In-Person Bitcoin Exchanges - page 2.

qwertyup23

hero member

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Quote from: cloudybtc on October 18, 2022, 04:04:36 PM

Hi guys,
My first post here. I've notived a few retail stores in Toronto which pretty much buy/sell your bitcoin in person. Charging a 5% rate.
Has anyone had any experience with these types on in person exchanges? From a business perspective are they lucrative? It's an interesting business model as you can also teach crypto in your community. However, I am unsure of the safety of random people walking in your store...
Any input would be appreciated, i would consider such a venture as long as it falls in legal terms.

I highly suggest to avoid visiting those kinds of places as they are relatively unsafe both for your safety and for your BTCs.

You can sell your BTCs p2p via some local exchange or thru Binance if you really want a secured and guaranteed transaction. While there may be some retail stores selling/buying BTCs, they are generally unsafe due to its unpredictable nature. Go with something that has been proven over the years, which is either use Binance p2p or your local exchange.

jackg

copper member

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https://bit.ly/387FXHi lightning theory

I think it'd make more sense to add additional things to the store maybe too try to get people in. Coffee shops/cafes don't have a bad return if you're in a place a lot of people go to work or shop - even ones that sell drinks to go (especially if you can rent a profitible business or are in a good place - like near the end of the strip or the middle). Offering services as well could bring more peace of mind to you knowing chargebacks are less likely (if someone sells you crypto) if you can watch the first confirmation while they're still in the building.

Also it might be worth offering currency exchange services too to allow for the cost of buying things like currency checkers.

Realistically if you're on a high street that's that busy, you shouldn't be too far from a police station or security for carrying large volumes of cash and you also should be in a place that can deal with accepting cash (just note that not all banks are insured to carry large amounts of cash - a lot may only be licenced for up to $20,000-$100,000 which could be an issue if everyone expects to spend/invest their cash on payday).

cloudybtc

newbie

Activity: 5

Merit: 0

Quote from: AmoreJaz on October 18, 2022, 05:20:34 PM

it may not be a lucrative business as not many people are into crypto. and most crypto users are using online exchanges to convert their crypto to fiat like binance and kucoin. but in-person retail store or shop will come in handy to some people who wanted their cash straight from crypto. because in online exchanges, to get your cash on hand, usually you convert your crypto to fiat, then with p2p, you send your fiat to your bank account or online wallet app and then withdraw it to your ATM.
expect that the business may not be busy as compared to other businesses, as right now, only few people may have their interest to crypto. but if it is already in front of them, they may try getting hands on crypto, who knows?

Say you have a retail space at $1.5k/month where close to a thousands of cars drive by per day, you do up the outside nicely with signage.
I would think you can build a network of returning customers even just dealing with them. Part of this would also help adoption even if it is in a small sense.
I see some retail stores charging 2-5% depending size on transaction.

Bitcoin_Arena

copper member

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฿itcoin for all, All for ฿itcoin.

Safety is a very big issue. It may be lucrative but what the point is some random stranger is going to work up to the store, put you on gun point and instruct you to transfer the Bitcoins to his address?
I have heard of cases where p2p traders have been robbed similarly when they have gone out to exchange BTC physically with the other trader, and it's why people prefer p2p with other payment methods such as bank transfer.

AmoreJaz

legendary

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Leading Crypto Sports Betting & Casino Platform

it may not be a lucrative business as not many people are into crypto. and most crypto users are using online exchanges to convert their crypto to fiat like binance and kucoin. but in-person retail store or shop will come in handy to some people who wanted their cash straight from crypto. because in online exchanges, to get your cash on hand, usually you convert your crypto to fiat, then with p2p, you send your fiat to your bank account or online wallet app and then withdraw it to your ATM.
expect that the business may not be busy as compared to other businesses, as right now, only few people may have their interest to crypto. but if it is already in front of them, they may try getting hands on crypto, who knows?

cloudybtc

newbie

Activity: 5

Merit: 0

Quote from: BitMaxz on October 18, 2022, 05:00:01 PM

It's unsafe if you meet in a place that you don't know if it is safe or not you need to meet always in a place that you know is safe like a mall or restaurant with guards.

Or you can go directly buy BTC at some Bitcoin ATM near your area you can use this map below
- https://coinatmradar.com/city/165/bitcoin-atm-toronto/

Another option is to buy BTC by using a P2P exchange like Bisq. That would be safe than dealing randomly in person in a random place.

Thanks for the reply. But what I mean is more directed to these in-person retail stores I am seeing in strip malls. These stores operate like an "in real life exchange".

BitMaxz

legendary

Activity: 3374

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BTC price road to $80k

It's unsafe if you meet in a place that you don't know if it is safe or not you need to meet always in a place that you know is safe like a mall or restaurant with guards.

Or you can go directly buy BTC at some Bitcoin ATM near your area you can use this map below
- https://coinatmradar.com/city/165/bitcoin-atm-toronto/

Another option is to buy BTC by using a P2P exchange like Bisq. That would be safe than dealing randomly in person in a random place.

cloudybtc

newbie

Activity: 5

Merit: 0

Hi guys,
My first post here. I've notived a few retail stores in Toronto which pretty much buy/sell your bitcoin in person. Charging a 5% rate.
Has anyone had any experience with these types on in person exchanges? From a business perspective are they lucrative? It's an interesting business model as you can also teach crypto in your community. However, I am unsure of the safety of random people walking in your store...
Any input would be appreciated, i would consider such a venture as long as it falls in legal terms.

Topic: In-Person Bitcoin Exchanges - page 2. (Read 282 times)