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Author Topic: Without banks, is it possible to move physical currencies to Crypto?  (Read 802 times)
Josefjix
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June 28, 2020, 06:25:04 AM
 #1

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

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June 28, 2020, 06:30:02 AM
 #2

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?
Yes, we called them e-wallets or some say digital wallets. Even without a bank account, you can transfer fiat to crypto exchange that accepts deposits from these e-wallets. Others use remittances to transfer funds to crypto exchange, at least at coins.ph and any local exchange based on my country it's possible.

Btw this topic doesn't belong to the services board, bitcoin discussion or service discussion suits this one.

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June 28, 2020, 06:36:40 AM
 #3

There is no other way, you have to find a crypto holder in your closest environment so you can buy it with physical currencies or items that you might sell. Basically, crypto transfer activities also require fees as miner's rewards. If your reason is to avoid any fees, it is not possible.

_snip_ Even without a bank account, you can transfer fiat to crypto exchange that accepts deposits from these e-wallets.

How do I top up my e-wallet balance for the first time?

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June 28, 2020, 06:37:18 AM
 #4

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?
Yes, we called them e-wallets or some say digital wallets. Even without a bank account, you can transfer fiat to crypto exchange that accepts deposits from these e-wallets. Others use remittances to transfer funds to crypto exchange, at least at coins.ph and any local exchange based on my country it's possible.

Btw this topic doesn't belong to the services board, bitcoin discussion or service discussion suits this one.

Alright, this banks charges actually trended in my country yesterday for debiting customers heavily for what they call Stamp duty and there is no mass adaption of cryptocurrencies here yet.

This is almost $7 which is not possible for you to save your physical currencies in crypto.


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June 28, 2020, 06:37:47 AM
 #5

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

Most of the bitcoin user including me like to keep the funds in bitcoin to avoid the unnecessary bank charges on fiat money.
If you want to convert your fiat in to crypto, you can have a deal with anyone in your area in person. You give him cash and in return he send you bitcoins on your wallet.
Another option is that you convert your money from bank to bitcoins by sending the money through bank to the person with whom you are buying the bitcoins. Normally banks do not charge money for withdrawal of money if the money is under certain limits (Daily withdrawal limit). However it depends upon your country rules and regulations.

P.S Please move this thread to bitcoin discussion. Thanks

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June 28, 2020, 06:40:01 AM
Last edit: June 28, 2020, 10:05:47 AM by mprep
 #6

There is no other way, you have to find a crypto holder in your closest environment so you can buy it with physical currencies or items that you might sell. Basically, crypto transfer activities also require fees as miner's rewards. If your reason is to avoid any fees, it is not possible.

Thee main question is not to entirely avoid transaction fees. The war behind crypto and blockchain mainly is to eliminate the banking sector. If the war is won, How do we then move our physical currencies to Crypto exchanges?

Beside, you must Definitely pay for every transaction happening on the blockchain network which is very certain.



We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

We have seen numerous times people complain about unsolicited charges by banks which is not almost possible in cryptocurrencies if you're to save your money on Bitcoin or any other valuable cryptocurrency.

It begs me to ask this question; is it possible for one to move physical currencies to Crypto exchanges without passing through the Bank?

Most of the bitcoin user including me like to keep the funds in bitcoin to avoid the unnecessary bank charges on fiat money.
If you want to convert your fiat in to crypto, you can have a deal with anyone in your area in person. You give him cash and in return he send you bitcoins on your wallet.
Another option is that you convert your money from bank to bitcoins by sending the money through bank to the person with whom you are buying the bitcoins. Normally banks do not charge money for withdrawal of money if the money is under certain limits (Daily withdrawal limit). However it depends upon your country rules and regulations.

P.S Please move this thread to bitcoin discussion. Thanks


Thanks for this explicit explanation. I've moved it to the right section.

[moderator's note: consecutive posts merged]

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June 28, 2020, 06:54:58 AM
 #7

_snip_
The war behind crypto and blockchain mainly is to eliminate the banking sector. If the war is won, How do we then move our physical currencies to Crypto exchanges?

Do you understand the history of physical currencies?
Banks are absolutely inevitable as long as you use physical currency, if crypto wins this war completely. You will not ask how to convert it because physical money is no longer used.
I will not call this a war, but a transition to more sophisticated and efficient technology. In fact, banks can also adopt blockchain technology.

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June 28, 2020, 06:57:53 AM
 #8

Of course, you could choose to use use a bitcoin ATM which you can use to buy your crypto using fiat(physical currency) or you can find a trader in your area via peer to peer platforms like localbitcoins.com which also offers plenty of  other options including your local payment systems.
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June 28, 2020, 07:10:03 AM
 #9

Banks are absolutely inevitable as long as you use physical currency, if crypto wins this war completely. You will not ask how to convert it because physical money is no longer used.
I will not call this a war, but a transition to more sophisticated and efficient technology. In fact, banks can also adopt blockchain technology.

Of course, banks will adopt blockchain technology over time. But even if (when) we transition to more advanced and efficient technology I doubt we will completely kick the banking institution out of the system. Banks will, as always, find their niche - savings, lending, financial management ...

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June 28, 2020, 07:21:42 AM
 #10

Of course, you could choose to use use a bitcoin ATM which you can use to buy your crypto using fiat(physical currency) or you can find a trader in your area via peer to peer platforms like localbitcoins.com which also offers plenty of  other options including your local payment systems.

What I'm insinuating on is this; if the localbitcoins.com offers me a platform to buy Bitcoin directly I still need a bank OTP to be fully accessible and a Banking ATM. Got my question now?

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June 28, 2020, 07:26:01 AM
 #11

Of course, you could choose to use use a bitcoin ATM which you can use to buy your crypto using fiat(physical currency) or you can find a trader in your area via peer to peer platforms like localbitcoins.com which also offers plenty of  other options including your local payment systems.

What I'm insinuating on is this; if the localbitcoins.com offers me a platform to buy Bitcoin directly I still need a bank OTP to be fully accessible and a Banking ATM. Got my question now?
I guess not Smiley  you will be left with the option to meet your traders in-person which others have pointed to be risky just opt to meet in public places.
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June 28, 2020, 07:31:02 AM
 #12


What I'm insinuating on is this; if the localbitcoins.com offers me a platform to buy Bitcoin directly I still need a bank OTP to be fully accessible and a Banking ATM. Got my question now?

Well, you can also meet with the seller physically and exchange currencies ‘live’. To avoid the possibility of robbery, it is best to meet in public places like coffee shops, office building lobbies, airports, subway stations, etc.

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June 28, 2020, 07:35:14 AM
 #13

Yes, we called them e-wallets or some say digital wallets. Even without a bank account, you can transfer fiat to crypto exchange that accepts deposits from these e-wallets. Others use remittances to transfer funds to crypto exchange, at least at coins.ph and any local exchange based on my country it's possible.

I think these e-wallets are extension of banks though. They're essentially keeping the money for you just like banks, and still need bank connection to works. I like to call them 'mobile bank'.

What I'm insinuating on is this; if the localbitcoins.com offers me a platform to buy Bitcoin directly I still need a bank OTP to be fully accessible and a Banking ATM. Got my question now?

Technically not possible, but that's just because the options we have are limited right now. If people start accepting digital currencies such as USDT maybe you don't have to use your bank account at all. Or you can do face to face deal as mentioned, but this would be so limited and impractical to do.

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Josefjix
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June 28, 2020, 07:39:40 AM
Last edit: June 28, 2020, 10:06:01 AM by mprep
 #14

Yes, we called them e-wallets or some say digital wallets. Even without a bank account, you can transfer fiat to crypto exchange that accepts deposits from these e-wallets. Others use remittances to transfer funds to crypto exchange, at least at coins.ph and any local exchange based on my country it's possible.

I think these e-wallets are extension of banks though. They're essentially keeping the money for you just like banks, and still need bank connection to works. I like to call them 'mobile bank'.

What I'm insinuating on is this; if the localbitcoins.com offers me a platform to buy Bitcoin directly I still need a bank OTP to be fully accessible and a Banking ATM. Got my question now?

Technically not possible, but that's just because the options we have are limited right now. If people start accepting digital currencies such as USDT maybe you don't have to use your bank account at all. Or you can do face to face deal as mentioned, but this would be so limited and impractical to do.

Finally someone who understands my point is here. It means technically Banks can't be defeated Permanently,  because even if physical transaction is to be carried out in exchange for digital asset like Bitcoin and other cryptocurrencies, you still need a banking note( physical Money).

 So we still need to develop more blockchain networks that would completely eliminate the banking sector.




What I'm insinuating on is this; if the localbitcoins.com offers me a platform to buy Bitcoin directly I still need a bank OTP to be fully accessible and a Banking ATM. Got my question now?

Well, you can also meet with the seller physically and exchange currencies ‘live’. To avoid the possibility of robbery, it is best to meet in public places like coffee shops, office building lobbies, airports, subway stations, etc.

The physical note is still from the bank. So, we are not still defeating the bank industry.

[moderator's note: consecutive posts merged]

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June 28, 2020, 07:44:45 AM
 #15

To purchase cryptocurrency, you need a digital fiat. Digital fiat inevitably goes through bank accounts and is stored on them. No matter how you want to avoid this, the bank will be involved in the process.

However, you can just give fiat to some person who has a certain amount of cryptocurrency, who in turn will transfer this very cryptocurrency to you in the right amount. The bank will still be involved here, but these will be two parallel processes that are virtually unrelated to each other.
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June 28, 2020, 08:05:08 AM
 #16

Finally someone who understands my point is here. It means technically Banks can't be defeated Permanently,  because even if physical transaction is to be carried out in exchange for digital asset like Bitcoin and other cryptocurrencies, you still need a banking note( physical Money).

So we still need to develop more blockchain networks that would completely eliminate the banking sector.

You are right. However, the state will protect the banks that issue fiat. Countries in the world will not let fiat currencies as their country's identity be replaced. If you call this a war, this is the same as fighting the country itself.

After all, why do you only want to get crypto with fiat? If you want to have crypto without going through a bank, you can start accepting crypto as part of the payment for services and sales of your goods (if it is not contrary to the laws in your country). It can also be applied by people all over the world to gradually want to eliminate the role of banks from life. Of course this is not instant but it is effective in reducing dependence on fiat currencies until it is no longer needed.

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June 28, 2020, 08:13:44 AM
 #17

We doesn't need banks for crypto transactions to be carried out, only we need fiat of banks for conversion so we have the blockchain technology but still we don't have merchants to accept cryptos that is why people keep converting their money into fiat for their usage.

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June 28, 2020, 08:15:07 AM
Last edit: June 28, 2020, 10:06:31 AM by mprep
 #18

Finally someone who understands my point is here. It means technically Banks can't be defeated Permanently,  because even if physical transaction is to be carried out in exchange for digital asset like Bitcoin and other cryptocurrencies, you still need a banking note( physical Money).

So we still need to develop more blockchain networks that would completely eliminate the banking sector.

You are right. However, the state will protect the banks that issue fiat. Countries in the world will not let fiat currencies as their country's identity be replaced. If you call this a war, this is the same as fighting the country itself.

After all, why do you only want to get crypto with fiat? If you want to have crypto without going through a bank, you can start accepting crypto as part of the payment for services and sales of your goods (if it is not contrary to the laws in your country). It can also be applied by people all over the world to gradually want to eliminate the role of banks from life. Of course this is not instant but it is effective in reducing dependence on fiat currencies until it is no longer needed.

I have learnt a lot from you today. It is good thing to start accepting payments through cryptocurrencies. There is no financial freedom as far as the USD is used as a tool in international marketing. Cases where just a $100 is worth N39000 in my country.

As long as crypto adoption is here, there is no limit to financial freedom, it is almost more secured than Banking with banks. I wanted offer a service for a client staying in the states, he literally didn't know how to use Bitcoin. I tried to explain to him it actually proved abortive.



We doesn't need banks for crypto transactions to be carried out, only we need fiat of banks for conversion so we have the blockchain technology but still we don't have merchants to accept cryptos that is why people keep converting their money into fiat for their usage.

Thanks for this great  quota input.

[moderator's note: consecutive posts merged]

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June 28, 2020, 08:24:26 AM
 #19

Why cryptocurrency should defeat the bank if we can use the bank together, if crypto can work with the bank, that would be the perfect match between the physical money and digital money because people can choose what payment system they want to use. Besides that, I think not all people in the world will always want to use digital money or cryptocurrency. Imagine that person who doesn't know cryptocurrency or digital payment or e-wallets, and they will not use the other payment system except physical money or fiat.

But if you want to move your physical currencies, you still need the third party, whether it is a bank, local seller, or online seller, or whatever it is the name. Because physical money and digital money is different, but they work in the same concept. And whether you use the third party services, you need to pay the fee which will differ between each other.

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June 28, 2020, 08:45:00 AM
 #20

Why cryptocurrency should defeat the bank if we can use the bank together, if crypto can work with the bank, that would be the perfect match between the physical money and digital money because people can choose what payment system they want to use. Besides that, I think not all people in the world will always want to use digital money or cryptocurrency. Imagine that person who doesn't know cryptocurrency or digital payment or e-wallets, and they will not use the other payment system except physical money or fiat.

But if you want to move your physical currencies, you still need the third party, whether it is a bank, local seller, or online seller, or whatever it is the name. Because physical money and digital money is different, but they work in the same concept. And whether you use the third party services, you need to pay the fee which will differ between each other.

Finally someone with common sense. Banking institutions have been around since the first currencies were invented in some form or another. Maybe even before that as some form of protobanks.

OP, I don't know where you got the idea that we have to defeat the banking industry. If you do not want to deal with bank notes then simply do not accept fiat currency as a means of payment for goods or services you offer in the market. It's as simple as that!

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