In-Person Bitcoin Exchanges | Bitcointalksearch.org

LUCKMCFLY

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Quote from: Ucy on October 27, 2022, 08:15:00 AM

Quote from: cloudybtc on October 18, 2022, 03:04:36 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.

Someone does similar thing in her store close to where I live, but I'm not sure how much she charges. She acts as some sort of mini bank by helping people transfer both fiat and bitcoin currencies to their wallets and to other people/businesses. I think she must have been licensed by bank to be able to provide the fiat currency transfer service which likely does not cover Bitcoin.. This shouldn't be a problem as long as she has the right ToS for the Bitcoin transfer that her customers need to read and agreed to.

Well that is something very useful, really if she is a person of that style the best thing is to become friends with her and be able to take advantage of it, also help protect her, because just as there are people who help there are also people who envy her and can do everything possible to make it go wrong, but for example with people like that in countries where everything is very difficult, for example like in Spain, it is something that should be highly valued, and as I say helping to protect them because that is the kind of people who have managed to circumvent the ways that banks and governments have so that people do not make these transactions.

Ucy

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Quote from: cloudybtc on October 18, 2022, 03:04:36 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.

Someone does similar thing in her store close to where I live, but I'm not sure how much she charges. She acts as some sort of mini bank by helping people transfer both fiat and bitcoin currencies to their wallets and to other people/businesses. I think she must have been licensed by bank to be able to provide the fiat currency transfer service which likely does not cover Bitcoin.. This shouldn't be a problem as long as she has the right ToS for the Bitcoin transfer that her customers need to read and agreed to.

Mr. Magkaisa

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Quote from: cloudybtc on October 18, 2022, 03:04:36 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.

- Yes, it's a good business dude, that's why you would go through a retail store outlet when you can buy Bitcoin at local exchanges or centralized exchanges here in cryptocurrency.

Instead of saving you from the discount, you will only be charged more. I hope you understand what I'm telling you. Then it seems that there is even more risk unless the person you are buying is someone you know or is close to you. Maybe, later on, you will be able to handle the bitcoin transaction from person to person.

Nrcewker

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I guess this is not a great idea to buy Bitcoins in person and that too at random places. But keeping this aside, my main question is that, why the hell you need to buy Bitcoins from hard cash? Are those black money which you are trying to hide from the government? If you can manage to pay online, then it will be better if you purchase bitcoins from p2p exchanges. These are best and tax free also. These are also way safe than buying from stranger person at strange places. You can also visit Bitcoin ATMs near you to buy, if there are any available in your locality.

deathcode

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Quote from: cloudybtc on October 18, 2022, 03:04:36 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.

Hi, I think if there are already some who do it means it's a profitable business right?
Of course it can be dangerous when there are many people we don't know at your place of business.
If you are interested in opening that business and want to be more certain about the benefits and legal requirements.
I suggest you have to learn it directly by coming to the person or retail store that you see.
You will know more about how that person manages the business if you ask directly.

lixer

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Quote from: so98nn on October 25, 2022, 06:14:52 AM

What you looking for ? Charity? A 5% charge for the trade is too much as compared to the traditional exchanges which will charge you around 0.2% maker fees and 0.2% taker fees. Nothing more and nothing less for the top exchanges. I have seen maximum charge of 1% somewhere but giving away 5% is like giving away your profit margin.

Peeps who day trade will book their profits around that % mate. So whatever you do don’t go with them. Better use exchanges or other online p2p services who charge you reasonable amount and you can enjoy profits later.

I don't see that the op complain about the fees. 5 percent may seem to be a lot for some of us but in exchange of this is convenience. Now there is no need for us to travel to the city only to make a cash out or cash in but we can do this easily in the shops nearby.

If you are a trader and you treat this kind of service similar to a real trading platform then that won't work well because your profit will only be eaten out by the fee but services like this are only good if you are a casual user like you will play a gambling immediately or you will cash out the money that you got from someone and you won't mind paying extra fee, as long as you hodl the fiat with you.

so98nn

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What you looking for ? Charity? A 5% charge for the trade is too much as compared to the traditional exchanges which will charge you around 0.2% maker fees and 0.2% taker fees. Nothing more and nothing less for the top exchanges. I have seen maximum charge of 1% somewhere but giving away 5% is like giving away your profit margin.

Peeps who day trade will book their profits around that % mate. So whatever you do don’t go with them. Better use exchanges or other online p2p services who charge you reasonable amount and you can enjoy profits later.

dothebeats

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In-person exchanges in this day and age is obsolete, and that 5% fee is lucrative in a sense that it's too high of a charge for convenience. Also, as what others pointed out, if you sell bitcoins personally you are prone to a lot of dangers most specifically the 'wrench' attack. You'll never know if someone already tipped you off for having been sold some bitcoins to an entity and that they are already following you in exchange for the money that you got.

Findingnemo

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Quote from: cloudybtc on October 19, 2022, 11:28:31 AM

Thank you.
You understood me correctly. I would like to open a physical in-person exchange. Better rates than ATM and no KYC.

Yes you can provide better rates than Bitcoin ATM but how can you say no KYC? It should be regulated and registered before start doing it as per the laws in most corner of the world then obviously AML policies of your country will certainly need KYC and proof for the source of money coming in and has to be reported to the appropriate authority.

Or maybe you can run it in a small scale and not following anything but still its against laws and that is actually the black market.

LUCKMCFLY

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Quote from: cloudybtc on October 18, 2022, 03:04:36 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 really would not recommend anyone to buy Bitcoin person to person, it lends itself to many things, the person may be good and have no bad intentions, but if it is personally, I would recommend someone you know so you could establish a better bond and Above all trustworthy, for Bitcoin many people can be in danger, it is something that I do not recommend, unless it is here in the forum with someone who has a good reputation and only then would I have a little more confidence, otherwise it is better to buy under exchanges, or other ways that do not involve seeing someone else, remember, it is a lot of money and that is something very delicate.

palle11

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Quote from: cloudybtc on October 18, 2022, 03:04:36 PM

Any input would be appreciated, i would consider such a venture as long as it falls in legal terms.

If the status of bitcoin in the country is legal and not banned so it won't be considered illegal if it is traded or exchanged or P2P. This is normal and has been happening a long time. If the owner of the shop decides to collect his sales in bitcoin then it should not be a problem. It is owners of business that are suppose to promote bitcoin to a greater extent, like PayPal introduced it already.

Quote from: cloudybtc on October 18, 2022, 03:04:36 PM

However, I am unsure of the safety of random people walking in your store...

This shouldn't be a problem if you understand blockchain technology. You can send and receive your coin instantly and at most when it is delayed to deliver, you can track the transaction through blockchain.

Potato Chips

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Quote from: cloudybtc on October 18, 2022, 03:04:36 PM

However, I am unsure of the safety of random people walking in your store...

It’s the risk you have to bear just like any finance business, since we won't be able to know who's keeping tabs of who. But there should be ways to minimize it e.g. avoid shady neighborhood, control how much your employees know/can do, also secure your home, setup decoy wallets, etc.. Try to look up articles about it online plus you could also observe similar businesses in your area.

adaseb

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You sure there is no KYC at the Bitcoin store ? I am pretty sure almost all Bitcoin ATM right now need KYC. Or at least in my area.

You need to basically scan your ID first, wait until approval and then you can use the ATM. And the rates are still high like 10%.

So you might as well use an online exchange like Binance where you got extremely low fees.

GreatArkansas

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Quote from: cloudybtc on October 19, 2022, 11:28:31 AM

Thank you.
You understood me correctly. I would like to open a physical in-person exchange. Better rates than ATM and no KYC.

I think you can do here is a peer-to-peer if you want to establish your business sure you will get a hard time getting some legal documents especially if your country is strict when it comes to cryptocurrency.
There are some platform that is for peer-to-peer transactions where you can advertise yourself on some platform that you are buying/selling Bitcoins in person which you gonna meet up some person in a place. Just be careful.

cloudybtc

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Thank you.
You understood me correctly. I would like to open a physical in-person exchange. Better rates than ATM and no KYC.

Rikafip

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Quote from: cloudybtc on October 18, 2022, 03:04:36 PM

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?

Yep, I use them occasionally as here in Croatia we can sell/buy bitcoin up to certain amount in physical exchanges with no KYC, and exchange fee is very similar to the one you mention (which is pretty decent and usually better than ATM ) and they are quite popular over here.

Quote from: qwertyup23 on October 18, 2022, 05:41:13 PM

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.

I think that you completely misunderstood OP as he wasn't asking whether he should use those type of exchanges and instead he is thinking about opening one.

Quote from: cloudybtc on October 19, 2022, 10:56:26 AM

I know the whole point of crypto is you don't need to be face to face but i am sure there is some opportunity to make some money

There is, but the physical crypto exchanges that I used usually started online and later expanded to physical ones after they grew big enough, or they were standard fiat exchanges that just added crypto part. Another thing to keep in mind is that location matters a lot.

cloudybtc

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Got it. Appreciate the feedback.
I'm into crypto, have retail space available was interested in pursuing something with it. Maybe mining equipment? Would need wholesaler though.
I know the whole point of crypto is you don't need to be face to face but i am sure there is some opportunity to make some money

Strongkored

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Quote from: cloudybtc on October 18, 2022, 04:07:12 PM

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".

That's safe in my opinion but what you have to pay attention is about the exchange rate, it must be clear what website do they use as a reference rate because if it can't be verified then it's very possible that your btc price will be cheaper than live price.
But because now there is a P2P exchange, I think it is much more effective and safe where you don't need to leave your house to make transactions unless there are important things that make you have to convert on that exchange.

BitMaxz

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Quote from: cloudybtc on October 18, 2022, 04:07:12 PM

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".

If it was a retail store in the mall then like I said it's safe it is just likely the same as a local currency exchange.
Since today unlike before there are many people do buy and sell Bitcoin locally without any 3rd parties which gives more privacy than buying in Centralized exchange or any Bitcoin ATM that requires KYC.

sheenshane

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Hmm. It's very crucial for your safety and I wouldn't suggest this if I were you.
Imagine, while visiting that place you don't know what will happen after the transaction has been done. It might your life put in danger in that way especially if you're carrying a big amount.

Bitcoin ATM would be the best alternative if you want to buy in your place and also you can visit this thread the [BIG LIST] Buy/Sell Crypto (OTC, P2P, DEXs, CEXs, NO-KYC, ATMs, etc.) which is P2P OTC exchanges are the best for you.

qwertyup23

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Quote from: cloudybtc on October 18, 2022, 03:04:36 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

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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

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Quote from: AmoreJaz on October 18, 2022, 04:20:34 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

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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

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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

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Quote from: BitMaxz on October 18, 2022, 04:00:01 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

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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

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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 (Read 294 times)