Without banks, is it possible to move physical currencies to Crypto? - page 4.

sayulita

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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?

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.

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

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?

I don't know of any war existing between them. I know both work hand in hand. While one is a concept (crypto), the other is a technology behind the concept (blockchain). Invariably, they work together.

OP, I am of the opinion that such isn't possible in the real sense of it. Even when you do e-wallet transfer, how are you going to spend the money? Remember that a lot of people don't know what Bitcoin is, let alone how to accept and use it. Also, there are countries with poor internet access or none at all. So, how are those ones going to work in a situation without banks?

bL4nkcode

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Quote from: davis196 on June 28, 2020, 06:18:05 AM

Yes,but you still need bank account to fund and verify the e-wallet.

Well, at least here, no, verifying e-wallets doesn't required a bank account like what paypal do, though KYC is required.
And like what I said you can even buy bitcoin here using remittance but of course, partnered with a local exchange commonly used here in PH, coins.ph. A downside is their price is way too high compared to other local exchanges though the convenience is there. I'm referring to Gcash and Paymaya for e-wallets.

hatshepsut93

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There are Bitcoin ATM's that allow you to buy coins for cash. I once saw an exchange that allowed customers to come to their office and trade for cash. Then there are many non-bank payment methods, even something like PayPal, but effectively they are centralized middlemen with many of the downsides of the banks - KYC, limits and other regulations, potential account freezes, etc.

There's also p2p trading, but it can be risky because there's always a chance you'll get robbed instead, there's plenty examples of it.

MCobian

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I can't think of a way to move physical currency to crypto without involving the bank. Because after all we really need the role of the bank.
Why in this case we have to get rid of banks, I prefer the idea of using banks and cryptocurrency side by side. Because it is a win-win solution,
what's more, my country's rules are difficult to conduct financial transactions without involving banks.

davis196

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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.

Yes,but you still need bank account to fund and verify the e-wallet.
I remember that Paxful and Localbitcoins were offering Westen Union to BTC trades.
Other way I can think of is just buying some giftcard(Amazon,eBay,Google or Steam) and selling the giftcard for BTC on Paxful.The fees are awful,but at least you don't use a bank account for buying BTC.
In most cases,buying BTC without a bank account is more difficult and expensive,compared to buying BTC with credit/debit card or bank account,so it's not worth the effort.

gamer4156

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The bank is a government approved institution. Here a bank must be subject to VAT by the government of the country under which the bank is located. Due to which the charges of the banks go much later during the transaction of money. It covers the banking system of all countries. You can convert your cash into any online currency if you wish. The most trusted bitcoin, etherium, Bitcoin Cash etc. You can buy the currency you need from those who buy and sell Dollars if you want.

LogitechMouse

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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.

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).

Josefjix

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Quote from: FatFork on June 28, 2020, 04:42:05 AM

Quote from: Josefjix on June 28, 2020, 04:32:57 AM

I'm from Nigeria.

I hope you don't have a royal bloodline. Grin

Lmao. What does this mean?

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Quote from: Josefjix on June 28, 2020, 04:32:57 AM

I'm from Nigeria.

I hope you don't have a royal bloodline. Grin

Josefjix

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Quote from: btc78 on June 28, 2020, 04:25:00 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?

It is always possible because we have Electronic wallets in which allows us to Send our Fiat directly to Crypto exchanges.

Mind telling us from which country you from?because there are different availability depends from where we are.

In our Country it is very easy because we can just load up our wallet in 7/11 branches and convert it to bitcoin or other alts and can be directly use for exchange .

Anyway there is other posts above that you can follow from your side,so Welcome to Crypto world and Goodluck.

I'm from Nigeria.

btc78

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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 always possible because we have Electronic wallets in which allows us to Send our Fiat directly to Crypto exchanges.

Mind telling us from which country you from?because there are different availability depends from where we are.

In our Country it is very easy because we can just load up our wallet in 7/11 branches and convert it to bitcoin or other alts and can be directly use for exchange .

Anyway there is other posts above that you can follow from your side,so Welcome to Crypto world and Goodluck.

FatFork

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Quote from: Josefjix on June 28, 2020, 04:09:28 AM

Quote from: FatFork on June 28, 2020, 04:07:41 AM

Quote from: Josefjix on June 28, 2020, 03:55:22 AM

Bank itself is a a scam.

Now you are making accusations without any evidence and I think we cannot generalize like that. While some banks may be fraudulent we cannot explicitly claim that banking systems are not useful and largely necessary in modern society.

It is all assumption and accusations, I could have said "some banks are ripping off of their customers".

That is probably true and we are all aware of it. Explore the concept of ethical banking if you are interested.

Josefjix

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Quote from: FatFork on June 28, 2020, 04:07:41 AM

Quote from: Josefjix on June 28, 2020, 03:55:22 AM

Bank itself is a a scam.

Now you are making accusations without any evidence and I think we cannot generalize like that. While some banks may be fraudulent we cannot explicitly claim that banking systems are not useful and largely necessary in modern society.

It is all assumption and accusations, I could have said "some banks are ripping off of their customers".

FatFork

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Quote from: Josefjix on June 28, 2020, 03:55:22 AM

Bank itself is a a scam.

Now you are making accusations without any evidence and I think we cannot generalize like that. While some banks may be fraudulent we cannot explicitly claim that banking systems are not useful and largely necessary in modern society.

Oasisman

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Quote from: ?? on ??

Quote from: FatFork on June 28, 2020, 02:31:02 AM

Quote from: Josefjix on June 28, 2020, 02:21:42 AM

What I'm insinuating on is this; if the localbitcoins.com offers me a platform to buy Bitcoin directly I still need a bank OTP to be fully accessible and a Banking ATM. Got my question now?

Well, you can also meet with the seller physically and exchange currencies ‘live’. To avoid the possibility of robbery, it is best to meet in public places like coffee shops, office building lobbies, airports, subway stations, etc.

The physical note is still from the bank. So, we are not still defeating the bank industry.

In this case, there's no other way to completely eliminate the banking industry when you buy Bitcoin.
Bitcoin's value is equivalent to USD, and USD is a bank printed notes, and people will always opt to use fiat currency to buy essential goods, because Bitcoin hasn't been widely accepted globally as a payment method.

When a merchant accepts Bitcoin as a payment they will charge you with exact amount of Bitcoin equivalent to its USD price, not with the exact price in Bitcoin form.
Therefore Bitcoin's value is still dependent on USD, and again USD is a printed note by the bank. So, to relate and address your question, there is no way to by-pass the banks when you transact using crypto.

Mulann2

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Quote from: Josefjix on June 28, 2020, 03:55:22 AM

Quote from: Mulann2 on June 28, 2020, 03:49:25 AM

Quote from: Josefjix on June 28, 2020, 03:15:07 AM

Quote from: noorman0 on June 28, 2020, 03:05:08 AM

Quote from: Josefjix on June 28, 2020, 02:39:40 AM

Finally someone who understands my point is here. It means technically Banks can't be defeated Permanently, because even if physical transaction is to be carried out in exchange for digital asset like Bitcoin and other cryptocurrencies, you still need a banking note( physical Money).

So we still need to develop more blockchain networks that would completely eliminate the banking sector.

You are right. However, the state will protect the banks that issue fiat. Countries in the world will not let fiat currencies as their country's identity be replaced. If you call this a war, this is the same as fighting the country itself.

After all, why do you only want to get crypto with fiat? If you want to have crypto without going through a bank, you can start accepting crypto as part of the payment for services and sales of your goods (if it is not contrary to the laws in your country). It can also be applied by people all over the world to gradually want to eliminate the role of banks from life. Of course this is not instant but it is effective in reducing dependence on fiat currencies until it is no longer needed.

I have learnt a lot from you today. It is good thing to start accepting payments through cryptocurrencies. There is no financial freedom as far as the USD is used as a tool in international marketing. Cases where just a $100 is worth N39000 in my country.

As long as crypto adoption is here, there is no limit to financial freedom, it is almost more secured than Banking with banks. I wanted offer a service for a client staying in the states, he literally didn't know how to use Bitcoin. I tried to explain to him it actually proved abortive.

Yeah after accepting payment through crypto you will still look for local exchanger to exchange to naira because as far as crypto acceptance is concerned only few merchants online can accept it, buying things from your local stores will require spending bank note (naira) which you can't do away with,
Probably if the naira was not devalued to this point by your government, $100 will equal N100. Between I don't know what is so bad in bank that everyone is against it, crypto is not free too with all the scams involved.

Bank itself is a a scam.

Lol! Look around you, no matter how hard you try to sing the praise of crypto you can't change the fact that it involves the biggest scams ever known but it doesn't stop you from fantasizing about it,
banks have been in existence from generations, I bet the scams that have occurred in crypto within few years of existence can not be compared,
I am sure all your few naira notes are still in your bank account, don't denial it, between eliminating bank is a dream that may never come true so don't get your hopes up.

Kakmakr

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Oh yes... there are many ways to do that.... You can buy bitcoins from other people in face-to-face trades or over the Internet through a escrow service with other payment methods. (PayPal or trades for other goods or services)

You can also use Bitcoin vending machines, but they are hard to find these days. People are using Bitcoin ATM's lately and they have a bunch of KYC/AML requirements.

Why do you want to do it this way?

Josefjix

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yes

Quote from: Mulann2 on June 28, 2020, 03:49:25 AM

Quote from: Josefjix on June 28, 2020, 03:15:07 AM

Quote from: noorman0 on June 28, 2020, 03:05:08 AM

Quote from: Josefjix on June 28, 2020, 02:39:40 AM

Finally someone who understands my point is here. It means technically Banks can't be defeated Permanently, because even if physical transaction is to be carried out in exchange for digital asset like Bitcoin and other cryptocurrencies, you still need a banking note( physical Money).

So we still need to develop more blockchain networks that would completely eliminate the banking sector.

You are right. However, the state will protect the banks that issue fiat. Countries in the world will not let fiat currencies as their country's identity be replaced. If you call this a war, this is the same as fighting the country itself.

After all, why do you only want to get crypto with fiat? If you want to have crypto without going through a bank, you can start accepting crypto as part of the payment for services and sales of your goods (if it is not contrary to the laws in your country). It can also be applied by people all over the world to gradually want to eliminate the role of banks from life. Of course this is not instant but it is effective in reducing dependence on fiat currencies until it is no longer needed.

I have learnt a lot from you today. It is good thing to start accepting payments through cryptocurrencies. There is no financial freedom as far as the USD is used as a tool in international marketing. Cases where just a $100 is worth N39000 in my country.

As long as crypto adoption is here, there is no limit to financial freedom, it is almost more secured than Banking with banks. I wanted offer a service for a client staying in the states, he literally didn't know how to use Bitcoin. I tried to explain to him it actually proved abortive.

Yeah after accepting payment through crypto you will still look for local exchanger to exchange to naira because as far as crypto acceptance is concerned only few merchants online can accept it, buying things from your local stores will require spending bank note (naira) which you can't do away with,
Probably if the naira was not devalued to this point by your government, $100 will equal N100. Between I don't know what is so bad in bank that everyone is against it, crypto is not free too with all the scams involved.

Bank itself is a a scam.

YOSHIE

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

is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

No, all crypto users "(must require a bank)" crypto and banknotes are among the fewest circulating at present, the most swollen electronic money and the most circulating worldwide.

For this reason:

For crypto users and physical money, if conducting transactions in general, he must be involved and play a role in the Bank and also the government concerned, the aim is that the relevant government and the Bank, can find out the exchange rate and how many transactions occur at the crypto exchange every day, in each country.
in this case to make it possible for the Bank, to find out information in transactions that are carried out by crypto users every day, so in this case the Bank is the initial step you have to find, can not pass through the bank, after that you have crypto / coins, just can do crypto transactions to crypto, for example: Bitcoin you do transactions with Bitcoin, without being involved with the Bank, it is called anonymous characteristics, or Bitcoin to the Bitcoin wallet and so on.

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