Can I open up a local shop and sell bitcoins for cash?

[Zadicar]

You can build your own shop but before that much better to have survey if there are many people using bitcoin in your area. Also get a permit or license for your business to make it legal, you should also have huge capital for this business.
This idea is great to promote bitcoin and entire crypto currency, i suggest to have crypto exchange also not only buy and selling bitcoin.

You are right and this such business would really need license because even you do compare this btc store than on an ATM machine would really be entirely different but both things would really require license for you to operate. Government would really put an eye on such business because this would be possible to be a gateway on money laundering and for sure they will really give requirements and restrictions on such business. It do indeed need a big capital but would totally dependent on how many bitcoiners is on your place and the potential people would tend to buy bitcoins.

[goaldigger]

Setting up a shop in any places needed permit or license and any transactions needed a receipt. This is not just because they want businesses to add workloads using paperworks but because they want to have paperworks to protect the customers as well as the sellers.

[Kingofbitcoin12345]

Setting up a shop in any places needed permit or license and any transactions needed a receipt. This is not just because they want businesses to add workloads using paperworks but because they want to have paperworks to protect the customers as well as the sellers.

Thumbs up to that.. You’re right,, in a real world legality and documentation is important on most cases for the protection and safeguards of the clients from those businesses offering.. If without permits and licenses all would be messy and unorganised and it means chaos and uncertainty.. So to those who want to start this kind of shops must always research about laws and regulation in a country you want to build one..

[Koadharber]

Setting up a shop in any places needed permit or license and any transactions needed a receipt. This is not just because they want businesses to add workloads using paperworks but because they want to have paperworks to protect the customers as well as the sellers.

Thumbs up to that.. You’re right,, in a real world legality and documentation is important on most cases for the protection and safeguards of the clients from those businesses offering.. If without permits and licenses all would be messy and unorganised and it means chaos and uncertainty.. So to those who want to start this kind of shops must always research about laws and regulation in a country you want to build one..

Therefore you would really need to ask first a lawyer who do reside on your country since they do all know the current laws on anything. If they would able to approve that it is possible then thats the time we do build such business and do comply such requirements because government wont really let you pass on not to pay taxes.Just we do all know everything do have its permits when it comes to business you are really obliged.

[biskitop]

I'm wondering if I can open up a local shop and sell bitcoins for cash without paperwork or signing anything. Sure a bitcoin ATM can fulfill that role but as a shop I could do other things such as sell bitcoin merch etc, offer information on bitcoin and cryptos etc, but primarily I'm wondering if I can sell bitcoin for cash without hassling customers with paperwork. I suppose the laws would be the same for an ATM machine? which I haven't heard to be of a legal problem. I'd be considering doing this in Texas, USA, by the way. Any references or shared knowledge would be great, and I'm less interested in speculation. Thanks!

In my opinion, it will be a difficult thing. The government certainly will not approve it. The government never considers bitcoin as a means of transaction, or an asset that can be bought with paper money.

[palle11]

I'm wondering if I can open up a local shop and sell bitcoins for cash without paperwork or signing anything. Sure a bitcoin ATM can fulfill that role but as a shop I could do other things such as sell bitcoin merch etc, offer information on bitcoin and cryptos etc, but primarily I'm wondering if I can sell bitcoin for cash without hassling customers with paperwork. I suppose the laws would be the same for an ATM machine? which I haven't heard to be of a legal problem. I'd be considering doing this in Texas, USA, by the way. Any references or shared knowledge would be great, and I'm less interested in speculation. Thanks!

The legality of bitcoin is what would matter first and this is jurisdictional based. If it has been legalized where you are then you can do what you like with bitcoin though within the confines of the law as it is enshrined, otherwise, you can't practice such sell.

[sunsilk]

The legality of bitcoin is what would matter first and this is jurisdictional based. If it has been legalized where you are then you can do what you like with bitcoin though within the confines of the law as it is enshrined, otherwise, you can't practice such sell.

The thing here is he just need to register his local shop as a business entity and there's nothing wrong with it, that's the due process for someone that wants to start his own business. And he has to declare that he will include selling bitcoins for cash.

Most of the government agencies aren't interested on business matters as long as it is legal and you will be taxed.

[rhamzter]

Yes it is possible, in the Philippines you can buy bitcoin in some stores using cash. For example in 7/11 if you used coins.ph wallet you can easily buy bitcoin, you can also invest if you also want. I guess if you build local shop that sell bitcoin, it was eye catchy because more users are no time to invest in bitcoin thru banks due to busiest in their particular jobs.

[carlfebz2]

Yes it is possible, in the Philippines you can buy bitcoin in some stores using cash. For example in 7/11 if you used coins.ph wallet you can easily buy bitcoin, you can also invest if you also want. I guess if you build local shop that sell bitcoin, it was eye catchy because more users are no time to invest in bitcoin thru banks due to busiest in their particular jobs.

They are just partners or just a gateway used on buying bitcoins which is actually a good thing because you can simply buy it directly and once paid then they would credit bitcoins into your own local wallet but it would really need to be regulated if you do really like to engage or involve on this business. For now Philippines don't really impose strict laws regarding on bitcoin buy and sell.

[smith136]

You need a clear legal advice regarding these especially in matters concerning licenses and taxes you will pay in order to operate. I don't know much about US legal clear-cut regarding selling bitcoins into cash with a proper office or shop but one thing is for sure you need to abide your laws in order to operate legally.
This kind of idea is actually good since you don't need much to rely on online exchanges, I hope you can start your business soon