Bank turned down payment request

[Bitmastian]

I tried to purchase bitcoin via bitcoin app and my turned down the payment. I'm with TSB and live in the U.K. Does anyone have any ideas why this could have happened? Is there any other way I can purchase BTC?

[nandibear]

I tried to purchase bitcoin via bitcoin app and my turned down the payment. I'm with TSB and live in the U.K. Does anyone have any ideas why this could have happened? Is there any other way I can purchase BTC?

Have you tried Bitstamp?

https://www.bitstamp.net/

I believe that they work with UK customers/banks.

[Bitmastian]

Thanks. I'm trying to sign up now. Is it official? Why doesn't bitcoin.com cater to U.K. banks? Why is bitstamp asking for ID documents?

[bitkilo]

Thanks. I'm trying to sign up now. Is it official? Why doesn't bitcoin.com cater to U.K. banks? Why is bitstamp asking for ID documents?

Bitcoin.com is just one domain name used to promote Bitcoin. Bitcoin.com is not an official website. Just like nobody owns the email technology, nobody owns the Bitcoin network.

Banks do not like bitcoin, they are afraid of it and should be. Banks have been screwing people over for years now and it's time to take back control of our finances

[Bitmastian]

Thanks. I'm trying to sign up now. Is it official? Why doesn't bitcoin.com cater to U.K. banks? Why is bitstamp asking for ID documents?

Bitcoin.com is just one domain name used to promote Bitcoin. Bitcoin.com is not an official website. Just like nobody owns the email technology, nobody owns the Bitcoin network.

Banks do not like bitcoin, they are afraid of it and should be. Banks have been screwing people over for years now and it's time to take back control of our finances

I see. Which UK-friendly website/app can I use to purchase bitcoin without uploading tons of ID? I didn't think purchasing BTC would be this difficult/complicated.

Edit: I tried 'Blockchain' app to purchase BTC and my transaction failed. It also only had a limit of £200: why? How can I purchase more?

[bitkilo]

Thanks. I'm trying to sign up now. Is it official? Why doesn't bitcoin.com cater to U.K. banks? Why is bitstamp asking for ID documents?

Bitcoin.com is just one domain name used to promote Bitcoin. Bitcoin.com is not an official website. Just like nobody owns the email technology, nobody owns the Bitcoin network.

Banks do not like bitcoin, they are afraid of it and should be. Banks have been screwing people over for years now and it's time to take back control of our finances

I see. Which UK-friendly website/app can I use to purchase bitcoin without uploading tons of ID? I didn't think purchasing BTC would be this difficult/complicated.

All the ID that the bitcoin exchanges require is so they can comply with KYC (know your customer) and AML (anti-money laundering) laws.

You do have another few options though,

1. You could try an online wallet service like Coinjar (i think they operate in the UK now) i have been using their service for a couple of years now and they are a great company with competitive prices. For verification all you should have to do is send them your banking details so they can send you a small transaction with a code on it, enter that code into Coinjar and your account should be verified in a day or 3. An online wallet is good for purchasing bitcoins but do not store large amounts online, move them to offline storage.

2. Localbitcoins - Just do a Google search for the site and you will be able to buy bitcoins directly from other sellers, you can even meet up to complete the sale for cash with no ID needed but this is why the prices on that site can be quite high.

3. Find a bitcoin ATM, if it's a Robocoin brand then don't bother but any other brand are good, downside to these is that the price can have a 5-10% markup.

[OneChain]

Seemingly some banks still don't "get" bitcoin, with time they will learn.

[Bitmastian]

Thanks for your reply.

How is bitcoin exchanges anonymous if I have to submit so much personal ID?

[Bitmastian]

Coinjar doesn't accept account verification for the UK (which means I can't buy or sell). Isn't crypto currency meant to be borderless? So far my experience is contradicting everything I've heard/read about CC.

[nandibear]

Coinjar doesn't accept account verification for the UK (which means I can't buy or sell). Isn't crypto currency meant to be borderless? So far my experience is contradicting everything I've heard/read about CC.

hi Bitmastain,

Absolutely you are correct that cryptocurrency is borderless.

What you are encountering is that nation states (or countries) a making laws (or trying to apply old laws which don't exactly fit well) which have a lot of cryptocurrency exchanges (not the cryptocurrency itself) apprehensive about breaking the law.

People have gone to prison for selling cryptocurrency.

[bitkilo]

Coinjar doesn't accept account verification for the UK (which means I can't buy or sell). Isn't crypto currency meant to be borderless? So far my experience is contradicting everything I've heard/read about CC.

If you cannot purchase from Coinjar in the UK then it probably means that Coinjar has not yet passed all the government requirements the UK needs.

The currency itself is borderless meaning that nobody can stop you from sending it anywhere in the world but it doesn't stop governments adding restrictions to the purchase of bitcoins and other crypto coins.

Thanks for your reply.

How is bitcoin exchanges anonymous if I have to submit so much personal ID?

I don't know of any anonymous bitcoin exchanges, if any do advertise this check which country they operate from.

[Bitmastian]

Coinjar doesn't accept account verification for the UK (which means I can't buy or sell). Isn't crypto currency meant to be borderless? So far my experience is contradicting everything I've heard/read about CC.

hi Bitmastain,

Absolutely you are correct that cryptocurrency is borderless.

What you are encountering is that nation states (or countries) a making laws (or trying to apply old laws which don't exactly fit well) which have a lot of cryptocurrency exchanges (not the cryptocurrency itself) apprehensive about breaking the law.

People have gone to prison for selling cryptocurrency.

So how do I trade in bitcoin like it's meant to be used? Or is it now completely sabotaged?

[nandibear]

Shreveport, Louisiana (deep south United States)

Randall Lord, 58 years of age, sent to federal prison for "illegal" bitcoin exchange on LocalBitcoins.com.

https://youtu.be/9pX7IQ6UOVM

also see the .gov site for official data:

https://www.justice.gov/usao-wdla/pr/fo ... n-exchange

[nandibear]

So how do I trade in bitcoin like it's meant to be used? Or is it now completely sabotaged?

You just have to find an efficient, effective and allowed method to buy Bitcoin.

Search online for different exchanges which deal with UK citizens (I'm an American myself).

Look for people locally in the UK who will directly sell you Bitcoin.

You could also accept payment in Bitcoin for jobs which you do or from customers or clients.

There literally thousands of ways to earn/receive bitcoin.

Also once you have some bitcoin you may do all the trading you want! You may trade your Bitcoin for Bitcoin Cash or any other cryptocurrency!

There are many exchanges (EDIT: non-fiat, or no-cash-out exchanges, that is) where you don't need an account to use their service. You only need to have a cryptocurrency (e.g., Bitcoin) to use.

One example is BlockTrades.us (https://blocktrades.us/)

[Bitmastian]

Shreveport, Louisiana (deep south United States)

Randall Lord, 58 years of age, sent to federal prison for "illegal" bitcoin exchange on LocalBitcoins.com.

https://youtu.be/9pX7IQ6UOVM

also see the .gov site for official data:

https://www.justice.gov/usao-wdla/pr/fo ... n-exchange

How did they find him if it's meant to be anonymous and he hadn't registered?

[nandibear]

So how do I trade in bitcoin like it's meant to be used? Or is it now completely sabotaged?

I believe that the Kraken Exchange (https://www.kraken.com/), which is a large and well known exchange, deals with UK customers, UK Customers and the British Pound GBP.

[Bitmastian]

So how do I trade in bitcoin like it's meant to be used? Or is it now completely sabotaged?

I believe that the Kraken Exchange (https://www.kraken.com/), which is a large and well known exchange, deals with UK customers, UK Customers and the British Pound GBP.

Thanks but the iPhone app is badly rated.
I'm going to pay my bank a visit tomorrow and see why my payment is being rejected. I'd rather use bitcoin.com it looks really clean and user friendly.

[nandibear]

How did they find him if it's meant to be anonymous and he hadn't registered?

I don't believe that Randall Lord was trying to be anonymous. He wasn't doing anything illegal. He was running an honest business in the open.

He wasn't aware that he was breaking any laws and even today it appears that he hadn't broken any laws.

I only provided him as an example to show why bitcoin-to-fiat cryptocurrency exchanges may be apprehensive about possibly breaking the law (even if it isn't clear that a specific law, if any, is applicable).

[bitkilo]

So how do I trade in bitcoin like it's meant to be used? Or is it now completely sabotaged?

I believe that the Kraken Exchange (https://www.kraken.com/), which is a large and well known exchange, deals with UK customers, UK Customers and the British Pound GBP.

Thanks but the iPhone app is badly rated.
I'm going to pay my bank a visit tomorrow and see why my payment is being rejected. I'd rather use bitcoin.com it looks really clean and user friendly.

You will probably find your bank less than helpful the minute you mention bitcoin. They will make up all sorts of excuses why your transaction was cancelled, most likely saying that they viewed it as suspicious for X reason.
This is exactly the reason why i don't like banks, who are they to tell you how or what to spend your money on! Never give in to a banker, always remember that it's YOUR money they have and YOU are the customer, if they make it hard for you just say goodbye i would like to close my account right now and go elsewhere.

Edit: A company very similar to Coinjar is Coinbase, they may operate in the UK. Also try Xapo