This kind of idea is actually good since you don't need much to rely on online exchanges, I hope you can start your business soon
Topic: Can I open up a local shop and sell bitcoins for cash? (Read 4788 times)
You need a clear legal advice regarding these especially in matters concerning licenses and taxes you will pay in order to operate. I don't know much about US legal clear-cut regarding selling bitcoins into cash with a proper office or shop but one thing is for sure you need to abide your laws in order to operate legally.
This kind of idea is actually good since you don't need much to rely on online exchanges, I hope you can start your business soon
This kind of idea is actually good since you don't need much to rely on online exchanges, I hope you can start your business soon
Yes it is possible, in the Philippines you can buy bitcoin in some stores using cash. For example in 7/11 if you used coins.ph wallet you can easily buy bitcoin, you can also invest if you also want. I guess if you build local shop that sell bitcoin, it was eye catchy because more users are no time to invest in bitcoin thru banks due to busiest in their particular jobs.
They are just partners or just a gateway used on buying bitcoins which is actually a good thing because you can simply buy it directly and once paid then they would credit bitcoins into your own local wallet but it would really need to be regulated if you do really like to engage or involve on this business. For now Philippines don't really impose strict laws regarding on bitcoin buy and sell.
Yes it is possible, in the Philippines you can buy bitcoin in some stores using cash. For example in 7/11 if you used coins.ph wallet you can easily buy bitcoin, you can also invest if you also want. I guess if you build local shop that sell bitcoin, it was eye catchy because more users are no time to invest in bitcoin thru banks due to busiest in their particular jobs.
The legality of bitcoin is what would matter first and this is jurisdictional based. If it has been legalized where you are then you can do what you like with bitcoin though within the confines of the law as it is enshrined, otherwise, you can't practice such sell.
The thing here is he just need to register his local shop as a business entity and there's nothing wrong with it, that's the due process for someone that wants to start his own business. And he has to declare that he will include selling bitcoins for cash.Most of the government agencies aren't interested on business matters as long as it is legal and you will be taxed.
I'm wondering if I can open up a local shop and sell bitcoins for cash without paperwork or signing anything. Sure a bitcoin ATM can fulfill that role but as a shop I could do other things such as sell bitcoin merch etc, offer information on bitcoin and cryptos etc, but primarily I'm wondering if I can sell bitcoin for cash without hassling customers with paperwork. I suppose the laws would be the same for an ATM machine? which I haven't heard to be of a legal problem. I'd be considering doing this in Texas, USA, by the way. Any references or shared knowledge would be great, and I'm less interested in speculation. Thanks!
The legality of bitcoin is what would matter first and this is jurisdictional based. If it has been legalized where you are then you can do what you like with bitcoin though within the confines of the law as it is enshrined, otherwise, you can't practice such sell.
I'm wondering if I can open up a local shop and sell bitcoins for cash without paperwork or signing anything. Sure a bitcoin ATM can fulfill that role but as a shop I could do other things such as sell bitcoin merch etc, offer information on bitcoin and cryptos etc, but primarily I'm wondering if I can sell bitcoin for cash without hassling customers with paperwork. I suppose the laws would be the same for an ATM machine? which I haven't heard to be of a legal problem. I'd be considering doing this in Texas, USA, by the way. Any references or shared knowledge would be great, and I'm less interested in speculation. Thanks!
In my opinion, it will be a difficult thing. The government certainly will not approve it. The government never considers bitcoin as a means of transaction, or an asset that can be bought with paper money. Setting up a shop in any places needed permit or license and any transactions needed a receipt. This is not just because they want businesses to add workloads using paperworks but because they want to have paperworks to protect the customers as well as the sellers.
Thumbs up to that.. You’re right,, in a real world legality and documentation is important on most cases for the protection and safeguards of the clients from those businesses offering.. If without permits and licenses all would be messy and unorganised and it means chaos and uncertainty.. So to those who want to start this kind of shops must always research about laws and regulation in a country you want to build one..
Setting up a shop in any places needed permit or license and any transactions needed a receipt. This is not just because they want businesses to add workloads using paperworks but because they want to have paperworks to protect the customers as well as the sellers.
Thumbs up to that.. You’re right,, in a real world legality and documentation is important on most cases for the protection and safeguards of the clients from those businesses offering.. If without permits and licenses all would be messy and unorganised and it means chaos and uncertainty.. So to those who want to start this kind of shops must always research about laws and regulation in a country you want to build one..
Setting up a shop in any places needed permit or license and any transactions needed a receipt. This is not just because they want businesses to add workloads using paperworks but because they want to have paperworks to protect the customers as well as the sellers.
You can build your own shop but before that much better to have survey if there are many people using bitcoin in your area. Also get a permit or license for your business to make it legal, you should also have huge capital for this business.
This idea is great to promote bitcoin and entire crypto currency, i suggest to have crypto exchange also not only buy and selling bitcoin.
You are right and this such business would really need license because even you do compare this btc store than on an ATM machine would really be entirely different but both things would really require license for you to operate. Government would really put an eye on such business because this would be possible to be a gateway on money laundering and for sure they will really give requirements and restrictions on such business. It do indeed need a big capital but would totally dependent on how many bitcoiners is on your place and the potential people would tend to buy bitcoins. This idea is great to promote bitcoin and entire crypto currency, i suggest to have crypto exchange also not only buy and selling bitcoin.
You can build your own shop but before that much better to have survey if there are many people using bitcoin in your area. Also get a permit or license for your business to make it legal, you should also have huge capital for this business.
This idea is great to promote bitcoin and entire crypto currency, i suggest to have crypto exchange also not only buy and selling bitcoin.
In order to in America the business was legal need to obtain a license for this activity. To call it a store is very difficult. The license will be very expensive. It will be not much less than to open your Bank. Legally engage in the exchange of cryptocurrencies is not profitable. It is better to engage in speculation on the stock exchange without licenses. This idea is great to promote bitcoin and entire crypto currency, i suggest to have crypto exchange also not only buy and selling bitcoin.
You can build your own shop but before that much better to have survey if there are many people using bitcoin in your area. Also get a permit or license for your business to make it legal, you should also have huge capital for this business.
This idea is great to promote bitcoin and entire crypto currency, i suggest to have crypto exchange also not only buy and selling bitcoin.
This idea is great to promote bitcoin and entire crypto currency, i suggest to have crypto exchange also not only buy and selling bitcoin.
I guess you can do it without much of paperwork if Bitcoin is not illegal in your country. You should check with your local business regulatory authority.
Besides legal requirements, you shall also worry about security. If you're in Texas, you know that quite many people have guns out there. Once it will be known that you have cash and BTC at your disposal, you should prepare for the possibility that someone puts a .44 to your head, and asks for ALL YOUR BITCOINS NOW!
I'm wondering if I can open up a local shop and sell bitcoins for cash without paperwork or signing anything. Sure a bitcoin ATM can fulfill that role but as a shop I could do other things such as sell bitcoin merch etc, offer information on bitcoin and cryptos etc, but primarily I'm wondering if I can sell bitcoin for cash without hassling customers with paperwork. I suppose the laws would be the same for an ATM machine? which I haven't heard to be of a legal problem. I'd be considering doing this in Texas, USA, by the way. Any references or shared knowledge would be great, and I'm less interested in speculation. Thanks!
NO! unless your state is ready to provide you with a GST number for such kind of business just don't even think of opening such a shop or you would be considered as a person involved in money laundering. Changing btc for cash would mean zero accountability so authorities would be really be worried about any such venture. You would probably need a license for it . One thing that I have extensively read from fellow traders in the US, is that its hard to sell bitcoins without the license.I also don't expect you would get a serious and completely accurate reply on btctalk, so would suggest asking a lawyer rregarding this.
Right, do you have any idea where I could find lawyers knowledgable on bitcoin laws?
Perhaps it's best to inquire with the lawyers around your area, because it would depend on the legality of bitcoin there. It may be hard to find a lawyer who's knowledgeable on bitcoin, especially since I think there's not much law or jurisprudence relating to bitcoin since it's quite new in the international scene.
Regarding your business, I think that there will be a need for license or papers for that even it is concerning to bitcoin. Any kind of business that you would want to put up would require some paperwork and registration, otherwise you might be operating illegally. Every business should be recognized by the state.
Why not make business then accept bitcoin as a mode of payment which is more profitable than selling bitcoin. We all know that the price of bitcoin will continue to soar higher its better to hodl more than to sold it for a cash.
Well that's a good idea, but I can't imagine if there there will be a consumer with your local shop.
Bitcoin is online so it is better to sell bitcoin online and you will have more consumers than your local shop. How about those who are in other countries how they will buy in your local shop. It is fast in online.
But good luck, this only my idea.
Bitcoin is online so it is better to sell bitcoin online and you will have more consumers than your local shop. How about those who are in other countries how they will buy in your local shop. It is fast in online.
But good luck, this only my idea.
I think it's a strange idea. Shop require jobs. For wages you will lose a lot. ATM is more profitable but I think that this is not true. You can't do business. You have no concept. You do not know the occupation of your store. This is the road to bankruptcy. But I think that not going to do that. Probably your post for quantity.
Indeed.
But you know what, we are put in a hard position because we were asked about something we could plausibly never encounter. Like for instance, all countries/States have different laws. Hence, one from Asia cannot be expected to know something about the laws of Antarctica. But granting we are under the same jurisdiction, I think it is not right to not have papers in putting up this shop that offers Bitcoin as goods. I believe every business needs to have legal papers before it can operate legally to protect the public.
I think it's a strange idea. Shop require jobs. For wages you will lose a lot. ATM is more profitable but I think that this is not true. You can't do business. You have no concept. You do not know the occupation of your store. This is the road to bankruptcy. But I think that not going to do that. Probably your post for quantity.
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