LebGeeks

A community for technology geeks in Lebanon.

You are not logged in.

#251 May 23 2018

Johnaudi
Member

Re: Bitcoin in Lebanon

Such news about blockchain technology is a great example of the following David Firth video:
https://youtu.be/0UgiJPnwtQU

Offline

#252 May 23 2018

mezin
Member

Re: Bitcoin in Lebanon

Johnaudi wrote:

Such news about blockchain technology is a great example of the following David Firth video:
https://youtu.be/0UgiJPnwtQU

lol this is awesome!

Offline

#253 May 25 2018

vayrak
Member

Re: Bitcoin in Lebanon

The lowest commission and at the price of bittrex you can buy crypto with just an email verification through sibcoin with their iOS/android wallets.

Offline

#254 July 25 2018

TokMe3HrsToSolveChallenge
Member

Re: Bitcoin in Lebanon

FNB didn't allow me to do a bank transfer to bitfinex to buy crypto. Does anyone know any bank here in lebanon that allows that?

Offline

#255 July 25 2018

Draguen
Member

Re: Bitcoin in Lebanon

Crypto related transactions are forbidden in Lebanon, any bank will stop them.

i once transferred 1000 USD through bank Audi to a friend in France for him to buy me some ethereum, when the teller asked me why was it for, i mentioned that my friend will buy me bitcoin. He had no clue what it was so he went to ask his superior, that also had no clue too. after spending one hour explaining to them what bitcoins are, they finally agreed.

Two days later i receive a phone call from bank audi mentioning that crypto related operations are forbbiden by the BDL and that the BDL cancelled / refused my transaction, however bank audi still took the transfer fees.

at the time i sent them a polite email explaining that they were politely stupid for not having one single employee in the bank Audi Verdun branch knowing what cryptocurrency and bitcoins are, and that it was even more stupid that they didn't even know that it was forbidden by the BDL and finally the cherry on the cake was that instead of refunding me the bank transfer fees, they kept them. i then proceed to mention that if their staff were aware of that said regulation from the beginning, they could have told me no and we would all have some extra time on our hands, and some extra money on my side.


They politely apologised and refunded me the transfer fees.

Last edited by Draguen (July 25 2018)

Offline

#256 July 25 2018

Johnaudi
Member

Re: Bitcoin in Lebanon

That is odd, as far as I remember they made purchasing goods with cryptocurrency illigal, not their investment/transactions. They are keeping the Lebanese consumer safe that way.
Note: if your friend bought any crypto in France the authorities will knock his door forcing him to sign crypto investment tax papers which takes away around a quite high percentage on his cash outs.

Last edited by Johnaudi (July 25 2018)

Offline

#257 July 25 2018

Draguen
Member

Re: Bitcoin in Lebanon

i'm not sure of any laws regarding crypto in France, except that coinbase had to disclose to the Authorities any wallet with a value superior to 10 000 at some point last year.

to give you some context, this story happened to me last summer

Last edited by Draguen (July 25 2018)

Offline

#258 July 25 2018

samer
Admin

Re: Bitcoin in Lebanon

Crypto related transactions are forbidden in Lebanon

This has no legal basis. The BDL issued a warning, but there is no law forbidding you to buy cryptocurrencies in Lebanon.

Here's the governor of the BDL saying you're free to buy cryptocurrency: https://www.youtube.com/watch?v=no71eOdpaBA

That being said, it is at the bank's own discretion whether they would like to allow you to do it or not. It is not surprising that they would not like you to participate in something that could disrupt their industry.

Offline

#259 August 21 2018

ThunderGladiator
Member

Re: Bitcoin in Lebanon

I am lucky to have found out about bitcoin minning

Offline

#260 September 24 2018

dp0001
Member

Re: Bitcoin in Lebanon

anyone successfully withdrawing fiat from exchanges to Lebanon?

Offline

#261 January 14 2019

nas93
Member

Re: Bitcoin in Lebanon

Anyone selling about $80 in btc?

Offline

#262 April 25 2019

MrElie
Member

Re: Bitcoin in Lebanon

if you guys looking to buy bitcoin anytime PM me .. no matter the amount

Offline

#263 June 27 2019

Kareem
Member

Re: Bitcoin in Lebanon

So it looks like BTC is around $13k now with a promising forecast for the next 5 years. Analysts expect it to hit $100K by the end of 2020.

Friends in the US suggesting money transfer so I can invest. Any idea how it can be done ?

Offline

#264 June 27 2019

TigerFox
Member

Re: Bitcoin in Lebanon

Kareem wrote:

So it looks like BTC is around $13k now with a promising forecast for the next 5 years. Analysts expect it to hit $100K by the end of 2020.

Friends in the US suggesting money transfer so I can invest. Any idea how it can be done ?

I guess you will have to send your friends money via OMT or Moneygram , they will add it to their bank account and add funds in your crypto wallet. You have to trust your friends alot on this. Even taking out profits wont be easy I think. You will have to give them your wallet adress again so that they can trasnfer money to their bank account , they will take it out of the bank and then transfer you the money. Seems really chaotic , but banks wont put or take any money from crypto wallets. Thats what I found out a few days ago after some time researching and reading alot , only to shatter my hopes and dreams ;-; for now

Last edited by TigerFox (June 27 2019)

Offline

#265 June 27 2019

samer
Admin

Re: Bitcoin in Lebanon

Kareem wrote:

So it looks like BTC is around $13k now with a promising forecast for the next 5 years. Analysts expect it to hit $100K by the end of 2020.

Friends in the US suggesting money transfer so I can invest. Any idea how it can be done ?

Don't trust analysts. Make sure you're buying it for the right reasons, not only because you think it will go up in price. Otherwise, the price action will shake you up, and you'll end up selling at the absolute worst time.

Offline

#266 June 27 2019

VincentKeyboard
Member

Re: Bitcoin in Lebanon

Could it be they are inflating future price expectancy to sell quickly before the prices goes back down again? Also was the price increase somewhat affected by NVIDIA's RTX cards?

Offline

#267 June 27 2019

TigerFox
Member

Re: Bitcoin in Lebanon

samer wrote:
Kareem wrote:

So it looks like BTC is around $13k now with a promising forecast for the next 5 years. Analysts expect it to hit $100K by the end of 2020.

Friends in the US suggesting money transfer so I can invest. Any idea how it can be done ?

Don't trust analysts. Make sure you're buying it for the right reasons, not only because you think it will go up in price. Otherwise, the price action will shake you up, and you'll end up selling at the absolute worst time.

Regarding that , I've read a few analyst discussions about it , and almost all compare BTC returns to previous years , halvening and the bull run , followed by a bear run with some specific % ups and downs during those times , but no one talks exactly why , in the end it is just speculations and for now the patterns are repeating.

Although soon , Facebooks crypto , Libra , is expected to push BTC's price more , this case was explained by a few analysts. This is the only actual reason I've read about that makes sense , but still , nothing is 100% for sure.Even some other analysts say that BTC wont last for very long.

I would personally look for a few other coins that have a greater potential of having a higher return , since it is always expected for alt coins to increase in price after BTC settles up , thus minimizing risks and increasing profits. ( BTC increases in price , good traders will sell some after they made their profits and invest in alt coins with some of the profit , thus increasing alt coins price and diversifiying to minimize their risks , only good traders know they should not invest all in BTC , dont be greedy ). That is all one thing and the fact that you can't invest while in Lebanon is another ;-;

Last edited by TigerFox (June 27 2019)

Offline

#268 June 27 2019

TigerFox
Member

Re: Bitcoin in Lebanon

VincentKeyboard wrote:

Could it be they are inflating future price expectancy to sell quickly before the prices goes back down again? Also was the price increase somewhat affected by NVIDIA's RTX cards?

That might be a possibility but I highly doubt it. Those analysts barely own any BTC , people who actually have alot of BTC are not in those places on in the internet talking and analyzing.

Analysts talk about patterns and statistics , not alot actually talk why , most only mention a thing or two , but most talk patterns. See , it is really easy to get an old pattern and analyze it like you actually knew that was gonna happen. Most people are too lazy to research and learn , it takes time and effort in such issues so analysts start talking statstics , that aren't false , but it is just alot of speculation based on previous results

Offline

#269 August 28 2019

Dan28
Member

Re: Bitcoin in Lebanon

.

Last edited by Dan28 (April 10 2021)

Offline

#270 August 28 2019

TigerFox
Member

Re: Bitcoin in Lebanon

Hello friend . I had the same idea before , I was about to deposit money in my e-wallet but it kept saying invalid card or something , I forgot to be honest. So I did some research and it turns out it is illegal to invest in crypto in Lebanon , that banks wont allow you depositing or cashing out from an e-wallet , so I guess even if you have a foreign account , you cant cash out on a lebanese bank card. So yea , the dream is dead :$

Offline

#271 August 28 2019

Dan28
Member

Re: Bitcoin in Lebanon

.

Last edited by Dan28 (April 10 2021)

Offline

#272 August 28 2019

TheIlluminative
Member

Re: Bitcoin in Lebanon

Dan28 wrote:
TigerFox wrote:

Hello friend . I had the same idea before , I was about to deposit money in my e-wallet but it kept saying invalid card or something , I forgot to be honest. So I did some research and it turns out it is illegal to invest in crypto in Lebanon , that banks wont allow you depositing or cashing out from an e-wallet , so I guess even if you have a foreign account , you cant cash out on a lebanese bank card. So yea , the dream is dead :$

oh maybe i wasnt clear, i already invested in btc and i can cash out easily on localbitcoins, im just asking if i wanted to open a bank account here in lebanon and put like 500k$ am i gonna get in trouble?

Of course you need to tell them the source of the money, once I wanted to open a bank account with Audi and I had to fill a paper stating from where I got the $2000. So imagine with $500k :)

Offline

#273 August 28 2019

MrClass
Member

Re: Bitcoin in Lebanon

Yes they will questions cause banks get audited. Dumping a large amount will definitely put you on the radar. First thing comes to mind is money laundering, supporting terrorist organizations, illegal trafficking, etc.

I'm sure you're not doing any of this shady stuff, but most Lebanese banks think like this.

I always thought about people that do freelance trading online (like forex or whatever). How do they cash out their money? Do trading websites also ask you to link your bank account?

Offline

#274 August 28 2019

TigerFox
Member

Re: Bitcoin in Lebanon

Dan28 wrote:
TigerFox wrote:

Hello friend . I had the same idea before , I was about to deposit money in my e-wallet but it kept saying invalid card or something , I forgot to be honest. So I did some research and it turns out it is illegal to invest in crypto in Lebanon , that banks wont allow you depositing or cashing out from an e-wallet , so I guess even if you have a foreign account , you cant cash out on a lebanese bank card. So yea , the dream is dead :$

oh maybe i wasnt clear, i already invested in btc and i can cash out easily on localbitcoins, im just asking if i wanted to open a bank account here in lebanon and put like 500k$ am i gonna get in trouble?

I dont think you should do that. As far as I've read , crypto is illegal in Lebanon. And it is being said that LBP might crash bla bla bla , stuff like that , but you get much more interest rate on LBP than USD in all banks , as far as I know.

Offline

#275 August 29 2019

Guitaret
Member

Re: Bitcoin in Lebanon

Dan28 wrote:

as we all know, investing in Lebanon is a gamble. hundreds of startups and businesses are closing, and investing in real estate is out of the equation after the absence of iskan.

I know this is not your main question but if you can afford it, now is the time to INVEST in real-estate. Otherwise if you think this country has no future at all, then you should take a different path altogether.

Offline

Board footer