If someone was not concerned with the anonymity aspect of bitcoin, can he/she exchange traditional currencies to bitcoins and vice versa from banks? Do banks do this? and if not, why?


This is something that has not arrived yet (to my knowledge), but will probably emerge in the future.

We're getting close, e.g. the German Fidor Bank has a partnership with Bitcoin.de that let's you quickly transfer money to said market place, as well as having a partnership with Ripple; Ripple has signed up a large number of banks as customers, if current news reports are accurate; finally, multiple banks and the NYSE are investors in Coinbase.

There are numerous other such relationships of which almost certainly one will eventually come to fruition in this regard.


Depending on where you are geographically. You can open an account with Quadrigacx.com and use it as a conduit to convert your bitcoin to fiat dollars or to buy or fund your bitcoin account directly from or to your conventional bank account. Just FYI, Quadrigacx.com is based in British Columbia, Canada but I am pretty sure it's an open-ended online banking entity which you can access regardless of your local. By my experience they are highly regarded and very efficient when it comes to conversion of currencies. There are also various offshore banking entities where you can set up conversion accounts which you can also access from anywhere in the world via a ATM card which is sent out to you. Good luck my friend.


Kind of but not in the way you think. I know of no Brick and mortar Bank that does this. But if you use localbitcoins.com or another peer to peer site you can access the traditional fiat banking system. Basically you send the 'buyer' the BTC and they deposit money in your bank account.

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