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Author Topic: Can we connect our bitcoin money with our bank accounts?  (Read 312 times)
impanix
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January 31, 2018, 06:45:44 AM
 #1

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks
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January 31, 2018, 08:28:11 AM
 #2

I don’t know exactly what you are asking.

Do you have them in an exchange or in a hardware or paper wallet?

If you have them in an exchange, you can convert them to fiat and then, send them to your bank account.

If you have them in a paper or hardware wallet, you’ll need to transfer them to an exchange first, and then to what I have explained before.

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January 31, 2018, 01:54:16 PM
 #3

Connect like transfering bitcoin through your savings account? I dont think it can. In my country, even banks to other bank transfer is not allowed in terms of personal savings account. The most and only way to connect is by converting it into fiat and deposit in a regular basis. Banks and crypto are different and i dont think they even connect in the future unless the world already adopts crypto as currency.

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January 31, 2018, 02:02:15 PM
 #4

There are always problems with the exchange of cryptocurrency for Fiat. The reason for this is clear. At the moment there are no proper legal status of the cryptocurrency. Bankers don't want to encourage easy access to Fiat. You can't tie your Bank account to bitcoin wallet because it is illegal. If you wish to do this you will need to demand this from their government. What is the meaning to write on this forum?
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February 01, 2018, 08:16:30 AM
 #5

let me confirm your questions to avoid confusion on my part, are you asking if you can transfer your bitcoin directly to your bank account? if that's your question, yes you can do so. So far, Bank account transfers are available only in the U.S. and the Philippines, and only from selected banks in these countries.
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February 01, 2018, 08:27:23 AM
 #6

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

No you cannot *connect them*

You need to trade the bitcoin you have into fiat for example sell btc to usd... then you have cash which can be transfer or deposit into your bank account

There is no such thing as connecting bitcoins to your bank
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February 01, 2018, 08:34:29 AM
 #7

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

No you cannot *connect them*

You need to trade the bitcoin you have into fiat for example sell btc to usd... then you have cash which can be transfer or deposit into your bank account

There is no such thing as connecting bitcoins to your bank

Plus, connecting your Bitcoin to your bank seems like not a good idea because cryptos are kind of heated with banks and government lately. Also, you're wasting a good benefit of being anonymous. It's not like you need to hide, but the anonymity is good for security too, you know.
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February 01, 2018, 09:05:11 AM
 #8

Your bitcoin money could connect on your bank account if only on your country accepts it and if there's a platform like what we have here in the Philippines. If you knew coins.ph wallet you will see its features of putting your bitcoin monies through your bank account. Many individuals here on Philippines are glad to the good thing it brings to save people on queueing.

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February 01, 2018, 09:42:36 AM
 #9

For now still can't because some country the government not legalized bitcoin yet, now bitcoin and bank not collaboration yet.
So I think need regulations to run that things, because need time to develop that way. For me is great ideas if bitcoin can connect with bank accounts, but mostly problem still in government and can't control bitcoin.


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March 04, 2018, 07:38:51 AM
 #10

Yes ! we can but in my case I'm just using coin.ph as serve as my storage in all of my money. You can monitor your money at the same time you are the one who control it. When in comes to banks, banks may blocked your account or the banks will be the one to hold your money. If the banks will close all your money will loss. So, it is nice to keep your money in yourelself don't invest in a bank.

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March 04, 2018, 08:51:13 AM
 #11

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks
No man!! You cannot connect your Bitcoin money with your bank accounts. You first have to convert you btc holdings to fiat. And then you can deposit that amount into your bank accounts. I hope that makes it clear. and as fas as the problem you are talking about between bankers and Crypto currency owners, that has been prevalent from so long. It's not of recent origin. Being in the Crypto market you must make yourself well versed with all these things.

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March 04, 2018, 11:28:35 AM
 #12

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks
Crypto currency and fiat currency are both different and Bitcoin has an exchanges already while fiat had banks. You can't just connect both you need to trade your crypto first before you get the value of Bitcoin to fiat currency vice versa. Also banks might not accept Bitcoin because they were both incompatible to each other.

I think an exchanges can do that to their customers to let them connected with some banks but i guess it's too difficult to happen since the privacy and anonymity of user will be void.

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March 04, 2018, 11:35:13 AM
 #13



In my country, we have a good exchange where we can convert our Bitcoin into the national currency and have the money send to our bank accounts or for more convenience to some remittance centers having branches anywhere. I felt a little bit lucky that we have this infrastructure here otherwise it can be a big hassle liquidating our hoard of cryptocurrencies. Right now, in many parts of the world, many banks are getting hesitant to be dealing with any business connected to cryptocurrency but we are hoping that soon this trend can be effectively reversed.


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March 04, 2018, 04:12:32 PM
 #14

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

It depends on your country and not excluded that your country's national bank ask you an answer from where do you have that money,thats my opinion,despite the fact there are a lot of countries where special financial institutions don't ask derivations.
Also your question sounds a little bit unclear.So are you interested in a legal or just in a technical issues? in technical issues i mean when you are transfering your funds from exchange platform to your bank account.

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March 04, 2018, 06:01:56 PM
 #15

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

It depends on your country and not excluded that your country's national bank ask you an answer from where do you have that money,thats my opinion,despite the fact there are a lot of countries where special financial institutions don't ask derivations.
Also your question sounds a little bit unclear.So are you interested in a legal or just in a technical issues? in technical issues i mean when you are transfering your funds from exchange platform to your bank account.
At OP you must know the restrictions and policies in your country as much as we want to help you but we are not familiar with your bank policies or your government because it is really depending on your country, here in our country we have come up with a point where in it is not allowed but now thankfully that everything is fine. 

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March 04, 2018, 06:04:32 PM
 #16



In my country, we have a good exchange where we can convert our Bitcoin into the national currency and have the money send to our bank accounts or for more convenience to some remittance centers having branches anywhere. I felt a little bit lucky that we have this infrastructure here otherwise it can be a big hassle liquidating our hoard of cryptocurrencies. Right now, in many parts of the world, many banks are getting hesitant to be dealing with any business connected to cryptocurrency but we are hoping that soon this trend can be effectively reversed.
Never the banks will not support users of the cryptocurrency. Why would the banks want to dig their own grave? Bitcoin could easily devastate the traditional banks. Fiat is the only argument that keeps banks afloat. Maybe for this reason, bitcoin is not allowed to improve its capabilities. Maybe there is a non-aggression Pact among bankers and developers?

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March 04, 2018, 06:59:12 PM
 #17

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks
You can connect your bank account in coinbase exchange where you can buy and sell easily but sadly coinbase is not available in India but I think you are an Indian.So if you want to convert your bitcoin into fiat you need to sell them it in an exchange basically localbitcoin site is very popular in India and you can have more price there than the actual market rate.So you can sell their your bitcoin and you need to send the bitcoin once trader crediter money to your account.

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March 05, 2018, 03:41:26 AM
 #18

I don’t know exactly what you are asking.

Do you have them in an exchange or in a hardware or paper wallet?

If you have them in an exchange, you can convert them to fiat and then, send them to your bank account.

If you have them in a paper or hardware wallet, you’ll need to transfer them to an exchange first, and then to what I have explained before.

it can be tried :
Click ‘Receive/send Bitcoin‘ on the menu and follow the instructions.
Enter the bitcoin amount you want to send to your personal wallet. we charge 0.0005 BTC as fee (regardless how much bitcoin you want to send).
Enter your bitcoin address, and your Google Authenticator PIN or SMS PIN.
Click ‘Send’.
Check your e-mail, and click on the confirmation link we sent.
Bitcoin will arrive on your wallet in 1 to 60 minutes..

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March 05, 2018, 05:24:17 AM
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   You gonna be kidding, Amit. What you said looks so unnatural, we use bitcoin to actually avoid banks attention, to dont let them control our funds. Do you want banks to track you, do you want to be taxed or accused in terrorism sponsorship? We use to say here: "Silence in gold", just be silent and you will avoid a lot of problems

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March 05, 2018, 09:57:18 AM
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apparently you're live in India and last month i was heard India government has been declare that use cryptocurrencies especially bitcoin are illegal in India and they said crypto similar such as ponzi system and after seeing this news i think certainly you will never connect your bitcoin to your bank accounts until your government revoke their decision

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March 05, 2018, 10:11:03 AM
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Your bitcoin money could connect on your bank account if only on your country accepts it and if there's a platform like what we have here in the Philippines. If you knew coins.ph wallet you will see its features of putting your bitcoin monies through your bank account. Many individuals here on Philippines are glad to the good thing it brings to save people on queueing.
But not actually can bitcoin directly transferred to your bank account sir Hexah, this app blockchain base platform the coins.ph is not directly transfer your bitcoin to the bank you need first to convert into fiat before you transfer to your bank account. This app has a converter to the local currency that we have after that you may transfer your money to the bank account. Now, the other currency added not the only bitcoin they have to convert fiat also ethereum has been added too.
Happy to know that we are the same country Grin Grin

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March 05, 2018, 05:53:48 PM
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Your bitcoin money could connect on your bank account if only on your country accepts it and if there's a platform like what we have here in the Philippines. If you knew coins.ph wallet you will see its features of putting your bitcoin monies through your bank account. Many individuals here on Philippines are glad to the good thing it brings to save people on queueing.
But not actually can bitcoin directly transferred to your bank account sir Hexah, this app blockchain base platform the coins.ph is not directly transfer your bitcoin to the bank you need first to convert into fiat before you transfer to your bank account. This app has a converter to the local currency that we have after that you may transfer your money to the bank account. Now, the other currency added not the only bitcoin they have to convert fiat also ethereum has been added too.
Happy to know that we are the same country Grin Grin

What's great about the app is that it automatically converts your bitcoin into fiat if you choose to cash out to a bank. Since banks don't accept bitcoin, it's natural that the btc must be first converted into fiat when you are cashing out. There's no need for you to go through a different exchange then spend on transaction fees. The wallet to bank transfer actually doesn't cost anything, except for some selected banks. It saves a lot of time and money plus it's very efficient.

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March 05, 2018, 10:11:02 PM
 #23

Your bitcoin money could connect on your bank account if only on your country accepts it and if there's a platform like what we have here in the Philippines. If you knew coins.ph wallet you will see its features of putting your bitcoin monies through your bank account. Many individuals here on Philippines are glad to the good thing it brings to save people on queueing.
But not actually can bitcoin directly transferred to your bank account sir Hexah, this app blockchain base platform the coins.ph is not directly transfer your bitcoin to the bank you need first to convert into fiat before you transfer to your bank account. This app has a converter to the local currency that we have after that you may transfer your money to the bank account. Now, the other currency added not the only bitcoin they have to convert fiat also ethereum has been added too.
Happy to know that we are the same country Grin Grin

What's great about the app is that it automatically converts your bitcoin into fiat if you choose to cash out to a bank. Since banks don't accept bitcoin, it's natural that the btc must be first converted into fiat when you are cashing out. There's no need for you to go through a different exchange then spend on transaction fees. The wallet to bank transfer actually doesn't cost anything, except for some selected banks. It saves a lot of time and money plus it's very efficient.
This is what i like with this app yet you dont really need an exchange for you to convert all of your bitcoin into local fiat since the app would already made the job with just a matter of few clicks you can directly convert your bitcoins into fiat without any problems but the thing here is they do have large spreads between buy and sell this is only the drawback with this and its not really ideal to make buy ad sell with this app but on overall performance then this service given by them was excellent on my side.

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March 05, 2018, 11:58:46 PM
 #24

What you said looks so unnatural, we use bitcoin to actually avoid banks attention, to dont let them control our funds.

While you say that, you must understand that you letting your bank take care of your coins, is exactly the same as you letting an exchange or online wallet service take care of your coins. People quite often talk like they know it all, where they say that people who are looking for banks to store coins are doing something against the main principle of Bitcoin, but they ignore the fact that them using an exchange to trade at is basically the same. If you think like that, you should stop using centralized services directly, otherwise you're just talking nonsense, and at the same time be a hypocrite. It may sound harsh, but I just can't stand people telling others what is right or wrong....

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March 06, 2018, 10:45:18 AM
 #25

It can be done through Cex.io where you make an account and link your Master Card or Visa to that account. The rest is easy.
But due to regulations in India check is that not against the rules. The best option is to find a dealer that will buy Bitcoin from you or sell it somebody for cash.
But be careful it is a big amount and it's best to sell it partially few times.
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March 13, 2018, 09:59:08 PM
 #26

You mean you want to transfer your money in your bank account? Normally if you want to in cash your money from bitcoin to cash you have to convert it first to whatever currency you have like im using coin.ph. Then if you want to in cash it either you will transfer it in your bank account or in money center. In our case like in my country we have an option aside from bank, we can in cash our money from a money center. Bitcoin and bank are actually not in good terms i think. I heard a case in the philippines that the bank account was closed because he keeps withdrawing big amount from bitcoin earning. It is not advisable to tie up or link it to your bank account.

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March 13, 2018, 10:25:48 PM
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The money can not be linked to our bank accounts, because most countries do not even allow banking banks to exchange cryptographic currencies because they consider them unattended and therefore illegal and unregulated.
So it is more prudent to keep your money in your hands and not to link your bank account to avoid a ban on your money.
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March 14, 2018, 07:46:07 AM
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You mean you want to transfer your money in your bank account? Normally if you want to in cash your money from bitcoin to cash you have to convert it first to whatever currency you have like im using coin.ph. Then if you want to in cash it either you will transfer it in your bank account or in money center. In our case like in my country we have an option aside from bank, we can in cash our money from a money center. Bitcoin and bank are actually not in good terms i think. I heard a case in the philippines that the bank account was closed because he keeps withdrawing big amount from bitcoin earning. It is not advisable to tie up or link it to your bank account.

If you continue to withdraw huge amount of money, and transfer it into your bank account I'm pretty sure AMLA will run to you because cryptocurrency are not yet legal in the Philippines and they think your money comes from malicious thing. I think you should study more about the status of cryptocurrency in your country, because its not easy to covert your bitcoin into fiat money in other country.


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March 14, 2018, 10:12:21 PM
 #29

No, we can’t connect our BTC currency with our bank accounts because BTC is decentralized. It does not matter whether BTC is legal or not because it can’t collaborate with a bank account. In my opinion, the government of the present period is not seem to support BTC so I don’t think there is any chance of collaboration of bank accounts with BTC in the near future.
Bes You can do is sell BTC in any exchange for FIAT and then transfer FIAT to your bank account.

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March 14, 2018, 11:13:10 PM
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No, we can’t connect our BTC currency with our bank accounts because BTC is decentralized. It does not matter whether BTC is legal or not because it can’t collaborate with a bank account. In my opinion, the government of the present period is not seem to support BTC so I don’t think there is any chance of collaboration of bank accounts with BTC in the near future.
Bes You can do is sell BTC in any exchange for FIAT and then transfer FIAT to your bank account.

We cannot connect it directly to our bank account but here in my place we can transfer funds to our account directly through our local wallet. Maybe its better to have this kind of wallet because we can easily convert it into fiat money that transfer directly to our accounts. But I think if you make a huge transactions, its better no to do it in a banking way.

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March 15, 2018, 04:31:15 AM
 #31

The closest possible alternative that already exists, is that a Scandinavian bank allows people to tether their Coinbase balance to their bank account, where people can see their crypto holdings through their banking portal.

It doesn't allow you to actually trade and move funds, but I wouldn't be surprised if this happens at some point. Crypto adoption is picking up nicely, where financial institutions need proper regulations to hop on board.

One day people will be able to buy crypto without having to wire money to an external party. It takes time. As I said, without proper regulations, financial institutions won't be able to do anything with crypto directly.

Financial institutions want to enter fully, but can't for the time being.

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March 15, 2018, 06:23:11 AM
 #32

For me personally.. i just, after i sell bitcoin to local currency.. then the money goes into my bank account. But anyway it can't directly store bitcoin in a bank account account, it must sell it first.
I think that would be possible, if the state government had really legalized bitcoin, of course it would try to support bitcoin/crypto as well as possible.

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March 15, 2018, 09:56:08 AM
 #33

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks
It depends in your country and also on what bank you are using. In our Country Philippines bitcoins can connect on larger network through payments on your bills like telephone, sending money, gaming etc. but there are rumors here that when you connect your bank accounts on bitcoin they will close your accounts immedietly (on selected banks), when the owner of bank accounts ask the bank who is handling there accounts, the managers or their representative that they will close your accounts because you connected on bitcoin but they dont give further explanations. why is it happening.

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March 15, 2018, 12:46:54 PM
 #34

For me personally.. i just, after i sell bitcoin to local currency.. then the money goes into my bank account. But anyway it can't directly store bitcoin in a bank account account, it must sell it first.
I think that would be possible, if the state government had really legalized bitcoin, of course it would try to support bitcoin/crypto as well as possible.
I don't think that's ever gonna happen. How can Fiat be combined with cryptocurrency? The Bank is unable to store cryptocurrency. The structure of the Bank is created to support the Fiat. Perhaps in the future you will have on your smartphone a program that can combine access to all accounts but there will be accounts in different places.

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March 15, 2018, 07:44:12 PM
 #35

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks
Crypto laws and regulations are very specific to countries and so you must check from your country and know the stands of your country regarding to crypto transactions

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March 15, 2018, 08:32:28 PM
 #36

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks
It depends in your country and also on what bank you are using. In our Country Philippines bitcoins can connect on larger network through payments on your bills like telephone, sending money, gaming etc. but there are rumors here that when you connect your bank accounts on bitcoin they will close your accounts immedietly (on selected banks), when the owner of bank accounts ask the bank who is handling there accounts, the managers or their representative that they will close your accounts because you connected on bitcoin but they dont give further explanations. why is it happening.
Government which do have negative perceptions will really have this kind of act specially when its citizens are involved into crypto currency and as far as I know they aren't still strict on prohibition of bitcoin since there are still service providers which do offer conversions on where you can use up bitcoin into some services but not generally talking on connecting directly your bank account to your bitcoin money.Conversion would always happen with these kind of transactions.


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March 16, 2018, 04:00:35 AM
 #37

I know exactly your problem, the answer is yes.
My suggestion is that you should ask this question to your close friend who is familiar with the matter, and who you can trust, ask to explain it to you, I am afraid that if you are experimenting it will hurt you, and do not start it yourself.

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March 16, 2018, 04:44:02 AM
 #38

The best way to connect your Bitcoin to your Bank account is to your local bitcoin wallet provider, that's if you have one in your country. A local bitcoin wallet provider will give you a lot of options on how to fund your wallet as well as how you will withdraw your money to Fiat currency of course. My local wallet provides a wide variety of options on how to from cardless atm withdrawals, remittance centers, to direct bank accounts. It wouldn't directly connect your Bitcoin to bank accounts but it will give you the option to put Fiat currency from your Bitcoin wallet.

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March 16, 2018, 06:48:07 AM
 #39

There is a way where in we can direct our money thru the banks, if we will just use our local exchange or local wallets, here in our country they was time when it became illegal for us to transfer bitcoin to our local banks but not it is fine now as they have seen that not everything was came from illegal transactions.

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March 16, 2018, 09:40:18 AM
 #40

I think everything is possible but it depends on your government whenever they against bitcoin or not

If you ask me, I see no benefit for linking your local money with bitcoin except the bank have done some co-operation with bitcoin

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March 16, 2018, 02:01:54 PM
 #41

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

Yes , there is no such problem of connecting bitcoin with your banks .
I suppose you are from India . India has its own bitcoin exchange called "zebpay" where you can transfer your bitcoin and then change them into your fiat after filling your bank account details and all other formalities . This is the easiest way to connect with the banks.

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Edraket31
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March 17, 2018, 07:05:56 PM
 #42

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

Yes , there is no such problem of connecting bitcoin with your banks .
I suppose you are from India . India has its own bitcoin exchange called "zebpay" where you can transfer your bitcoin and then change them into your fiat after filling your bank account details and all other formalities . This is the easiest way to connect with the banks.
That is right, even here in our country, we are free to transfer our bitcoin to our local bank and there were a lot of remittances who are now accepting bitcoin as one of their transactions and they were trying their best for that transaction to make fast as much as they can.

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March 18, 2018, 06:07:15 PM
 #43

   You gonna be kidding, Amit. What you said looks so unnatural, we use bitcoin to actually avoid banks attention, to dont let them control our funds. Do you want banks to track you, do you want to be taxed or accused in terrorism sponsorship? We use to say here: "Silence in gold", just be silent and you will avoid a lot of problems

It's too right! Better to keep crypto wallet far away from banks, or bitcoins can suddenly vanish and turn into a big fat nothing together with a lot of problems.
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March 19, 2018, 08:01:24 AM
 #44

I don’t know exactly what you are asking.

If you have them in a paper or hardware wallet, you’ll need to transfer them to an exchange first, and then to what I have explained before.


It is still possible to convert directly by selling either in local exchange and sending to bank account.



Yes , there is no such problem of connecting bitcoin with your banks .
I suppose you are from India . India has its own bitcoin exchange called "zebpay" where you can transfer your bitcoin and then change them into your fiat after filling your bank account details and all other formalities . This is the easiest way to connect with the banks.

If it is really the case that in India, you can transfer bitcoin directly to a bank account without first converting it to fiat, then maybe India has formally accepted and regulated bitcoin transactions- is it like all bank account has been linked to a bitcoin network? Is zebpay registered by Indian financial institutions?  but if it is going to be converted to fiat before getting to the account, that means it is virtually what many other country users do.

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March 19, 2018, 10:58:14 AM
 #45

You mean you want to transfer your money in your bank account? Normally if you want to in cash your money from bitcoin to cash you have to convert it first to whatever currency you have like im using coin.ph. Then if you want to in cash it either you will transfer it in your bank account or in money center. In our case like in my country we have an option aside from bank, we can in cash our money from a money center. Bitcoin and bank are actually not in good terms i think. I heard a case in the philippines that the bank account was closed because he keeps withdrawing big amount from bitcoin earning. It is not advisable to tie up or link it to your bank account.

If you continue to withdraw huge amount of money, and transfer it into your bank account I'm pretty sure AMLA will run to you because cryptocurrency are not yet legal in the Philippines and they think your money comes from malicious thing. I think you should study more about the status of cryptocurrency in your country, because its not easy to covert your bitcoin into fiat money in other country.

You are right because this one happened already in my country. The bank account was closed due to huge withdraw from unknown source. Believe me i am totally aware of this. As what i said earlier i dont usually link my bitcoin earning into my bank account. We also have a money center in which we can cash out the money. And believe me i dont transfer huge amount too Smiley Hardly in my personal bank account Smiley

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March 19, 2018, 05:43:30 PM
 #46

I think it is possible as long as the banks recognize cryptocurrency. Not all banks are not allergic toward cryptocurrency. There are banks that accepts money from bitcoin to your account in their banks. Sometimes I think money have the limit to transfer your money from bitcoin to your bank accounts.

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March 19, 2018, 09:26:21 PM
 #47

No, We can't really link Banks account and cryptocurrency link together directly. You need to sell your Bitcoin on some local exchange which can convert your crypto holding into fiat and then transfer real bucks into a bank account.

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March 20, 2018, 12:59:02 PM
 #48

No, We can't really link Banks account and cryptocurrency link together directly. You need to sell your Bitcoin on some local exchange which can convert your crypto holding into fiat and then transfer real bucks into a bank account.
If a local bank agrees with crypto money, this may be possible. I think in the coming years the banks and the crypto money will be integrated. So Bitcoin will be stronger.



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March 20, 2018, 05:08:59 PM
 #49

No, We can't really link Banks account and cryptocurrency link together directly. You need to sell your Bitcoin on some local exchange which can convert your crypto holding into fiat and then transfer real bucks into a bank account.
If a local bank agrees with crypto money, this may be possible. I think in the coming years the banks and the crypto money will be integrated. So Bitcoin will be stronger.

I don't think you understand how the banking system works. No Bank can not accept such a decision. Bitcoin is not recognized as a currency anywhere in the world. As the Bank may replace by its decision the government's policy? But I did not do it even if the Bank provided such an opportunity. I use bitcoin because I don't trust banks.

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March 20, 2018, 09:29:23 PM
 #50

Well it is possible to link your Bitcoin or crypto currency account with your bank account but it all depends on the country or region you live. So your country in which you live will determine the best answer to your question.

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March 20, 2018, 11:00:03 PM
 #51

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

It would have been better if you had consulted with a guy who is bit familiar with bitcoin and other crypto currencies before you purchased the bitcoins. You should understand the difference between fiats and crypto currencies. Banks are inter linked with fiats . Crypto currencies do nothing with banks. Bitcoin transaction system is covered with blockchain technology and whereas banks do not. How can you merge your bank account with bitcoin. I wonder how you got here. Better spend more time in knowing the basic even before investing into crypto.

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March 21, 2018, 02:38:59 AM
 #52

It depends on what country are you base from. If your country recognize cryptocurrency and doesn't make it illegal then you can connect your bitcoin money to your account but if they ban it then there would be no way for you to deposit it into your account. In our country, we have selected banks wherein we can directly deposit our bitcoin of course by converting it to fiat first using a platform recognize and issued a license by our central bank. However, there are times when the amount is too big, they would disable the account in the platform and investigate why he possess that kind of amount because they are afraid of money laundering. If you are just transacting small amounts then there are no restrictions.


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March 22, 2018, 06:52:40 AM
 #53

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, a few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged around Rs 8 lakh. But nowadays, there seems to be a problem between Banks and the Crypto-currencies owners.
So, I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

If your question refers to directly connecting it to a bank account so that the bitcoin will be automatically transferred to cash on your account, it's not possible since most banks do not recognize bitcoin earning as legal. But there are lots of ways you can convert it to cash; peer to peer transaction or from trading it in an exchange.
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March 22, 2018, 08:28:55 AM
 #54

You can do that if you live in a country that accept bitcoin as a means of exchange for goods and services and equally legalise. There are countries where all income earn through crypto currency are tax and it can be tax if there is link between your bank account and your crypto currency wallet.

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March 22, 2018, 12:08:08 PM
 #55

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

Yes , there is no such problem of connecting bitcoin with your banks .
I suppose you are from India . India has its own bitcoin exchange called "zebpay" where you can transfer your bitcoin and then change them into your fiat after filling your bank account details and all other formalities . This is the easiest way to connect with the banks.
That is right, even here in our country, we are free to transfer our bitcoin to our local bank and there were a lot of remittances who are now accepting bitcoin as one of their transactions and they were trying their best for that transaction to make fast as much as they can.

I see there are many issues with the exchanges and their government, in the previous news they blocked many banks and not accepting the Zebpay and Unocoin. Still, these companies are processing the withdrawal of their local currency?

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March 22, 2018, 12:27:26 PM
 #56

You can do that if you live in a country that accept bitcoin as a means of exchange for goods and services and equally legalise. There are countries where all income earn through crypto currency are tax and it can be tax if there is link between your bank account and your crypto currency wallet.
No one will let you do that. Banks can't keep an account for funds for exchange of goods. This is not a warehouse. Any Bank can open accounts only for foreign currency savings. You pay taxes not on cryptocurrencies. You pay taxes on Fiat. I don't even know why you want the combined accounts. Than you not be satisfied with existing wallets?
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March 22, 2018, 04:04:43 PM
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Yes it does. Only if your local wallet provider has an option for you to link your bank account for the purpose of withdrawing or exchanging your Bitcoin to Fiat Currency via bank deposit. But I don't think there is a big benefit for you linking your bank account to your Bitcoin as what it will only do is save your time inputting your bank account id every time. Also from what I have read some banks that are strict if it detected that your money comes from cryptocurrency your account will be lock by them, so you must do your own research about your country's current situation in cryptocurrencies.

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March 22, 2018, 06:13:53 PM
 #58

I use bitcoin specifically to completely abandon the services of banks. Why would I want to associate my account? It seems to me that the opposite should be to stay as far away from banks. But unfortunately now it is difficult. The infrastructure of trading for bitcoins is only developing and we are forced to use Fiat. But I hope it's temporary.

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March 22, 2018, 07:36:19 PM
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Yes it does. Only if your local wallet provider has an option for you to link your bank account for the purpose of withdrawing or exchanging your Bitcoin to Fiat Currency via bank deposit. But I don't think there is a big benefit for you linking your bank account to your Bitcoin as what it will only do is save your time inputting your bank account id every time. Also from what I have read some banks that are strict if it detected that your money comes from cryptocurrency your account will be lock by them, so you must do your own research about your country's current situation in cryptocurrencies.
I know that you are referring into some local wallet provider which do offer such service on where you can easily convert out your bitcoins to fiat then easily transferred those funds to your bank account which it isn't really a direct link but an easy way of conversion without too much hassle because you can only done it on a few matter of clicks but talking about direct links with our bank accounts then its not possible since we do know these institutions are mostly opposed into crypto.

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March 22, 2018, 07:43:53 PM
 #60

If they can't link Bitcoin money to a bank account, why they are closing some accounts. They connected those two somehow.

https://www.reddit.com/r/Bitcoin/comments/7ojg07/chase_bank_closed_my_business_account_of_over_10/
https://thebitcoin.pub/t/banks-closing-accounts-because-people-bought-btc/11434/16
https://www.cryptostache.com/2017/11/21/bank-america-froze-bank-account-buying-crypto/
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March 22, 2018, 08:49:51 PM
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Connecting Bitcoin to your bank account is very possible only if you live in a country where Bitcoin and crypto currency in general are accepted as a means of payment for goods and services just like South Korea and the rest of the countries that tax crypto currency related business and earning.


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March 24, 2018, 09:13:07 AM
 #62

Connecting Bitcoin to your bank account is very possible only if you live in a country where Bitcoin and crypto currency in general are accepted as a means of payment for goods and services just like South Korea and the rest of the countries that tax crypto currency related business and earning.
Connecting Bank accounts with bitcoin cannot score anywhere else. I do not know the countries where bitcoin is recognized as a currency. Banks can only open accounts in foreign currency. Most often, bitcoin is considered as a means of payment or property. You can merge these accounts only if you store your access codes to the wallet in the safe Deposit box. Lol!

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March 24, 2018, 07:41:45 PM
 #63

Connecting Bitcoin to your bank account is very possible only if you live in a country where Bitcoin and crypto currency in general are accepted as a means of payment for goods and services just like South Korea and the rest of the countries that tax crypto currency related business and earning.
Connecting Bank accounts with bitcoin cannot score anywhere else. I do not know the countries where bitcoin is recognized as a currency. Banks can only open accounts in foreign currency. Most often, bitcoin is considered as a means of payment or property. You can merge these accounts only if you store your access codes to the wallet in the safe Deposit box. Lol!
There were countries who are not yet totally in favor of bitcoin, and maybe that country does not want their depositor to be involved in cryptocurrency, that is why just like here in our country wherein our Central bank had ordered that those accounts who will found out to be related in cryptocurreny will subject for disclosure.

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April 06, 2018, 11:52:52 PM
 #64

let me confirm your questions to avoid confusion on my part, are you asking if you can transfer your bitcoin directly to your bank account? if that's your question, yes you can do so. So far, Bank account transfers are available only in the U.S. and the Philippines, and only from selected banks in these countries.
If what you say is true, then if the system used a conventional bank is a system of blockchain? (Sorry I less understand your statement).

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April 07, 2018, 06:33:05 AM
 #65

Where do you safe your bitcoin? I mean what exactly name your wallet for safe your bitcoin. I use local exchange for save my bitcoin and other coin in cryptocurrency. And in my local exchange I can send my money to bank local (traditional bank) I mean I should sell my bitcoin with instantly and I can send my money to my ATM.

If you don't understand, please active in local board your country. Ask to them how to send bitcoin to your bank. Maybe it will help your problem. Because if you ask here it's would be general answer, I mean every country have a decission who ban and who accept and I don't you stay in a country who ban and who accept.

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April 07, 2018, 11:46:48 AM
 #66

Where do you safe your bitcoin? I mean what exactly name your wallet for safe your bitcoin. I use local exchange for save my bitcoin and other coin in cryptocurrency. And in my local exchange I can send my money to bank local (traditional bank) I mean I should sell my bitcoin with instantly and I can send my money to my ATM.

If you don't understand, please active in local board your country. Ask to them how to send bitcoin to your bank. Maybe it will help your problem. Because if you ask here it's would be general answer, I mean every country have a decission who ban and who accept and I don't you stay in a country who ban and who accept.
[/quot

i know someone here in our place he said he connects his money on his bank account,he can withdraw using his phone but feel sorry for him as long as i can see it i wont believe it..i also search their group here in facebook it doesn't exist..lots of scammer nowadays using bitcoin  Shocked Roll Eyes hope everyone should be aware they always promising big profit in just a short period of time Grin Grin Grin
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April 09, 2018, 04:57:38 AM
 #67

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

No you cannot *connect them*

You need to trade the bitcoin you have into fiat for example sell btc to usd... then you have cash which can be transfer or deposit into your bank account

There is no such thing as connecting bitcoins to your bank

I dont know where you get that I idea but no youre absolutely wrong. You can connect Bitcoin and banks. If you use Coinbase, you can wire transfer, buy btc using credit card and there is lesser risk involve for exchange Bitcoin with bank accounts.
Dont just feed someone with false information.

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April 09, 2018, 03:42:06 PM
 #68

I don't think so it can connect with bank account for now. But yes in 2016-2017, many peoples in USA and Europe buying Bitcoin using Credit/Debitcard, Coinbase can buying bitcoin accepting Creditcard and Bank Transfer. This means, Bank has accepting both account personal/business that involving for trading it. Since many country are restricted about it, so i think the only option you can connect to it with Bitcoin Debitcard. I got result from google there are some webs offers Bitcoin Debitcard such as cryptopay, bitpay.com/card, Wirex, Shift, etc. Maybe you can use them service.

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April 09, 2018, 04:53:07 PM
 #69

Connect like transfering bitcoin through your savings account? I dont think it can. In my country, even banks to other bank transfer is not allowed in terms of personal savings account. The most and only way to connect is by converting it into fiat and deposit in a regular basis. Banks and crypto are different and i dont think they even connect in the future unless the world already adopts crypto as currency.

It heavily depends on the wallet provider that you use and the country where you stay. Some countries have their specific laws catering to the prohibition or implementation of strict rules against cryptocurrencies and that alone has the factor of determining whether banks should accept it or not. Another thing to keep in mind is that, banks also have their discretion towards the acceptance of bitcoin since most banks are the ones who are against cryptocurrencies.

Luckily, the wallet provider in the Philippines has the option to CONVERT our bitcoins to cash via bank deposits or withdrawals but it cannot keep bitcoins in the bank itself. As what you mentioned, banks and cryptocurrencies are different from one another considering that it contains tangible assets compared to intangible currencies which exists only in the internet.

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April 14, 2018, 10:57:54 AM
 #70

Here in our country, it is not a problem if we will connect our bitcoin money with our bank accounts, as we are not open for this changes even our banks are now considering to have a bitcoin transaction in their company, and we are happy for their consideration.

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April 14, 2018, 03:20:05 PM
 #71

Here in our country, it is not a problem if we will connect our bitcoin money with our bank accounts, as we are not open for this changes even our banks are now considering to have a bitcoin transaction in their company, and we are happy for their consideration.
I don't like the idea. If you combine accounts you put yourself at risk. What will you do if the government decides to ban the use of cryptocurrencies. Banks will be happy to provide information about your stocks of cryptocurrencies to the government and they will be confiscated. I specifically use cryptocurrencies to refuse services of banks and the government.

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April 14, 2018, 06:05:29 PM
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Here in our country, it is not a problem if we will connect our bitcoin money with our bank accounts, as we are not open for this changes even our banks are now considering to have a bitcoin transaction in their company, and we are happy for their consideration.
But there is no way to connect our bitcoin wallets and the bank accounts.Bitcoin and bank are the rivals so they don't accept bitcoin into their account.What you can do is you can link your bank accounts to exchanges then use your fiat money to buy bitcoin and then sell it in exchange and then transfer your fiat into bank account.

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Hannahanto
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April 14, 2018, 08:30:24 PM
 #73

Hey Team,

It's Amit here, I have 2 bitcoins of my own. And I bought it, few weeks ago. When bitcoins is at Rs 5.90 lakh.
Now its rate increases again and ranged aroung Rs 8 lakh. But nowdays, there seems to be a problem between Banks and the Crypto-currencies owners.
So , I just want to confirm that anyhow we can connect our bank accounts with bitcoin money.

Waiting for a quick revert.

Thanks

Amit do not get into this though its not possible. Crypto's vision is to eradicate banks and its moments around and make people easy with P2P transactions with blockchain security systems. Just hold back your bitcoin in the wallets you already hold. Just upgrade your security system. Keep your wallet so secured. I believe in wallets than banks though banks are good with safety. When you exchange bitcoin into local fiats, obviously you can keep the fiat currency in your bank account.

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April 14, 2018, 10:19:00 PM
 #74

Here in our country, it is not a problem if we will connect our bitcoin money with our bank accounts, as we are not open for this changes even our banks are now considering to have a bitcoin transaction in their company, and we are happy for their consideration.
But there is no way to connect our bitcoin wallets and the bank accounts.Bitcoin and bank are the rivals so they don't accept bitcoin into their account.What you can do is you can link your bank accounts to exchanges then use your fiat money to buy bitcoin and then sell it in exchange and then transfer your fiat into bank account.

Yeah, we can only transfer fiat money directly to our banks. Bitcoin to bank is still not possible here in out country and better not to do this so your account will not be freezed, be careful on trasacting with the banks because they don’t want you to get that money easily.

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April 15, 2018, 03:19:24 AM
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April 15, 2018, 08:27:12 AM
 #76

   You gonna be kidding, Amit. What you said looks so unnatural, we use bitcoin to actually avoid banks attention, to dont let them control our funds. Do you want banks to track you, do you want to be taxed or accused in terrorism sponsorship? We use to say here: "Silence in gold", just be silent and you will avoid a lot of problems

It's too right! Better to keep crypto wallet far away from banks, or bitcoins can suddenly vanish and turn into a big fat nothing together with a lot of problems.
Talking about Bitcoin vanishing or turning into a big fat nothing, i don't agree with that point. Bitcoin has come to stay and has all the requisites to capitalize the world of finance and lead it to a revolutionary decentralized system.

It is possible to connect your Bitcoin wallet to some banks of certain countries and that is good. One aspect you may not like about this is that you subject your money to the full control of a third party once it reaches the banks. It becomes liable to tax, unexplained debits especially with international debit cards from banks, and the ability of the bank to halt or alter your transaction whenever they find necessary.

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April 15, 2018, 06:16:41 PM
 #77

I started using bitcoin because I liked the idea of not using Bank accounts. I liked the fact that the government has no power over this currency and cannot arrest my money under any circumstances. you propose to throw it all away? Lol. Why then do we need cryptocurrencies at all?

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April 15, 2018, 07:06:44 PM
 #78

Do you really feel that it should happen. Lets not mingle crypto currencies with fiats systems please. Sir Satoshi's motivation behind inventing crypto currencies is to eradicate banking system and make transaction P2P and more secured with blockchain technology which would secure bitcoin more than anything else. No thrid party is needed in between. Just experience the real meaning behind crypto currencies. Do not bring other system linked to crypto currencies.




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April 16, 2018, 09:46:35 AM
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We can’t connect our bitcoin money with the bank accounts, instead if the money is exchange into a fiat money it is really possible to connect it to the banks.
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April 16, 2018, 10:29:29 AM
 #80

Still, i don't find any option linking Bitcoin to the bank account but we have other option where you need to contact local country Bitcoin exchange where they will send your corresponding currency after exchange Bitcoin. But still, there is no option for linking Bitcoin directly to Bank accounts.

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April 16, 2018, 11:41:13 AM
 #81

I guess that OP is an Indian and with the sudden problem from the banks there, I assume that majority of the banks banned any crypto transactions that are incoming and outgoing to their databases.

But still, there is no option for linking Bitcoin directly to Bank accounts.
There's a need to get through an exchange before pushing your bitcoin balances to your bank accounts. If it's just bitcoin alone direct to your bank account it's impossible, everything needs to get through an exchange or else you can do peer-to-peer transaction. Pay the buyer bitcoin and you'll get paid through your bank account.

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April 16, 2018, 08:13:27 PM
 #82

Do you really feel that it should happen. Lets not mingle crypto currencies with fiats systems please. Sir Satoshi's motivation behind inventing crypto currencies is to eradicate banking system and make transaction P2P and more secured with blockchain technology which would secure bitcoin more than anything else. No thrid party is needed in between. Just experience the real meaning behind crypto currencies. Do not bring other system linked to crypto currencies.

I don't understand why people add value to what Bitcoin was initially designed for. I get it, Satoshi had certain plans in mind at first, but I am sure that he very well understands how important it is for Bitcoin to have a diversified utility. Bitcoin and crypto in general also stand for the freedom to choose, so if people think such services offer them the usability and convenience they are looking for, then they will use them. Who are you to decide for them that they shouldn't be 'mixing' crypto with banks? People and services are free to use Bitcoin how they think it benefits them -- no one else should be able to prevent them from doing that. If you personally don't like these services, then simply skip them. Wink

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April 16, 2018, 09:25:30 PM
 #83

For such things think there are certain platforms. For such operations, you need to buy the crypt, which cooperates with banks

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April 16, 2018, 10:13:41 PM
 #84

I guess that OP is an Indian and with the sudden problem from the banks there, I assume that majority of the banks banned any crypto transactions that are incoming and outgoing to their databases.

But still, there is no option for linking Bitcoin directly to Bank accounts.
There's a need to get through an exchange before pushing your bitcoin balances to your bank accounts. If it's just bitcoin alone direct to your bank account it's impossible, everything needs to get through an exchange or else you can do peer-to-peer transaction. Pay the buyer bitcoin and you'll get paid through your bank account.

The local wallet service provider I use allows me to transfer my btc directly to my bank account because it instantly converts into fiat when I make a transfer. It's very convenient and fast plus there's no need for me to line up or anything. The fee would depend on the bank, sometimes there's no fee required to make the transfer. My country is just about to adopt cryptocurrency and is on the brink towards acceptance yet this kind of service already exists. I'm not sure how it works in India but unless you have the same service provider that offers this kind of service, then the best thing you could do is to first exchange your btc to fiat then deposit it to your bank account.

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April 17, 2018, 01:23:38 PM
 #85

if in my bank my bank cuts off the bitcoin I sell, I do not get any net result after I redeem to the currency of the country and put it into my bank
all that is tax in my opinion

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April 17, 2018, 02:21:46 PM
 #86

In some countries converting cryptocurrencies to fiat specifically your bank account has no problems but now that crypto is something everybody is talking of you might want to knoe the legal grounds of bitcoin use in your country, and to make this process easy and safer you could connect you crypto money to a bank account provided you can earn that much IRL without attracting unnecessary attention.





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April 18, 2018, 05:57:17 PM
 #87

I think these actions are not possible to make, as all banks are regulated by the authorities, and Bitkine their opposite! And just state this action will not do and settle!

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