Converting Fiat to ETN without a bank


#1

I’d like to propose the idea of having shops sell prepaid ETN cards that can be purchased with cash and added into the wallet? I think in order for mass adoption you have to be able to convert cash. Without a bank how else would it work?


ETN To Fiat Conversion plus other features on the app
#2

This is where the entrepreneurial spirit can shine. As ETN grows i’m sure individuals and companies will find ways to trade and open up access to ETN in places where bank accounts are difficult to get.


#3

I’ve been thinking of building a website to do something along these lines.
Basically anyone can become a seller of ETN worldwide, you would create a profile, with your location & markup above the current rate of ETN that you would sell ETN for.
There would be a feedback system for successful trades & premium users where ID etc has been checked but the option to stay anonymous would be there. I’ve got some other ideas of making trades safer for sellers & buyer which would include an App.

Let me know what you think.

bitinix.com/@25460


#4

Do it!! Early bird catch the worm?


#5

I’ll put something together & see what sort of response I get from it. I’ll keep you posted.


#6

Thanks,
I’m currently working on an idea to help people buy & sell Electroneum
https://etntraders.com


#8

I’m totally for this idea; it is a simple, yet effective means of getting users onboard by minimizing the current pains of purchasing another crypto to exchange for ETN.

What kind of fees, if any, will you be charging? Flat rate, percentage based, etc.


#9

Are you proposing a similar idea to localbitcoins?


#10

Thanks @Satsukeshi,
The idea is to make the process of trading ETN as easy and as affordable as possible. I won’t be getting involved in the actual transfer of fiat or Crypt like localbitcoins do @Joe90 . I’ll leave that up to the traders, however I do have some processes to help protect users from any scammers.

Traders will be able to create ETN adverts, set their own margins, for any currency , in any language, in any country & any trade method.

This would be the core business which I think should always be a free of charge. The only thing I’ve got to lose is a little coding time & server overhead.

Any profits the traders make would be their own. I’ll work out other services down the line to monetise the site if needed.

It is still going to take a few weeks to nail a fully working model down as I am still on other projects at the moment. I’ll make a fresh thread & keep you all posted. Any feedback good or bad would always be gladly accepted.


#11

It is like localbitcoins or localethereum, but you still have to use banks.


#12

I’m pretty sure you would not need to use a bank if you use cash for example.


#13

And how can you transfer it in order to receive ETN?


#14

In person or via a shop.


#15

I understand. But that’s not efficient. This can be made for all coins afterall, but it’s not what we want.
You want to acquire tokens whenever you like to, and it is way easier to go to localbitcoins and do a fiat transfer.


#16

as I believe localbitcoins do not accept ETN, you would have to send it to an exchange ( all chargeable by localbitcoins) & then convert it to ETN ( all chargeable by the exchange)

This thread is about converting “Fiat to ETN without a Bank” if you want the easiest way then that should be another thread.

I’m proposing promoting methods that do not require a banks involvement and without all the charges along the way.


#17

Yes man, but this method is like the crackheads going to their local dealer face to face to have some goodies.
What if you are not able or don’t have the time to meet in person or go to a physical shop?
Imagine that the market drops suddenly and you want to invest a large sum of money.
In an hour at most, doing all this online, you can have your ETNs.
The example you gave above with the ETN Traders will be good if all the trade will be done online.


#18

Nice comparison with crackheads Raul, it could also be be like popping to the shop to buy some candy though. lol

The price drop ( or raise) can happen with euros dollars etc also thats the nature of the game that we are all aware of.

People who create bad trades would have their behaviour reflected in their feedback.

I think what you may be looking for is something different to be honest, if you are happy with the system that is in place ie using banks, exchanges etc and paying premium for the luxury of having that ETN in your hand within an hour (guaranteed ?) then those services are ideal for you, I’ve been using localbitcoins and a 1000 for many years now and not all transfers have gone as slick as you may suggest.

heres my profile.
https://localbitcoins.com/accounts/profile/capcoins/


#19

I have only one BTC ‘‘dealer’’ on localbitcoins. He is really fast, same bank to bank transfer happens in no time. The waiting is because of BTC. As we all know, it’s not that fast.

Don’t get me wrong, I hate banks. But I wonder if it would be possible to make a fiat online trading space like ETN Traders, but without involving banks and all the trading being done online. That would be interesting…


#20

All my trades with bitcoin are outside of localbitcoins now & with people I’ve built a lot of trust up with. They are more like friends I guess.

Now that would be interesting and is the $64million question,
How to create a reliable safe trade buying crypto with FIAT?

With ETN Trader I’ll explore various methods of acquiring ETN using FIAT as quick and as safe as possible. Initially I’ll promote any user & business who want to profit by trading in ETN (& ETN related products or services) to create many points of access to the crypto without the price tag.

Thanks for your feedback @eFiJy :slight_smile:


#21

I am quite new at this, meaning January 2018, so I didn’t have the time to find anyone trustworthy to buy BTC from. As the time passes, hopefully we will have some platforms that will enable trading in a different manner as compared to the current one.