Bitcoin Forum

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

I think the real peer-to-peer would work I mean meeting up with someone you know that wants to sell his or her coin and buying directly from there, although you'll still need purchasing power which could be through transfer or paying directly with cash.

If we're only excluding debit cards or credit cards then we would have several options but removing banks from the picture would be difficult. And again how would the bank know which transaction is from a bitcoin/crypto sale? I remember when we had some restrictions by cbn we were still able to trade without them noticing so I don't think it's possible to cut tie completely with banks.

I'm not sure, but I think what he meant here is that crypto projects shouldn't be using banks for their overall fiat holdings. Especially now that Silicon Valley Bank is trying to cut ties with crypto-related startups.

Is it possible to buy bitcoin without banks? Hardly. Because cash is a derivative of the banking system.

Is it possible to get bitcoin without banks? Yes, you can. Offering your goods or services for btc. Sell something - get BTC. In the future, you will be able to buy using btc as a means of payment.

That's when there will be a gap bitcoin from banks, when people will interact directly p2p. The more that goes into this, the more the system will grow strong and be able to empower users.

Do you want to buy bitcoins for free, without the help of banks? Of course not, because if you want to buy Bitcoin, you have to buy it with your own money. Now you can use other ways besides banks to buy bitcoins. One way is through P2P. You can also buy BTC directly from other people if possible from someone who sells you Bitcoin.।Otherwise you will find many buyers or sellers on Binance who can buy and sell Bitcoins from there if you want P2P. For that, you have to do the transaction in any way, even if you don't do the transaction through the bank.
(As I don't know which country you live in and what is the other way of transaction in your country other than bank. You can buy bitcoins without the help of a bank, just as you would transact with others without a bank in your country.)

I second the opinion of mk4 here! Cutting the ties here means banks shouldn't fund crypto projects due to high risk and also not to provide banking services to them. And in many countries banks actually do not provide banking services to crypto companies.

The alternative way is to use peer to peer networks like bisq or paxful to buy or sell cryptos. I have been using localbitcoins since a long time now but unfortunately they have closed their services in February. You may want to explore the platforms I have mentioned above.

If you want to buy bitcoin on online.  Then you must use your Debit/Credit/Visa Card or Mobile Banking, PayPal, Google Pay, Apple Pay any of which are connected to the bank so you can never buy bitcoins on online without the help of the bank. But one way you can buy bitcoins without the help of a bank with cash is if someone around you sells bitcoins and you are physically present to receive bitcoins from them in exchange for money called peer-to-peer transactions.

If we look at it so far, there are several ways to buy Bitcoin without the help of a bank. One way is to do it using a credit card to buy Bitcoins from exchanges or online marketplaces. Credit card purchases are usually instant and can be made without a bank account.

Another option in my opinion is to use cash to buy Bitcoins from peer-to-peer marketplaces that provide Bitcoin trading services. This method requires the buyer to find a seller willing to accept cash, and the transaction is usually completed in person. Additionally, some exchanges allow users to buy Bitcoins with prepaid cards, which can be purchased without a bank account.

Finally, users can also buy Bitcoins from ATMs, which is an easy way to buy Bitcoins without a bank account with a note when one is available.

It's still not solve the problem because you're linking your bank account on the Bisq, paxful or any other exchange. If you're really want to cut ties with bank, you need to make sure for not leave any trace where the original source of the money come from Bitcoin, so you're only can do directly P2P or just spend it.

Honestly it's hard if you want to exchange your Bitcoin to fiat without banks, not to mention it's illegal to be honest.

I think what OP is trying to say is that by buying through Bank's fiat transfer, you are risking your privacy while making the transaction. I don't think other options are quite reliable as bank transfer.
If you buy it in a face to face deal, that has its own risks too. Your privacy is compromised, and you are risking your life by dealing with some stranger.
One secure way to acquire BTC could be through ATM if it is available in your area.

I would like to see what other people have to say about it. I want to know too.

There are several online payment/wallet apps (https://www.duitku.com/aplikasi-pembayaran-online-populer-indonesia-2022/) in my country (regulated) that are accepted for deposit methods on some local crypto exchanges. It's not difficult to top up wallet balance because retail partners are available even around me (remote area). This application also allows you to buy bitcoin f2f or exchange crypto vouchers/giftcards between anyone who is willing.

For now I don't think cryptocurrency can cut it's relationship with banks because the world financial system currently is fiat dominated. Most countries are not accepting cryptos and some are very hostile to it which means the only means of doing any form of business there is through banks. If you want to fund crypto projects, bank must be involved. This will continue to be the case until the crypto system develop a widely accepted crypto banking systems that offers the same services like normal banks. The greatest achievement of cryptocurrencies will be it's ability to build an effective P2P system that is effective, globally accepted, easily accessible yet promotes privacy.

I'm not sure these two will cut ties. if there is a bank that makes regulations for the prohibition of deposits or withdrawals to crypto exchange platforms. this might annoy many users of the bank. P2P trading may be an option. but for users who trade on local exchanges, for which of course financial access is likely to come from banks, I'm sure the exchange platform developers will collaborate with many banks to make it easier for their members.

There are several ways to buy Bitcoin without the help of a bank. Here are some of the most common options:

Peer-to-peer (P2P) Marketplaces: P2P marketplaces like LocalBitcoins, Paxful, and BitQuick allow buyers to directly connect with sellers and purchase Bitcoin using various payment methods, including cash, gift cards, and bank transfers.

Bitcoin ATMs: Bitcoin ATMs are machines that allow users to buy Bitcoin with cash or debit/credit cards. These machines are becoming more common and can be found in many major cities around the world.

Online Exchanges: There are several online exchanges like Coinbase, Binance, and Kraken that allow users to buy Bitcoin using various payment methods. However, these exchanges may require users to link their bank accounts or credit cards to make a purchase.

Bitcoin Vouchers or Gift Cards: Some services allow users to purchase Bitcoin vouchers or gift cards that can be redeemed for Bitcoin. These vouchers or gift cards can be purchased in stores or online using cash or other payment methods.

It's important to note that buying Bitcoin carries risks, and it's essential to do your research and only buy from reputable sources. Additionally, it's important to keep your Bitcoin secure by using a secure wallet and taking other necessary precautions to prevent theft or loss.

If you are converting them into fiat then you have to go through the banks because you have linked up your accounts with exchanges where you can directly withdraw to your accounts.But yes if you want to completely avoid it then you would have to go through P2P ways and transfer btc to them and get cash from them or if you want in your account the bank will again be involved in that case.The banks have regulations for it and you might have to pay tax for profits earned but no such prohibitions according to me.

There are mobile payment apps that can serve as an alternative to the banks, like Revolut, Verve, Monzo, Monese, Bunq, etc. However, I think that most of those apps actually rely on some banking services more or less.
Bank transfers(including credit/debit card payments) are still the most convenient(and probably the cheapest) way to buy Bitcoin/crypto.
You could buy BTC using gift cards on Paxful, but the rates aren't affordable.
The banks are more of less unavoidable, when it comes to financial transactions in general. The entire financial system is designed in a way that prevents the people from bypassing banking services. Even the crypto industry still can't find a way to make the banks completely obsolete.

The vast majority of cryptocurrency transactions still involve fiat currency and traditional banks. While it may be possible to imagine a future where all transactions are conducted in cryptocurrency, we are still far from that reality.
there are ways to buy cryptocurrency without the help of banks. For example, peer-to-peer marketplaces such as LocalBitcoins allow users to buy and sell cryptocurrency directly with other individuals, bypassing the need for a bank account

One way is to buy bitcoin is by cash , means you give paper money to your neighbor or anyone one who want to sell bitcoin to you, you both can contact on a website(this type of website will many people will surely make, when this situation is happened or i m not sure even this type of website are now maybe available or may not) where any seller and buyer will contact and exchange their cash and bitcoin by physically meeting each other or using a escrow,
it's just a small idea of exchanging according to my thinking, i don't think it's(banks don't provide fund to people to buy crypto) going to happen but when this type of situation occured than buying bitcoin will be not more like an investment but seem like buying drugs and illegal thigs from black market  ;D ;D.

Bisq network might help on this case. In general paying has to be done from th buyer's side with a valuable asset in above cases it is fiat. We are yet to find options on how to eliminate that. You can't just buy Bitcoin from thin air, just like buying gold you need to pay with something.

P2P systems might come in future to streamline this but I see this an uptapped market indeed.

As far as I know, fiat will still be associated with banks, because fiat from a country has value and is printed from banks. So, if you want to buy bitcoins without the help of fiat from a bank, then it will be difficult. unless, you do P2P or make transactions directly, and do it with a barter system like exchanging valuables for bitcoins, like gold, cars, houses, or other things.

If banks will cut ties to any crypto-related transactions, that would be great because people will always find ways to do the alternatives, and what if this is the start of the crypto to do innovative things and will not need any banks to make any transactions?

They are now doing all they can to stop bitcoins from progressing and they will not gonna cease until they fully shut it down but people are aware of what might gonna happen and we always have P2P and other methods to sell our bitcoins if ever they will not gonna support it anymore.

Well, aside from P2P platforms, Bitcoin ATMs, vouchers, and other ways that have already been mentioned here, are there not local crypto wallets or digital banks offering crypto in your area?

I don't know which country you are from but from where I am, the harder part when banks are completely cut from crypto is not the buying but the withdrawal. Buying Bitcoin here is easy. You can do it by loading a local crypto-supporting wallet, even via 7-eleven, and convert it to Bitcoin. Upon withdrawal in fiat, KYC is almost unavoidable.  

Using cash to exchange bitcoins is too risky, if you are in a country where bitcoin is still banned. It won't be a problem if you are only dealing with small amounts, but if you want to exchange large amounts of bitcoin and you need to have a lot of cash, this is dangerous for both parties. As long as fiat, the bank remains the center of the monetary world, we will not be able to get rid of our dependence on it. Bitcoin is still just an asset, a commodity, not a currency or a unit of measure like fiat.

Let's not forget that miners are still getting excess Bitcoins without the need of using Fiat to buy Bitcoin, but we can't deny how helpful Fiat currency has been for crypto when it comes to fast buying on exchange outlets.

@Davis196 you claimed that there are some mobile payment apps that serves as alternatives to banks, the truth here is all payment options are into banking, they can't operate without banks, it is impossible.

Gift cards are good options, because you don't use fiat to buy Bitcoin direct, and there are online services that can exchange your gift cards for Bitcoin.

I guess we can't, except if we got something to trade our stuff with Bitcoin, but I believe that I've heard about Bitcoin ATMs that we can buy Bitcoin directly from that ATM when we put our money to the ATM. I hope in the future we're not too reliant on the bank.

I wouldn't doubt this, but did you keep trying if it was still done without being noticed?

I think the banks can actually find out which accounts interact with crypto-related platforms (like CEX) as long as it requires you to carry out the transaction with your debit or credit card, but I think accounts that are mostly flagged are some company accounts that always have a huge volume of daily transactions and some big businesses that carry out a large amount of transactions than usual, as well as individual accounts where there is always a steady inflow and outflow of cash on a daily basis.

Right p2p purchases could do the work but p2p won't work in long run. Someone does have to buy token at one point and gov could make this illegal if they want.

If that happens, I will no longer be bullish on the market, that would be worse than good. Cryptocurrencies so far are just investments, and if there is no bank, how do we exchange them for fiat? Don't wait for it to happen, think right now, do we have a solution?
The bitcoin ban did not bring much effect and did not benefit them at all. So there are no longer so many governments banning bitcoin, instead, they are accepting it but with regulations in their favor, such as taxes, and taxes are what they want from investors like us.

This makes me think, if we cut loose the banks then how does the economy will work for bitcoin? Like I am talking in terms of fiat valuation and those rotating funds. If all of a sudden banks are discontinued then we will have to count in bitcoin in terms of bitcoin itself. You know those old days when we used to say 1BTC to 1BTC kinda formula one more time?

Why is that so? Since right now bitcoin is measured in USD (& subsequently with other currencies) and this valuation is there because that much USD is moving around the world to buy the proportionate amount of bitcoins. Let us say we are sending bitcoin from New York to Scottland, it will be counted as 1 BTC in NY while 1 BTC in Scottland. However, when it will come to withdrawing the 1BTC for fiat, then they will do the conversions accordingly and pay the receiver that much amount in sterling pounds. Ain't that going to change with such transactions?

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Coming down to the OP, yeah we have P2P, the most anonymous way to do it. However, with ever-growing KYC regulations that are also an exposed option. You can have someone from your friend zone and trade with each other. :)

With what Signature Bank did to several institutional investors, I realize it is really painful with bank behaviors, but let's be honest for a moment—we need banks. Institutions that want bitcoin have what it takes to purchase bitcoin, that is fiat, and the only gateway is centralized exchanges. This is not to say that they cannot use decentralized exchanges, they simply prefer to trust traditional parties over a protocol created by an unidentified person. For this reason, banks cannot be completely excluded from this discussion; when these institutions also need to convert their bitcoin to US dollars, they require a bank to handle the large transactions.

I despise banks, but I wish there were better alternatives. P2P recommendations I've seen can only benefit traders, in fact, unless you're trading between coins, there is no way you'll want to use P2P without banks. After all, you can't expect companies to entrust people with billions of dollars without the proper paperwork.

You can trade in Bitcoin for literally anything. A car, a house a sandwich. And of course you can trade Bitcoin for Fiat (paper money).

The only function of a cryptocurrency exchange is the escrow function. Even though Bitcoin is trust-less, unfortunately fiat is not. So whenever we trade our fiat for Bitcoin, we would rather use a centralized third party system than trust the individual to honor their trade. Which makes sense.

We need to figure out something else. Something more decentralized and disconnected from banks.

I am sure that we will find a solution.

When someone uses a bank account to buy Bitcoin, I don't think it's about some sort of cooperation of cryptos with banks, and thus cutting ties isn't what can happen here. Banks can often be unaware of where the money is going and what a person is getting in return, banks are just being used because this is a way of storing fiat digitally. Aside for banks, there are other centralized services like PayPal, but you probably get money or withdraw money from there with a bank card anyway. If one is willing to give it a shot and lives in an area where there are such services, one can physically give cash to another person and get BTC transferred onto a Bitcoin address in exchange. But that carries its own risks of dealing with strangers and the inconvenience of being tied to physical locations. Another way is earning rather than buying Bitcoin.
But I don't mind the usage of bank accounts, as well as full-on cooperation of some banks with crypto activities.

p2p services as a good alternative.Also, large cities always have their own crypto community and you can buy directly from a person.I sold crypto to friends for cash several times, bypassing all banks and exchangers.I think today buying bitcoin is not such a big problem and there are a lot of ways to do it.

But we still use fiat when using bitcoin ATM, fiat currency is still managed by the bank. If it is said that we do not depend on the bank, then we will not use any services or products of the bank and that is impossible. Banks have always played an important role in our transactions in one way or another.

This can work out because there are still other ways to purchase a crypto not just through banks. Some of them are already given by the users in this thread but don't worry because I don't think many banks are going to agree with it as they know that they are getting a benefit through this because like you, there are people who find it easy to use banks to purchase a crypto.

P2P sites are like a decentralized exchange so no governments can interfere with their operations and so far I haven't heard any P2P sites that have been shut down by the governments. They are not like the mixers where the governments are always after them because these services are often been used by the criminals. It may be possible that some P2P sites will be shut down by their owners but the reason for it is different and not totally related to the government.

The era of Decentralization is still in progress. You arose the most important question no doubt, how much we talk about the potential of DEXs and the cons of Banks but at some point, we need banks because banks have taken a lot of time to be settled into the minds of generations like the main pillar of the economy. And how old these DEXs is? Not more than 18 years old. But so far DEX has improvised with great features. The first one was Peer to Peer which was the main slogan of DEX.

We can perform Peer to Peer exchange of our money with BTC without any need for banks but it is possible only in the same bordering. What if we want to do p2p outside our territory like in another country how we can send money to buy BTC? I think PayPal, web money, Payoneer, etc are the options that are available but at some point, these exchanges are also linked and dependent on Banks. Secondly, we can use BTC ATMs (BTMs)to buy it. Here is the shortlist of btc atms platforms.

• Coin ATM Radar (https://coinatmradar.com/)
• CoinFlip (https://coinflip.tech/)
• Bitcoin Depot (https://www.bitcoindepot.com/)
• Bitnovo (https://www.bitnovo.com/)

These are a few platforms that allow you to buy BTC by using ATMs and these comprise maps to help you to find btc atms near you.

Thirdly, you can take payments for your services and products that you will sell to others in form of BTC, and can use BTC atms to withdraw them. But no doubt taxation is there to cut your income.

We will always need the halp our bank for us to purchase Bitcoin since fiat is one of the major ways we can acquire Bitcoin through purchase. Fiat is very important in our daily lives even though we prefer Bitcoin to fiat. Since the adoption of Bitcoin in many regions is still in process them we must wait and continue the use of fiat till when the government would be ready to adoption the use of Bitcoin in every of out transactions. The use of fiat will still continue for long till when the world government would decide to consider Bitcoin as a payment of goods and services use for exchange.

You're making point by contradicting yourself. How is Bank  not involved in all the options you mentioned above? Per 2 per with someone you can not see will definitely make use of transfer of funds to settle the deal and that is a bank service. I have not seen Bitcoin ATM in my region thou but ATM in general are property of banks. In conclusion, I think you don't seem to understand the content of the OP before making your comment.

In countries where Bitcoin is still banned, both buying and selling Bitcoin is a crime.  And when one person buys bitcoin there must be another person selling it. so no one ever reveals anyone's bitcoin transaction. Because if it comes out and everyone knows about it, both will have problems and both will be punished.  So, no one will reveal anyone's word and the transaction will be done in hidden way. And in countries where Bitcoin is considered legal currency, peer-to-peer transactions are certainly not a problem.

Of course, like you, I could also advise him to use other means of transaction other than the bank in my country. But as I do not know what country he lives in, I cannot say what means he has in his country to transact with anyone other than banks. I believe that in all countries there are many ways other than banks to do business with everyone. He can buy bitcoins using those methods in his country if he wants.

I think the issue that needs to be rethought a bit is about creating and applying it to life, not making a difference with the rest.
Here with blockchain and bitcoin, I think it will take time for a lot of people to come into it, and it will need to get to the point where it's like talking about the concept that people can talk about a long text. The economy is always changing and is operated very efficiently, but when that system has a great crisis, the fields will have to separate themselves to assert their own position.

There is a way to buy bitcoin for cash, but this method is not very convenient for me, because for this I will have to overpay significantly more fees.

But I doubt that the banking system will just collapse at once, or I doubt that the cryptocurrency will separate from the banking system, and frankly I don’t see much need for this. Over time, people themselves should understand the advantage of bitcoin and this will even out the balance in the right direction.

It's not really banks that make us interact with crypto currencies, the problem is that banks hold our fiat money and we don't really have an alternative. In my country no employer is going to pay out cash, to receive a salary I need a bank account. I also need the bank and fiat money to pay all my bills each month's. In most cases we buy cryptos at an exchange and to transfer money there we also need a bank account. Maybe one way to avoid banks would be to receive our salary directly at the exchange and buy cryptos with it. But then we need to exchange money to pay taxes and bills. Another alternative could be to find local crypto seller that we could meet directly and pay in cash. Just make sure it's a trustworthy seller and we are not getting scammed.

Currently there are many countries where Bitcoins aren’t legal. Those nation’s banks are forced to forbid any transactions related to cryptocurrencies. But still many people of those nations are doing trading on a daily basis. How are they doing this? They are doing the transactions through P2P deals. Here you trade the Bitcoins and cash with other peer rather than directly to the bank. In this manner the bank can also find out what commodity you purchased through that transaction. P2P is the best way to buy Bitcoins and that too by remaining anonymous.

This is very hard to do away from why because bank is where fiat is being stored and you must need fiat to purchase bitcoin or any digital currencies out there. For those that are not yet a user here can't deal without bank, all less those that already user here can initiate such transaction using p2p around the forum without using any exchangers.

Aside from P2P, You can use money remittances to purchased Bitcoin. In our country, there’s an app called coins.ph that let you cash in fiat to their system through the use of money remittances services then let you convert it on Bitcoin without the use of banks as middleman for your transaction.

Banks is inevitable to use when we are talking about fiat. We might see some alternative but we still need banks in the future once we are dealing with huge amount. The only time we don’t need bank is when Bitcoin becomes a legal tender since we can purchase goods using it directly.

The simple solution is face-to-face, but it's especially dangerous when a lot of money is involved. There are many cases of robbery that have occurred in various countries when someone wants to buy bitcoin directly ^{[face to face]} between the buyer and the seller. I have several sample cases, but this is one that I remember.

Here's one example case: Jail, caning for member of trio who robbed bitcoin buyer of $365,000 (https://www.straitstimes.com/singapore/courts-crime/jail-caning-for-member-of-trio-who-robbed-bitcoin-buyer-of-365000)

In essence, without involving a bank one is really at risk of being robbed although it doesn't happen to everyone when buying bitcoin. I'm also not sure if the bankless idea is possible in many other ways, but it sure is difficult.

Purchasing bitcoin without involving a bank will be hard, for instance here in my country if you say, you don't do a bank and hold cash all the time, you get someone to buy the bitcoin from and you gave the person the cash. The person needs to save the money or else the money will be idle instead of saved and converting it back to bitcoin. This is just a scenario which hard for you to have face-to-face conversations with your buyer or seller

I agree with you that bitcoin without a bank is very difficult and there is a fear of being robbed. But is the bank absolutely safe? Can't I keep my money safe in Bitcoin?
Of course I can do all these things in a bitcoin wallet. I can use bitcoin wallet to store my money. Where I can add high security so that my money is not lost.
I mean even in Bitcoin you can keep your money safe. If you can add all security.

You can, if you country's legal system allows bitcoin to be transacted without any restrictions. Most countries have been working around it to avoid facing this statement altogether but few are making CBDC's too. At some point you have to keep liquid cash at hand and in banks, the transactions systems are not that developed to include bitcoin as of now.

Doing face to face deals is risky and should be done in a public place with your own people around you in case the deal goes south. 

Essentially yes, if you know how to handle your wallet and its nuances.

This is possible in our country using Peer to peer transactions. But I don't know if it's legal in our law since their minimum is too high, and I'm unsure how safe it is. So If you want to do this, ensure you will negotiate with someone you know or an individual your trustee will recommend. I have no other option since I'm still using the bank to buy and sell my cryptocurrency. What's the purpose of cutting ties with banks? I'm just using the bank to lessen the hassle and risk of meeting someone.

Not sure if this will work, right now we also need fiat to buy bitcoins by converting them and as far as I know there is no way to buy bitcoins or altcoins without converting them first.

Fiat and cash comes from Banks which means you still need it before making any bitcoin purchases. To get bitcoins, there may be loopholes for you by offering the goods you have and the buyer will send bitcoins to you, but things like this are still very rare, especially if you live in a country that has not fully accepted bitcoins.

Actually, we can still not be able to cut from banks 100% fully. We may try using P2P transaction, but we must ensure that it is really secure.So we can trust the people to buy or sell the Bitcoin. We need to research that the P2P is guaranteed as well. But here, exactly, I personallly still cannot get it easily because I am using exchanges for transactions and I uses bank account as the manner

Thats not that simple to cut it down. Only thing that can be done is to encourage direct spending of bitcoin. Maybe such act will speed up the adoption of bitcoin all around. In reality it is difficult to happen, because of people's preference of bitcoin. People consider bitcoin as an investment than a transaction source or something else. So, the dependence over banks won't get cut easily.

Peer to peer is the possible way we all can buy bitcoin without the help any bank,  and interestingly, the p2p market have very much advanced from what it used to be some few years back, p2p has gone digital, no longer analogy like it used to be.

Several big exchanges now offer p2p market to their users, providing a safe place, for user to buy and sell bitcoin safely without the involvement of any bank.

How to buy bitcoins without bank help? There is only one way you can buy bitcoins without the help of a bank. That is p2p (peer to peer) system you can buy bitcoins without bank help. Also I don't see any other way to buy bitcoins other than bank help. And as far as I know we use this system.

That's something done 9 years ago on this space where there are less users and less exchange.
But for enable to use or get fiat, getting regulated on the country where the company is based, it's a different story.
I think it will happen only when all or most services where necessities can get accept bitcoin or crypto as payments.

one good example is binance as they have p2p services already. i didn't use p2p services before as i was worried about being scammed and things related to that. but when binance opened up this service, i am a frequent user of this service as it is one of the trusted platforms in the industry.
for me, that's one safer way to deal with fiat using p2p service of a reputable trading platform. beware of third party sites offering p2p as you may be saving some fees but you will end up losing your funds owed to scammers.

The sad part about your response is that buying p2p can get you in trouble. Assuming your Bitcoins increase in price and you want to cash out after a certain holding period, financial authorities will ask you where you got those Bitcoins from. If you didn't document precisely who sold them to you, and if you don't make sure that the data provided is true, you might get a problem because you can't prove the origin of funds and the date of the transaction, which could be relevant for tax calculation purposes depending on the country you are living in. P2P trades can bring their own set of problems to the table. There might be countries where it is possible and no problem at all, but I know countries where it could turn into an issue as soon as you want to turn it into cash. If you do that with a p2p trade again, you can still be stuck because you can't easily buy a house and tell financial authorities that you got lucky. Again, it all depends on where you are living.

Lack of available options to spend Bitcoins just like fiat is the reason why people consider Bitcoin an investment more than a source of payment. They don't see it being accepted anywhere, but they can clearly see its price moving up and down, so the fact that if someone buys it low and sells it high makes it more of an investment asset than a payment currency at the moment.

Maybe in the future when vendors and businesses around the globe start accepting Bitcoin as payment and that might change people's perspective of how Bitcoin should primarily be used. But even after that, I believe some people will still use it as an investment opportunity.

There are few available options but that's the easiest one. We have to use the banks for us to purchase bitcoin but who knows if someday there will be another available way of buying directly bitcoin without the intervention of the banks.

Because even if I think of it for so many times, there will always be the third party involvement of a service that will be like the middleman for our transactions unlike in P2P which has been said many times already.

Use the exchanges. Or you can buy from a trusted individual.
p2p

Alternatives exist for purchasing bitcoin without the current need for a third party. The P2P system is risky, and there is a chance that someone could become a victim of fraud. Banks are extremely secure, but they are completely unnecessary to traders without access to them because most countries have already imposed strict regulations banning the use of cryptocurrencies, making it difficult for anyone operating within their borders to purchase coins using a bank. P2P is significant in their situation because you can buy from merchants online, or even better, you can buy from vendors offline. 

I think that's nonsense.  I mean how can you decide bank with crypto?  I'm sure we will continue to be able to buy Bitcoin through bank intermediaries.  It is simply impossible for all the banks in the world not to make payments to cryptocurrency trading sites.  Even if that happens I can still use my financial application to make transactions to cryptocurrency trading sites.  I'm not worried about what he said.  Because I'm pretty sure that's not going to happen and it's never going to happen.

If someone wants your bitcoins for the benefits or consistent profits from it, then they'll set up any payment system for you. There will always be ways left as far as exchange services thrive, bank restrictions aren't a problem. What is considered valuable isn't always something issued or managed by a bank.

If you want freedom, then be less dependent on the bank.

If we couldn't use our banks to buy Bitcoin then I think using other online wallets to pay for it.
P2P would also be a good way to purchase crypto or you could also use Bitcoin ATM machine if there is one at your location.

There are nations that made it illegal, which is why it is not possible to do that in those nations. Sure in our nations it is available, I can just send my money there via bank transfer and that's more than enough for me, I am doing fine about it and won2t ever worry about how to buy bitcoin in any other way.

But, not everyone has the same chance and that is why places like localbitcoins have these troubles. I know that it is not going to be easy or anything, but it is going to be not so hard neither and should be fine. I personally believe that the best thing to do in this case is to make sure you use p2p and do not get caught, if banks are not an option of course.

Well, if you're going to use P2P system there have been measures for you to avoid such fraud that will be done by the other party. That's why you need to make sure as well that you won't be scammed and every transaction you do is safe.

If you're unsure with the transaction, educate yourself on how to check properly that the transaction you're doing is not going to end up as a scam. Many are already aware of those tactics that will be leading into scamming and if you've seen those signals and red flags, don't proceed.

When someone buys or sells Bitcoin or any other crypto through P2P without the help of a bank.  Then of course they meet somewhere physically and then transact money or bitcoin then of course they can make a safe transaction.  But if Bitcoin is declared illegal in that country then it will be useful to them because if one party is involved with the police the other party can be arrested or the police can arrest both parties after getting information through a 3rd party sources. So there is high risk in this case too

You can buy through Bitcoin ATMs, Trusts or exchange-traded funds, Peer-to-peer money transfer apps, Wallet software

As long as fiat money and banks remain the backbone of the world economy, we won't be able to stop using them. Many people think it is possible to use P2P but that means we are still using cash and cash is also related to banking. Not to mention if we transact billions of dollars worth of bitcoin using P2P, it would be very risky, I don't think anyone would use P2P to transact with that amount. I don't know if there will be an alternative in the future, but now, it is impossible not to depend on the bank.

Peer to peer system is the best way to buy bitcoins without the help of banks. No central authority is required to issue bitcoins or cryptocurrencies or track transactions. Bitcoin relies on peer to peer networks and cryptographic technology, making it an alternative currency for people living in countries with unstable economies.

My opinion There are multiple ways to buy Bitcoin without involving traditional banks. One popular method is using peer-to-peer marketplaces like LocalBitcoins or Paxful. Another way is to use Bitcoin ATMs or buy from a Bitcoin seller directly using cash. Additionally, some online exchanges allow users to buy Bitcoin with alternative payment methods such as PayPal, credit cards, or even gift cards. While cutting ties with banks may pose a challenge, it is possible for cryptocurrency to operate independently, and the growth of decentralized finance (DeFi) is evidence of this trend. However, the future remains uncertain and dependent on various factors, including regulatory frameworks and market acceptance.

Until lots of people are earning in Bitcoin, it'll be hard to cut ties with banks.

Banks are the on-ramp to the Bitcoin/crypto ecosystem. Naturally, cuz that's where everyone holds their money today. Until people are earning in Bitcoin or stablecoins so that they directly get into the ecosystem through their earnings, we gotta rely on banks. The other option of course is using cash but either you are paying big fees through ATMs or you are meeting people in person which could be dangerous.

We need an actual Bitcoin economy where people are earning and spending Bitcoin, that way bitcoin gets passed around through the economy, without the need for fiat-ramp onboarding into Bitcoin. It will take a long time to bootstrap this bitcoin economy. People need to be both willing to spend their bitcoin (still pretty rare today) as well as take bitcoin as payment.

There are pros and cons of actual P2P, without the intervention of the bank then physical presence is needed and we don't know if that's safe for both ends but I am sure that many of us would just like to choose the online transaction by having it on a safe platform.

Those people that are in a country where bitcoin is illegal and they try to meet in person for them to have a trade. It's possible that they may fall on an agent that tries to catch those people doing these trades.

And they'll be subject to arrest and that's what we don't want to happen to them.

In my personal view, in any case we have to go through the banking system for first investment in Bitcoin or purchase of Bitcoin. If we don't buy directly with a credit card or debit card, if we go to purchase bitcoins through peer to peer system, then we still have to use the bank to send money to the seller person.
The only other way I see  here and that is to work in the crypto industry i.e. sell your work and buy bitcoins from that earnings.
That is, by accepting crypto currency as payment for their work, there was no help from the bank in this case whether it was Bitcoin from that payment.

Yes I think buying bitcoin through online bank will be a safer way than buying bitcoin or any crypto by physically meeting while maintaining distance. However, the use of banks is troublesome in one case that if you buy or sell bitcoins through the bank, the information is easily obtained by the government through the central bank, which also increases the tax problem. But there is high risk in buying and selling through physical meeting.  So I think it is better to buy and sell bitcoins through banks even if there are some tax issues

We cannot use banking channels everywhere to buy bitcoins because in many parts of the world, the use of bitcoin is not allowed and therefore governments/banks would allow you to buy bitcoin and if you do, legal action may be taken against you. In most cases, P22 Method is widely used to buy sell bitcoin. That's the reason sites like localbitcoin was widely used for these P2P transactions and now a days, the same service is offered at Binance and other big exchanges.

Cryptocurrency does not need to necessarily cut ties with banks in order to function, however it is possible to buy Bitcoin without the help of banks. There are a number of different ways to purchase Bitcoin without the help of Banks, such as peer to peer exchanges, crypto ATMs, and over-the-counter trading.

Peer-to-peer exchanges, such as LocalBitcoins, allow users to buy and sell Bitcoin directly with one another. This eliminates the need for a bank or third-party to facilitate the transaction.

Crypto ATMs are physical machines that allow users to buy Bitcoin with cash and without the need for a bank.

Over-the-counter trading allows users to buy Bitcoin directly from a broker or dealer. This eliminates the need for a bank or third-party to facilitate the transaction.

Charles Hoskinson and many other proponents of cryptocurrencies believe that one of the main reasons for the existence of cryptocurrencies is the ability to avoid being tied to traditional financial institutions such as banks. However, as you correctly pointed out, many people still use fiat money and banking systems to buy cryptocurrencies.

This! if you can't use your bank to buy bitcoin, you can transfer it to other wallets like credit card, or debit (but I'm using Gcash since I live in Philippines) and go peer to peer or meet them in person or in online.