Topic: What stops you from opening a local bitcoin exchange business? - page 2. (Read 1876 times)

It depends on a lot of aspects. Security is a major factor since in many countries, you'll lose money if you decide to put a bunch of money in the street no matter how safe you protect it. Also, law is something you have to deal with as in some area there are restrictions on bitcoin. Moreover, it's how popular bitcoin is in your country that you need to think about before opening a bitcoin-related business.

Actually opening a bitcoin exchange businesses needs lot of  initial investment which i don't have. I can't afford to buy even 1btc so opening a exchange with less then 1btc is useless who would come to buy bitcoin from me. Let me get rich then I will think  of opening exchange site. And also I can't afford to loss my money in any condition

Another problem is law and regulation by government,add to that  the corrupt bureaucracy. Also, with infrastructures as you do not want to operate with frequent internet disconnection.Another maybe is the potential customer as you must do a very rigid promotion for the community to accept.

i think i don't have much bitcoin to start local bitcoin exchange business because as far as i know, its really need much of money and bitcoin because we are giving our services to our friends for first and the order is really need some money and bitcoin. maybe if i have much bitcoin and much money, i will open my local bitcoin exchange business because i see the profit is really good.

The most important problem that stops me from opening a local Bitcoin exchange business is the nanny state and its oppressive restrictions. Operating a exchange without the proper "licensing" can quickly lead to arbitrary prosecution measures by the numerous imbeciles of the officialdom.

Besides of that the demand for local Bitcoin exchange is not high enough, to warrant constant business activity - especially not if you have astronomic surcharges. Communicating with you customers and organizing a meeting can require a lot of time and there is an additional high risk of getting scammed / robbed by your customers, so you always have to be in alert mode when doing larger transactions.

So I think there are easier and less risky ways to earn money.

ya.ya.yo!

There used to be quite a few people in my area that used Bitcoin but I haven't met another person using Bitcoin in my area in almost two years. I wouldn't have any business if I tried that.

Oh, and my government would probably try to put me in prison like they did BurtW because I can't afford the half million dollars worth of start up costs and licenses.

starting a new business is neither easy nor always profitable. you have to have some sort of background in the area before starting a new business especially if you want to start a service that already exists like a bitcoin exchange service. that way there is already a set amount of standards that you have to stick to and follow to be better than the competition.

When you feel yourself strong, someone can't rob you easily. when people contact you through internet and need to reveal the identity at some point don't always think in a negative manner that you'll be robbed.
I planned for an exchange in my locality and at some point dropped the plan of implementing because there is not much people aware of bitcoin in my locality. So started trading through different trading websites.

I think one thing that stops me from being that 'bitcoin exchange guy' is the fact that I want to remain alive. People can easily just set a meetup with you and tell you that he's exchanging all of his coins into fiat. You would have to bring all of those cash then. He can easily set you up and rob you, possibly even kill you. Meeting up with people from the Internet isn't something safe. Simply revealing who you are will open doors for people to go to your place and rob you.

There's no demand for such service, I don't open a "local bitcoin exchange" because there's no one to serve...

First of all I don't want to, besides that a Bitcoin exchange requires big capital which I don't own neither I am willing to loan.And last but not least, a business like this would be a complete failure in my region for the simple reason that there are not enough people who use Bitcoin here.

As in my own case, there are lots of people who do the local bitcoin exchange but they do not accept cash, instead they ask the buyers to deposit the money into their bank account while they send them the bitcoin. By doing so, the risk of facing high security issues is minimized to a greater extent for them. But for bitcoin seller, dealing with bank accounts has lot of complications may attract taxes as per my countries law.

if i have enough money to have business like that i do not hesitate to build that one since bitcoin has a good future to be great decentralized currency. I think there is no thing to stop me because that business also promote the bitcoin in my area and i think more people will start adopting bitcoin since there is exchange in our area.

Bitcoin is being used for a small number of people, and i dont know how many does uses and know about bitcoin, sure providing an exchange service with my cellphone or computer would be great, but the risks to walk in the streets with money its huge. For me its about the costumers and the risk to walk with money.

So far only large amount of investment in exchange platform web application and registration of the exchange is stopping me from setting it up. Also I don't feel so confident in running an exchange because could of years ago few exchanges have been raided by the Income Tax authorities and they're still under constant watch even though exchanging Bitcoins are legal. I think the sole purpose of the IT authorities doing so was to monitor if taxes are being paid in accordance to the laws.

For me personally, it's the investment that's stopping me from doing it. Sure, I could loan money from some people, but I would not feel safe going about it that way.
Plus I'm unsure of the legality and tax issues, seems too much work.

No I Don't Think that Anything is Stopping People From Opening a Local Bitcoins Exchange Business and Also Now Bitcoin is Also Telecast By a Popular News Channel Zee News and Now it is Possible to Explain About Bitcoin to People More Easily and Comfortablely and Also I Know That What Problem Arises Or Not and If  I Want to Open a Business Like this Then I Don't Care About the Problems,  I Only Focus On My Business.....

Hey everyone its Brandon from cashtocrypto.com here. Acquiring customers and dealing with money service business regulation is tough and combining the 2 makes it a very difficult business to run. Whether you are selling on Localbitcoins or have your own website you still face the same requirements as far as compliance goes. You need an attorney familiar with compliance for bitcoin trading companies. There are maybe 4-5 attorneys in the U.S. that have this skill set, and their hourly rates star at about $600 an hour. After you retain an attorney, you will be informed you need to create a bsa/aml policy and a risk assessment, which will cost thousands of dollars to get the right documents. Next comes monitoring all transactions and customers as well as filing suspicious activity reports if necessary. It looks easy on the surface but its definitely not. There are many factors of risk at play, and you have to consider how much risk you can handle.

In the near future, we will be taking on additional sellers at cashtocrypto.com. You will not have to worry about acquiring customers as we already have a large customer base. In addition, I will be available for consulting at an hourly rate (much cheaper than any of those $600/hr attorney). I`ll be able to teach you everything you need to know compliance and otc bitcoin trading to be extremely successful.

A lot of problem, the security and especially about for opening the local exchange are not easy, a lot of people will saying a scam site without knowing about their credibility before. and i think for the operational are so high, but this just applied if you're wanna for opening a local exchange with using the workers.

The number one reason which stops me opening this business is the lack of customers.

I can`t figure out any other good reason.

We don`t need local btc businesses.I wanna build a global btc business.