Hi,I am a person who wants to start a business by selling bitcoins for paypal(I am aware of the risk and will only deal with people who are willing to identify their identities) and was wondering about the legal requirements for me to do so.I am starting out with 0.5 BTC so do I need to reach a certain capital to need a money transmitter license? What legal steps do I need to take for acquiring a money transmitter license in california? Where can I learn the laws of money transmitting and running a business? What about taxes? What legal steps do I need to take in order to run this business.Sorry if Im being disordered,I am in sort of a delusional mood for staying up too long.Thanks in advance!
By the way, may I knwo how do you handle paypal chargeback after your have sent the bitcoins? Is this a big issue for your business?
This is just a guess but you can require photo ID, a picture of the credit/debit card
and selfies of the buyer holding each card. That, along with email and IP address verification makes it difficult/impossible to use a stolen credit card and is a good argument against charge backs. There are some exchanges which follow similar procedures when accepting credit card payments for bitcoin.
