Bitcoin Forum

Hi,

I want to build a LEGAL virtual currency exchanger, which includes my own virtual currency as well like a token... i can easily create this but it has a bad rep in terms of legality (e-gold, Liberty Reserves)

I want the format to be like this...

BTC > Token > credit card or bank.

It will help easier to cash out your BTC to your card it's fraud proof but it screams money laundering.

so i don't know any suggestions? i like the idea of virtual currency exchanger big fan but it has such a bad rep honestly.

Thanks

Goldman

If you're looking for it to be legal you'll have to consult a lawyer in your country. How could you take the word of some random on the internet at face value?

Basically your idea is to have a 'token' which in essence is just you/your website/company escrowing the deal. If I buy Bitcoins with a credit card today I get a token for your exchange correct? When can that token be traded in for Bitcoins? Instantly? 24h? 3 days? A week? These are all things you have to think about. If it's instant it's just as risky as sending bitcoins directly, so I don't see the difference.

Ripple is/was a thing.

You can try add another payment processor are like paypal,skrill and okpay, make sure the website must support for smartphone Android. And about legality your services you can be coordination with your government on your country.

You say LEGAL , without the aid of government you cant tag any currency LEGAL.You should try getting it into altcoin industry.

Yes it will be next to money laundering , may be Banks will freeze the amount and your customers will suffer. I will not suggest you to start any of such stuffs in which banks are involved instead you could try altcoin and remain trade in virtual currency as it will protect you and let you be anonymous.

PS: the topic doesnot belong to currency exchange section.

Yes, this does not belong to Currency exchange, and your idea is nothing new, but you can pretty much forget about the cooperation of banks, cedit card processors and most payment processors like Paypal (obviously) Neteller, Skrill.... unless you make your token a game currency and ship it as a game related asset.

Ripple, Nextcoin, Waves and others have tried and are trying what you say, you need to build a huge platform to get your token accepted and a really big investment until now only present for bitcoin or ethereum (to a much less extent)

your country bitcoin is legal and regulated or not
huobi accepted transfer wire to bank all the world
kraken bitstamp and huobi is good to