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Bitcoin in Lebanon
after a few scenes, they reimbursed the fees.
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MrClass wroteWell I use Kraken. I simply wire transfer the money to my account. Wait around a week for the money to be deposited. Then buy BTC.
What are the fees like ?
Draguen wrotewarning me that bitcoins and bitcoins related transactions were illegal.
Ilegal in general or illegal for them to be involved ?
you'll be paying some hefty fees for those transfers (compared to zero-fee SEPA transfers in the EU) and account verification will take a while because there's a big pressure on all exchanges right now.
flat fees or percentages ? would it be better to buy off of localbitcoins ?
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samer wroteI was referring to the fees that your Lebanese bank would charge you for a SWIFT transfer. Usually it's a flat-fee, but you need to ask your bank. Kraken also charges 10$ for the deposit.
Ok, so pretty much like any other bank/exchange relationship. Are banks in Lebanon ok with this ? Based on the feedback i've received here and heard about they're kind of on the fence about this.
Another options you have is to use a decentralized exchange like https://bisq.io/, assuming there are people there that are willing to accept people from Lebanon.
I'm assuming this is like a more professional localbitcoins set-up ?
The reason I was asking is that I've had a lot of friends turn to me to buy some cryptos from Canada (i use coinsquare.io) and they're losing so much money on bank transfer, currency conversions (both ways) and exchange fees. I always assumed there is a better way, it seems that kraken is a viable option.
Do you know the legality of opening up a bitcoin exchange in Lebanon ? I mean it would be exactly like any other "sorraf" but it would carry digital currencies as well.
I'm new here, and this is my first post. I'm a 31 year old guy looking to invest in cryptocurrencies
And like many here I'm trying to purchase bitcoins from Lebanon.
Hope I could get some advice from many experienced forum members here
I have tried many places where I got rejected as a Lebanese account holder.
I have tried Kraken which I thought would work, and found out that I can't transfer USD.
MrClass, could you please explain how you got it to work?MrClass wroteWell I use Kraken. I simply wire transfer the money to my account. Wait around a week for the money to be deposited. Then buy BTC.
Thanks guys for any advice
They also have this on their verification page:
*Clients will be required to provide an ID confirmation photo in addition to reaching Tier 3 verification if they are:
Resident in Germany or Japan
Funding using a German or Japanese bank account
Using domestic USD funding
I am already Tier 3 verified, and I messaged support, I got a reply saying that my country is not supported. :(
I didn't do the ID confirmation thing as I don't belong to any of the categories mentioned.Hello,
We apologise for the delay. We've been seeing a massive influx of tickets and are doing our best to clear out the backlog.
Unfortunately our banking partners do not currently service Lebanon, and we cannot accept fiat funding. We apologise for any inconvenience.
Thank your for your patience and feel free to reach out with any further questions you may have.
Did you do the ID confirmation photo?
Thanks MrClass
@samer, they also do not have full support to MENA countries.
Try localbitcoins as suggested before
then i can use them on Kraken or any other exchange.
i am in the verification stage on bitstamp. ill tell you what happens.
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Well I'm not lawyer either but it seems like it's more of a warning than actual law, not even sure to what extent the central bank can issue laws.
I'm just surprised there isn't an exchange already, surely there is enough demand and no major supply.
With all respect to Lebanon, the officials running the country are retarded and have an obsolete mentality. They just stick to what they know and don't venture in the next big thing. Plus if they don't have control or not making any substantial profits, they will just ban it or make it hard for people to have access to it.ralphm18 wroteFrom what I know, you just can't do it in lebanon.
I am sure if someone was able to explain Bitcoin to a Lebanese official and convince him to open a local cryptocurrency exchange, suddenly crypto will be accepted.
What do you expect from a country that still relies on gold to give value to it's currency?
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MrClass wroteWith all respect to Lebanon, the officials running the country are retarded and have an obsolete mentality. They just stick to what they know and don't venture in the next big thing. Plus if they don't have control or not making any substantial profits, they will just ban it or make it hard for people to have access to it.ralphm18 wroteFrom what I know, you just can't do it in lebanon.
I am sure if someone was able to explain Bitcoin to a Lebanese official and convince him to open a local cryptocurrency exchange, suddenly crypto will be accepted.
What do you expect from a country that still relies on gold to give value to it's currency?
The lebanese economy works mainly because of personal bank deposits, I'm not sure that any way of bypassing actual money stored in the banks would be well seen.
Basically we're cash cows and they're supper protective of us.
I've read all the posts in this thread looking for proven experiences.
Some information related to the buying/selling operations look like outdated.
That is why, I want to ask the following:
1- Is there a tested way to buy crypto-currencies through wire transfers from Lebanese bank accounts?
1-1 if Yes, which one
1-2 If No, is there any alternative?
2- After selling crypto-currencies online, did any of you transfer the FIAT money to a Lebanese bank account?
2-1 If yes, was there any issue with BDL?
2-2 if No, what was the alternatives?
3- Concerning Dave (yellow pay) is it still possible to buy from him?
From what I understand, (I'm in Lebanon, if it matters)
1- I need a wallet, which is easy to set up I guess (?)
2- To buy BTC, I need someone to sell it to me (Is the buying and selling procedures done through sites like Bitstamp? Does that someone have to be in Lebanon?
3- After that, I need to transfer it to my wallet
4- Then what? Let's say I wait 1 year, and I want to cash out, do I need to sell my BTC to someone? or can I transfer them to my Audi account?
Please, all cloud mining sites are scams. You see how much fees they ask for? I am surprised how they are still running. They keep eating from your mining profits; it doesn't make any sense. I calculated that even if I dump 20K $ in Genesis Mining, I would lose so much it isn't even worth considering. The much better way is to actually buy BTC rather than mining it.Leb_Knight wrotewhy would anyone buy BTC? the best option is to mine the BTC and then transfer it into your wallet or maybe reinvesting it in the mining field you could mine in cloud mining websites like <shady website removed> or <shady website removed> if you want to signup ill provide my referral code it would help me a lot.
well you can mine BTC on hashflare if u invest 120$ you will get a lifetime contract 1T hash with around 10.5$ monthly maintenance feeMrClass wrotePlease, all cloud mining sites are scams. You see how much fees they ask for? I am surprised how they are still running. They keep eating from your mining profits; it doesn't make any sense. I calculated that even if I dump 20K $ in Genesis Mining, I would lose so much it isn't even worth considering. The much better way is to actually buy BTC rather than mining it.Leb_Knight wrotewhy would anyone buy BTC? the best option is to mine the BTC and then transfer it into your wallet or maybe reinvesting it in the mining field you could mine in cloud mining websites like <shady website removed> or <shady website removed> if you want to signup ill provide my referral code it would help me a lot.
use the mining calculator to check it its not a good money but still ur getting you money back with extra profit for sure https://www.cryptocompare.com/mining/calculator/btc?HashingPower=1&HashingUnit=TH%2Fs&PowerConsumption=0&CostPerkWh=0