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

[Jet Cash]

You need to remember that I'm in England, and England is a special case. The current world order that evolved from the Knights Templar and the subsequent British Empire, is under threat. The UK is ruled through a different "country", and that is the City of London. This isn't the London controlled by the Mayor of London, but the financial empire known as the square mile. It has a public figurehead who is The Lord Mayor of London. It is estimated that up to 60% of the western world's assets are managed through the "Veil of Tiers" trusts administered by the City of London. This includes the banks, and they feel threatened by crypto that is outside their control. They are also weaponising banking. This evident in the way that they are destroying the dollar, and political punishments such as the de-banking of Nigel Farage and other political figures. The current restrictions are causing crypto exchanges to emigrate from the UK, and thus the government will lose the tax revenue from these businesses. Banks are closing accounts where payment are made to or from crypto exchanges. Tor doesn't help, as the banks will need full details to make the payments. Any attempts to conceal this will probably give rise to a charge of money laundering, and the subsequent confiscation of funds. Whilst I do not agree with much of the current UK government expenditure, I have no desire to attempt to evade the payment of legitimate taxes. However, I do want to keep my current bank accounts and payment services.

If I sell a domain name, then I can accept a peer to peer payment, and push the name via my registrar. I understand that there will be taxes due on the sale, but at no time does the transaction involve any banks if the purchaser already owns Bitcoin. I feel fairly safe when making a cash purchase in a Supermarket cafe. They all have massive numbers of video recording and facial recognition these days, so any attempted robbery would be recorded on video. That raises the question of government access to those video tapes, and that may be something to consider for the future.

[barto123]

Yes, this is something I'm personally predicting big time

People are starting to figure it out. Check out website kycnot.me

Most of crypto is just surveillance like fiat, so they can easily pin your identity to the blockchain & extort you

Problem is - if you coinjoin your BTC, most exchanges/swap sites will now deny your transactions

So you best buy it P2P at the very minimum or just use Monero

however Monero is being shadow-banned all over the place - which tells me they fear it the most. which makes me want to buy & use it more

[Peanutswar]

Currently, my country is slowly adopting the use of crypto transactions, but still, they are using a third party to support the conversation of the crypto coins to fiat coins, but they are now widely accepting the use of crypto even as an act of payment but in limited stores, sooner or later if the government will see the potential on the use of it i guess possible they will adopt but takes a lot of due process with this decentralized feature.

[Pmalek]

You have not given your reasons why you don't like face to face trading of cryptocurrency...

I guess it's the usual reasons. The possibility of getting robbed or receiving fake bank notes fully or partially. You could also be followed home, which would reveal to scammers where you live. Luckily, I have only had positive examples with face-to-face deals, but I have heard horror stories that makes you think how smart it is to meet people you don't know, even in public. All I can say is, don't go unarmed and be willing to strike first if it comes to that.

[DooMAD]

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.

If those centralised exchanges can also freeze your funds, should you not be equally reluctant to use them to begin with?

or will sanity prevail and allow us to return to using exchanges?

If sanity had prevailed, people would have stopped using exchanges when Gox imploded.  The entire concept of recreating custodial banking services in Bitcoin is deeply flawed.  I find it completely insane that so many people readily abandon ownership for convenience.

If you saw someone standing on a street corner saying they'd hold onto your cash for you so you can trade some bits of paper with "IOU" written on them, you'd call the police, right?  Exact same setup on the internet?  Sign up thousands of users.  Go figure.  

[adpinbr]

Because of the restriction that is why p2p is more popular and more people are P2P than any other process because of the more the restriction get harder in the bank, the more people divert to P2P trading, and to me that is the best, then going through all the whole process of verification in the bank trying to verify this and that just because of trading or you want to purchase bitcoin but the best way is using P2P personal transaction just like face-to-face, people are preferring to use P2P now than any other way of buying bitcoin or any kind of cryptocurrency purchasing

[PrivacyG]

and more people are P2P than any other process

Since when?

It would be a beautiful World if this was the case.  But the numbers speak very loudly and contradict you.  People still prefer Centralized Exchanges over Peer to Peer Trading.  Even with sense lacking restrictions, there are still more people who would kneel for a dime than the ones who would never kneel.  Peer to Peer has yet to grow so much before we can consider it the leader.  And I highly doubt it ever will be the lead.

[Z-tight]

people are preferring to use P2P now than any other way of buying bitcoin or any kind of cryptocurrency purchasing

This is not true, take note that p2p services in centralized exchanges isn't true p2p because of the third party that is involved and in control. The number of people who use true p2p exchanges or buy BTC f2f is far smaller than those who buy in centralized exchanges, people will always prefer the 'convenient' option, even if it is the less secure one.

[Sandra_hakeem]

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?

I don't really know how the banking systems work in America/Europe but I'm definitely gonna tell you how the restrictions are in my country; the local banks are out for transactions (especially p2p) that are labeled with words like "crypto", "BTC" and any sort of crypto related words.. it gets alot worse when you're trying to buy directly from your local bank.

You have not given your reasons why you don't like face to face trading of cryptocurrency...

I guess it's the usual reasons. The possibility of getting robbed or receiving fake bank notes fully or partially. You could also be followed home, which would reveal to scammers where you live. Luckily, I have only had positive examples with face-to-face deals, but I have heard horror stories that makes you think how smart it is to meet people you don't know, even in public. All I can say is, don't go unarmed and be willing to strike first if it comes to that.

lol... What happens in countries that aren't in support of people getting weaponized? ... you're out on the streets with a gun, then he tries to trick you and you blow off his head ? Jail time!
Instead, if I'm making a face to face deal, I can as well act wise by simply fixing a neutral ground; it could be a shopping mall or an eatery... After the deal, I'll stay back until you're gone completely.

[kotajikikox]

and more people are P2P than any other process

Since when?

It would be a beautiful World if this was the case.  But the numbers speak very loudly and contradict you.  People still prefer Centralized Exchanges over Peer to Peer Trading.

"Six percent of Americans say P2P payments are their favored choice of payment for everyday services. Debit cards (42%) and credit cards (26%) remain the most popular payment choices"

This data is from this article which already the headline is saying that many still believe p2p to be a scam and not safe. This explains how a lot of people still feel unsafe with p2p and prefers centralized institutions.

Even with sense lacking restrictions, there are still more people who would kneel for a dime than the ones who would never kneel.  

These people will complain about extra restrictions but will continue to use these centralized banks

[Reatim]

The number of people who use true p2p exchanges or buy BTC f2f is far smaller than those who buy in centralized exchanges, people will always prefer the 'convenient' option, even if it is the less secure one.

Admit it or not people are still a little bit hesitant of going all free. Freedom and independence are concepts that are not normally and easily given to people so we all crave for some governing body to lead us and tell us that everything is safe and secure.

Finally the time where we all able to let of all restrictions and trust ourselves we will be able to embrace crypto wholly.

[Assface16678]

people are preferring to use P2P now than any other way of buying bitcoin or any kind of cryptocurrency purchasing

This is not true, take note that p2p services in centralized exchanges isn't true p2p because of the third party that is involved and in control. The number of people who use true p2p exchanges or buy BTC f2f is far smaller than those who buy in centralized exchanges, people will always prefer the 'convenient' option, even if it is the less secure one.

Well, they don't have any other option, and yes, P2P could be too hard or complicated for other people, especially those who are just starting to invest in bitcoin. That is why I want to have an idea of how we can introduce P2P trading using a third-party exchange platform so that people will be more familiar with exchange platforms. And for sure, those who buy crypto assets from a centralised platform know that there are fees associated with that, and how can they be sure that their assets will be safe on a centralised platform? So it's better to have another option and the most popular other way of buying and selling bitcoin or any crypto asset, such as P2P trading. I'm not promoting any platform that offers P2P services; it's just that I think P2P is a more secure and convenient way of purchasing and selling crypto currency assets, and you can also rest assured that your assets will be safe.

[Wapfika]

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 possible only with small transaction since bank is very strict when it comes to huge transaction. The last time I withdraw/transfer huge amount to someone I purchased a land property makes the bank require me for a purpose of transaction/withdrawal since the amount involved is huge amount which our AMLA strictly monitoring.

I’m not sure how other country banks deal with high amount bank to bank transfer but in country like mine bank is so strict that they even require me to submit the deed of sale as proof for my expenses on my money.

This the realization to me that fiat sucks. They are treating my money like not mine for having this kind of ridiculous verification.

[btc78]

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?

I don't really know how the banking systems work in America/Europe but I'm definitely gonna tell you how the restrictions are in my country; the local banks are out for transactions (especially p2p) that are labeled with words like "crypto", "BTC" and any sort of crypto related words.. it gets alot worse when you're trying to buy directly from your local bank.

Meanwhile in my country it seems that crypto is quite invincible.

There are no opposing regulations against crypto there are also no supporting regulations for crypto. It is like we are on neutral which might seem great however there is an obvious lack of services that offer crypto.

Because of the lack of awareness, people seem to be have animosity towards crypto in general.