Bitcoin physical exchange HongKong

[The Cryptovator]

Last week, I visited Hong Kong. When we were on the market, we discovered a couple of physical Bitcoin exchanges. Whenever I visit any other country, I try to discover a Bitcoin exchange or shop where Bitcoin is accepted. So I took a photo from my curiosity. Though I haven't sold or bought Bitcoin from there, I feel good that at least there is an option to sell or buy our Bitcoin physically. But their selling and buying prices are a big difference, which is quite disappointing to me. Selling and buying rates should be near so users can easily exchange.

I have been using a crypto card called Redotpay, and its origin is Hong Kong as well. So it wasn't necessary to sell my holdings there, and the rate was also quite disappointing compared to a centralised exchange. As a crypto user I become excited whenever see something related crypto in real life.

[Orpichukwu]

This is just the same thing that almost all Bitcoin ATMs do; OTCXpert prices are just too different from what is being offered in the open market. I check from their official website here, and I notice that they are buying with $2000+ lower than what Bitcoin is being sold for in the open market, and they are selling for $3400+ more than what Bitcoin is currently selling at. I know they are profit-orientated businesses, but the differences appear to be almost like they are stealing from their customers.

[NotFuzzyWarm]

I know they are profit-orientated businesses, but the differences appear to be almost like they are stealing from their customers.

No. They are just buying/selling at what the market will bear. It cost a lot to run a business and they just have good margins. Odds are that most tx's are far less than 1BTC and so earn just a few 10's of $ in profits each.

[Russlenat]

Looks great, but I can’t help but notice that “KYC” part kinda ruins the whole vibe.

I mean, how can we fully enjoy the benefits if KYC is still required? It’s really no different from using fiat at that point.

The only real advantage is when you’re traveling as you can carry your Bitcoin on your phone without anyone even knowing. Still a cool development though, even if it’s not that surprising. Hong Kong has always been pretty crypto-friendly anyway.

[Rruchi man]

As a crypto user I become excited whenever see something related crypto in real life.

I understand this feeling, I believe it is the same for everyone who is an active investor and user of bitcoins. The discovery of someone else who is involved in crypto as you is always exciting.

Believe me when I say this gospel of bitcoins is really spreading even more than we can imagine. It is good
News as I have said before.

[₿itcoin]

But their selling and buying prices are a big difference, which is quite disappointing to me. Selling and buying rates should be near so users can easily exchange.

afaik SFC approved many physical crypto exchanges across the city last year.
Seems they are very proactive in the adoption of Bitcoin, nice to know your real-life experience.
about this quote, nothing to be surprised about! to operate such an OTC exchange, operational costs are much higher than an online centralised one, on the other hand, liquidity is lower, so you will find price discrepancies, which is very normal.
this discrepancies will decrease over time as trading volume increases and liquidity increases, maybe developing spot bitcoin ETF could be a solution here.

[Ruttoshi]

The exchange rate will always the much higher than the online exchanges because it's a very rare service with low liquidity and only people who don't care about their privacy would use a physical exchange.

I haven't being opportune to see a physical exchange in my neighboring countries. Hong Kong is a bitcoin friendly country and I believe that as time passes on, the government might consider creating Bitcoin ETF in the country to run such service.

[qurbanshah02]

The exchange rate will always the much higher than the online exchanges because it's a very rare service with low liquidity and only people who don't care about their privacy would use a physical exchange.

I haven't being opportune to see a physical exchange in my neighboring countries. Hong Kong is a bitcoin friendly country and I believe that as time passes on, the government might consider creating Bitcoin ETF in the country to run such service.

Nowadays, online scams are considered better because people no longer consider it appropriate to do this work in other ways because along with this, there is an era of improvement due to which everything is becoming easier. Obviously, when they do not have that way, they will have to take this way and through it they will carry out their exchange.

It is some time that it will start to be exchanged in every country due to which we will get to see it becoming common. It has done very well due to which it is given such a name and we will get to see a lot more with this country in some time and we will get to see it becoming more modern.

[Dr.Bitcoin_Strange]

Because of the high selling rate and the low buying rate of this sub-dealers, that's why I also discourage some people in the city I leave not to buy from them, there are a few physical shops like this in my country but what they do is that, when you (as a client) is selling your Bitcoin to them, they buy from you at a lower rate but if you want to buy from them, they sell to you at a higher rate which leaves them with so much profit. I will rather advise someone to buy on a real exchange than buy from them, unless they are selling at almost same rate with the market rate. I know they need to make profit too but the price difference is usually way higher.

[Zlantann]

As a crypto user I become excited whenever see something related crypto in real life.

Anything that will lead to crypto awareness and adoption also gives me joy. Having an alternative form of payment is becoming a basic need because government restrictions and lapses in bank transactions are making life miserable.

Hong Kong is considered to be safe with a low crime rate. This means it might be safe to carry out physical crypto transactions without fear of being robbed or kidnapped. With the high rate of crime against crypto users in even Western countries like France and the US, I would not consider using a physical exchange.

[Morpheus_Exodus]

I totally agree—crypto awareness and adoption are key to giving people more control over their finances, especially when traditional systems can be so restrictive or unreliable. Having alternative payment options is becoming essential in today’s world.

Regarding physical crypto transactions, Hong Kong’s relatively low crime rate does make it seem safer, but it’s still wise to stay cautious. Even in places perceived as safe, the risks of theft or scams exist. Digital solutions with strong security measures might still be the best way to handle crypto safely while enjoying its benefits.

What do you think about innovations like hardware wallets or decentralized finance (DeFi) platforms in enhancing security and accessibility?

[kotajikikox]

Last week, I visited Hong Kong. When we were on the market, we discovered a couple of physical Bitcoin exchanges. Whenever I visit any other country, I try to discover a Bitcoin exchange or shop where Bitcoin is accepted.

I am not that surprised that you saw a lot of bitcoin exchanges in the streets of Hong Kong. They are very supportive of crypto and embraces its adaption with open arms. I believe they are one of, if not, the leading countries to drive crypto forward not only in Asia but worldwide. They are considered the second most crypto friendly city.

They have very clear framework when it comes to crypto. They have proposed tax exemptions on crypto gains to appeal more to investors and to compete with other countries in the region such as Singapore.

[Sticky Bomb]

Let me guess, the selling price is higher than their buying price, that how physical transactions are everywhere since the vendors orientation is doing the clients a favor and since it's a business, they put their own interests in the transaction. Anyways, their targets are those who Don't know how to use exchanges because on a personal note, I'll not feel any comfort going there since it would decrease privacy, thereby increasing your exposure to vices of any sort.

[KiaKia]

If the buying and selling isn't almost the same as others then it's disappointing, the location of this store matters because I would not like the idea of exposing myself going to this store and someone else follow me back to my house.

I doubt I will ever use one of these because I feel it's dangerous, I am good with using crypto exchange and making payments online, today it's a lot safer to pretend not to be involved with crypto especially in a foreign land.

This is a nice idea and I love it, but country and location matters, if such exists in my country you can easily be marked by evil people, I am better off using crypto as privacy and decentralised as it is.

[NotFuzzyWarm]

the location of this store matters because I would not like the idea of exposing myself going to this store and someone else follow me back to my house.

And the difference between using the crypto biz vs say walking out of a bank is - what? Either way "someone can watch you and follow you home" with the same feared result...
To me that is not any sort of a concern.

[Findingnemo]

The margin is necessary for their survival, and it's not just the story here it depends on other factors because I seen some p2p trades have 10 to 12% margin on PAXFUL and the users still buy them because that's what the demand for the particular fiat so we can't directly convert the value in terms of dollars and say it's too big. But if more people use the service then it's possible to reduce the margin and increase the number of trades to make enough profits.

[Riceandbean]

Why does China ban all cryptocurrencies, but Hong Kong allows them? Aren’t they the same country?

[NotFuzzyWarm]

Why does China ban all cryptocurrencies, but Hong Kong allows them? Aren’t they the same country?

HK is still a 'special economic zone' that is allowed *some* freedoms not permitted in the rest of China.

[dkbit98]

It's nice to see this in Hong Kong, but in Turkey you can find similar small bitcoin exchanges literally everywhere.
I would prefer to see more local bitcoin-cash exchanges like this, than big centralized exchanges expanding.
This is unlikely to happen any time soon in EU, but maybe things will change in future.

[Ucy]

The BTC buy price in HKD is probably a mistake. It's quite high if converted to USD, and the difference between the Sell and Buy price is too wide. The actual buy price could be 805,623

Anyway, it should be possible in not-too-distant future to visit a country and do business with fellow bitcoiners living in the country rather than converting to fiat that will likely be spent recklessly. People are likely to be more prudent when spending Bitcoin since it's valuable to them and increases in price.

 The future standard practice for using Bitcoin in another country would be: visit Hong Kong , open a decentralized and transparent online Bitcoin Marketplace. The marketplace auto detect you are in Hong Kong, or you change it manually, then it displays all goods and services available nearer to you or exactly where you are located. You meet the sellers physically, buy what you need and pay in Bitcoin online/offline. Or you probably do everything online and have things delivered to you.

*It's however recommended that you only spend Bitcoin for products/services that are as or more profitable. Better still, it should be products/services that are really profitable or can make you productive enough to potentially earn you more bitcoins.