Can I open up a local shop and sell bitcoins for cash? - page 2.

reliable

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Quote from: /GeertJohan on November 26, 2017, 02:38:00 AM

If you have a proper license for it you can really do it..
It totally based on your country policies and rules.
Some countries are banned bitcoins and some countries accept it and trading it to. In some countries do not know about bitcoins or any other cryptos and its value.. When it become legal for all countries then you will get more profit...

Very much it is depended upon which country you live in and what are the rules and regulations of that country regarding this policy. Some country may not encourage the cash activities and as a result somebody may face the action.

Also I doubt that all countries will accept btc. I think limited countries may accept it and rest may ban or will introduce their own coin.

PAKISTANI123

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Quote from: /GeertJohan on November 26, 2017, 02:38:00 AM

If you have a proper license for it you can really do it..
It totally based on your country policies and rules.
Some countries are banned bitcoins and some countries accept it and trading it to. In some countries do not know about bitcoins or any other cryptos and its value.. When it become legal for all countries then you will get more profit...

agree with you

/GeertJohan

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If you have a proper license for it you can really do it..
It totally based on your country policies and rules.
Some countries are banned bitcoins and some countries accept it and trading it to. In some countries do not know about bitcoins or any other cryptos and its value.. When it become legal for all countries then you will get more profit...

f16

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Quote from: zhekinsp on November 26, 2017, 12:22:02 AM

Yes,you can if your country allows that but most of the country doesn't allow this kind of actions because it will leads to money laundering the people who have black money they can convert it into bitcoins through you.But you are going to pay taxes for their money too.
But you don't need to open a shop for trading the bitcoin just you can do it in online by staying at home,try to think about it.If yiu think it is best thaen start yiur trading on localbitcoins.com.

nice thinking i agree with you

zhekinsp

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Yes,you can if your country allows that but most of the country doesn't allow this kind of actions because it will leads to money laundering the people who have black money they can convert it into bitcoins through you.But you are going to pay taxes for their money too.
But you don't need to open a shop for trading the bitcoin just you can do it in online by staying at home,try to think about it.If yiu think it is best thaen start yiur trading on localbitcoins.com.

GreenBits

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Quote from: plorph on October 17, 2016, 12:52:21 AM

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!

dude, you just dodge a big ass legal bullet

there is absolutely regulation in Texas that would require you to register as a money service business. basically, despite your best intentions, unless you conduct aml/kyl on each and eavery user on your platform, you cannot be sure that you arent facilitating illicit transactions. hence, you must institute a procedure for your company to do diligence on all your customers, or else you can be criminally liable if something does go wrong down the road (one of your users was laundering money, for example).

and atms are actually pretty regulated. pretty much the same as above; the machine will be doing the diligence instead of user submitted details.

Maybe you should sell physical bitcoins, loaded with coin, as a product Wink

MCVXYZ

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This is an entrepreneurial activity and you must need to register as an Entrepreneur,You must create a firm like LLC or other.in my opinion you shoud make everything as Purchase Agreement is regulated because i have never heard special issues about this situation and if there is not special norm,goverments regulate it with general norm,in this situation by purchase agreement.so there are bad sides because in this situation you need to pay additional tax for income wich % depend on where do you live. Its better to sell online because there is no strict monitoring job

Fatunad

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Quote from: philiveyjr on October 17, 2016, 01:10:25 AM

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.

Absolutely right which you would really need a lawyer first to ask regarding on the regulations of your government when it comes into this kind of business specially it involves on crypto knowing that most governments doesnt like it. Having a consultation first with a lawyer is the best possible initial move that you should do so that you wont risk yourself into any trouble when you do plan to build that kind of business. I would say this thing would be profitable for you but would really still depend on the interest or the number of people on your place do know about bitcoin or crypto.

Phantomberry

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You need license ofcourse. Consult a lawyer what todo and make sure your country or your place know what is bitcoin and how to use it.

sukamasoto

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It's depend on your government policy whenever they against bitcoin usage or not !
Meanwhile my government still forbid bitcoin so it's quite difficult for my people that still not aware of bitcoin although some of my local shop already accept bitcoin but total transaction still low !

lili song

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Yes that's good idea. But actually you need permissions from your government and pay tax to the government.
I hope your government legalized bitcoin in the future.
As I know there are another ways to sell bitcoins for cash (ex : local exchanger )

ALT67890

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The idea is great and might be profitable as the concept of it is good as it is timely that conversion fees might be bypass on doing so. But to open it in United state of America is not the smart thing to do, they have strict regulation towards cryptocurrency and also have taxes to fee. It would be much highly possible in a country that still no laws or neutral to this kind of investments. Having no taxes or minimal depend on IRS policy on the said country.

marcbitcoins

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Quote from: plorph on October 17, 2016, 12:52:21 AM

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!

This is impossible because every business and establishment will be required a license to operate or else it will be illegal specially bitcoin exchanges. If bitcoin is legal in your country, all exchanges will be part of the regulation in which every bitcoins transactions will be strictly recorded and monitored. ATM transactions is fast and convenient because it was fully computerized but still its transactions are recorded and can be easily reviewed if needed. If your intention is good then you should abide the law and have a happy bitcoin exchanges business of your own.

Darklinkz

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Sure but the question is if your business is allowed in your country. You should seek advice first to an expert before doing that so you will not face any legal actions that I know that you won't like to happen.

btcdiggingmaster

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Yes it is possible because there are many exchanges like westron union became popular. They get a licence from the government and are paying taxes to government on time. Every country has different rules for exchange of money may be, before setting up first consult a lawyer and fine the exact details about it.

noictib

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Quote from: plorph on October 17, 2016, 12:52:21 AM

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!

I think you need some permissions for this job . Because probably it may be possible some people can make money transactions from one corner of the word to the other for illegal purpose .
But probably you can make your bitcoin shop without permission .One of my friend is doing the same thing in India usually he is making a reference I'd number for each deal . He just copy the deal adress and the identity proof of the buyer and sell of bitcoin And he save these files in the google drive . In every month he pays tax for this . He hired a advocate , the advocate helps him to make it use this job in honest way without violating any law of government .

doaremon

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I don't think you can. Bitcoin is illegal in many countries and if its legal in your area you might face much hassle because there are many illegal use of it.Such as money laundering is a serious issue in this sector.Being more careful you can get over it and aslike other businesses you will need a business permission or something like that to do this.Afterall dont loose hope.Good luck

novemberwoah

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Yes maybe you can do that because in America I think there is no problem with bitcoin, bitcoin in America to my knowledge is not banned so that you can open a local store and sell bitcoin for cash. But you must get approval from the government and obtain a license to be able to do it. I hope you be successful, friend Wink

gredisgold88

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Quote from: plorph on October 17, 2016, 12:52:21 AM

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!

yes, maybe you can, stay set management in the company, and perhaps to his advantage to be minimum. but if you make the effort like that, then removes anounymous side of BTC .

rafajunior99

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a good idea to plan your success plan a great good luck Grin

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