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Author Topic: Motivate currency exchangers in big city centres to exchange bitcoin ?  (Read 1316 times)
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November 11, 2010, 03:07:14 PM
Merited by malevolent (1), DdmrDdmr (1)
 #1

Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.

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October 08, 2019, 01:56:40 PM
Last edit: October 08, 2019, 02:56:07 PM by DdmrDdmr
 #2

<…>
I’ve been recently commenting with others on the Spanish local board on the situation in Venezuela. One of the participants stated that in nearby Colombia, you can walk into many exchanges (specifically he mentioned a commercial zone Called Alejandría in Colombia-Cúcuta), and besides fiat currencies, they also trade bitcoin for fiat. The exchange rate is not too great to say the least, but it is already integrated into some regular street level exchanges there.
 
Edit: Just noted that the OP is 2010, and that the dumbo above resurfaced the thread with spam (now deleted). Anyhow, the topic is still a viable discussion, and it goes to show that progress of the OP's idea has not moved along too much.

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October 08, 2019, 02:01:59 PM
 #3

Actually this concept has just begun to be implemented in my city. But you need to create an account withing an online exchange and make the transaction physically with cash at the exchange shop. But you still need to present your ID when dealing with the exchanger and I think you need to undergo KYC when creating your online account. Bitcoin ATMs would be the best way to go, but their commissions are crazy high at least here.

 
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October 08, 2019, 02:53:59 PM
 #4

Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.

That is a good proposition. But please make sure that bitcoin is a legal tender in your country before you start pitching them. Because currency exchange business is heavily regularized by the central bank and local authorities. So if bitcoin is not a legal tender in your country, all your efforts will go in vain! But if legal, then it will take much less effort for a currency exchanger to accept cryptos than any other types of businesses!

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October 08, 2019, 04:18:29 PM
 #5

A bright and neat concept in 2010 if you look into it, but with all these developments in crypto-regulation and of course, domestic laws of each countries regarding currencies and financial instruments, this is no longer a bright proposition. We now have dedicated platforms that serves as the 'currency exchangers' OP envisioned about. They may not be found in your regular physical exchangers but at the least, there is some development in OPs proposal, albeit a complete detour of what it should be based on the post.

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October 08, 2019, 04:51:25 PM
 #6

Success of anything happens when the low bottom people (common people) start using it. To this currency exchangers can't contribute big, they can suggest to go digital. The same if available with each and every store similar to currency automatically people try to use it. Just think of debit/credit cards, earlier none preferred it. Later every level of people have begun to use it. This is how change happens, requires time and possible chances for immediate change is low.

 
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October 08, 2019, 04:59:28 PM
 #7


 
Edit: Just noted that the OP is 2010, and that the dumbo above resurfaced the thread with spam (now deleted). Anyhow, the topic is still a viable discussion, and it goes to show that progress of the OP's idea has not moved along too much.
Also, if you noticed, OP was last active on May 29 2019. I wonder how the thread came up.

As for the major exchanges, it's a good option for them to use bitcoin since it will create an additional space of income.
I wonder if the exchanges that already use bitcoin uses KYC details before exchanging bitcoins because if they do then again that defeats the purpose of anonymity (not saying that bitcoin is completely anonymous) .



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October 08, 2019, 05:12:29 PM
 #8

Also, if you noticed, OP was last active on May 29 2019. I wonder how the thread came up.<…>
There was a spam post that was pretty much incomprehensible to understand, created today, right between OPs and mine. That post brought this topic back to life, and I did not check the OP’s post date before posting my reply. I then tried to decode once more the spam post, and reported it for what is was (spam, now deleted).

Quote
I wonder if the exchanges that already use bitcoin uses KYC details before exchanging bitcoins because if they do then again that defeats the purpose of anonymity (not saying that bitcoin is completely anonymous) .
True, but many BATMs do not require KYC under a certain amount, so it is likely that street exchanges can avoid it within a certain range of exchanged BTCs. I guess nevertheless that this will be a country specific issue, in accordance to their regulation.

Note: Yep, I saw that OP was at least active this year once I has merited the OP.

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October 08, 2019, 05:20:09 PM
Last edit: October 08, 2019, 06:36:16 PM by teosanru
 #9

Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.
It looks like a good idea but the problem is that the big currency exchangers are generally categorised as financial companies and come under direct purview of national banks of respective countries. These money exchangers have to report their forex reserves and transaction the concerned authorities and also they can only work in purview of currencies set by the national banks. So, it might seem good but the currency exchangers would actually have a hard time getting sanction letter from central bank to deal in such currencies.
Quote
~snip~
I wonder if the exchanges that already use bitcoin uses KYC details before exchanging bitcoins because if they do then again that defeats the purpose of anonymity (not saying that bitcoin is completely anonymous) .
True, but many BATMs do not require KYC under a certain amount, so it is likely that street exchanges can avoid it within a certain range of exchanged BTCs. I guess nevertheless that this will be a country specific issue, in accordance to their regulation.

Note: Yep, I saw that OP was at least active this year once I has merited the OP.
Most of the countries have regulations for money exchangers. Because they directly affect the foreign exchange reserves of country and valuation of currency. Money exchangers are allowed to deal in only certain currencies.


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January 15, 2020, 11:45:06 AM
 #10

I didn't know if people had so high ambition 9-10 years ago when bitcoin was just 1-2 years old. I think this thread mustn't be so dead and that's why I am posting too.
There are a lot of currency exchanges in streets, they have better exchange rates than banks and people usually use them (I don't mean exclusive exchange rates from banks, those are for millionaires). They are good in offline work but it can be possible to offer bitcoin exchange rates that will be better than the ones that are offered from online exchanges, at least they will be far better than bitcoin ATM rates but it needs analyse and some staff to make it work. Once people will see stick of Bitcoin logo on doors/walls of many exchanges, they'll get more interested with it + most of the times there are shops near to exchanges, when owner of this shop will see that these exchanges have B logo, they may as well get interested to accept bitcoin payments. OP's opinion is really correct, we don't only need to offer better exchange rates and availability but to create high demand on it but Western Union and other money transfer companies that are partners of such exchanges will be against this to happen because they charge high fees and get solid profit from this business + have control on money.

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January 15, 2020, 01:24:52 PM
 #11

Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.

It's not that easy to realize. many countries have their own legal regulations. First of all, progress should be made on this issue. But a few exchanges like this, I can see that they are getting ready to step up in the future about it. In any case, it is very important to overcome legal issues.

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January 15, 2020, 04:21:45 PM
 #12

I didn't know if people had so high ambition 9-10 years ago when bitcoin was just 1-2 years old. I think this thread mustn't be so dead and that's why I am posting too.
There are a lot of currency exchanges in streets, they have better exchange rates than banks and people usually use them (I don't mean exclusive exchange rates from banks, those are for millionaires). They are good in offline work but it can be possible to offer bitcoin exchange rates that will be better than the ones that are offered from online exchanges, at least they will be far better than bitcoin ATM rates but it needs analyse and some staff to make it work. Once people will see stick of Bitcoin logo on doors/walls of many exchanges, they'll get more interested with it + most of the times there are shops near to exchanges, when owner of this shop will see that these exchanges have B logo, they may as well get interested to accept bitcoin payments. OP's opinion is really correct, we don't only need to offer better exchange rates and availability but to create high demand on it but Western Union and other money transfer companies that are partners of such exchanges will be against this to happen because they charge high fees and get solid profit from this business + have control on money.
As it is banned in many countries also, bitcoin is placed under the carpet. Due to this people are not aware of it and its benefits. So to create a high demand of it in the market and currency exchangers, we should bring it from under the carpet in front of exchangers. It will attract people only if it will offer good exchanges than other currencies.

 
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January 15, 2020, 06:10:48 PM
 #13

Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):

Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.

After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.
It sounds not bad, but I wouldn't do it. For one, exchanges take extra fees, and often the fees are quite significant, especially if a currency is not one of the most popular ones. So for me, for instance, it would make no sense to exchange more under a crazy commission in a big exchange when I can do it online at reasonable rates already. Another thing is that encouraging exchange for fiat rather than Bitcoin adoption makes Bitcoin insufficient and not really used as money in real life, which is a problem we already have and probably don't need to make bigger. At the time the person wrote it, the situation must have been very different. So I guess many local exchanges already accept Bitcoin.

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January 15, 2020, 06:16:32 PM
 #14

Big exchanges on the cities to support exchanging of currency with bitcoin is good initiative, and this at the beginning won't be that effective. Also the business the large exchanges have is really big, upon the same bitcoin exchange service within them won't get more attention. At the very early stage it is us who need to establish small scale exchange service. Only through this it is possible to make a big difference in future.

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bitbunnny
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January 15, 2020, 06:32:19 PM
 #15

I don't think that can easy function in practice, at least not in all countries.
Every country has its own regulation and rules about exchanges so they can't just so easily decide to deal with cryptocurrencies too. That should be regulated first, otherwise they would do their business outside law.
So, nice idea and initiative but not likely to be well performed in real life.

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January 16, 2020, 03:48:32 AM
 #16

yes I really agree with the bitcoin is very easy for us in the transaction. hopefully bitcoin can be accepted as a currency that we can use to transact anywhere
Ayiranorea
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January 16, 2020, 04:14:25 AM
 #17

I don't think that can easy function in practice, at least not in all countries.
Every country has its own regulation and rules about exchanges so they can't just so easily decide to deal with cryptocurrencies too. That should be regulated first, otherwise they would do their business outside law.
So, nice idea and initiative but not likely to be well performed in real life.
Yes, the regulations to be followed differs with every country. This way it is little complicated process for exchange service providers to start cryptocurrency exchanging. Maybe this service can be initiated within a limited range at the beginning. In real life this will happen, but takes time as user community is getting wider.

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January 16, 2020, 04:42:59 AM
 #18

From what I always believe on, the adoption should start from those big ones. Motivating small businesses is truly pointless since from these entrepreneur's perspective, they won't adopt something that even the big players are not doing, which only means that it isn't feasible to use. Though for me, it should start from the multinational companies in partnership with payment gateways, before it would be feasible to even SMEs.

 
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January 16, 2020, 05:21:49 AM
 #19

Would it be more possible if we have small business adopting first to bitcoin followed by big exchanges? but it is also possible that these big exhanges will be the driving force to attract small businesses to adopt to cryptocurrency. With this, it might be easier to push the approval of the government to apply and formulate laws concerning crypto, unlike by small business which will noticable to be just ignored by the government.

 
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January 16, 2020, 09:59:44 AM
 #20


 
Edit: Just noted that the OP is 2010, and that the dumbo above resurfaced the thread with spam (now deleted). Anyhow, the topic is still a viable discussion, and it goes to show that progress of the OP's idea has not moved along too much.

Such posts always takes you to early days of bitcoin launch when bitcoin was just few cents.
I do agree that this idea is still an idea and doesn’t take the shape of reality even after 10 years. One of major reason for this is government regulations in most of the countries that forbid direct trading of bitcoin. But the way crypto is going up, I am sure very soon currency exchangers will join this market to have there share also.

 
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