What other ways are available for purchasing Bitcoin?

[yazher]

If banks will cut ties to any crypto-related transactions, that would be great because people will always find ways to do the alternatives, and what if this is the start of the crypto to do innovative things and will not need any banks to make any transactions?

They are now doing all they can to stop bitcoins from progressing and they will not gonna cease until they fully shut it down but people are aware of what might gonna happen and we always have P2P and other methods to sell our bitcoins if ever they will not gonna support it anymore.

[Darker45]

Well, aside from P2P platforms, Bitcoin ATMs, vouchers, and other ways that have already been mentioned here, are there not local crypto wallets or digital banks offering crypto in your area?

I don't know which country you are from but from where I am, the harder part when banks are completely cut from crypto is not the buying but the withdrawal. Buying Bitcoin here is easy. You can do it by loading a local crypto-supporting wallet, even via 7-eleven, and convert it to Bitcoin. Upon withdrawal in fiat, KYC is almost unavoidable.  

[fuguebtc]

But one way you can buy bitcoins without the help of a bank with cash is if someone around you sells bitcoins and you are physically present to receive bitcoins from them in exchange for money called peer-to-peer transactions.

Using cash to exchange bitcoins is too risky, if you are in a country where bitcoin is still banned. It won't be a problem if you are only dealing with small amounts, but if you want to exchange large amounts of bitcoin and you need to have a lot of cash, this is dangerous for both parties. As long as fiat, the bank remains the center of the monetary world, we will not be able to get rid of our dependence on it. Bitcoin is still just an asset, a commodity, not a currency or a unit of measure like fiat.

[Outhue]

Let's not forget that miners are still getting excess Bitcoins without the need of using Fiat to buy Bitcoin, but we can't deny how helpful Fiat currency has been for crypto when it comes to fast buying on exchange outlets.

@Davis196 you claimed that there are some mobile payment apps that serves as alternatives to banks, the truth here is all payment options are into banking, they can't operate without banks, it is impossible.

Gift cards are good options, because you don't use fiat to buy Bitcoin direct, and there are online services that can exchange your gift cards for Bitcoin.

[LastKiss]

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

I guess we can't, except if we got something to trade our stuff with Bitcoin, but I believe that I've heard about Bitcoin ATMs that we can buy Bitcoin directly from that ATM when we put our money to the ATM. I hope in the future we're not too reliant on the bank.

[Dr.Bitcoin_Strange]

And again how would the bank know which transaction is from a bitcoin/crypto sale? I remember when we had some restrictions by cbn we were still able to trade without them noticing so I don't think it's possible to cut tie completely with banks.

I wouldn't doubt this, but did you keep trying if it was still done without being noticed?

I think the banks can actually find out which accounts interact with crypto-related platforms (like CEX) as long as it requires you to carry out the transaction with your debit or credit card, but I think accounts that are mostly flagged are some company accounts that always have a huge volume of daily transactions and some big businesses that carry out a large amount of transactions than usual, as well as individual accounts where there is always a steady inflow and outflow of cash on a daily basis.

[itscoldice]

Right p2p purchases could do the work but p2p won't work in long run. Someone does have to buy token at one point and gov could make this illegal if they want.

[DanWalker]

If banks will cut ties to any crypto-related transactions, that would be great because people will always find ways to do the alternatives, and what if this is the start of the crypto to do innovative things and will not need any banks to make any transactions?

They are now doing all they can to stop bitcoins from progressing and they will not gonna cease until they fully shut it down but people are aware of what might gonna happen and we always have P2P and other methods to sell our bitcoins if ever they will not gonna support it anymore.

If that happens, I will no longer be bullish on the market, that would be worse than good. Cryptocurrencies so far are just investments, and if there is no bank, how do we exchange them for fiat? Don't wait for it to happen, think right now, do we have a solution?
The bitcoin ban did not bring much effect and did not benefit them at all. So there are no longer so many governments banning bitcoin, instead, they are accepting it but with regulations in their favor, such as taxes, and taxes are what they want from investors like us.

[Flexystar]

I'm not sure, but I think what he meant here is that crypto projects shouldn't be using banks for their overall fiat holdings. Especially now that Silicon Valley Bank is trying to cut ties with crypto-related startups.

This makes me think, if we cut loose the banks then how does the economy will work for bitcoin? Like I am talking in terms of fiat valuation and those rotating funds. If all of a sudden banks are discontinued then we will have to count in bitcoin in terms of bitcoin itself. You know those old days when we used to say 1BTC to 1BTC kinda formula one more time?

Why is that so? Since right now bitcoin is measured in USD (& subsequently with other currencies) and this valuation is there because that much USD is moving around the world to buy the proportionate amount of bitcoins. Let us say we are sending bitcoin from New York to Scottland, it will be counted as 1 BTC in NY while 1 BTC in Scottland. However, when it will come to withdrawing the 1BTC for fiat, then they will do the conversions accordingly and pay the receiver that much amount in sterling pounds. Ain't that going to change with such transactions?


Coming down to the OP, yeah we have P2P, the most anonymous way to do it. However, with ever-growing KYC regulations that are also an exposed option. You can have someone from your friend zone and trade with each other.

[Cookdata]

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

With what Signature Bank did to several institutional investors, I realize it is really painful with bank behaviors, but let's be honest for a moment—we need banks. Institutions that want bitcoin have what it takes to purchase bitcoin, that is fiat, and the only gateway is centralized exchanges. This is not to say that they cannot use decentralized exchanges, they simply prefer to trust traditional parties over a protocol created by an unidentified person. For this reason, banks cannot be completely excluded from this discussion; when these institutions also need to convert their bitcoin to US dollars, they require a bank to handle the large transactions.

I despise banks, but I wish there were better alternatives. P2P recommendations I've seen can only benefit traders, in fact, unless you're trading between coins, there is no way you'll want to use P2P without banks. After all, you can't expect companies to entrust people with billions of dollars without the proper paperwork.

[goldkingcoiner]

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

You can trade in Bitcoin for literally anything. A car, a house a sandwich. And of course you can trade Bitcoin for Fiat (paper money).

The only function of a cryptocurrency exchange is the escrow function. Even though Bitcoin is trust-less, unfortunately fiat is not. So whenever we trade our fiat for Bitcoin, we would rather use a centralized third party system than trust the individual to honor their trade. Which makes sense.

We need to figure out something else. Something more decentralized and disconnected from banks.

I am sure that we will find a solution.

[kryptqnick]

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

When someone uses a bank account to buy Bitcoin, I don't think it's about some sort of cooperation of cryptos with banks, and thus cutting ties isn't what can happen here. Banks can often be unaware of where the money is going and what a person is getting in return, banks are just being used because this is a way of storing fiat digitally. Aside for banks, there are other centralized services like PayPal, but you probably get money or withdraw money from there with a bank card anyway. If one is willing to give it a shot and lives in an area where there are such services, one can physically give cash to another person and get BTC transferred onto a Bitcoin address in exchange. But that carries its own risks of dealing with strangers and the inconvenience of being tied to physical locations. Another way is earning rather than buying Bitcoin.
But I don't mind the usage of bank accounts, as well as full-on cooperation of some banks with crypto activities.

[nimogsm]

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

p2p services as a good alternative.Also, large cities always have their own crypto community and you can buy directly from a person.I sold crypto to friends for cash several times, bypassing all banks and exchangers.I think today buying bitcoin is not such a big problem and there are a lot of ways to do it.

[MoonOfLife]

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

I guess we can't, except if we got something to trade our stuff with Bitcoin, but I believe that I've heard about Bitcoin ATMs that we can buy Bitcoin directly from that ATM when we put our money to the ATM. I hope in the future we're not too reliant on the bank.

But we still use fiat when using bitcoin ATM, fiat currency is still managed by the bank. If it is said that we do not depend on the bank, then we will not use any services or products of the bank and that is impossible. Banks have always played an important role in our transactions in one way or another.

[jaberwock]

This can work out because there are still other ways to purchase a crypto not just through banks. Some of them are already given by the users in this thread but don't worry because I don't think many banks are going to agree with it as they know that they are getting a benefit through this because like you, there are people who find it easy to use banks to purchase a crypto.

Right p2p purchases could do the work but p2p won't work in long run. Someone does have to buy token at one point and gov could make this illegal if they want.

P2P sites are like a decentralized exchange so no governments can interfere with their operations and so far I haven't heard any P2P sites that have been shut down by the governments. They are not like the mixers where the governments are always after them because these services are often been used by the criminals. It may be possible that some P2P sites will be shut down by their owners but the reason for it is different and not totally related to the government.

[Faisal2202]

In what ways can someone buy Bitcoin without the help of Banks?

The era of Decentralization is still in progress. You arose the most important question no doubt, how much we talk about the potential of DEXs and the cons of Banks but at some point, we need banks because banks have taken a lot of time to be settled into the minds of generations like the main pillar of the economy. And how old these DEXs is? Not more than 18 years old. But so far DEX has improvised with great features. The first one was Peer to Peer which was the main slogan of DEX.

We can perform Peer to Peer exchange of our money with BTC without any need for banks but it is possible only in the same bordering. What if we want to do p2p outside our territory like in another country how we can send money to buy BTC? I think PayPal, web money, Payoneer, etc are the options that are available but at some point, these exchanges are also linked and dependent on Banks. Secondly, we can use BTC ATMs (BTMs)to buy it. Here is the shortlist of btc atms platforms.

• Coin ATM Radar
• CoinFlip
• Bitcoin Depot
• Bitnovo

These are a few platforms that allow you to buy BTC by using ATMs and these comprise maps to help you to find btc atms near you.

Thirdly, you can take payments for your services and products that you will sell to others in form of BTC, and can use BTC atms to withdraw them. But no doubt taxation is there to cut your income.

[Bushdark]

Charles Hoskinson stated that cryptocurrency needs to cut ties with banks, how do you think this will work out? Because I use Fiat through Bank to purchase Bitcoin and other altcoins, is there any possible way that this can work out? What ways can someone buy Bitcoin without the help of Banks?

We will always need the halp our bank for us to purchase Bitcoin since fiat is one of the major ways we can acquire Bitcoin through purchase. Fiat is very important in our daily lives even though we prefer Bitcoin to fiat. Since the adoption of Bitcoin in many regions is still in process them we must wait and continue the use of fiat till when the government would be ready to adoption the use of Bitcoin in every of out transactions. The use of fiat will still continue for long till when the world government would decide to consider Bitcoin as a payment of goods and services use for exchange.

[knowngunman]

There are several ways to buy Bitcoin without the help of a bank. Here are some of the most common options:

Peer-to-peer (P2P) Marketplaces: P2P marketplaces like LocalBitcoins, Paxful, and BitQuick allow buyers to directly connect with sellers and purchase Bitcoin using various payment methods, including cash, gift cards, and bank transfers.

Bitcoin ATMs: Bitcoin ATMs are machines that allow users to buy Bitcoin with cash or debit/credit cards. These machines are becoming more common and can be found in many major cities around the world.

Online Exchanges: There are several online exchanges like Coinbase, Binance, and Kraken that allow users to buy Bitcoin using various payment methods. However, these exchanges may require users to link their bank accounts or credit cards to make a purchase.

Bitcoin Vouchers or Gift Cards: Some services allow users to purchase Bitcoin vouchers or gift cards that can be redeemed for Bitcoin. These vouchers or gift cards can be purchased in stores or online using cash or other payment methods.

It's important to note that buying Bitcoin carries risks, and it's essential to do your research and only buy from reputable sources. Additionally, it's important to keep your Bitcoin secure by using a secure wallet and taking other necessary precautions to prevent theft or loss.

You're making point by contradicting yourself. How is Bank  not involved in all the options you mentioned above? Per 2 per with someone you can not see will definitely make use of transfer of funds to settle the deal and that is a bank service. I have not seen Bitcoin ATM in my region thou but ATM in general are property of banks. In conclusion, I think you don't seem to understand the content of the OP before making your comment.

[coinerer]

But one way you can buy bitcoins without the help of a bank with cash is if someone around you sells bitcoins and you are physically present to receive bitcoins from them in exchange for money called peer-to-peer transactions.

Using cash to exchange bitcoins is too risky, if you are in a country where bitcoin is still banned. It won't be a problem if you are only dealing with small amounts, but if you want to exchange large amounts of bitcoin and you need to have a lot of cash, this is dangerous for both parties. As long as fiat, the bank remains the center of the monetary world, we will not be able to get rid of our dependence on it. Bitcoin is still just an asset, a commodity, not a currency or a unit of measure like fiat.

In countries where Bitcoin is still banned, both buying and selling Bitcoin is a crime.  And when one person buys bitcoin there must be another person selling it. so no one ever reveals anyone's bitcoin transaction. Because if it comes out and everyone knows about it, both will have problems and both will be punished.  So, no one will reveal anyone's word and the transaction will be done in hidden way. And in countries where Bitcoin is considered legal currency, peer-to-peer transactions are certainly not a problem.

[xzy887]

There are several online payment/wallet apps in my country (regulated) that are accepted for deposit methods on some local crypto exchanges. It's not difficult to top up wallet balance because retail partners are available even around me (remote area). This application also allows you to buy bitcoin f2f or exchange crypto vouchers/giftcards between anyone who is willing.

Of course, like you, I could also advise him to use other means of transaction other than the bank in my country. But as I do not know what country he lives in, I cannot say what means he has in his country to transact with anyone other than banks. I believe that in all countries there are many ways other than banks to do business with everyone. He can buy bitcoins using those methods in his country if he wants.