Will increasing banking restrictions lead to a rise in P2P transactions?

[Jet Cash]

I keep reading about bank accounts in the UK, US and EU being frozen due to crypto associations. This is concerning me, and I am reluctant now to use any exchanges to purchase Bitcoin. However, I am happy to purchase crypto via P2P transactions. These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account. Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

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[Oshosondy]

I do not like face to face trading because it is dangerous. In the country I am, I have to avoid it.

I keep reading about bank accounts in the UK, US and EU being frozen due to crypto associations. This is concerning me, and I am reluctant now to use any exchanges to purchase Bitcoin. However, I am happy to purchase crypto via P2P transactions. These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account. Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

This is how crypto was before. But people just like what is centralized because of their ignorance. Some people will argue with you that the centralized exchanges are regulated, unlike the opposite ones. They will not care about privacy. Most people of this world have ignorant thinking until they fall into a problem. Some people will even be ignorant because of lack of information about how it should be.

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

There are some decentralized exchanges and swap services already and people are using it with tor.

[Mia Chloe]

P2P has always been the best option for Bitcoin to fiat exchange and even exchange for one crypto to another especially when trying to avoid KYC.It was because of its easy and efficiency most exchanges  quickly copied it and added a KYC feature to make the lane man feel safe thinking their data is 100% safe with them like most exchanges usually say.

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

As for this crypto enthusiast are all putting hopes that Bitcoin will be fully accepted by major world countries. Especially
in countries where the government view it as totally illegal. Also I believe it's already taking a positive turn since some countries have fully legalized it. In my opinion I believe decentralization is the reason why most governments are refusing to legalize Bitcoin in their countries.

[Jawhead999]

These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account. Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

Probably it will, I've heard many Nigerians said their banks restrict crypto transactions, which force them to trade via P2P. If banks keep restrict crypto transactions, it will make people not to mix crypto and banks, but it only works if the demand is really high.

While some people might think to stop invest in cryptocurrency because they're afraid.

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

Yes Largest DEX receives wells notice from the SEC

[Oshosondy]

P2P has always been the best option for Bitcoin to fiat exchange and even exchange for one crypto to another especially when trying to avoid KYC.It was because of its easy and efficiency most exchanges  quickly copied it and added a KYC feature to make the lane man feel safe thinking their data is 100% safe with them like most exchanges usually say.

It makes them fee safe but they can still be scammed. Decentralized exchanges scams are avoidable.

As for this crypto enthusiast are all putting hopes that Bitcoin will be fully accepted by major world countries. Especially
in countries where the government view it as totally illegal. Also I believe it's already taking a positive turn since some countries have fully legalized it. In my opinion I believe decentralization is the reason why most governments are refusing to legalize Bitcoin in their countries.

I do not think there is any major countries that did not accept cryptocurrency. The countries that do not legalize crypto do not also legalize gambling. They have this wrong motive against crypto. You can see these countries in Northern part of Africa and also countries like Saudi Arabian and Qatar in Asia.

[OcTradism]

Peer to Peer transactions and trades are good for privacy but people will need to have deep knowledge on how this trade type works and how scammers can exploit it to scam naive newbies.

It is for everyone to use but with newbies, they will need to be very strong mentally to avoid any pressure from scammers to release coins and so on.

Most of people will choose convenience than privacy and if it is not mandatory, no other choices available, they will choose things that can bring convenience, not privacy. I don't expect banking restrictions will increase P2P transactions too much.

[Hatchy]

Probably it will, I've heard many Nigerians said their banks restrict crypto transactions, which force them to trade via P2P. If banks keep restrict crypto transactions, it will make people not to mix crypto and banks, but it only works if the demand is really high.

While some people might think to stop invest in cryptocurrency because they're afraid.

The truth is, alot of these government are scared of what might happen to their economic status if they accept or legalize crypto. Similar to what happened in my country Nigeria months ago, when our currency had depreciated alot towards the dollar. The government started raising fingers and began a race and fought back against crypto and crypto exchanges claiming that they were the cause of sudden fall of naira. Few months before all those drama, they had said to have removed the restrictions they placed on banks as regards crypto then suddenly they had another reason to fight against it.

From what we saw just few weeks after the fight against crypto exchanges, our local currency gained a lot of value once more. So we can't actually blame the government of such countries, they might be right to some extent. But if they are able to regulate crypto and probably assume to work together,  It will cause a major flaw in the main idea about decentralization which many crypto like Bitcoin was initially created for.

[Upgrade00]

Will increasing banking restrictions lead to a rise in P2P transactions?

Definitely. This same situation played out in Nigeria sometime 2 years ago, IIRC. The government baned banks from directly getting involved with Crypto transactions, so you could not fund your exchange wallet directly from the bank of withdraw directly to it as you could do before. After banks were restricted there was a sharp rise in P2P transactions and the Nigerian market quickly became one of the largest for P2P services.

Same scenario will play out anywhere else that has ardent Bitcoin users. Only the threat of government intervention in many places already grows the P2P market.

[Abu-Naim]

Peer to peer is good and will be the best if any form of scam can be avoided which is not possible.
Face to face peer to peer is very risky because one can be set on trap and can be rubbed all because of trust. On the other hand, one can also be scammed if there is not a trusted person to stand as a middleman to make sure the transaction is done with any cheat because people can be funny at times, they can decide to go away with people’s money because they are anonymous.

I like exchanges p2p because the exchanges are the excro to make sure there is no scam in any end, but I never tried any decentralized p2p so I don’t more about that, but I feel more safer with CEX p2p.

[Easteregg69]

It will force you on to a regulated exchanges and make you consider your old invest to be play money.

Second round is laundry! Hence the ETF's.

[ABCbits]

Many people are used with CEX, so i don't expect there'll major rise in P2P trading. It's more likely people will try to create bank account on different bank or even off-shore bank which doesn't forbid cryptocurrency-related transaction.

Peer to peer is good and will be the best if any form of scam can be avoided which is not possible.
Face to face peer to peer is very risky because one can be set on trap and can be rubbed all because of trust. On the other hand, one can also be scammed if there is not a trusted person to stand as a middleman to make sure the transaction is done with any cheat because people can be funny at times, they can decide to go away with people’s money because they are anonymous.

Some P2P/DEX such as Bisq require deposit to reduce scam possibility. As for physical or face to face P2P, you also could reduce the risk by bringing people you could trust.

[Easteregg69]

Many people are used with CEX, so i don't expect there'll major rise in P2P trading. It's more likely people will try to create bank account on different bank or even off-shore bank which doesn't forbid cryptocurrency-related transaction.

Peer to peer is good and will be the best if any form of scam can be avoided which is not possible.
Face to face peer to peer is very risky because one can be set on trap and can be rubbed all because of trust. On the other hand, one can also be scammed if there is not a trusted person to stand as a middleman to make sure the transaction is done with any cheat because people can be funny at times, they can decide to go away with people’s money because they are anonymous.

Some P2P/DEX such as Bisq require deposit to reduce scam possibility. As for physical or face to face P2P, you also could reduce the risk by bringing people you could trust.

Problem is you don't know what kind of laundry the p2p provider is involved in. If they also work for Hamas.

[Abu-Naim]

Some P2P/DEX such as Bisq require deposit to reduce scam possibility. As for physical or face to face P2P, you also could reduce the risk by bringing people you could trust.

I never tried any of them that’s why I made it clear, but Bisq is mostly recommended here in the forum I can see so many forum users are making good reference to the exchange.

On carrying your trusted people along; I think it is a good idea but stressful, and there is no privacy in it again since you have to take people along to make sure you are also safe.
Nevertheless, it is safer than exposing your privacy in CEXs.

[Iamgoat]

I do not like face to face trading because it is dangerous. In the country I am, I have to avoid it.

I do not like face to face trading or transaction too because I see that there can be some dangers in it especially if you are not comfortable with the business environment where the trade is ongoing, physical trading and transaction can be a bit risky. I also won't like the idea of cash transactions or trades too because of the insecurity that comes with it most especially when the persons involved are unfamiliar with another.

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

There are some decentralized exchanges and swap services already and people are using it with tor.

I do not know why government is strongly working against the P2P exchanges within the cryptocurrencies community in a decentralized system. Will the reason be the government's interest to continue to control the financial sector within the crypto platforms which has been impossible to achieve or what exactly

[ABCbits]

Some P2P/DEX such as Bisq require deposit to reduce scam possibility. As for physical or face to face P2P, you also could reduce the risk by bringing people you could trust.

Problem is you don't know what kind of laundry the p2p provider is involved in. If they also work for Hamas.

I doubt P2P and DEX is popular choice, especially due to low volume and worse exchange rate. In addition, U.S. treasury recently also share their finding that cryptocurrency is rarely used by such group[1].

[1] https://beincrypto.com/us-treasury-clears-crypto-terrorism-financing/.

[m2017]

I keep reading about bank accounts in the UK, US and EU being frozen due to crypto associations.

"Blessing in disguise". I would like to hope that these events will push the development of the crypto sphere back on the right track, otherwise these centralized exchanges turned out to be overly influential, which is not at all beneficial for decentralization.

This is concerning me, and I am reluctant now to use any exchanges to purchase Bitcoin.

This can't help but worry. But this may be the beginning of a trend change (avoiding exchangers) towards P2P.

However, I am happy to purchase crypto via P2P transactions.

Like at the dawn of the era of bitcoin? I didn’t notice the abundance of users on Bisq. Maybe account freezes will have a beneficial effect on their user base?

These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account.

From the point of view of the “purity” of the transaction without traces, “cash payments in a face-to-face meeting” looks the best, but there are concerns about who might come to the deal? An armed robber out to pick your pockets, or a peace officer out to arrest you (if crypto is illegal in your country). In some cases, this may be the same person.

A "bank transfer to a trusted person's personal account" can also be blocked, right?

Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

I would prefer exchangers, but without KYC. Is such a future possible? It seems to me that no.

Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those.

It seems to me that this cannot be regulated: an anonymous address (token #1) sent to another anonymous address (token #2). But what’s the point of this if you can’t buy much in the physical world with either token #1 or token #2? This will require money from the traditional monetary system.

This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?

Decentralization is wonderful and any problem that arises always forces us to look for solutions. I would like it to be the same in this case. Because of this, the problem that has arisen will push the crypto community to create new (or improve old) convenient P2P exchange platforms.

[btc78]

Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?

There’s no surprise that exchanges are getting regulated if it is a centralized one. As we all know centralized exchanges usually asks for their clients’ kyc and they have actual access on to your funds. This means that if they deem something suspicious they can prevent you from making any transactions.

This goes of course with banks. You can never expect decentralization with banks no matter what hoops and loops you go through. Just use decentralized exchanges and you should feel safe and confident that your account won’t be frozen all of a sudden.

[yazher]

It seems like we really need to exclude banks in our overall crypto transactions because this won't look good for us if we don't start to adopt new means of trading our bitcoins in the future because they are developing some strategy to further compress our freedom in the crypto industry. Just because we often use banks every time we cash out our bitcoins, they found a way to restrict us and now that they see it work perfectly for them, they will continue to further regulate more laws in order to make us follow whatever they want concerning our bitcoins.

[Crypt0Gore]

Everyone I knew are using P2P transactions today but the face to face way of selling Bitcoin is too dangerous, do not engage in such transactions and do not advice anyone to do the same, it is very dangerous.

P2P is not even a true P2P today, you need to make sure that the platform thats providing this P2P service is not a centralized exchange like Binance and others, where Data and KYC verifications are been saved and can be leaked at any time to the government if they are asked to provide this information.

A true P2P platform will never ask you for any sensitive information, like identity details or location and addresses, if the banks are blocking their citizens then it might be the time for people to start using P2P  and also learn the difference too.

Make sure you avoid bad P2P platforms, many are centralized, avoid them.

[jossiel]

Anything is of possibility at these times. It could be how they react because it's known that we're entering into the bull run so that's a way for them to at least get some control. But, no matter what they do, each of us will still find a way to transact and deal even without the intervention of the traditional processes that we've used to do.

All that you've mentioned Jet are the choices that all of us have got, the p2p platforms you know can also be dealt into scrutiny by the government. It's every platform now that can be questioned by them.

If there are some merchants and OTC platforms that are a separate entity from the banking industry, you'd go for them. But just as how dangerous the meeting in person, you'll never know if some punks are surrounding to that area trying to look for the bitcoin folks that they always thought of having the money and rich.