RE: It's 2018 and the CryptoWars Have Begun
In Australia, banks are blocking transfers to exchanges, saying that they can't be sure about money laundering. About 30 banks blocked deposits to one exchange.
I have signed up on Dashous to try to help people get into the market, but it seems like very few people use it at the moment. I also sell crypto to my friends to make it easier than buying from an exchange. I haven't used bisq yet, and I understand it's not that user friendly. But it's there at least.
When I make international transfers not using crypto, I like to use Transferwise. You do have to use the banking system to take advantage, but using a cheap transfer service like that means that, if banks block you from using exchanges in one country, you can probably deposit into another country. I don't think we'll need that solution long term, but short term it's a good way to show the banks that, as long as there's one bank in the world willing to work with us, they can't bully us.
Thanks Starr.
Banks are blocking transfers to and from exchanges here in the U.S., too. It's mostly the huge banks--the ones that were "too big to fail" back during the bailouts of the Bush administration. Paypal has also been shutting down accounts for cryptocurrency transactions.
I think a good way to get merchants to accept crypto is just to offer to pay them in crypto. A lot of them will decline, but then if you have a good rapport with them and continue offering each time you make a transaction, they might come around eventually. And it seems that as soon as someone receives their first bit of crypto, nine times out of ten, they're hooked. However, this method means actually spending some of your crypto, and that's a hard sell for hodlers.
I have confidence that decentralization will win out in the end. Cryptocurrencies aren't going anywhere, I know that much. But it is still within the power of governments and the global banking industry to make things real hard on us for a time, until we get our peer-to-peer systems in place.
I suppose I've shied away from paying with crypto because of how awkward it can be too introduce someone to a new technology. Once we tried going up Chapultepec avenue in Guadalajara, trying to buy coffee and other things with bitcoin. Even Starbucks, for which I had bought a gift card using BTC, wouldn't accept it. Also about five security guards told us to stop filming.
I've given a few dollars of Dash to friends. One of them saw it double and said okay forget everyone who told me this was stupid, how can I buy more. So that's cool, as long as crypto is sky rocketing.
Yeah, it probably works better if you already know the merchant and have a rapport with them. Otherwise, they'll think you're crazy or maybe that you're trying to stiff them on the bill.
I've helped at least ten friends and acquaintences get into crypto in the last year. It's very gratifying to see them become true converts!
I just discovered the other day that you can deposit cash directly into Coinspot without using a bank account - through newsagencies. other exchanges will likely follow.
Thanks for the heads up! I'll have to check that out.
are you from australia?
No... is it one of those Australia only things? :/
well coinspot is an australian exchange - allows deposits in AUD to purchase a very large selection of altcoins.
until recently, they allowed the use of a service called PoliPay - that was in partnership with 8-10 of the largest banks in australia - and you could just literally log into it using your internet banking credentials, and pick an account, and the deposit would go straight over instantly. a few australian exchanges used PoliPay.
in the last week of december PoliPay got withdrawn from all crypto exchanges, so we've been left using BPay (which is a bill payment platform and takes 2-3 days to process payments), or bank account deposits.
Now coinspot takes direct cash deposits where they give you a QR code, and you go to participating newsagency, they take the cash, scan the barcode, and the money lands in the account immediately.
just another chapter in the banks fighting against crypto.. i wrote a couple of blogs about it..