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Author Topic: Thank you Bitcoins .  (Read 283 times)
CONOFLEX
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March 05, 2018, 04:08:10 PM
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My country exchange control is the weirdest thing you have ever seen. They are quite comfortable with you importing all sorts of junk from overseas, and paying with your credit card (via PayPal), but receiving money is a problem. Quite the opposite from what one would expect to be rational.

EFT (Interbank Transfer) is probably the best, but there are high transaction costs, so it doesn't work for small amounts - you may have to pay between USD30 to USD50 per transaction, and a fee on this side. There will also be Exchange Control paperwork on this side, you should discuss that with the bank before you go.

But I’m glad that I have bitcoins because I can send bitcoins or received bitcoins in a flash and the transaction fees is very low. You even don’t have to show your identification card like you must do at your bank.
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Don Pedro Dinero
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March 05, 2018, 04:14:30 PM
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I hope you send and receive them using a hardware or paper wallet, otherwise, if you use exchanges, you may need to comply with KYC regulations in the future.
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March 05, 2018, 04:18:03 PM
 #3

 I can totally relate trading in Bitcoin.
 Bitcoin has really helped me get a steady income without the chance of charge backs.
 I also trade in other cryptocurrencies but bitcoin is my main trade.
I never worry about someone contacted a bank to lie about a refund.
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March 05, 2018, 04:20:15 PM
 #4

Sound's like the best place to open up an exchange  Wink. Jokes aside, living in the Crypto world and living in your country at the same time is a bit difficult job. Good luck, I wish you all the best.
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March 06, 2018, 06:35:34 PM
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I hope you send and receive them using a hardware or paper wallet, otherwise, if you use exchanges, you may need to comply with KYC regulations in the future.

He/she might still have to send some of those bitcoins to an exchange to en cash to fiat if he need to though. Unless he can make an arrangement with someone trusted that would buy his/her bitcoins so they can transact away from the eyes of the banks/exchanges.
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March 06, 2018, 07:00:27 PM
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I hope you send and receive them using a hardware or paper wallet, otherwise, if you use exchanges, you may need to comply with KYC regulations in the future.
Biggest plague to hit the Earth since well the Black Plague (not actually but awful still). I don't want KYC in crypto, crypto is supposed to be anonymous! I don't mind paying taxes and will do so when time is right, but KYC and AML needs to take a back seat right now no joke.

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March 06, 2018, 07:19:27 PM
 #7

That is one of the main Bitcoin's points: To nuke bureaucracy, helping each individual to have more accessibility to different kinds of goods and services, connecting people from different parts of the world and allowing them to make deals among themselves without the need of third-party services, middlemen.

Sadly this Bitcoin's advantage is going to be neutralized by many governments politics, in many cases with the approval of Bitcoin's enthusiasts.

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March 06, 2018, 07:32:15 PM
 #8

But there is no regulation and more importantly there is no insurance or such so in fact using cryptocurrencies is very good and betther than eft but there is some risk.

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March 06, 2018, 08:11:05 PM
 #9

My country exchange control is the weirdest thing you have ever seen. They are quite comfortable with you importing all sorts of junk from overseas, and paying with your credit card (via PayPal), but receiving money is a problem. Quite the opposite from what one would expect to be rational.

EFT (Interbank Transfer) is probably the best, but there are high transaction costs, so it doesn't work for small amounts - you may have to pay between USD30 to USD50 per transaction, and a fee on this side. There will also be Exchange Control paperwork on this side, you should discuss that with the bank before you go.

But I’m glad that I have bitcoins because I can send bitcoins or received bitcoins in a flash and the transaction fees is very low. You even don’t have to show your identification card like you must do at your bank.


Thta is one of the advantages of bitcoin. You can actually send and receive bitcoin even without providing your private info. However, when they will exchange or encash the bitcoin, of course they need the identification. But it will be under your government policy or rules.

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March 06, 2018, 08:16:56 PM
 #10

Well we should be thankful of bitcoin existence in our lives. Without it we are nothing and without it we cannot have best source of income. Thank you bitcoin where we are able to buy what we want and even put up investment a bit. Bitcoin is such a very good blessing.
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March 06, 2018, 08:21:35 PM
 #11

My country exchange control is the weirdest thing you have ever seen. They are quite comfortable with you importing all sorts of junk from overseas, and paying with your credit card (via PayPal), but receiving money is a problem. Quite the opposite from what one would expect to be rational.

EFT (Interbank Transfer) is probably the best, but there are high transaction costs, so it doesn't work for small amounts - you may have to pay between USD30 to USD50 per transaction, and a fee on this side. There will also be Exchange Control paperwork on this side, you should discuss that with the bank before you go.

But I’m glad that I have bitcoins because I can send bitcoins or received bitcoins in a flash and the transaction fees is very low. You even don’t have to show your identification card like you must do at your bank.


Thta is one of the advantages of bitcoin. You can actually send and receive bitcoin even without providing your private info. However, when they will exchange or encash the bitcoin, of course they need the identification. But it will be under your government policy or rules.

He can still use the local buyers or sellers.Also ATM's are another option but ATM conversion rates and fees are usually not too good.
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March 06, 2018, 08:23:06 PM
 #12

I hope you send and receive them using a hardware or paper wallet, otherwise, if you use exchanges, you may need to comply with KYC regulations in the future.

He/she might still have to send some of those bitcoins to an exchange to en cash to fiat if he need to though. Unless he can make an arrangement with someone trusted that would buy his/her bitcoins so they can transact away from the eyes of the banks/exchanges.

Localbitcoins?

I hope you send and receive them using a hardware or paper wallet, otherwise, if you use exchanges, you may need to comply with KYC regulations in the future.
Biggest plague to hit the Earth since well the Black Plague (not actually but awful still). I don't want KYC in crypto, crypto is supposed to be anonymous! I don't mind paying taxes and will do so when time is right, but KYC and AML needs to take a back seat right now no joke.

But would you rather have a total ban or just regulations that you need to comply with KYC? Yeah, I would also like for banks and governments to stay away with crypto, but sadly though they will always be hot on our trail so its either we give in to their demands to make our life easier like information for KYC / AML compliant.

Tictocgroup
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March 06, 2018, 09:26:17 PM
 #13

My country exchange control is the weirdest thing you have ever seen. They are quite comfortable with you importing all sorts of junk from overseas, and paying with your credit card (via PayPal), but receiving money is a problem. Quite the opposite from what one would expect to be rational.

EFT (Interbank Transfer) is probably the best, but there are high transaction costs, so it doesn't work for small amounts - you may have to pay between USD30 to USD50 per transaction, and a fee on this side. There will also be Exchange Control paperwork on this side, you should discuss that with the bank before you go.

But I’m glad that I have bitcoins because I can send bitcoins or received bitcoins in a flash and the transaction fees is very low. You even don’t have to show your identification card like you must do at your bank.


Your story, sir. Is the epitome of why satoshi created bitcoin. Financial independence from country and company limitations
DPrillio
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March 06, 2018, 09:52:00 PM
 #14

I hope you send and receive them using a hardware or paper wallet, otherwise, if you use exchanges, you may need to comply with KYC regulations in the future.

He/she might still have to send some of those bitcoins to an exchange to en cash to fiat if he need to though. Unless he can make an arrangement with someone trusted that would buy his/her bitcoins so they can transact away from the eyes of the banks/exchanges.

Localbitcoins?

I hope you send and receive them using a hardware or paper wallet, otherwise, if you use exchanges, you may need to comply with KYC regulations in the future.
Biggest plague to hit the Earth since well the Black Plague (not actually but awful still). I don't want KYC in crypto, crypto is supposed to be anonymous! I don't mind paying taxes and will do so when time is right, but KYC and AML needs to take a back seat right now no joke.

But would you rather have a total ban or just regulations that you need to comply with KYC? Yeah, I would also like for banks and governments to stay away with crypto, but sadly though they will always be hot on our trail so its either we give in to their demands to make our life easier like information for KYC / AML compliant.
We have nothing to do on that if the government urge every crypto user to pay taxes or comply the KYC since its their way to have income and to protect against crime and corruption because we have a government and as a good individual in the society what we can do is to follow. But it is not good to that they will interfere too much since having a third party will make our profit compromise.

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March 06, 2018, 10:25:51 PM
 #15

Biggest plague to hit the Earth since well the Black Plague (not actually but awful still). I don't want KYC in crypto, crypto is supposed to be anonymous! I don't mind paying taxes and will do so when time is right, but KYC and AML needs to take a back seat right now no joke.
The bad news is that KYC seem to be here to stay and it does not seem like we can do something to stop it the only ones that can are the developers of new coins, we need decentralized exchanges and while there are some none of them works exactly like their centralized counterparts, we must member that every single centralized entity is a target, so we need to find a way to avoid centralization at all costs but at this point it does seem like we are losing the battle against KYC.
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March 06, 2018, 10:27:01 PM
 #16

Situation in your country is  really not friendly with transfers, as I understood from your post. And even if bitcoin is only one solution, I still have question how you cashing out your bitcoins and how many % you losing ? I'm sure, that's also problem and till government is not blocked bitcoins and other cryptocurrency, I think you would make some money on providing cash out services , btc -> cash, think about it. I'm sure in your country many of people, who have same problem and you can help them  all, by selling btc to trasfer to others and also help to others by buying and helping them cash out their bitcoins, what will make you 4 - 6% Smiley
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March 06, 2018, 10:34:25 PM
 #17

we are far away from th slogan "be your bank" but I think we are going in the right direction and the greates thing is that this disrutpion will help a lot of unbanked people.

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March 06, 2018, 10:37:32 PM
 #18

Me myself and the people of my country are very thankful into bitcoin business, because in my country bitcoin has a way of easy business transaction. People in my country were automatically used their gadgets which apps wallet is there, and then automatically transact without hustle. And until now people in my country were freely access bitcoin without any payments of taxes. It is actually tax free in my country. But we all know that bitcoin business is decentralized that's why it is a tax free.
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March 06, 2018, 10:38:34 PM
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You are welcome.
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March 06, 2018, 11:58:39 PM
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When making an international remittance, BTC is a very economical thing to do!

The convenience of this is very powerful, the transnational payment remittance no one can compare now!

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