Topic: Considering doing OTC BTC/CASH side hustle? Input? (Read 342 times)
would read up on shitcoins atm company and how many times its employees have been jailed for operating without a license in different countries, their owners been in and out of jail for years in poland as well. Employees jailed in the UK etc.
yeah the laws are much more strict in europe, punishment is much less severe though obviously. Spending and using cash in the US is much much more accepted than it is in europe. Do you think you would be rejected from buying an iphone paying cash in the states? No, you wouldn't, in france you can only pay 900 euros in cash the rest must be card. Stores call the police if someone is trying to spend over a certain threshold all the time as well. Cash carrying limits are far less as well. So in general the rules are more strict. As far as how many people are in jail for unlicensed exchanges, I'm not sure, probably quite a few, just because the one localbitcoin story was public doesn't mean it's not happened over here as well. Regardless 15 percent is an a crazy fee to charge anyone anywhere in the world to convert cash to crypto, if it costs 3-4 in moscow with global sanctions, I think 15 percent in the US is a stretch.
costs 3 percent in miami, 4-5 percent in new york, less on the west coast. not familiar with tulsa but you won't build out charging people 15 percent to convert their cash to coins. even in europe where aml is much more stringent, anyone with common sense wouldn't pay over 5-6 percent for cash to coins.
AML is more stringent in Europe? How many Europeans are there in prison for operating an unlicensed money service business?
yeah, just need a significant enough reputation on p2p or something to demand cash deliveries before crypto. Most people will take that risk based off a good reputation somewhere verifiable. Issue I have had w that is people selling their lbc accounts etc in the past so it's always a risk.
I was doing cash trades around EU back in 2014-2017 and from my experience stay away from this if you don't have secure way to do it. By secure I mean get bodyguard or do it in safe place like existing exchange office where you can pay something for secure deal. I my time of exchanging crypto to cash and cash to crypto I seen it all. I traveled whole EU from Croatia to Ireland and what people will do to get money is crazy. Worst was Italy where I was scared for my life 
. Only crazy stories here... Most of all there is to much empty negotiations where ppl don't have anything just looking to waste time or just scam you on the end.
Be very careful or just do via bank P2P. Or get legit customers for long term.
If you have any questions feel free to ask.
. Only crazy stories here... Most of all there is to much empty negotiations where ppl don't have anything just looking to waste time or just scam you on the end. Be very careful or just do via bank P2P. Or get legit customers for long term.
If you have any questions feel free to ask.
costs 3 percent in miami, 4-5 percent in new york, less on the west coast. not familiar with tulsa but you won't build out charging people 15 percent to convert their cash to coins. even in europe where aml is much more stringent, anyone with common sense wouldn't pay over 5-6 percent for cash to coins.
Hi
Are you still interested in BTC? I only have BTC.
Are you still interested in BTC? I only have BTC.
Well this wasn't I want to buy your BTC thread.
There is a section here for those activities.
I decided at this time not to do it for many reasons. I still think it's a doable idea down the road.
Hi
Are you still interested in BTC? I only have BTC.
Are you still interested in BTC? I only have BTC.
Are you doing cash only or other transfer methods too?
Hi
Are you still interested in BTC? I only have BTC.
Are you still interested in BTC? I only have BTC.
Is 15% commission either way a good starting point?
I think 15% is too much. The more you ask the less likely you are to attract legitimate traders, and more likely you are to attract scammers. Scammers pretend like they're okay with your rates to use your own greed against you.
Any gotchyas ?
Yep! $5 wrenches.
Learning resources? Alread been through the 'Tube.
Yes, look into Bisq. It's a peer to peer exchange that often has face to face offers in various locations around the United States. There have been a couple of offers in my area, but I've never taken advantage of them. Bisq's rates are very fair, and there you can see what margins others are asking. That will give you a better idea of what the market will bear.
In my minds eye it's like buy 100oz silver off my neighbor over spot. Who cares? Well maybe someone does. Is BTC considered "money" to Jonny law?
BTC is considered an asset by the IRS, and like any other asset they don't care if you buy it for more than it's appraised value. But, they most certainly do care if you sell it for more than you paid for it. If you do sell for a profit you'll have to pay taxes on the capitol gains. If you sell an asset for less than you paid for it, you can claim the difference as a loss (deduction,) to reduce your tax burden.
In my minds eye it's like buy 100oz silver off my neighbor over spot.
Where I live, this would be okay. Just like selling your car to your neighbour. But if you make a habit, it starts looking like a business. I don't think there's a hard line in between. I live on a lake near Tulsa and these towns have money around. I want to OTC trade cash/btc btc/cash only face to face. Distance would be a function of amount. I figure I can make a couple of contacts on the web if I need to replenish. Not doing anything shady just don't want the banks and exchanges in my business, kinda the point behind bitcoin.
Be careful there, you wouldn't be the first to be prosecuted for running an unlicensed money exchange service.That's what I'm concerned with, I'm not trying to be illegal or shady. I just don't know what I don't know. In my minds eye it's like buy 100oz silver off my neighbor over spot. Who cares? Well maybe someone does. Is BTC considered "money" to Jonny law?
I think 15% is a bit too high theere my friend. Unless your selling like some fresh mint bitcoins that have not been in any kind of circulation when I did this as a full time job my premiums were 10% above my current spot price.
15% is still reasonable in my opinion considering the fees on bitcoin ATMs on average where they charge 10-20% according to the wiki and even up to 25% (maybe supports bidirectional).
Usually for cash deals it is from 8% minimum, sometimes 12%. 15% is too much and there is a lot of competition. Most of the people would find to their advantage 1-2%.
Ignoring the service fee, say in exchanging small amounts is that even enough to cover the tx fees when the customer wants BTC?Yes and the information from the wiki is extremly outdated. Average ATM's in Europe use from 6 to 12%, most found are between 6-8%. But in situations like this people are looking to elimante liquidities in case of buying BTC, so it is covering the fees.
Stick with 15%. Your OTC service is for a specific group of people and they will appreciate it.
I think 15% is a bit too high theere my friend. Unless your selling like some fresh mint bitcoins that have not been in any kind of circulation when I did this as a full time job my premiums were 10% above my current spot price.
15% is still reasonable in my opinion considering the fees on bitcoin ATMs on average where they charge 10-20% according to the wiki and even up to 25% (maybe supports bidirectional).
Usually for cash deals it is from 8% minimum, sometimes 12%. 15% is too much and there is a lot of competition. Most of the people would find to their advantage 1-2%.
Ignoring the service fee, say in exchanging small amounts is that even enough to cover the tx fees when the customer wants BTC? I live on a lake near Tulsa and these towns have money around. I want to OTC trade cash/btc btc/cash only face to face. Distance would be a function of amount. I figure I can make a couple of contacts on the web if I need to replenish. Not doing anything shady just don't want the banks and exchanges in my business, kinda the point behind bitcoin.
Be careful there, you wouldn't be the first to be prosecuted for running an unlicensed money exchange service.
Usually for cash deals it is from 8% minimum, sometimes 12%. 15% is too much and there is a lot of competition. Most of the people would find to their advantage 1-2%.
It's rare for anyone to charge more than 10% besides ATMs. Also, since you're doing it as a business you'll need to look into MSB registration and implementing an AML/KYC policy.
15% is a good rate, anonymity costs and if you're willing to make that possible for your clients then that is a fair fee.
I think 15% is a bit too high theere my friend. Unless your selling like some fresh mint bitcoins that have not been in any kind of circulation when I did this as a full time job my premiums were 10% above my current spot price.
15% is a good rate, anonymity costs and if you're willing to make that possible for your clients then that is a fair fee.
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