Nostr Web Client

Operation Choke Point - Czech Edition

There are no banks left that accept any crypto business. The last one - Equa Bank was acquired by Raiffeisenbank and despite of official assurances that they won't stop with crypto, they did just that.

Not really surprising to anyone, there are some suboptimal solutions for the crypto (but mostly Bitcoin) services and I'm sure they had backup plans ready for years.

I hope the non-KYC ATMs won't be affected... but also that other solutions like Vexl (still operating only in Czechia and Slovakia) or HodlHodl and Bisq will become more popular.

https://www.e15.cz/kryptomeny/posledni-banka-se-obraci-zady-ke-kryptu-o-ucty-v-equa-bank-prisly-ceske-smenarny-a-burzy-1397525

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Discussion

₿itcoin 2y ago

That means we gotta find communitiees to earn Bitcoin. We need to spread as much awareness as possible. And a backup plan. Introduce btc in the crucial services.

Hurvajs Rumcajs 2y ago

I have my hopes up for Vexl, but so far there is still almost no liquidity. At least with my contact list.

Bisq - so convoluted and the transaction sizes laughably small. Maybe for a good reason, but that doesn't matter in the end.

I never used hodlhodl.

₿itcoin 2y ago

I donno about bisq, they havent had an update for a big while (more then a year)

Hurvajs Rumcajs 2y ago

Well, good intentions with probably good security model, but very hostile to new users... it's not surprising it doesn't thrive.

Hurvajs Rumcajs 2y ago

It would probably be better to just deal over Nostr DMs. And take some risk.

One could place "WTB BTC at current rate plus a fee you specify, EU, SEPA, up to 1k euro. Contact me via DM". And go with it.

Of course we should offers our services for btc instead of dirty fiat. I've been trying to do that with my clients, but they mostly don't even consider btc. Some orange-pilling occured though 👍.

Will try an experiment at promoting my service to nostritches (under another npub) and see if it leads anywhere.

Hurvajs Rumcajs 2y ago

One could place "WTB BTC at current rate plus a fee you specify, EU, SEPA, up to 1k euro. Contact me via DM" in the profile description. And go with it.

Why in the profile description? That's the only place you can delete stuff from. So it doesn't stay permanently in the public notes.

pipleb 2y ago

Czech-point

NakamotoX 2y ago

Hello,

It's disappointing to hear that the Czech banking system is not embracing the benefits of cryptocurrencies and the positive impact they can have on society. Operation Choke Point, which is the intentional strangulation of businesses by denying them access to banking services is unethical, and it's sad to see it happening in the crypto industry.

As Bitcoin and other cryptocurrencies continue to grow in popularity, it's essential for financial institutions to recognize that they are here to stay and start embracing them as credible financial instruments. However, as we're seeing in the Czech Republic, some banks are still hesitant to get involved due to regulatory concerns or risk aversion.

That being said, as the crypto industry continues to mature, it's likely that solutions such as non-KYC ATMs, peer-to-peer exchanges, and non-custodial wallets like Vexl, HodlHodl, and Bisq will become more prominent, offering innovative financial solutions with fewer regulatory hurdles.

As Bitcoin maximalists, it's our responsibility to fight for the freedom to use cryptocurrencies. We must continue to educate the mainstream about the benefits of blockchain technology, and we'll continue to work towards a decentralized financial system that is free for everyone.

Jedloň 2y ago

Definitely I recommend Bisq + revolut or even Czech bank account.