How safe are physical exchanges in your neighborhood.

[Dunamisx]

~Do you think those dealers are safe?
~And what's the fate  of physical  cryptocurrency exchanges(r) in your country?

There's no much difference between the physical exchange and the online exchanges because they are all centralized and illicit activities can occur with anyone of them and same also is scam everywhere irrespective of the avenue or platform used, to me physical exchange will be more risky with dangers to use than the online ones because there will be improper coordinations and abuse on the exchange which may also result to somethings being manipulated.

The issue of scalability while dealing with bulk could also serve a challenge as well, of they were not banned by the government then they can operate but should be ready to face huge regulations from them and this begins with them having issues on tax payment and the likes, non compliance will attract sanction on them.

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[CypherMonk]

I believe  the topic speaks volume for itself as it is already self explanatory.
This question was born out of a real life experience  where a petty trader was publicly  harassed by some uniformed security  personnels claiming  to be some police  officers and after some investigations the security  personnels claimed that the woman aided some criminal  activities  as well as some internet fraud simply because she made her private exchanges public and the government as some point also frowns  at the use of bitcoin  in my country.

Now my worries is that, this singular act has driven alot of fear to some low key bitcoin holders in my neighborhood  even myself and there are shops I hope in town that operate physical  exchanges.

~Do you think those dealers are safe?
~And what's the fate  of physical  cryptocurrency exchanges(r) in your country?

Let's  discuss

Physical exchange may be ideal for most people but for me NO. That's because of safety. Even if I'm to use a physical exchange, I will only transact a small amount of money, maybe $100.

There are a lot of people in the neighborhood looking for people to target and a simple mistake can lead to someone getting robbed or killed.

[BALIK]

Why do you need to trade in person when bitcoin is digital and you can trade it from halfway around the world?  Perhaps you live in a country where it is not possible to have a bank account and therefore you cannot open a bank account so the only way to exchange is in person.

There are plenty of good reasons why people choose physical exchanges to convert their crypto to cash and vice versa. One major reason is that many folks around the world don't have access to traditional banks for various reasons. They're what we call "bankless." Plus, physical exchanges often have looser rules when it comes to KYC requirements, making them attractive to individuals who value anonymity or prefer not to disclose extensive personal information during transactions.

I have never heard of someone who doesn't have access to traditional banks because banks are always in need of customers, they will always welcome anyone to come to them unless you are underage to use their services. Maybe KYC is part of why many people don't like using online exchanges, but a physical exchange also doesn't guarantee complete anonymity since it's a person-to-person transaction. You also won't be able to tell if the person you are dealing directly with is a government member.

[Outhue]

Do people still operate physical exchanges today? That's sad, because it's not going to be easy even if the government of that country supports crypto, exchanges are better run online than offline and it's way safer and well protected, for your sake and for the future of the exchange business. If there is a physical exchange in my city I will never use it because of my safety, more people will get to know that I am into crypto, and those people working in such exchange can even side to do you wrong because they know your face, physical exchange is not advisable, please reconsider.

[Obari]

Do people still operate physical exchanges today? That's sad, because it's not going to be easy even if the government of that country supports crypto, exchanges are better run online than offline and it's way safer and well protected, for your sake and for the future of the exchange business. If there is a physical exchange in my city I will never use it because of my safety, more people will get to know that I am into crypto, and those people working in such exchange can even side to do you wrong because they know your face, physical exchange is not advisable, please reconsider.

Well I don't of your country but I don't think the buyer from a physical exchange might be at risk except the exchanger but most times I think these physical exchanges works more better for people who have serious trust issues or persons who want to trade very huge amount of money and want some form of guaranty  which might be offered  my most physical exchanges.
I'm basically  worried over the safety of the operators.

Why do you need to trade in person when bitcoin is digital and you can trade it from halfway around the world?  Perhaps you live in a country where it is not possible to have a bank account and therefore you cannot open a bank account so the only way to exchange is in person.

There are plenty of good reasons why people choose physical exchanges to convert their crypto to cash and vice versa. One major reason is that many folks around the world don't have access to traditional banks for various reasons. They're what we call "bankless." Plus, physical exchanges often have looser rules when it comes to KYC requirements, making them attractive to individuals who value anonymity or prefer not to disclose extensive personal information during transactions.

I have never heard of someone who doesn't have access to traditional banks because banks are always in need of customers, they will always welcome anyone to come to them unless you are underage to use their services. Maybe KYC is part of why many people don't like using online exchanges, but a physical exchange also doesn't guarantee complete anonymity since it's a person-to-person transaction. You also won't be able to tell if the person you are dealing directly with is a government member.

There are thousands  and as well as millions of persons who don't have access to local banks for some several reasons and don't be surprised because there are persons who even in my local community don't have a bank account  and they're way old enough to have an account.

And physical  exchanges  is on the other hand fair with their kyc terms and there are possibilities  of someone traveling  from a different  neighborhood  to another justbto use their exchanges and by so doing,  I think he or she might stay really anonymous.

@mendace, when bitcoin  was first launched, there were several  difficulties with exchanges and that also prompted some physical exchanges and some of them are still in active service regardless of the presence of traditional banks and most of their customers  still trade with them for either convenience or trust or even both.

[mendace]

Do people still operate physical exchanges today? That's sad, because it's not going to be easy even if the government of that country supports crypto, exchanges are better run online than offline and it's way safer and well protected, for your sake and for the future of the exchange business. If there is a physical exchange in my city I will never use it because of my safety, more people will get to know that I am into crypto, and those people working in such exchange can even side to do you wrong because they know your face, physical exchange is not advisable, please reconsider.

Well I don't of your country but I don't think the buyer from a physical exchange might be at risk except the exchanger but most times I think these physical exchanges works more better for people who have serious trust issues or persons who want to trade very huge amount of money and want some form of guaranty  which might be offered  my most physical exchanges.
I'm basically  worried over the safety of the operators.

Why do you need to trade in person when bitcoin is digital and you can trade it from halfway around the world?  Perhaps you live in a country where it is not possible to have a bank account and therefore you cannot open a bank account so the only way to exchange is in person.

There are plenty of good reasons why people choose physical exchanges to convert their crypto to cash and vice versa. One major reason is that many folks around the world don't have access to traditional banks for various reasons. They're what we call "bankless." Plus, physical exchanges often have looser rules when it comes to KYC requirements, making them attractive to individuals who value anonymity or prefer not to disclose extensive personal information during transactions.

I have never heard of someone who doesn't have access to traditional banks because banks are always in need of customers, they will always welcome anyone to come to them unless you are underage to use their services. Maybe KYC is part of why many people don't like using online exchanges, but a physical exchange also doesn't guarantee complete anonymity since it's a person-to-person transaction. You also won't be able to tell if the person you are dealing directly with is a government member.

There are thousands  and as well as millions of persons who don't have access to local banks for some several reasons and don't be surprised because there are persons who even in my local community don't have a bank account  and they're way old enough to have an account.

And physical  exchanges  is on the other hand fair with their kyc terms and there are possibilities  of someone traveling  from a different  neighborhood  to another justbto use their exchanges and by so doing,  I think he or she might stay really anonymous.

@mendace, when bitcoin  was first launched, there were several  difficulties with exchanges and that also prompted some physical exchanges and some of them are still in active service regardless of the presence of traditional banks and most of their customers  still trade with them for either convenience or trust or even both.

Of course, I fully understand your point of view and I understand that when it was launched there were difficulties but now I also understand that Bitcoin is no longer what it used to be and it has a value and a physical exchange is risky since you never know who you can encounter. I am well aware that many countries do not have access to bank accounts and this makes it very difficult to be able to do them online both with and without kyc. I hope a solution is found soon, I know that Jack has started Stripe even in the most remote countries of this planet, it could be a good opportunity.

[Alpha Marine]

~Do you think those dealers are safe?
~And what's the fate  of physical  cryptocurrency exchanges(r) in your country?

Let's  discuss

The problem is in countries like this, the authorities don't really care if the dealer committed a crime or not. Most of the time they see the dealer as a fraud because they don't really understand how all this works.
Other times, these traders receive money that was gotten through fraud or money from an account that was under red notice by the authorities. What's worst is these traders may not know anything about the source of the money or the account the money came from. Things can get really messy for them at this point.
They all just gotta be careful if they are in countries where Bitcoin and other crypto activities are frowned upon.

[Bitstar_coin]

I don't think i have ever come across any physical exchange here in my country and lets assuming i some how come across one, i highly doubt i will be transacting with such exchange physically because of security reasons which is most important, transacting crypto physically can make you appear vulnerable to criminals and that's very risky.
I like the secured or no physical contact way of online exchange much better.

[Falconer]

I have no experience with this as I'm having a hard time finding a physical exchange for bitcoin. If there is, maybe I will deliberately ignored it because of security and privacy. I tend to prefer using a centralized exchange even if it requires me to complete KYC instead of using a physical exchange for something I don't feel comfortable with.

[Cookdata]

~Do you think those dealers are safe?
~And what's the fate  of physical  cryptocurrency exchanges(r) in your country?

Let's  discuss

Operating a physical business that accepts Bitcoin carries certain risks, but it also has its advantages, particularly in promoting the concept of Bitcoin as a legitimate form of currency. To mitigate these risks, it is advisable to set up the business(physical exchange) in a location that is visible to the public, preferably in a busy area where potential assistance from bystanders is readily available in case of harassment or attempted theft of Bitcoin.

On the other hand, there are individuals and businesses that conduct their operations by accepting digital transfers and fiat currency through inter or intra-bank transactions and they are very okay, and when you consider the security features with Bitcoin, Bitcoin has a big merit because, with Bitcoin, the highest level of security lies in the possession of your private key, without this key, it is virtually impossible for anyone to access your wallet. In contrast, many bank applications only require a PIN to initiate a transfer, which may not provide the same level of security as Bitcoin's private key.

[Fivestar4everMVP]

First and foremost, in a country like Nigeria where cryptocurrency transactions are still under a ban, it makes no sense to operate a physical crypto currency exchange, any body doing otherwise is simply being disobedient to the law of the land, and may end up being punished by the government if the person is arraigned and taken to court for judgement.

And secondly, I think how safe a physical cryptocurrency exchange is largely depends on the country and region where the exchange is situated, like what I said above, a physical exchange is not safe for a country like Nigeria at this very moment, but there are other crypto friendly countries where it is absolutely safe to operate a physical crypto exchange.

[The Cryptovator]

Bitcoin and other cryptocurrencies are not legally recognized in my country, making physical exchanges impossible. Consequently, I am wary of engaging in physical crypto exchanges due to the potential risks. Both criminals and government authorities can swiftly target individuals involved in such transactions, leading to significant troubles in their real lives. Thus, it is advisable to utilize online trusted exchanges for cashing out or purchasing cryptocurrencies. It is imprudent to willingly subject oneself to unnecessary troubles.

[Hispo]

Physical exchangers are not a thing here in Venezuela. Our authorities are corrupt and they will likely harrass merchants and even clients, knowing they have Bitcoin holdings.

See, one of the main reasons for any Venezuelan to embrace Bitcoin and Stable coins is to protect our assets from inflation and also to have a safe and stealthy way to keep our money off the hands and sight of crooks.

So, in short, there is no physical exchanger here and if there was they would not be safe, sadly, but it is how things are.

[Dr.Bitcoin_Strange]

Well, I will start by saying that a good citizen of a country is always law-abiding, but the truth is that there are some government policies that citizens do bend to their satisfaction because they know the benefits that come along with them. Most especially when it concerns Bitcoin, a real Bitcoiner is always stubborn about any law that will hinder him or her from accumulating it. In my country, there are few physical crypto exchanges, but I don't even trust them because there are a lot of scams through those exchanges. Well, even with physical exchange in my country, it's not mostly used by Bitcoiners, but a lot of people here are very educated when it comes to cryptocurrency dealing, so instead of going through physical exchange, they mostly ask their friends to assist them, and they will just buy from CEX.

The person who got harassed should have been more careful about keeping her crypto transactions private so that she wouldn't have got caught by the police. Now that there have been a lot of attacks on Bitcoin, it's not even very safe to involve yourself in physical exchange; instead, the DEX platform is available to carry out one's Bitcoin transactions.

[AmoreJaz]

Physical exchangers are not a thing here in Venezuela. Our authorities are corrupt and they will likely harrass merchants and even clients, knowing they have Bitcoin holdings.

See, one of the main reasons for any Venezuelan to embrace Bitcoin and Stable coins is to protect our assets from inflation and also to have a safe and stealthy way to keep our money off the hands and sight of crooks.

So, in short, there is no physical exchanger here and if there was they would not be safe, sadly, but it is how things are.

not seeing any physical exchange where i am currently residing as well. if you are into crypto, it is always convenient to trade via online exchanges. just few taps on your phone and you're good to go. so don't know why people will use physical exchange if you can easily access them online?
also, you don't need to worry about your security as no one will know your transactions online, if you will keep your txs discreet.

[Hispo]

Physical exchangers are not a thing here in Venezuela. Our authorities are corrupt and they will likely harrass merchants and even clients, knowing they have Bitcoin holdings.

See, one of the main reasons for any Venezuelan to embrace Bitcoin and Stable coins is to protect our assets from inflation and also to have a safe and stealthy way to keep our money off the hands and sight of crooks.

So, in short, there is no physical exchanger here and if there was they would not be safe, sadly, but it is how things are.

not seeing any physical exchange where i am currently residing as well. if you are into crypto, it is always convenient to trade via online exchanges. just few taps on your phone and you're good to go. so don't know why people will use physical exchange if you can easily access them online?
also, you don't need to worry about your security as no one will know your transactions online, if you will keep your txs discreet.

If I had to guess on it, I would say that OP is likely from a place where cash is mostly used as medium of exchange, instead bank transferences or electronic money wiring. It is common in unbaked communities, I would assume, there cash is king and since crypto is also attractive for the unbanked living in developing countries, it would make sense there would be some proliferation of exchange houses.

It is easy for both of us to say it is better to use online services, because we are banked. We need to put ourselves on other's shoes. It is not an choice for them but rather the only option to get liquidity or wire money through long distances.

[CryptoBuds]

Is there any way we can use bitcoin to secure privacy and use it as a currency?

You can use BTC for payment without exposing your privacy, first is that you shouldn't use addresses that hold a large amount of your BTC for payment. Take note that one very important way to protect privacy in the BTC network is to avoid reusing addresses, since it is very easy to create a new address, use a new one whenever you want to make payment, and to eclipse the origin of the funds sent into your address for payment, you can use a mixer or CoinJoin to receive the funds.

We are talking about a physical exchange, pay directly at the store. This means you are doing a person to person transaction, once you make a transaction with anyone and any amount of bitcoin, your partner has to know you use bitcoin. How can you continue to hide your identity? And what if the operator of that physical exchange is a government agency installed to monitor all investor activities in that locality? In my opinion, once you have used bitcoin to pay directly at the store, at least a few people will know your identity.

[smile1218]

Physical exchanges in neighborhoods can vary in safety depending on different factors. Some neighborhood may have higher crime rates and are less safe compared to others. One way to ensure safety is to meet in public place with good lighting and a lot of people around. It is also important to let someone know where you are going who are you meeting. Important to trust your instincts and avoid situations that make you feel uncomfortable or unsafe. Physical exchanges can be safe it is important to take precautions and be aware of one's surroundings to ensure personal safety.

[greek_hephaestus]

Physical exchanges in neighborhoods can vary in safety depending on different factors. Some neighborhood may have higher crime rates and are less safe compared to others. One way to ensure safety is to meet in public place with good lighting and a lot of people around. It is also important to let someone know where you are going who are you meeting. Important to trust your instincts and avoid situations that make you feel uncomfortable or unsafe. Physical exchanges can be safe it is important to take precautions and be aware of one's surroundings to ensure personal safety.

They talking about physical exchange and I would assume, there cash is king and since crypto is also attractive for the unbanked living in developing countries, it would make sense there would be some proliferation of exchange houses and it's Most especially when it concerns Bitcoin, a real Bitcoiner is always stubborn about any law that will hinder him or her from accumulating it and  The safety of physical cryptocurrency dealers depends on the legal and regulatory environment in your country.

[BlackBoss_]

~And what's the fate  of physical  cryptocurrency exchanges(r) in your country?

Trade in person is risky.

Trade in Bitcoin ATMs is expensive in fees for both buying and selling. In addition, Bitcoin ATMs will be regulated more, KYC requirements on users and Bitcoin ATM operators will be challenged by local governments.

I bet to differ that why we need to trade in person, trade with Bitcoin ATMs when we can have many options that can help our privacy as well as physical security.
Centralized exchanges are a lot, we can trade on them with fiat currencies, cards.
Decentralized exchanges, peer to peer marketplaces, without KYC, are available, why don't use them.

https://kycnot.me/