my country it's possible.

Btw this topic doesn't belong to the services board, bitcoin discussion or service discussion suits this one.

I dont think any of the processes you mentioned will elude the use of bank account. Most fiat transaction on-line will require bank account, If I dont know any you can help but Fiat lately is not built for transfer online without the use of bank. Remittance and other measure are even more risky than the banks, OTC can cater for the absence of bank if one can present cash but that is not also safe.

Dedewahyu

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it is possible that you do bitcoin transactions without using a bank, you can do P2P or buy them from your close friends with cash
if you use e-wallets, e-wallets also in my opinion are banks whose names are disguised
or you can also directly use bitcoin for payments at several online shops that accept bitcoin, it's simpler in my opinion without having to use a bank

dificanovi

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as I know there is no other way, we have to send physical currency through a bank. if you go through another application to send physical money to crypto currency, of course we still have to deposit via bank.
If in an urgent case you want to deposit into bankless cryptocurrencies then you have to find someone who has ETH or Bitcoin to transfer to your crypto wallet after which you give him physical money.

w0lf0.

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There are various possibilities if you want to acquire cryptocurrences without going through central banks, for example my first bitcoin purchase was through a private user on localbitcoins.com, there are also various wallets that allow you to change fiat to crypto inside, a other choice can also be the various p2p exchanges which are interesting and allow you to maintain a certain privacy, good luck Wink

Swopon

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Quote from: noormcs5 on June 28, 2020, 01:37:47 AM

Quote from: Josefjix on June 28, 2020, 01:25:04 AM

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

Quote from: Josefjix on June 28, 2020, 01:25:04 AM

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

Most of the bitcoin users including me like to keep the funds in bitcoin to avoid the unnecessary bank charges on fiat money.
If you want to convert your fiat into crypto, you can have a deal with anyone in your area in person. You give him cash and in return, he sends you bitcoins on your wallet.
Another option is that you convert your money from bank to bitcoins by sending the money through the bank to the person with whom you are buying the bitcoins. Normally banks do not charge money for withdrawal of money if the money is under certain limits (Daily withdrawal limit). However, it depends on your country's rules and regulations.

P.S Please move this thread to bitcoin discussion. Thanks

Well said. I am from a third world country and our economy is not so big. There have many problems. Here, people deposit their money to the bank for prospective but sometimes banks went out with all capital. This is the most irritating thing for this area. Government rules and regulations are not strict enough to catch that culprit.

OP says about digital wallet or e-wallet. Yes, it is continuing in some countries through mobile banking. So it can be changed the bank funds to a digital wallet and people can use it for any sectors with minimum fees. Then physical currencies can be converted to crypto and the deal should be done via communication through Internet.

TedMosby

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Quote from: Josefjix on June 28, 2020, 01:25:04 AM

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

of course, why not.
I saw many people only used a centralized digital wallet to store their money.
mostly young people who are using crypto but still under 18. I usually saw people like this in crypto groups on facebook.
well, actually it is undirectly passing the bank from the digital wallet company.

I can easily top up my digital wallet from a convenience store/mini market. and then send my money from the digital wallet to the exchange (or p2p exchange).

also, you can try to find people in your area. should be easy to find it in crypto groups on facebook.

mezzaluna

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Quote from: Josefjix on June 28, 2020, 01:25:04 AM

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

In a perfect scenario that would be possible but in most countries today, its highly unlikely. Banks are still playing a big role in this kind of system and having no banks would produce chaos since that would make developers or people who are within software development that is knowledgeable about Cryptocurrencies can make a scenario in which they can control the money over the Internet since money will come thru them first because there are no trusted banks.

gabbie2010

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Quote from: boissonnea on July 03, 2020, 01:06:40 PM

You can do this without needing a bank, it's P2P cash money.
Any person anywhere in the world is want bitcoin and has equal value in money or
products that you can exchange currencies without the need for a broker bank.
you can deal using p2p sites that offer too many bitcoin to cash exchange without banks.

A bank must be involved else how to do you transfer fund between P2P? definitely the bank will serve as middleman or third party that will facilitate the transfer of fiat from the account of the buyer to the seller while the latter sends equivalent value of the crypto to the buyer, irrespective of whether its P2P sites or not, except if you want to take the physical cash to the seller which is absolutely impossible considering the distance between them.

LimLims

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Quote from: Josefjix on June 28, 2020, 01:25:04 AM

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

Yes it's possible.
Many crypto wallets have this feature, where you can buy cryptos directly from FIAT money.
Else you can also buy from person to person, with local trades.
You can also give a look to paxful and Localbitcoins.com
Their you can find plenty of way to convert your FIAT or physical currencies to crypto.
Hope you understand and got some information from this OP.

shoreno

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Quote from: pankowri on October 09, 2020, 08:09:43 AM

I don't think so because each currency has their own characteristics and facilities to use.

i agree . if without banks we dont have a fiat but there are banks so we have a fiat and fiat has thier own characteristic like they have a certain value , they have physical form , they can be accepted or legal on many places , etc . so many ways to buy a crypto using a fiat or with the help of bank . on the other hand , crypto has also have thier own characteristics and that is they are digital and measured in units , we dont really need a bank if we have a crypto because we can spend the crypto right away

larus

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There are several good p2p exchanges in the internet. Use them to convert your cash into crypto

claire_lovely

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With P2P exchanges, banks aren't a required part of the transaction. Users can simply trade fiat directly to cryptocurrency.

Bitstar_coin

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Quote from: boissonnea on July 03, 2020, 01:06:40 PM

You can do this without needing a bank, it's P2P cash money.
Any person anywhere in the world is want bitcoin and has equal value in money or
products that you can exchange currencies without the need for a broker bank.
you can deal using p2p sites that offer too many bitcoin to cash exchange without banks.

when that person ia within your location it is easy, but have thought of those outside your location? we are not even talking about the huge risk involve in carrying physical cash around, as much as we hate the idea of using the bank and wanting to boycott them they still plays a very significant role in our daily transactions, p2p has limitations and can't be rely upon for safety reasons.

n0ne

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As of now we've got more number of digital wallets, but these wallets can't be loaded without the integrated function of banks. So, the possibility to move physical currencies to crypto without the bank isn't possible. In the past localbitcoins had an option to make two persons meet at some specific location and exchange cash for bitcoin. Now that service too is stopped.

pankowri

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I don't think so because each currency has their own characteristics and facilities to use. I also agree those who said that why would bank omitted? Bank is most important via for some work that can't be done in other ways perfectly. It will be great if physical and digital currencies used together then people can use by their choice and needs.

boissonnea

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You can do this without needing a bank, it's P2P cash money.
Any person anywhere in the world is want bitcoin and has equal value in money or
products that you can exchange currencies without the need for a broker bank.
you can deal using p2p sites that offer too many bitcoin to cash exchange without banks.

Debonaire217

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Individual transactions concerning the exchange between bitcoin and fiat are already considered a way to move funds from physical currencies to crypto.

But with bulk conversion, definitely, banks are a more efficient way to do it, I'm not saying it's impossible, people could exchange fiats to bitcoin even with huge volume physically, but imagine, if there's no bank, there will be no PayPal, or any financial institution that will make the conversion possible online.

stiffbud

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Quote from: noorman0 on June 28, 2020, 11:22:16 AM

Quote from: stiffbud on June 28, 2020, 10:10:00 AM

I also agree with you but in the process of using the banks there are high chances of your account getting blocked by the bank, there were many instances in which the account of the user was blocked by the bank and they didn't give any reason for doing so. This threatens many people who are also doing transactions in bitcoin.

Can you give an example case? I have never heard that a local bank can block someone's account without a reason. Every customer has legal protection. Local banks won't be as easy to block as exchanges or other anonymous services because they are in different jurisdictions and you probably won't sue them for financial reasons.

Quote from: stiffbud on June 28, 2020, 10:10:00 AM

I like to do person to person trades with the people on the exchanges because then the bank won't disable my account because they will think that I am just sending the money to another person through my bank account.

Your reason contains a contradiction with your first statement. As far as you think, why would the bank block the customer's account to buy crypto while the bank considers the customer to only send money to other people like you said? If the bank can track the intention of sending money, then your account can also be blocked.

Here is the link of the news article stating that the accounts were blocked by two banks and one resumed the services while other refused to do so.

Quote

https://news.bitcoin.com/banks-freeze-companys-accounts-after-owner-traded-on-localbitcoins/

So this surely shows us how banks are targeting people who are transacting in bitcoins and other cryptocurrencies. Isn't it the abuse of power that the banks are doing and showing us that who is still the boss. Even though the owner of the bank account did a p2p trade after which his bank accounts were frozen, but in ideal conditions there wouldn't be any way to filter a person doing a p2p trade for buying or selling bitcoins from other persons, is there any!!!???

XCANA

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It is difficult to eliminate the relationship between banks and crypto when converting to both. There may be no way to separate the two, but you can avoid large transaction costs by using the services of a third party when deposit or withdrawing.

The thread isn't talking about the relationship between the two but means of moving funds that is: fiats to obtain cryptocurrency in the process. Personally, I used to buy my cryptocurrency through the online wallets and this method is the best method for me. I will encourage many others to try this medium for their safety. Also, there are physical vendors who buy or sell cryptocurrency without knowing their identities, accepting physical fiats for exchange in cryptocurrency.

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