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

[sukamasoto]

It's depend on your government policy whenever they against bitcoin usage or not !
Meanwhile my government still forbid bitcoin so it's quite difficult for my people that still not aware of bitcoin although some of my local shop already accept bitcoin but total transaction still low !

[Phantomberry]

You need license ofcourse. Consult a lawyer what todo and make sure your country or your place know what is bitcoin and how to use it.

[Fatunad]

You would probably need a license for it . One thing that I have extensively read from fellow traders in the US, is that its hard to sell bitcoins without the license.I also don't expect you would get a serious and completely accurate reply on btctalk, so would suggest asking a lawyer rregarding this.

Absolutely right which you would really need a lawyer first to ask regarding on the regulations of  your government when it comes into this kind of business specially it involves on crypto knowing that most governments doesnt like it. Having a consultation first with a lawyer is the best possible initial move that you should do so that you wont risk yourself into any trouble when you do plan to build that kind of business. I would say this thing would be profitable for you but would really still depend on the interest or the number of people on your place do know about bitcoin or crypto.

[MCVXYZ]

This is an entrepreneurial activity and you must need to register as an Entrepreneur,You must create a firm like LLC or other.in my opinion you shoud make everything as Purchase Agreement is regulated because i have never heard special issues about this situation and if there is not special norm,goverments regulate it with general norm,in this situation by  purchase agreement.so there are bad sides because in this situation you need to pay additional tax for income wich % depend on where do you live. Its better to sell online because there is no strict monitoring job

[GreenBits]

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!

dude, you just dodge a big ass legal bullet

there is absolutely regulation in Texas that would require you to register as a money service business. basically, despite your best intentions, unless you conduct aml/kyl on each and eavery user on your platform, you cannot be sure that you arent facilitating illicit transactions. hence, you must institute a procedure for your company to do diligence on all your customers, or else you can be criminally liable if something does go wrong down the road (one of your users was laundering money, for example).

and atms are actually pretty regulated. pretty much the same as above; the machine will be doing the diligence instead of user submitted details.

Maybe you should sell physical bitcoins, loaded with coin, as a product

[zhekinsp]

Yes,you can if your country allows that but most of the country doesn't allow this kind of actions because it will leads to money laundering the people who have black money they can convert it into bitcoins through you.But you are going to pay taxes for their money too.
But you don't need to open a shop for trading the bitcoin just you can do it in online by staying at home,try to think about it.If yiu think it is best thaen start yiur trading on localbitcoins.com.

[f16]

Yes,you can if your country allows that but most of the country doesn't allow this kind of actions because it will leads to money laundering the people who have black money they can convert it into bitcoins through you.But you are going to pay taxes for their money too.
But you don't need to open a shop for trading the bitcoin just you can do it in online by staying at home,try to think about it.If yiu think it is best thaen start yiur trading on localbitcoins.com.

nice thinking i agree with you

[/GeertJohan]

If you have a proper license for it you can really do it..
 It totally based on your country policies and rules.
Some countries are banned bitcoins and some countries accept it and trading it to.  In some countries do not know about bitcoins or any other cryptos and its value..  When it become legal for all countries then you will get more profit...

[PAKISTANI123]

If you have a proper license for it you can really do it..
 It totally based on your country policies and rules.
Some countries are banned bitcoins and some countries accept it and trading it to.  In some countries do not know about bitcoins or any other cryptos and its value..  When it become legal for all countries then you will get more profit...

agree with you

[reliable]

If you have a proper license for it you can really do it..
 It totally based on your country policies and rules.
Some countries are banned bitcoins and some countries accept it and trading it to.  In some countries do not know about bitcoins or any other cryptos and its value..  When it become legal for all countries then you will get more profit...

Very much it is depended upon which country you live in and what are the rules and regulations of that country regarding this policy.  Some country may not encourage the cash activities and as a result somebody may face the action. 

Also I doubt that all countries will accept btc. I think limited countries may accept it and rest may ban or will introduce their own coin.
 

[Lancusters]

I think it's a strange idea. Shop require jobs. For wages you will lose a lot. ATM is more profitable but I think that this is not true. You can't do business. You have no concept. You do not know the occupation of your store. This is the road to bankruptcy. But I think that not going to do that. Probably your post for quantity.

[Qartersa]

I think it's a strange idea. Shop require jobs. For wages you will lose a lot. ATM is more profitable but I think that this is not true. You can't do business. You have no concept. You do not know the occupation of your store. This is the road to bankruptcy. But I think that not going to do that. Probably your post for quantity.

Indeed.

But you know what, we are put in a hard position because we were asked about something we could plausibly never encounter. Like for instance, all countries/States have different laws. Hence, one from Asia cannot be expected to know something about the laws of Antarctica. But granting we are under the same jurisdiction, I think it is not right to not have papers in putting up this shop that offers Bitcoin as goods. I believe every business needs to have legal papers before it can operate legally to protect the public. 

[Habakkuk77]

Well that's a good idea, but I can't imagine if there there will be a consumer with your local shop.
Bitcoin is online so it is better to sell bitcoin online and you will have more consumers than your local shop. How about those who are in other countries how they will buy in your local shop. It is fast in online.
 But good luck, this only my idea.

[Dreamchaser21]

Why not make business then accept bitcoin as a mode of payment which is more profitable than selling bitcoin. We all know that the price of bitcoin will continue to soar higher its better to hodl more than to sold it for a cash.

[orions.belt19]

You would probably need a license for it . One thing that I have extensively read from fellow traders in the US, is that its hard to sell bitcoins without the license.I also don't expect you would get a serious and completely accurate reply on btctalk, so would suggest asking a lawyer rregarding this.

Right, do you have any idea where I could find lawyers knowledgable on bitcoin laws?

Perhaps it's best to inquire with the lawyers around your area, because it would depend on the legality of bitcoin there. It may be hard to find a lawyer who's knowledgeable on bitcoin, especially since I think there's not much law or jurisprudence relating to bitcoin since it's quite new in the international scene.

Regarding your business, I think that there will be a need for license or papers for that even it is concerning to bitcoin. Any kind of business that you would want to put up would require some paperwork and registration, otherwise you might be operating illegally. Every business should be recognized by the state.

[1NV3ST0NM3]

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!

NO! unless your state is ready to provide you with a GST number for such kind of business just don't even think of opening such a shop or you would be considered as a person involved in money laundering. Changing btc for cash would mean zero accountability so authorities would be really be worried about any such venture.

[countryfree]

Besides legal requirements, you shall also worry about security. If you're in Texas, you know that quite many people have guns out there. Once it will be known that you have cash and BTC at your disposal, you should prepare for the possibility that someone puts a .44 to your head, and asks for ALL YOUR BITCOINS NOW!

[bitfocus]

I guess you can do it without much of paperwork if Bitcoin is not illegal in your country. You should check with your local business regulatory authority.

[SamsungBitcoin]

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.

[Lancusters]

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.

In order to in America the business was legal need to obtain a license for this activity. To call it a store is very difficult. The license will be very expensive. It will be not much less than to open your Bank. Legally engage in the exchange of cryptocurrencies is not profitable. It is better to engage in speculation on the stock exchange without licenses.