LebGeeks

TheStunMan

Member

Re: Bitcoin in Lebanon

Excuse my ignorance but what is the benefit of bitcoin other than anonymity and the easier of transferring the funds from one party to another worldwide. I'm asking this because most people dont care about being anonymous as some transactions might get corrupted or hijacked and cannot be fixed without evidence which no bank can followup or help you with in this case especially in Lebanon. I dont think we matured enough to use bitcoin and drop the debit/visa card all together. Bitcoin in my opinion only useful if you are going to buy some items from russian sites or from onion ones. Other than that i dont really care if bitcoin offers me one click buy and poof solution if i am a buyer; and what about selling things ? i dont need to mention the crap we have to deal with in this country, finally last two/three years some sites started to use visa credit online payment but i dont think they will ever evolve and use bitcoin, not to mention we still lack paypal which all other GCC countries already have it.

Sure thing if i live in Japan/France/NY i will dig into bitcoin more (to mention not all websites offers bitcoin to name few amazon and aliexpress), nobody uses it in Lebanon, a very few actually heard of it. we still use the fashioned debit system which is barely updated and lacks many features such as linking it to paypal as already mentioned or using it with US/canadian banking system. Correct me of what you think.

samer

Admin

Re: Bitcoin in Lebanon

Excuse my ignorance but what is the benefit of bitcoin other than anonymity and the easier of transferring the funds from one party to another worldwide.

This is a good talk that summarizes why it matters: https://www.youtube.com/watch?v=_0mykANOMGQ

finally last two/three years some sites started to use visa credit online payment but i dont think they will ever evolve and use bitcoin, not to mention we still lack paypal which all other GCC countries already have it.

I think Lebanon would be a great place to start using it for online commerce. The reason is that you don't need anyone's permission to start accepting it. Anyone who has ever tried to run an e-commerce site in Lebanon knows the pain of opening a merchant account to process credit cards, especially given that Paypal is not supported. I agree that the user base is not there and the ecosystem is still developing, but that's not a reason not to start encouraging experimentation, at least among a more tech-oriented segment of the population.

nas

Member

Re: Bitcoin in Lebanon

Has anyone here heard of Ethereum, and other Bitcoin 2.0 attempts.
The concept is fascinating, although they are having some roadblocks on the way.

MrClass

Member

Re: Bitcoin in Lebanon

Is it back?

Bitcoin value now 935$

I used to have 19 bitcoins but all was gone thanks to mtgox. Does it make sense to go back? I'd like to ride the profit train before it is too late

samer

Admin

Re: Bitcoin in Lebanon

As always, treat it as a highly risky asset class and don't put in money you can't afford to lose.
That being said, there are good signals that Bitcoin is being used as a store of value in countries like India, Venezuela and China.

Doom

Member

Re: Bitcoin in Lebanon

Is it a bad idea to mine with my laptop (HD 7610m)? Saw someone getting 82 kH/s with it.
It usually doesn't exceed 72c while gaming.
And is mining AFKable?

Silentcontrol

Member

Re: Bitcoin in Lebanon

it is really bad to mine with any pc unless it's purpose is to mine 82kh/s in a pool of miners of at least  1Th/s it will take you thousand of years to make a bitcoin
https://alloscomp.com/bitcoin/calculator

look at that calculator it doesn't have a Kh/s option

mezin

Member

Re: Bitcoin in Lebanon

Hello Geeks,

Been a while.

I tried scavenging through the old bitcoin threads and didn't see anything relevant on the subject of Bitcoin and other crypto exchanges in Lebanon. I remember an article i read a while back that the central bank has "warned against" bitcoin and prohibited banks from trading in crypto or something along those lines. Seems like a natural reaction to something you perceive as a serious threat to you.

However, I've had a growing number of friends who's only resort at the moment is buying from someone off localbitcoins.com and it seems like there isn't really any other option in Lebanon at the moment.

Has anyone out there been successful in buying off global exchanges ?

MrClass

Member

Re: Bitcoin in Lebanon

Well 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.

Draguen

Member

Re: Bitcoin in Lebanon

hey, i ask a friend to buy them for me (ether) and send them to my coinbase account, i then transfer the money to him (abroad) or his familly (locally)

Last edited by Draguen (August 5 2017)

Draguen

Member

Re: Bitcoin in Lebanon

but be careful when dealing with banks, the BDL once refused a transfer to a french bank because i told them it was for bitcoins, however they still took the fees out of the transfer, i had to make a scene at my local bank nearly insulting the teller for not warning me that bitcoins and bitcoins related transactions were illegal.

after a few scenes, they reimbursed the fees.

samer

Admin

Re: Bitcoin in Lebanon

Lebanon is not on the OECD blacklist (I think we are greylisted) which means major exchanges like Bitfinex and Kraken should allow you to fund your account via a normal SWIFT wire transfer. 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.

mezin

Member

Re: Bitcoin in Lebanon

Well 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 ?

warning 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 ?

nosense

Member

Re: Bitcoin in Lebanon

is localbitcoins.com fine for buying bitcoins from lebanon?

samer

Admin

Re: Bitcoin in Lebanon

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 ?

I 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. You need to do a quick calculation to see whether you're better off with localbitcoins. People usually add a 5-20% premium on the Bitcoin they sell there.

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.

localbitcoins.com fine for buying bitcoins from lebanon?

You need to be careful that the person selling you the bitcoins is not a scammer. Stick with people with good ratings and meet them in a public place like a café.

mezin

Member

Re: Bitcoin in Lebanon

I 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.

samer

Admin

Re: Bitcoin in Lebanon

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.

This is the exact warning from the central bank in case you haven't read it:

no. 900 Risks Related to Electronic Money

إعلام رقم 900

موجه للمصارف وللمؤسسات المالية
ولمؤسسات الصرافة ولمؤسسات الوساطة المالية وللجمهور

بالإشارة إلى القرار الأساسي رقم 7548 تاريخ 30/3/2000 المتعلق بالعمليات المالية والمصرفية بالوسائل الاكترونية لا سيما المادة 3 منه التي تحظر اصدار النقود الاكترونية (Electronic Money) من اي كان والتعامل بها بأي شكل من الاشكال،

ونظراً للمخاطر التي قد تنتج عن التعامل بالنقود الافتراضية بالأخص الـ Bitcoin ومنها:

1- ان المنصات (Platforms) أو الشبكات (Networks) التي يتم بواسطتها اصدار وتداول هذه النقود لا تخضع لأي تشريعات او تنظيمات وفي حال تعرضت لخسائر فلا يوجد اي اطار حماية قانوني يؤمن استرجاع الأموال التي تم بها شراء هذه النقود.

2- إن هذه النقود غير مصدرة أو مكفولة من أي مصرف مركزي وبالتالي فهي معرضة لتقلب حاد وسريع في أسعارها والتي يمكن أن تتدنى الى الصفر.

3- ان العمليات على النقود الافتراضية تسهّل استعمالها لنشاطات اجرامية خاصة لتبييض الأموال وتمويل الارهاب.

4-  لا يمكن الرجوع عن العمليات أو التحاويل غير الصحيحة وغير الموافق عليها (Incorrect or Unauthorized) المنفذة بواسطة هذه النقود.

لذلك،

واستدراكاً للمخاطر والخسائر الجمة التي قد تنجم عن استعمال النقود الافتراضية،

فإن مصرف لبنان يحذر أي كان من شراء وحيازة واستعمال هكذا نقود.

                                                         بيروت في 19 كانون الأول 2013

source: http://www.bdl.gov.lb/news/more/5/111/65

The circular they are referring to regarding electronic money states:

يحظــــــــــر اصــــــــــدار النقــــــــــود الالكترونيــــــــــة مــــــــــن أي كــــــــــان
والتعامل بها بأي شكل من الاشكال

source: http://www.bdl.gov.lb/circulars/download/17/ar

I am not a lawyer, so I don't know what they mean by "يحظــــــــــر" (whether that means you are simply warned, or whether you should not do it).

You probably want to talk to a tech-aware lawyer. Let us know if you learn more about this!

pocklain

Member

Re: Bitcoin in Lebanon

hi guys,

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.

Well 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.

MrClass, could you please explain how you got it to work?

Thanks  guys for any advice

MrClass

Member

Re: Bitcoin in Lebanon

You can transfer USD once you get verified to Tier 3.

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

pocklain

Member

Re: Bitcoin in Lebanon

Thanks for the info.

I am already Tier 3 verified, and I messaged support, I got a reply saying that my country is not supported. :(

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.

I didn't do the ID confirmation thing as I don't belong to any of the categories mentioned.

Did you do the ID confirmation photo?

Thanks MrClass

samer

Admin

Re: Bitcoin in Lebanon

You can also try your luck with Bitfinex and Bitstamp. Both are reputable exchanges. Make sure you don't keep your bitcoins there after buying them. Keep them in your own wallet!

MrClass

Member

Re: Bitcoin in Lebanon

I might have failed to mention that I am actually outside of Lebanon, maybe that's why in your case fiat currency funding might not be supported.

@samer, they also do not have full support to MENA countries.

Try localbitcoins as suggested before

pocklain

Member

Re: Bitcoin in Lebanon

it seems we have no option here in Lebanon but to get ripped off on locabitcoin.
then i can use them on Kraken or any other exchange.
i am in the verification stage on bitstamp. ill tell you what happens.

mezin

Member

Re: Bitcoin in Lebanon

@samer

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.

Last edited by mezin (August 13 2017)

ralphm18

Member

Re: Bitcoin in Lebanon

From what I know, you just can't do it in lebanon.