Topic: If I'm right, this idea will make me a multi-millionaire - page 2. (Read 1936 times)

Coinbase and Circle already have. You seem to want to sell bitcoin in quantity while skirting around KYC and AML requirements, yes? Good luck with that.

I think you can get paper wallets with bitcoin loaded on them on places like Ebay.  Not sure who else has those, but  you have to trust whoever's making the wallet not to have the private key written down somewhere else.  For those of us who are paranoid to the max, that's unacceptable.  And yeah, as I said above you can buy btc at places like Circle but forget about it if you want to remain anonymous.

haven't seen it done anywhere. I have never gone to ANY store any have seen any cards that allow you purchase bitcoin, as easily as this with no ID. Have you?

i liked your goal, of letting people exchange their cash into bitcoin fast and without the bullshit verification. but despite being good it has a big flaw that you already know and are mentioning it in your cons, which is scammers which will try and use this service to turn their illegal cash (like from stolen credit cards) into untraceable bitcoin.

on top of that, your maid idea has a big fee of 5% which i think is going to be a problem in the future for getting people on board.

would there be an option to buy paper wallet instead en exchange of cash?
I would prefer buying such to you when you're up as I don't have to show my IDs, is this possible? I think a lot us will most likely prefer or want to do this as well. so they can jsut scan the qr code thru thier mobile apps.

What about places like Circle?  I assume you don't mean debit card but credit card, and I would say that it's silly (in my humble opinion) to buy bitcoin with a credit card.  It's like buying stocks with a credit card almost, but whatever.  People trade on margin all the time, but that can be dangerous.  In any case, what you're suggesting is kinda sorta already being done, no? 

True, but the man who figures out a way to make credit card purchases of bitcoin work somehow (legal, fraud, security). Is going to make a freaking fortune

It would be nice to have quicker ways of receivin bitcoin but honestly you will just end up with a lot of fradulent charges and most likely legal issues too.

Hey! I did a lot of thinking & this thread is a follow up to the one I posted a few days ago here.
https://bitcointalksearch.org/topic/need-some-expert-opinion-here-guys-1347010

bitcoin business idea

create a service that allows people to turn their cash into bitcoin within minutes w/ no verification at all. Get bitcoin in front of the average daily consumer. Charge 5% above BTC price as my profit


1). credit cards, prepaid card, debit cards
In this business model visitors would be able to buy bitcoin on my website using their credit cards
The Pros
   -very easy to use
   -very accessible
   -extremely simple
   -very fast, user get bitcoins instantly
The Cons
   -massive legal issues
   -taxes
   -website & bitcoin security
   -massive fraud & chargebacks if I offer this with no ID verification
   -high credit processing fees
   -FinCE MSB license, and money transmitter license VERY expensive for all 50 states
   -too many expensive problems
   -doesn’t really get bitcoin in front of the “average consumer"

2). cash deposits
In this business model visitors would be able to buy bitcoin by depositing cash in amounts less than $3,000 in a business bank account, with no ID, and would receive coins in 2 hours
The Pros
   -very easy
   -very accessible
   -extremely simple
   -quick process
   -no ID verification required
The Cons
   -probably massive legal issues
   -even with a business bank account, if I start getting a few hundred bank deposits from $1-$3k that will    raise some big red flags
   -FinCE MSB license, and money transmitter license VERY expensive for all 50 states
   -taxes
   -will have to handle these manually, it will be frustrating to have to go to my computer every 10 seconds    to send bitcoin from storage


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3). Store card bitcoin purchase

You know when you go to a convenience store like CVS and Walgreens & you see the kiosks with gift cards like Xbox One points, Best buy gift card, Green Dot Money paks etc? You also see smaller kiosks by the front register.

This is is exactly what I want to do. My idea is to create my own cards like these that allow you to buy “FIAT Credits” for my website. The limits would be $20-$999 purchase.

The Example:

The card itself would cost $1.50 & You would go the resister and load it from $20-$999, let’s say you have $600. You have loaded $600 onto the card, and purchase credits. It would go as $1 = 1 FIAT credit. (The card would have instructions also)

You would then go to the website, create an account & enter your number on the back of the card.

Once you do this your $600 would show up as “FIAT credits” not actual cash.

Lastly, once inside the site. You will be able to instantly convert your credits to bitcoin. The credits would basically act as cash. Again, $1 USD = $1 FIAT credit (For the USA, it would be done as the equivalent in other currencies).

****I would also allow purchase of these cards online. If someone try’s to commit fraud with stolen credit card information. I would know within a few days & I will just void the gift card numbers that they purchased online before they arrive. For that reason, I would not offer overnight shipping for online card purchases.

You could also purchase FIAT credit by bank transfer. Once received by us and verified, your account will be filled with your purchased FIAT credits***

Limits:

-Convert up to 3,000 FIAT credits per day into bitcoin. Anything more would require an ID verification & bank account verification. But once you are fully verified you would be allowed to convert up to 30,000 FIAT credits per day.
-Buy up to 20,000 FIAT credits per bank transfer with no id what-so ever.  Anything more would require an ID verification & bank account verification. But once you are fully verified you would be allowed to buy up to 50,000 FIAT credits per transfer.

The Pros
-VERY easy
-VERY simple
-I make money selling the cards & selling the bitcoin itself
-Since we would be in stores like CVS, Walmart, Walgreens. Bitcoin would get in front of the eyes of many “average” consumers
-taxes would be a lot lower, Just sales tax on the $1.50 card purchase. And regular business taxes. Whatever you loaded would be credited towards the card
-no id needed for regular purchases, it would be needed for larger purchases

The Cons
-not sure, but it might be harder to get into stores like Walmart & CVS

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Let me know what you think! Would like some input on this!