Oddbean new post about login | logout https://image.nostr.build/39563be26366bb2d477240b01c84a4b70955d39dec07eb4c290481b9865f8a24.jpg You'd need to jail me to stop me from dumping it all on $BTC! #bitcoin #btc #zaps #nostr
If you lived in Australia this would take about 8 years if price stayed constant, because we can only deposit $10k per month to exchanges 🤦🏻♂️ #Austriches
If you are lucky. Most banks won't even allow that. Are there any left that allow unrestricted transactions to bitcoin?
I can't speak to the Aussie restrictions but pushing money from your US bank account to exchanges in the US is still possible for sure.
Here in Australia it is very hard. Many banks outright decline any transactions to exchanges. The ones that remain place strict limits on monthly transactions that are impossible to remove. I would hate to be a no-coiner today. I do not know if I could buy a whole coin even if I had the money sitting in my account.
have U tried local meetups? tap into circular econ p2p?
Peer to peer is still an option but not one that most will be able or willing to do. Bitcoin is already hard for most people to grasp and without easy and "safe" onboarding routes most people will be left behind. Outside of face to face meetups Bisq and Robosats are the most recomended P2P platforms and they are very light on liquidity. I had a look a few days ago and there were no $AUD offers. So yes it is still possible and there are ways around it but it is getting harder and harder for the average person. Some see this as a victory as it pushes bitcoin underground and off KYC exchanges where they feel it belongs but the reality is that bitcoin staying in this realm will prevent mass adoption.
most people respond better to fam & friends in my experience, online is a bit of a maze to navigate & getting scamier from my view/ breaking trust not to mention updates & staying current imho
Another option is colocation mining. Buy/rent miners and mine however much bitcoin you want over a few months, then you have to sell the miners back after. This is what I might do in the 2026 bear if it comes
Hmm that is something interesting that I had not considered 🤔
The major 4 don't allow more than 10k I've heard. I think some smaller banks people are having some luck? Transfers are also incredibly slow. Many customers did ask for more protection after FTX SBF tried to pull fiat out of our bank accounts and they used that as an excuse to also limit transfers...
I did not know FTX tried to withdraw fiat from banks during collapse. I know there are a lot of scams but I feel that customers should be able to sign a waver and use their money. I am not in a position where I am being limited but I have had accounts closed recently even from minor previously bitcoin friendly banks. Everyone says it's no longer within their risk tolerance. I think it is more a concern for someone just entering this world. I imagine that if we see a big price move to the upside there will be a lot of people who find they can't buy what they want to.
Exactly. Hopefully we'll be there to offer lightning payments in exchange for goods and services. I'm also not in a position where this impacts me yet but over time 10k might be chump change.
