LebGeeks

MrClass

Member

Re: Bitcoin in Lebanon

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

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.

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?

Draguen

Member

Re: Bitcoin in Lebanon

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

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.

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.

Last edited by Draguen (August 14 2017)

lebonis

Member

Re: Bitcoin in Lebanon

Hi Lebgeeks,

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Some information related to the buying/selling operations look like outdated.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?

samer

Admin

Re: Bitcoin in Lebanon

1 - It doesn't seem like it. Check my replies to mezin. Your best bet is Localbitcoins or get a friend abroad to help you out.
3 - No, Dave no longer sells Bitcoin and Yellow has been dissolved.

MrClass

Member

Re: Bitcoin in Lebanon

Guys if anyone is interested in buying bitcoin; I can assist with a flat fee.

samer

Admin

Re: Bitcoin in Lebanon

You can now access the Bitcoin network without an internet connection, using satellite:

The Blockstream Satellite network is designed to broadcast the bitcoin blockchain to the entire planet. The satellite network provides an opportunity for nearly 4 billion people without internet access to utilize bitcoin while simultaneously ensuring bitcoin use is not interrupted due to network interruption.

Utilizing the latest open source Software Defined Radio (SDR) technologies, the Blockstream Satellite network offers a breakthrough in the cost effectiveness of satellite communications. Instead of spending thousands of dollars on specialized satellite equipment, the entire cost of all equipment needed to connect your computer to the Blockstream Satellite network is only about $100 USD.

https://blockstream.com/satellite/block … satellite/

vogosvagen4

Member

Re: Bitcoin in Lebanon

Hi, so I'm new to this and want to get into it.

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?

Leb_Knight

Member

Re: Bitcoin in Lebanon

why 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.

MrClass

Member

Re: Bitcoin in Lebanon

why 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.

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

Member

Re: Bitcoin in Lebanon

why 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.

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.

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 fee
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/ca … stPerkWh=0

masrour

Member

Re: Bitcoin in Lebanon

We need to confirm the legality of mining in lebanon ?

MrClass

Member

Re: Bitcoin in Lebanon

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.

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 fee
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/ca … stPerkWh=0

Come on are you serious now? I'm sure you're smarter than this. Mining difficulty is always on the rise. If you keep mining on the same hash  power, your profits go down in time. And of course you have to keep paying for maintenance fees.

Your profit is nearly zilch.

This is why cloud mining is such a scam. You end up spending your own profit on maintenance fees no matter how much hashpower your have. Their fees are all percentage based.

Leb_Knight

Member

Re: Bitcoin in Lebanon

Come on are you serious now? I'm sure you're smarter than this. Mining difficulty is always on the rise. If you keep mining on the same hash  power, your profits go down in time. And of course you have to keep paying for maintenance fees.

Your profit is nearly zilch.

This is why cloud mining is such a scam. You end up spending your own profit on maintenance fees no matter how much hashpower your have. Their fees are all percentage based.

i didnt say difficulty isn't rising but you forgot the main point that the price are rising 2
10000 bitcoin paid for a normal pizza size in 2011 but now bitcoin worth 4500$ and even more even if your profit is a small  satoshi number still it worth it for me am not looking to be a millionaire by investing 120$ in cloud mining  but still am making a good number comparing to what i have invest .
also soon ill build my rig to mine from lebanon but you know the trick is to find a good GPU prices in this country also the main problem is there is no wallet company that will accept to send  bitcoin debt card to lebanon so ill have to pay for the electricity from my own pocket and that's really expansive in here .

Last edited by Leb_Knight (August 17 2017)

samer

Admin

Re: Bitcoin in Lebanon

Cloud mining operations are not the best use of your money. I would not recommend people to "subscribe" to them. If you want to mine Bitcoin, do it properly with an ASIC miner. Otherwise, earn it or buy it.

dp0001

Member

Re: Bitcoin in Lebanon

i've been looking into acquiring bitcoins, and honestly very few options are left.

mining can be profitable in the right environment. example:

for starters, as Samer said, you need an Antminer S9 - to even start thinking of being profitable

this is from may 2017 - taken from an amazon feedback:

As of right now, the global bitcoin hashrate is roughly 4,302,837 TH/s. This AntMiner S9 is capable of 13.5TH/s. There are 12.5btc per block, which means your earnings per block on average will be 13.5TH / 4,302,837TH * 12.5BTC = 0.00003922BTC. Over the last 30 days, each block has been solved in an average of 9.7 minutes. There are 43,200 minutes in 30 days, therefore there are an average of 43,200 / 9.7min = ~4454 blocks per month. 4454 blocks * 0.00003922BTC / block = 0.17468588BTC over the previous 30 days.

second, this thing sucks up 1300 w so around 6 amps ... in Lebanon ... yeah....

so you need to move to Zahle, or anywhere else where they have 24/7 electricity or else you'll need a 10 amp "ishtirak" and a 400$ ups

second, cloud mining ... why would they sell you their hardware if they are actually making good money out of it?

Last edited by dp0001 (May 29 2019)

Leb_Knight

Member

Re: Bitcoin in Lebanon

Cloud mining operations are not the best use of your money. I would not recommend people to "subscribe" to them. If you want to mine Bitcoin, do it properly with an ASIC miner. Otherwise, earn it or buy it.

so you are saying that mining is only available to people who can afford a 2600$ for 1 antminer s9 ???
i think cloud mining is a good alternative to ASIC mining as i cant afford to buy an ASIC miner that will cost me around 100$ in electricity bill every month
why wouldn't you recommend that type of mining ?
i mean is it the maintenance fee? sure they have to take maintenance fee as if am mining through a home made rig i have to pay extra electricity fee every month so whats the point ?

samer

Admin

Re: Bitcoin in Lebanon

so you are saying that mining is only available to people who can afford a 2600$ for 1 antminer s9

I did not say that. I said it is not the best use of your money. You can still subscribe to those cloud mining services, but it is more profitable to buy bitcoin than to mine it through cloud mining services. MrClass already gave you an extensive breakdown in the bitcoin mining thread.

mezin

Member

Re: Bitcoin in Lebanon

<snip>

let me know your thoughts

They take approx 35% in fees.

Now, let me explain why it's not so bad.

First off they allow small amounts, so let's say for example you want to do a bank transfer for 750$ (not worth doing a bank/wire transfer for anything less than that) the bank takes about 25$ in transfer fees. which is about 34 % .

Might want to check the math on that one. $25 fee on $750 is 3.34%.

Also, if you're planning on posting a link that leads to an affiliate link, it's always advisable to let people know.

Last edited by mezin (August 28 2017)

dp0001

Member

Re: Bitcoin in Lebanon

:|

i did write the article quickly  - yes you're right it's 3.34 %

Last edited by dp0001 (May 29 2019)

mezin

Member

Re: Bitcoin in Lebanon

:|

i did write the article quickly  - yes you're right it's 3.34 %

that completely nullifies my argument. i'll have to take a look at it again- thanks for bringing it up

i don't mind advising/mentioning it, but what difference would it make?

something like: i did some research and found a site that allows you to buy bitcoins if you're living in Lebanon. this website contains an affiliate link, meaning every time you purchase from them, i get a small percentage in return for having brought this service to your attention.

Nothing wrong with sharing an affiliate link, however, if you do not tell people about it, it's akin to a salesman selling you something not because they believe in the product but because they get a commission off of it.

Personally, if I find something interesting that someone posted an affiliate link for without informing me, I would sign up through a regular link. If they do disclose it, I am much more likely to use their affiliate link to sign up for something.

shant

Member

Re: Bitcoin in Lebanon

Hi everyone, I'm most probably late to the party but I guess better late than never.
I am looking to start using bitcoin and I am completely lost on how to use it or where to start (wallets, exchanges?), I would be grateful if someone could pm me and possibly sell me bitcoin.

ThatLebDude

Member

Re: Bitcoin in Lebanon

Hello

I'm looking to buy bitcoin. Any sellers?

shant

Member

Re: Bitcoin in Lebanon

Can everyone share which exchange service they are using? Most of them either are asking for paypal only or don't support Lebanon at all, others need a long process of verification!
or if there's a list of people somewhere who are willing to buy/sell bitcoin by meeting at a coffee place or something.

Johnaudi

Member

Re: Bitcoin in Lebanon

If you guys are just looking to trade bitcoin I recommend eToro but caution it has a huge spread.

sayedti

Member

Re: Bitcoin in Lebanon

i am looking to invest in bitcoin , extremely small invesment 30$ or 50$ or maybe 100$ . can someone direct me how to do this in lebanon ?