How safe are physical exchanges in your neighborhood.

[SmartCharpa]

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

I'm not sure what risks there may be for your country in using cryptocurrencies, but not only in your country has the government made it clear that using Bitcoin is against the law there. Nevertheless, in my opinion, if your government forbids the use of Bitcoin there, you should stop using it and avoid any situations that could land you in jail. I can see that there is no faithful unity in your country, but in my country, using cryptocurrencies is illegal either, but not as awful as your country. For your own safety, stop using it, mate.

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[Obari]

If as you said, you are not willing to use bitcoin in public, it means that you do not want people to know you are a bitcoin investor. If everyone is like you, how can bitcoin become a currency, a means of payment when everyone hides that they own bitcoin? We always want bitcoin to become more popular, always want people to know more about bitcoin, but meanwhile we are afraid to use bitcoin or spread bitcoin to others. How can bitcoin become popular?

The truth is that, despite the fact that we all want to see bitcoin  getting global recognition  and acceptance, doesn't mean that we would want to risk ourselves especially  in countries with very strict regulations against bitcoin  and cryptocurrency in general.
And with that been said, I wouldn't have to blame the woman because she made her exchange physical  and obvious and I also wouldn't expect the woman to ask her customers the source of their  wealth before trading with them because I believe  bitcoin  is decentralized and as such she wasn't expected to ask her customers how their bitcoin  is gotten because there are people who earn and own bitcoin  genuinely and I think the security  officers were to rash with their decisions.

For your own safety, stop using it, mate.

Are you for real ?
I'm sorry to say but I dont see myself leaving bitcoin  ever because everything I've owned is courtesy  of bitcoin  and I wouldn't say I'm extremely  careful but I think I'm conscious enough not to let people know I own bitcoin  and that doesn't mean I don't preach about it in the little  way I could  and I've also held seminars in my local church
to enlighten people about it but everything  should be done consciously.

[sokani]

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

I've not seen any physical exchange in my locality but I have come across a topic on Bitcointalk where someone from my country shared a snapshot of a physical crypto shop where one can trade cryptocurrency. Personally, I would not trade with such exchange because I'm concerned about my privacy and security. One can always exchange crypto assets through online exchange or P2P services from the comfort of his home, so why would I want to go to a physical store or meet someone I don't know from anywhere and possibly get myself in trouble? One could even get robbed or lost his life in such places. Because of the level of risk involved I would distance myself from such places and not take part in any form of physical cryptocurrency trading.

[Emmanuelex]

Which country are you referring to here?
I think it's very important that we all get to know what the rules are concerning Bitcoin in our countries before doing anything. Where I stay, there are physical exchangers, but you don't really need to visit their office for any exchange , you can do any exchange with them online and most of them even have Apps that you can download from app stores to make your trading easier. They just set up the physical locations as a way to establish trust.

[coupable]

This is the first time I'm hearing about a physical exchange of Bitcoin and I hope the OP or those who have tried these services can tell us what countries they live in and how it works. This is just out of curiosity and knowledge of something new, but personally I would never venture to use these services if the country does not support crypto services. In the most extreme cases, if I have to use it, I prefer to maintain as much privacy as possible, such as visiting stores that are not in my neighborhood, or dividing the amount that I want to exchange into more than one part, and asking some friends to exchange it for me at new addresses. It is not without risk, in my opinion.

[n0ne]

This is the first time I'm hearing about a physical exchange of Bitcoin and I hope the OP or those who have tried these services can tell us what countries they live in and how it works. This is just out of curiosity and knowledge of something new, but personally I would never venture to use these services if the country does not support crypto services. In the most extreme cases, if I have to use it, I prefer to maintain as much privacy as possible, such as visiting stores that are not in my neighborhood, or dividing the amount that I want to exchange into more than one part, and asking some friends to exchange it for me at new addresses. It is not without risk, in my opinion.

When the country hadn't legally providing support for the service, it is really risky to run the exchange service. In my country I haven't come across these kind of services, but I have the thought of opening a store to support people to know about bitcoin and invest into it. In my country the same problem, the government isn't steady in its position. Anytime something against the service can happen, better is to stay away from these kind of services. However in my understanding these services surely help with the spread about bitcoin.

[PX-Z]

Depends on the place/location, but since there is no physical exchange in my area i can't give any experience regarding it but just a theory. Because asking how safe physical

(crypto)

exchanges are like asking if transacting in banks are safe as well regardless of the amount you transacted.  Of course the always, is always yes. Those incidents are outside of the area, just be wary and when filling forms always dont put your complete details.

This is the first time I'm hearing about a physical exchange of Bitcoin and I hope the OP or those who have tried these services can tell us what countries they live in and how it works.

Some exchanges offices allowed OTC transactions for a certain amount especially in US ot maybe here in PH as well.

[Best-mary]

In as much as the best form of coin exchange or conversion to fiat and vice versa is physical since this will limit or minimize the risk of scam faced when using online platforms. I still think that in countries where bitcoin or cryptocurrency at large are frown at, one should engage in bitcoin discreetly.

This is also why I don’t agree with shops or businesses publicly making bitcoin a payment option in countries like this, because Just like this case scenario once the government comes hunting for those who violate the law you will be first to be napped.

Just like in my country where BTC isn't fully accepted, we use P2P which is way easier and faster and most importantly, using an exchange that takes my asset's safety seriously.

Sometimes, I trade it. Like asking my friends if they have usdt then in return, I pay them in cash. No KYC needed. Easy and safe!

[fuguebtc]

If as you said, you are not willing to use bitcoin in public, it means that you do not want people to know you are a bitcoin investor. If everyone is like you, how can bitcoin become a currency, a means of payment when everyone hides that they own bitcoin? We always want bitcoin to become more popular, always want people to know more about bitcoin, but meanwhile we are afraid to use bitcoin or spread bitcoin to others. How can bitcoin become popular?

The truth is that, despite the fact that we all want to see bitcoin  getting global recognition  and acceptance, doesn't mean that we would want to risk ourselves especially  in countries with very strict regulations against bitcoin  and cryptocurrency in general.
And with that been said, I wouldn't have to blame the woman because she made her exchange physical  and obvious and I also wouldn't expect the woman to ask her customers the source of their  wealth before trading with them because I believe  bitcoin  is decentralized and as such she wasn't expected to ask her customers how their bitcoin  is gotten because there are people who earn and own bitcoin  genuinely and I think the security  officers were to rash with their decisions.

If your country's government has strict and nasty regulations on bitcoin, then I agree that we shouldn't risk spreading bitcoins to others or regularly using bitcoins. But if your country has regulated and legalized bitcoin, then we need to do something to make bitcoin more popular. Don't be too selfish when we always say people should disseminate information about bitcoin while we keep it a secret from others. Many people are doing this, they often go on social media to urge people to spread bitcoin to the people around to make bitcoin more popular, but they are not doing it because they think they need privacy, and that is selfish.

[Wimex]

Hmm... I really didn't know about that news, in which country was this event held? But based on the context you gave, I don't understand why make your personal exchanges public?.. If there are restrictions where you live, it would be best to do it anonymously, don't you think? On the other hand, answering your question, first of all the fate of physical cryptocurrency exchanges may vary depending on the regulation and adoption in your country… Since as cryptocurrencies gain popularity, some countries have implemented regulations to Supervise and control the activities related to them. .. In my case, physical exchanges are not seen very often, ignorance towards Bitcoin still abounds here... I hope this will change in the future and there will be more people who know what Bitcoin is at least..

Aside from law enforcement agencies, we also have security threat to be the major risk in making your bitcoin exchange public,  because people are found of seeing those with Bitcoin as being supper rich since the own the magic money but on the other hand,  if you operate online exchange that way your privacy will be highly protected and no one will ever know your worth or what you can afford or not.

Have you ever asked yourself why Binance which happens to be the world's biggest exchange doesn't have a physical office,  this is because office space costs much more in terms of bills and security,  as long as you can perform 100% from online,  it means online.

If you operate the online exchange in this way, your privacy will be highly protected and no one will ever know your value or what you can or cannot afford.

Trading online does not necessarily keep you safe…. It has been possible to see news of people whose assets have been stolen when carrying out their transactions in this way, security is being increasingly attacked against users, especially those who handle bitcoin, and this happens without even making public the procedures that are made with this currency or the amount that is owned, imagine that everyone started talking about how much they earn and in what currency they get all that money, obviously it would alert the malicious to attack you. Hackers have intensified in recent years, and this is due to the information that is handled, as you indicate:

people see those with Bitcoin as super rich

  which is why they are alert to any movement that it is done with bitcoin, truth is difficult to keep our bitcoin totally safe, the only thing that can be done is to be extremely careful in the anonymity and in each exchange process that is carried out.

[Lorence.xD]

Here in my place where I lived, I didn't found yet that there are physical exchanges for crypto. If ever I see one, I'll be happy and maybe immediately try their service. But before I do that, we have to remember that if people know that you have a crypto, what they think is that you have a lot of money. So if criminals knows about it, they will surely eyeing that person.

So in my opinion, it's not ideal to use physical exchanges for crypto because it may risk your life. Remember, Bitcoin was made for our safety, so if we use physical exchanges, we are not doing the best use of Bitcoin.

It's actually rare to have physical exchanges that are related to crypto like in my country which is PH. If you joined some group page or any group about crypto where you could ask them to have physical transaction so you could have guaranteed exchange, but the fact that your safety is on danger is not already convenient. As you mentioned that some criminal might target you due to they might find out that you are actually holding Bitcoin is not already convincing to implement physical exchanges. Bitcoin could be done thru the use of the internet internationally so it's much convenient no hassle on meeting up strangers plus you could do transactions without even revealing your identity. It might work if they have alternative solutions or way to avoid such illegal things.

[coupable]

This is the first time I'm hearing about a physical exchange of Bitcoin and I hope the OP or those who have tried these services can tell us what countries they live in and how it works. This is just out of curiosity and knowledge of something new, but personally I would never venture to use these services if the country does not support crypto services. In the most extreme cases, if I have to use it, I prefer to maintain as much privacy as possible, such as visiting stores that are not in my neighborhood, or dividing the amount that I want to exchange into more than one part, and asking some friends to exchange it for me at new addresses. It is not without risk, in my opinion.

When the country hadn't legally providing support for the service, it is really risky to run the exchange service. In my country I haven't come across these kind of services, but I have the thought of opening a store to support people to know about bitcoin and invest into it. In my country the same problem, the government isn't steady in its position. Anytime something against the service can happen, better is to stay away from these kind of services. However in my understanding these services surely help with the spread about bitcoin.

There is no doubt about that, but you can estimate the degree of risk in launching or using such a service even if the state supports this type of activity.
Crypto is basically made to preserve the largest percentage of privacy, and if part of that privacy must be lost, at least it is on an online platform and not directly in reality.
Then what is the difference between this what we call "physical trading" and the use of ATMs? Aren't these machines more efficient and reliable? I still insist on the seriousness of this type of exchange and that it is different from peer-to-peer exchanges.

[Ale88]

Hmm... I really didn't know about that news, in which country was this event held? But based on the context you gave, I don't understand why make your personal exchanges public?.. If there are restrictions where you live, it would be best to do it anonymously, don't you think? On the other hand, answering your question, first of all the fate of physical cryptocurrency exchanges may vary depending on the regulation and adoption in your country… Since as cryptocurrencies gain popularity, some countries have implemented regulations to Supervise and control the activities related to them. .. In my case, physical exchanges are not seen very often, ignorance towards Bitcoin still abounds here... I hope this will change in the future and there will be more people who know what Bitcoin is at least..

Aside from law enforcement agencies, we also have security threat to be the major risk in making your bitcoin exchange public,  because people are found of seeing those with Bitcoin as being supper rich since the own the magic money but on the other hand,  if you operate online exchange that way your privacy will be highly protected and no one will ever know your worth or what you can afford or not.

Have you ever asked yourself why Binance which happens to be the world's biggest exchange doesn't have a physical office,  this is because office space costs much more in terms of bills and security,  as long as you can perform 100% from online,  it means online.

If you operate the online exchange in this way, your privacy will be highly protected and no one will ever know your value or what you can or cannot afford.

Trading online does not necessarily keep you safe…. It has been possible to see news of people whose assets have been stolen when carrying out their transactions in this way, security is being increasingly attacked against users, especially those who handle bitcoin, and this happens without even making public the procedures that are made with this currency or the amount that is owned, imagine that everyone started talking about how much they earn and in what currency they get all that money, obviously it would alert the malicious to attack you. Hackers have intensified in recent years, and this is due to the information that is handled, as you indicate:

people see those with Bitcoin as super rich

  which is why they are alert to any movement that it is done with bitcoin, truth is difficult to keep our bitcoin totally safe, the only thing that can be done is to be extremely careful in the anonymity and in each exchange process that is carried out.

I still see way more dangerous physically going to some store to buy bitcoin rather than doing it online. If you go to a store everybody sees you, they may even follow you home to check if you live in a small apartment of if you have a big house, they see what type of car you drive and with all those information it's easy to guess how much money you may have.

[panganib999]

I don't have exchanges near me, closest thing we have here for a cryptocurrency exchange is a lone bitcoin ATM that I'd have to travel 25 mins first before getting into, so you can only imagine how hard it is. Plus, the country I live in is at this limbo of being well aware of what crypto is and how it works, while at the same time completely oblivious to its existence in some sort of paradox lol. I wish more people would've been aware of bitcoin here for these discussions to even warrant notice in my part but it's just not that rampant.

Anywho, as for the bitcoin ATM, it's relatively safe, never heard of it ever getting pried open or stolen by thieves, despite the fact that it doesn't even have a bodyguard to keep it secure at all times.

[Wiwo]

I still see way more dangerous physically going to some store to buy bitcoin rather than doing it online. If you go to a store everybody sees you, they may even follow you home to check if you live in a small apartment of if you have a big house, they see what type of car you drive and with all those information it's easy to guess how much money you may have.

The truth is that,  I always question this kind of statement where users make such assumption that bitcoin could be bought at a physical exchange,  because everything about Bitcoin is done digitally so the privacy is still there despite visiting a physical exchange it doesn't really means you are totally at risk of security challenges.

Although the best way to buy your bitcoin os through an exchange and have them transferred to your personal wallet,  visiting a physical exchange increase your risks of security but then also depends on your location because some of the bitcoin p2p exchange are unbranded and have other business running in the same environment so no one can really tell what you went in to do.

[TimeTeller]

I still see way more dangerous physically going to some store to buy bitcoin rather than doing it online. If you go to a store everybody sees you, they may even follow you home to check if you live in a small apartment of if you have a big house, they see what type of car you drive and with all those information it's easy to guess how much money you may have.

The truth is that,  I always question this kind of statement where users make such assumption that bitcoin could be bought at a physical exchange,  because everything about Bitcoin is done digitally so the privacy is still there despite visiting a physical exchange it doesn't really means you are totally at risk of security challenges.

Although the best way to buy your bitcoin os through an exchange and have them transferred to your personal wallet,  visiting a physical exchange increase your risks of security but then also depends on your location because some of the bitcoin p2p exchange are unbranded and have other business running in the same environment so no one can really tell what you went in to do.

I believe, physical crypto-exchanges are not very common because if you are in this market, more than likely, you are transacting via digital ways.
Because you will find out soon that the convenience and the fees involved are relatively cheaper than we you visit a local physical crypto-exchange.
You may opt for this option if you are in a tight position where you have no access online and the only choice is to go to this physical exchange.
And also, most crypto-exchanges are operating online. It would be easy to find an online exchange rather than a physical one. There's too much hassle visiting one.

[Mate2237]

Really even in my locality the fear is there that law enforcement agencies will embarrass bitcoiners so all the people that involves in bitcoin activities both traders and investors are very much careful about the transaction and the kind of apps we keep in our phones. Because the CBN banned bitcoin in the 2021, the law enforcement agencies have taken this as an opportunity to embarrass young men in the country. Even though you dress well, it's a problem, the agencies would be suspecting to be a fraudster.

So because of all those maltreatment by the agencies, many users of cryptocurrencies hide their apps and any thing that is related to cryptocurrency. If not neighbourhood p2p is one of the best way for transactions.

[molsewid]

I don't support the use of physical exchange or black market shops this has more negative effect of the coin holder as the risk of getting attacked is high since most people will know when you make use of such exchange and even the police as mentioned can keep an eye on your activities once their picked your presence is such exchange shops.
And there is no way to compare online exchange to physical exchange even though with the high risk of scams associated with online coin exchange or can't be compared to what you face when you decide to do a face-to-face exchange, in fact, the physical exchange is not an option to me.

I agree, the token holder might be at risk for this. Knowing that if you are dealing with stranger you are not sure what is going in his mind or maybe his reason for meet up and exchange his coin/token/fiat. The reason why crypto is created is for anonymity ,  but I knew some people who do this kind of thing when they are hodling a large amount of bitcoin in casinos because they can freely show their money in their and there's a lot of guards.

[eightdots]

This is the first time I'm hearing about a physical exchange of Bitcoin and I hope the OP or those who have tried these services can tell us what countries they live in and how it works. This is just out of curiosity and knowledge of something new, but personally I would never venture to use these services if the country does not support crypto services. In the most extreme cases, if I have to use it, I prefer to maintain as much privacy as possible, such as visiting stores that are not in my neighborhood, or dividing the amount that I want to exchange into more than one part, and asking some friends to exchange it for me at new addresses. It is not without risk, in my opinion.

When the country hadn't legally providing support for the service, it is really risky to run the exchange service. In my country I haven't come across these kind of services, but I have the thought of opening a store to support people to know about bitcoin and invest into it. In my country the same problem, the government isn't steady in its position. Anytime something against the service can happen, better is to stay away from these kind of services. However in my understanding these services surely help with the spread about bitcoin.

Always do what is legal. It's nice to think about something like this, but if it's not legal in your country, it's not the right thing to do. People often make videos on social media to share their knowledge about Bitcoin with other people. If it's not legal to open such a business in your country, you can make a video to appeal to a specific audience and pass on your knowledge.

My hope is that Bitcoin will eventually be legally accepted in countries. Bitcoin ATMs are available and used in my country. Especially people from abroad use these ATMs. Some cafes have Bitcoin payment options. These should be everywhere in the world. Because people deserve to pay and shop with a single currency everywhere.

[coupable]

This is the first time I'm hearing about a physical exchange of Bitcoin and I hope the OP or those who have tried these services can tell us what countries they live in and how it works. This is just out of curiosity and knowledge of something new, but personally I would never venture to use these services if the country does not support crypto services. In the most extreme cases, if I have to use it, I prefer to maintain as much privacy as possible, such as visiting stores that are not in my neighborhood, or dividing the amount that I want to exchange into more than one part, and asking some friends to exchange it for me at new addresses. It is not without risk, in my opinion.

When the country hadn't legally providing support for the service, it is really risky to run the exchange service. In my country I haven't come across these kind of services, but I have the thought of opening a store to support people to know about bitcoin and invest into it. In my country the same problem, the government isn't steady in its position. Anytime something against the service can happen, better is to stay away from these kind of services. However in my understanding these services surely help with the spread about bitcoin.

Always do what is legal. It's nice to think about something like this, but if it's not legal in your country, it's not the right thing to do. People often make videos on social media to share their knowledge about Bitcoin with other people. If it's not legal to open such a business in your country, you can make a video to appeal to a specific audience and pass on your knowledge.

My hope is that Bitcoin will eventually be legally accepted in countries. Bitcoin ATMs are available and used in my country. Especially people from abroad use these ATMs. Some cafes have Bitcoin payment options. These should be everywhere in the world. Because people deserve to pay and shop with a single currency everywhere.

It is important to note that it is not easy for countries to adopt bitcoin in a decentralized way, and that even countries that adopt bitcoin uses partially or completely treat it as fiat digital money, since it is not possible to maintain the required amount of privacy, and therefore there is no benefit. Who can use it since fiat money can be used in the same way. Today, in the countries with the largest rates of crypto users, we find that stablecoins, whose backed by the dollar, are the most used.