Can I open up a local shop and sell bitcoins for cash? - page 4.

Clement Kaliyar

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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!

Unfortunately i would advice you aganist it since you are planning to opening a shop in texas , Texas has not considered bitcoin or any other crypto currency as legal money ,here is a feature regarding that Texas Banking Chief Issues Rules for Bitcoin this is an old feature and i dont know thing have changed right now. it is better to have a legal opinion regarding it.

Maesters1-

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to me it will be really appreciable if you really want to open a shop in your local area and sell bitcoins for cash, through this way you can really promote bitcoin and con convince more and more people to start using bitcoin.

jaweria khan

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yes you can do it there is nothing wrong in it think it will be really a very positive step toward promoting bitcoin.

gentlemand

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Welt Am Draht

Quote from: enhu on October 17, 2016, 02:15:58 AM

There would be a lot of money launderer flocking to your shop in that case.

Yup. You'd get hammered instantly.

I get the feeling Texas is a bit more crypto friendly than other states but that sounds like the essence of money transmitting and they'd be all over you. Lawyer yourself up.

https://en.wikipedia.org/wiki/Money_transmitter

'In the legal code of the United States, a money transmitter or money transfer service is a business entity that provides money transfer services or payment instruments.'

maydna

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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 for first, you can make your own company and make your office for real so people can proof that you are real person that handle for local shop which are selling and buying bitcoin, don't forget to hire a lawyer if there is need in your country, and maybe you need to talk with bank government which handle regulator that you are making a company about bitcoin and ask them what is need to do this.

enhu

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There would be a lot of money launderer flocking to your shop in that case. Although I'm one of those who prefer to buy BTC without paper works, I think a paper work would be best.

I'm just not sure if you can do it in the Philippines. You're also a Pinoy?

plorph

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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.

Right, do you have any idea where I could find lawyers knowledgable on bitcoin laws?

super stars

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i think yes you can really do this as there is no restriction for trading in bitcoin. i think it will really be a very very good decision through this way you can really promote bitcoin in your area, and in this way more and more people will invest their money in bitcoin.

philiveyjr

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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.

plorph

member

Activity: 76

Merit: 14

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!

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