What is the best way to dispose fiat? \ stacker news ~bitcoin

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710 sats \ 15 comments \ @BitcoinAbhi 14 May bitcoin_beginners

"Not a financial advice and your money is subject to market risks", is a slogan repeated after every commercial for investment. So, it always makes me think about the vulnerability issues that are linked to disposing fiat in any type of market.

Don't get me wrong here, I'm not at all interested in disposing fiat into stocks, gold, real estate, bonds and any other method that needs some kind of bullshit adherence to KYC/AML norms. For me they are like the parasites sucking the blood out of finance industry.

I provided the context just to make my intentions sound very obvious. As you all know that I'm based in India and here government is trying to kill Bitcoin by imposing a nearly 32% tax on profits. The options to invest in Bitcoin are also limited to a few native crypto exchanges, which are highly centralised btw. Even if I do KYC on one of these exchanges and do some p2p thing to buy Bitcoin, the rates are not equal to international exchanges, such as Binance or Kucoin. Sadly, all international exchanges also got banned by the government last year limiting investors trying to get into Bitcoin to native exchanges.

(I'm buying some physical gold without needing intermediaries or KYC now, albeit I don't do it willingly)

So, as I already mentioned that I am not in favour of KYC, I had to stop buying Sats from March last year. TBH, I was a casual investor and did not bother to find a way out of my situation at that time. But, after finding SN, I must say I want to be back on track of Bitcoin and I highly believe that you Stackers can help me find the way.

Of course, I am living on an ample fiat paycheck and I love Bitcoin for I believe it's the best form of money.

So, if you can understand my plight, please tell me the best way to get out of it.

Kindly share if there's some way I can buy Bitcoin without needing intermediaries or KYC?

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20 sats \ 1 reply \ @halalmoney 14 May

Azteco vouchers?

https://help.azte.co/article/97-buy-an-azteco-bitcoin-voucher-online-store

0 sats \ 0 replies \ @cristaiji 14 May

Thanks. These might be a solution. Good to know. Cheers.

31 sats \ 1 reply \ @vigilantcitizen 14 May

Probably the way to do it would be to go to a place outside India - a conference with a local meetup (can check meetups.com). Offhand based on your location, Seoul, Philippines, Bali, Taipei off the top of my head have local BitDevs/BTC communities, and active events. It sucks to have to travel, but you can do P2P trade and then importantly get into local chats/groups of BTC communities. I have noticed that there's a tendency to sell non-KYC sats for cash, which can be harder to finagle, but some people are willing to take international payment rails like Wise/Paypal, not sure of the status of those in India. Also most people in BTC communities are buyers not sellers.

0 sats \ 0 replies \ @BitcoinAbhi OP 14 May

Thanks for your valuable response. Your suggestions are good.

11 sats \ 2 replies \ @Signal312 14 May

Couple thoughts:

Do you have access to other currencies besides Indian Rupee? US or EU revolut or strike account or something? Then you have access to all the US or EU offers, which are plentiful.
I don't see any Indian Rupee offers in robosats, but maybe try actually MAKING an offer there. It can be a little challenging but there's a very good telegram channel for robosats, people are helpful.
Same thing with Bisq. Ask on the telegram channel.

0 sats \ 1 reply \ @BitcoinAbhi OP 14 May

Ok I will ask on the telegram. Thanks for the advice

0 sats \ 0 replies \ @Signal312 14 May

Np. I rearranged the bullet points just before I sent, what I meant to say on the first bullet point is that those offers (US Strike, EU Revolut, etc) are all on robosats and bisq.

11 sats \ 2 replies \ @Taft 14 May

Kindly share if there's some way I can buy Bitcoin without needing intermediaries or KYC?

You can use decentralized exchanges like Bisq (https://bisq.network/) which basically connect peers that want to exchange Bitcoin for fiat and have some clever mechanisms to ensure none of the parties can cheat. The BTC you receive is not associated to your identity and on the fiat side the bank just sees an outgoing transaction to another bank account and can’t tell it is to buy Bitcoin, so that’s one of the best ways to acquire Bitcoin anonymously. Liquidity may be a problem though, for instance you may only find offers to sell a certain quantity of BTC or at a bit of a premium compared to a centralised exchange. You can also try Robosats (https://learn.robosats.com/).

Check out this post I shared today.

0 sats \ 1 reply \ @BitcoinAbhi OP 14 May

Thanks! I think, this is the best answer I have got till now. Thanks for understanding my plight. I've checked bisq but I couldn't find any with INR.

0 sats \ 0 replies \ @Taft 14 May

How about robosats?

0 sats \ 2 replies \ @Satosora 14 May

There are some bitcoin atms popping up in canada.

20 sats \ 1 reply \ @BitcoinAbhi OP 14 May

Dear, I'm in India.

0 sats \ 0 replies \ @Satosora 14 May

hhhmm... let me think on that. You could try peer to peer transfer.

21 sats \ 1 reply \ @zklsbn 14 May

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11 sats \ 0 replies \ @BitcoinAbhi OP 14 May

For me it seems little bit more complicated. I needed a simpler and straight answer. I am not OG in technology.