Without banks, is it possible to move physical currencies to Crypto? - page 3.

Emitdama

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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?

That depends on what you mean. You said cash and cash is physical money that you hold in your hands or physical wallets.
If you have some physical cash and you would like to move them into your cryptocurrency, then you will have to look for local exchanges that will accept the cash from you and then fund your cryptocurrency wallet with an equivalent amount.

But if you’re referring to fiat money that you have in your bank account, then you can just make use of an exchange/cryptocurrency wallet that will allow you to fund your account using your debit cards. Once you make the payment the gets sent to your wallet. BitPay allows people to fund their Bitcoin wallet using Visa or MasterCard cards.

Vatimins

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Talking about physical currencies, which is fiat; the money we use in a day to day basis buying or exchanging for all the needs and wants that we consumers have or whatever you wanna call it, makes you/us already connected to banks since we use the money they release. But going with your logic, it is indeed possible. The only thing is though, is that while possible, the process will truly be painstakingly long. Wether you use the e-wallets that some mentioned or by meeting up with people you may or may barely know which is risky, you cannot exchange huge amounts in one go. You will still have to do it slowly and break the expected amount by bits because if not, you will be found out by the banks or government obviously and we can only expect bad things to happen after being found out by the government or banks that you are converting huge amounts of fiat into crypto. Specially in countries that hate even the thought of crypto currencies. Plus the problem that the prices may have probably changed dozens of times already going up or down by the time you finish converting your planned amount. This is just my point of view

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

Most of the bitcoin user 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 in to crypto, you can have a deal with anyone in your area in person. You give him cash and in return he send you bitcoins on your wallet.
Another option is that you convert your money from bank to bitcoins by sending the money through 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 upon your country rules and regulations.

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

Third-party services like financial services platform help. We can top up fiat currency to our e-wallet and buy Bitcoin with the help of their services. Many local third party services are profiting from this service. With the help of some local store (e.g. 7 eleven) and remittance services, we are able to top up fiat to the e-wallet provided by that service and buy Bitcoin. These third-party services also enable us to convert Bitcoin to fiat money without banks.

Coins.ph and rebit.ph are some of the local third party financial service platforms in my country that enable us to transact with Bitcoin even without a bank.

stadus

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As long as there are businesses who are willing to bridge the transaction, it's even possible with remittance centers and other payment system, but of course with a charge as that's the nature of the business. It's not always bank to crypto exchanges and vice versa, we already have a lot of platforms now that are willing to adopt with crypto market.

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Quote from: Josefjix on June 28, 2020, 01:40:01 AM

The main question is not to entirely avoid transaction fees. The war behind crypto and blockchain mainly is to eliminate the banking sector. If the war is won, How do we then move our physical currencies to Crypto exchanges?

Although we can move our physical money to Crypto exchanges via peer to peer with someone, or buying from a friend who wants to sell, or you can move it through online e-wallets.
But I don't see any reason for crypto to fight against the banking sector , instead of fighting why can't they Co-exist together, it will be a perfect match the physical money and the digital money, and as long as you exchange your crypto to fiat in order to get something in your local area, the banking sector will always exist.

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Apart from those suggesting e-wallets, on table payment agents can also be another means you can buy your favourite cryptocurrency without getting the Banks involve. You just have to do the cash withdrawal from the Bank and head to nearby On table payment to obtain your desire cryptocurrency. As rightly said, e-wallets can be a good medium for this purpose than other means. I have always been a fan of on table payment and e-wallets.

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Quote from: ?? on ??

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 it is possible, also for your anonymity you may check on local bitcoins. that can be executed with a peer-peer transaction and just to avoid any unnecessary charges.

I don't think that he asked for that. You ecplained the option to exchange Bitcoin in private, without any third party, although in case of localbitcoins that might as well be very risky. O think that he asked how to transfer fiat funds on exchanges without using bank.account or credit card. I don't think that there is the way to escape the banks this way or the other because of quite strict rules and laws on finances and financial services in almost every country.

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Quote from: Josefjix on June 28, 2020, 01:40:01 AM

Thee main question is not to entirely avoid transaction fees. The war behind crypto and blockchain mainly is to eliminate the banking sector. If the war is won, How do we then move our physical currencies to Crypto exchanges?

It may be different for each country where there are rules and regulations that we cannot avoid. As in my country, the crypto is legal to be a digital asset only, but not for payment. In this case, it relates to the involvement of banks in the crypto world is still high. We can say that they still have big power because backed by the government. But it may be different if the country has legalized crypto as asset and also payment. The government may give space to crypto to grow very well.

Quote from: Josefjix on June 28, 2020, 01:40:01 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?

For now yes, there are some ways of converting our fiat to crypto without passing banks directly. Although it will always pass the bank account at the end.
Nowadays, besides fiat by banks and also the crypto world, there are also some choices of e-wallets or digital money. It is a cashless transaction. However, it may seem like not passing the banks., but in fact, it is still the involvement of banks when transferring.

So, it means that for now, it is still very difficult to separate with banks

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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?

There are some digital wallets that has a feature that let you deposit physical currencies then you can convert it after, some offers it free while others has a conversion free rate. I don't know why but some has an issue regarding e-wallet or online wallets but some of them are actually quite nice and offers some features that other wallet doesn't.

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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 ofcourse , if you do the payment in cash and receive Bitcoins through any seller instantly , you can very easily do that , but at the same time you have to understand that you need to be very careful with it since, it takes some time for the Bitcoins to be transferred from the sender to the receiver and therefore it would mean you will have to wait for a while .

There are actually options like this on various sites , eg. Local Bitcoins !

You can even make a local community , like the people you know who do trade Bitcoins and other cryptocurrencies , friends , family members etc , make a group with them and you guys can literally buy/sell sometimes without needing any middle man , you will save up money of the fee and also might help others to know more about Bitcoins.

You can even sell services and ask for the payment in Bitcoins , this way you are indirectly getting paid in cryptocurrencies.

When all of this fails you can try softwares which blends your addresses , this way you cannot actually track the Bitcoins to any particular wallet . So considering you wanna play safe , you can even do that .

htsy585

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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?

It is very much possible to get into cryptocurrency without the involvement of banks. Here in African, we have lots of merchants and businessmen who accepts raw cash in return for Bitcoin or other major cryptocurrency for a relatively small charges that seems insignificant especially when you are to purchase little amount of crypto. I'm sure the merchants will one way or the other go through bank to get back into crypto but that's left to them

Cointikka

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Yes, it is possible..

There are two possible ways.

1. Over the counter transactions
2. P2P payment.

localcrypto and localbitcoin website provides both these services. When Indian Banks banned crypto transactions, local crypto exchanges provided P2P services to all their users.

Ryker1

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Well, that is possible, --you can buy or sell crypto without any bank transaction.
As they say on the first page of this thread that e-wallet are now very common or let say mobile bank wallet. because you can buy crypto through your app and pay into any remittance centers that available tied up service on the e-wallet app. Another option is bitcoin ATM, you can buy bitcoin through ATM without any banks involved. Indeed, this what they called, buying crypto in an anonymous way.

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It's possible and still can be done, if you have friends then that can also be the main solution I guess, because even if you use any of the services available at least it will go through the bank even if it's done digitally. So, when you have a friend who holds crypto, you can get it by exchanging it for physical money and I think it will also be difficult if the transaction is large.

Twentyonepaylots

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Quote from: LogitechMouse on June 28, 2020, 04:59:45 AM

There are some apps that will allow you to convert your Physical currencies to crypto. It is like you will deposit your currency to that app and then it can be converted into crypto.

Yep, there are wallets that is ready to serve as your wallet where you can just convert fiat into crypto, vice versa. I have a wallet called coins.ph, this is the most trusted wallet in our country where you can buy load, bills and do a bank transfer with a wide variety of banks. It looks really cool for an application to have these features but, I personally don't use crypto to buy or pay anything on the internet, as much as possible I want it to be done using fiat. Anyone with me?

Quote from: LogitechMouse on June 28, 2020, 04:59:45 AM

I don't think that some of these apps are related to banks so technically speaking, it is still possible. I don't use banks for a long time already either in withdrawing or depositing (especially this I don't want to deposit money in banks instead I'm more in investing it).

I think it still depends in the country if they are open with cryptocurrencies, all this should be tracked by the central bank of course. I have my bank and an online wallet for cryptocurrencies, we would not know what's going to be needed, so I have both of 'em.

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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.

Fainjusly60

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You can do this if you trade in cash or sell some products to buy cryptocurrencies, it is profitable and you may be able to achieve more profits if you ignore the taxes that may be imposed on you.
Banks facilitate things and methods vary from country to country, but some countries, and by using your bank account, you can buy cryptocurrencies easily and in less than 24 hours.
it is up to buy but it possible.

Anonylz

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It is very hard to move funds in crypto without the banks involved, doing a person to person trade like was suggested by a member above could be a sure way but possess a high risk, imagine if you are buying 2 or 5 btc worth, you are literally carrying a huge sum of money in your wallet which is very risky, and you have to trust the buyer or seller enough to agree to such trade, otherwise, one party can easily set the other up with bad guys to rob him, bank is still a better and safest option imo.

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Quote from: Bitstar_coin on June 28, 2020, 09:25:31 AM

Quote from: sayulita on June 28, 2020, 08:58:27 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?

You can always do a Meetup with people who deal in bitcoin and then five them cash and buy bitcoins from them or you can go to forums like this one and ask people to do physical trades with them and tell them what you want and discuss the terms and conditions first before initiating the trade. Also there is always a risk of getting scammed in these trades also so always ask for an escrow that you both trust, it can be hard to find in first trade but it will be worth it to do so.

I don't think a face to face meet up with people you don't know to trade is a good option especially Ina country where security is not their strongest point, I wouldn't recommend that at all, instead better use bank to transact regardless of the fees, you can't trust physical contact with people, you can get robbed in the process, looking for a trusted escrow can also be a problem.

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. 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.

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Quote from: sayulita on June 28, 2020, 08:58:27 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?

You can always do a Meetup with people who deal in bitcoin and then five them cash and buy bitcoins from them or you can go to forums like this one and ask people to do physical trades with them and tell them what you want and discuss the terms and conditions first before initiating the trade. Also there is always a risk of getting scammed in these trades also so always ask for an escrow that you both trust, it can be hard to find in first trade but it will be worth it to do so.

I don't think a face to face meet up with people you don't know to trade is a good option especially Ina country where security is not their strongest point, I wouldn't recommend that at all, instead better use bank to transact regardless of the fees, you can't trust physical contact with people, you can get robbed in the process, looking for a trusted escrow can also be a problem.

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