LebGeeks

A community for technology geeks in Lebanon.

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#251 January 15 2018

Hassan
Member

Re: Bitcoin in Lebanon

Hello everyone,

Has any of you (living in Lebanon) managed to get their account verified on etoro? The reason I am asking is that I would like to make sure that it is possible before depositing the minimum amount which is now $1000.

EDIT: I have already uploaded all required docs a long time ago. However, upon contacting customer support, I was told that only once my account is funded and the required docs are uploaded, can the verification process be completed.

Last edited by Hassan (January 15 2018)

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#252 January 15 2018

Johnaudi
Member

Re: Bitcoin in Lebanon

Do not use eToro for crypto purchases, they will block you to buy when there’s a long signal and they will block you to sell when they have too many people selling. Plus at points they start taking extra percentages, it happened to a friend of mine who bought 50,000 Ripples on eToro on 0.2$ when it started going up to 1-2$ they started taking a daily fee from him as well as not allowing him to add his position.

It is better to buy real crypto currencies from exchanges such as Bittrex, coinbase etc.

To buy the crypto, several local dealers charge 10-20% extra on current price.

Last edited by Johnaudi (January 15 2018)

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#253 January 16 2018

jsaade
Member

Re: Bitcoin in Lebanon

eToro is not an exchange for buying. It is gambling. You can get verified easily by sending a phone bill.
I use it to make a quick cash, but make sure you know this is gambling, you do not own any crypto, you are gambling that a price drops or goes up.

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#254 January 16 2018

vlatkozelka
Member

Re: Bitcoin in Lebanon

yasamoka wrote:

Yes, but when you're making more bitcoins than what you're spending for power consumption, that's when you start making "free money". The break-even is calculated based on the power efficiency of the hardware in question with respect to the performance it's churning out. Else there wouldn't be that interest in bitcoin mining.

well about money/watt. We have a perk here in Lebanon called "Ishtirak" electricity. Such as you pay the same no matter what you consume. So at least you can pay that bill via bitcoin money, which I am currently trying to do, and looking at the graphs, I'm on the right track : P

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#255 January 29 2018

Xsever
Member

Re: Bitcoin in Lebanon

Confessions of a Crypto Miner: Efficiency

https://www.techpowerup.com/240951/conf … efficiency

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#256 March 21 2018

Hybrid
Member

Re: Bitcoin in Lebanon

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#257 May 22 2018

mezin
Member

Re: Bitcoin in Lebanon

Sensationalized bull***.

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#258 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

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#259 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!

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#260 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.

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#261 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?

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#262 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)

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#263 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)

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#264 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)

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#265 July 25 2018

samer
Administrator

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.

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#266 August 21 2018

ThunderGladiator
Member

Re: Bitcoin in Lebanon

I am lucky to have found out about bitcoin minning

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#267 September 24 2018

dp0001
Member

Re: Bitcoin in Lebanon

anyone successfully withdrawing fiat from exchanges to Lebanon?

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#268 January 14

nas93
Member

Re: Bitcoin in Lebanon

Anyone selling about $80 in btc?

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#269 April 25

MrElie
Member

Re: Bitcoin in Lebanon

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

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#270 3 weeks ago

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 ?

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#271 3 weeks ago

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 (3 weeks ago)

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#272 3 weeks ago

samer
Administrator

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.

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#273 3 weeks ago

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?

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#274 3 weeks ago

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 (3 weeks ago)

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#275 3 weeks ago

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

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