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Author Topic: Can we connect our bitcoin money with our bank accounts?  (Read 463 times)
BTCeminjas
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March 05, 2018, 10:11:03 AM
 #21

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
 #22

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
 #27

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
 #28

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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Dreamchaser21
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March 14, 2018, 11:13:10 PM
 #30

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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kwabeedat
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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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burner2014
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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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