What stops you from opening a local bitcoin exchange business?

[Rostadom]

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.

[romero121]

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.

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.

[Red-Apple]

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.

[QuestionAuthority]

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.

[yayayo]

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!

[traderethereum]

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.

[clickerz]

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.

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.

[marleybobthedog]

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

[Blitzboy]

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.

[Milkduds]

The policies that are made today,do not always stand up years from now under a new government.
People seem to forget that public opinions can sway and suddenly bitcoin is the root of all evil,grab a pitchfork and lets go get some bitcoiners! This thought crosses my mind everytime I make a purchase with my debit/credit or even grabbing a book at the library. 1984 scared the crap out of me and its fingerprints are still on me today when I think about big brother.

So stating that I think people putting themselves out there are truly amazing people and I admire their potential sacrifice.
Establishing a local exchange would not be in the cards due to my more laid back vibe as well,rather not deal with the stress of it all.

[johnnyyash]

I think this requires enough capital for investment and a secured security....!!!

[amacar2]

Business/company require licence from local authority and regarding bitcoin it is hard to get any license to operate service related to bitcoin.

To provide service only via a simple exchange webpage or simple facebook buy/sell group can be profitable as you can always buy/sell for margin, the only thing which stops me starting this way is large amount of local currency and bitcoin in hand to meet the demand. And if there will be no one to sell you in cheaper rate from where you can get bitcoins in market rate as there will be no local exchanger or trading platform.

[DOGE12321]

There are a number of factors to be considered if opening a Bitcoin exchange business.
1. Security
2. I would also presume that there are some legal ramifications that are in place when opening such business.
3. Customers - There aren't a large number of members in this community. Unless one's area is flourishing with Bitcoin, I don't think that it would be a very good business.
4. I also think that people would opt for Bitcoin ATMs. These machines charge a very small exchange fee.

[th3nolo]

Is not easy, to start a local exchange business and it depends in majority of your country.
The biggest problems are money,laws and security. If your exchange gets involved with a security problem or one bank freezes the funds of your exchange this could be a big trouble.

[countryfree]

Well, I've tried to sell some BTC with localbitcoins in 2 different cities. Once in France, once in Spain. I wasn't hungry, I chose to sell only 4% above spot. I didn't got a single request. Not an email. I've also tried many times to explain BTC to people I met in bars, or anywhere. People are interested, but when I propose to sell them some, they say tthey need to think about it. It ain't easy to run a business... I guess that if I were to open a shop, I would sell sodas or anything that people do not think about it.

[jossiel]

There are a lot of things to consider why something is stopping me to open a local bitcoin exchange business.

1. There are already a good exchange here in my country so I am going to have hard time competing with them for I admit they are better than my developments.

2. Budget is really stopping me, I don't have enough budget for building my own local exchange site and no one wants to support my idea.

[Doms]

I haven't really planned on opening my own business that focuses on local bitcoin exchange. First and foremost of the reasons is the fact that I have not enough capital to begin with. Another would be the tedious procedures it would take, as far as my country, to complete requirements in opening up such a business.

[BossMacko]

Having a local bitcoin exchange business is very a profitable and very nice business but what stopping me from opening one? First of all i don't have the fund needed to hire someone to create me this site that can integrate every currency to exchange in Bitcoin , second is you also need fund to make sure to have the best security for that website and you also need to hire debuggers that will detect all the possible bugs that can occur to your system.

[nydiacaskey01]

Aside from what has been said like security, operating expenses and capital, whats stopping me from setting up my own exchange is knowledge on setting up a business like this and courage to jump in this kind of business as there are risks involved. If ever I will dive in this this venture I would need a partner who knows how to run a business like this for starters.

[iv4n]

I don`t think I have necessary skill to run exchange, I don`t think this is a joke to create and run exchange that will have profit in the end of the month. Except knowledge from economy, I don`t know so much about laws so I would need to pay a lawyer to tell me about laws in my country, I presume that for every country different laws are applied.
To not mention money for beginning, for advertising, for hiring security, and million other things. There is no way I can do this, it`s better for me to do it off the records with people I know, but not so many of them know about btc.