Or—what are the risks of sending bitcoin to a personal card? Because all I hear from everyone is that it should only be cash. Are there real cases where sending to a card led to bad consequences? Does it depend on the amount or other circumstances?
анонимный вопрос
The most direct way to exchange bitcoin for fiat is to sit down together, agree on a deal, then the fiat amount is placed on the table, the bitcoin seller transfers them to the buyer, the parties wait for the first confirmation, after which the seller takes the fiat from the table and puts it in their pocket.
The main inconvenience with this type of deal is the need for very serious trust in the buyer. Nothing stops the cash owner from pulling out a gun after the transaction is complete and demanding their cash back, as well as the private keys to the bitcoin wallet. Using bank transfers instead of cash at least allows you to avoid meeting in person. Therefore, a service such as localbitcoins has gained considerable popularity.
The essence of exchanging through this service is that the parties trust the service itself rather than each other. One party publishes an ad, the second responds to it, after which the seller’s bitcoins (previously transferred to an online wallet belonging to the service) are frozen. When the bank transfer is received from the buyer, the seller notifies the service, and the service transfers the bitcoins to the buyer. If a conflict arises, the service acts as a judge (so-called escrow), requires proof of money transfer and proof of non-receipt on the account from the parties, after which it makes a decision in favor of one of the parties.
From the bank’s point of view, it is a transfer from one individual to another individual. The bank knows nothing about any bitcoins. Reversing such a transfer is practically impossible. Of course, as part of the fight against money laundering, the bank may freeze the transfer, but that is the buyer’s problem—they will not receive the bitcoins, the frozen amount will simply return to the seller, and the seller can make another attempt.
Localbitcoins is a large international service that is good because it allows you to obtain fiat money from any country, wherever you are. But specifically in Russia, I personally find it more convenient to use a Telegram bot with completely identical functionality (I have already advertised it here).
In any such service, there is also the option to buy bitcoin for cash. I haven’t used it myself because the rate is usually much less favorable. Remotely, this is done by topping up the bitcoin seller’s card with cash at an ATM. This method provides the greatest security for buying bitcoins, as the buyer’s personal data does not reach any bank. As for the seller, they don’t care; the fiat still ends up in a bank account.
Bitcoins can also be bought for cash in crypto ATMs, but selling them for fiat in this way is not yet possible. As Lightning is implemented, crypto ATMs with the ability to operate in both directions will likely enter the market.
To summarize. Buying bitcoins for cash is indeed a way to ensure additional anonymity. Selling bitcoins for cash carries the same risks at best, and even more serious ones at worst. As long as your sales volume is small, receiving fiat on a bank card is the most reliable way to protect yourself. When volumes grow, you can accept fiat on cards from different banks. If they grow even further—try using strawmen.
And for the most paranoid, I want to recommend an article from a very peculiar channel Cryptoagora, where even more curious ways of ensuring anonymity when working with fiat are detailed.
