What stops you from opening a local bitcoin exchange business?

[BitcoinPanther]

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.

I don't think you have to meet your client in person.  If you are a bitcoin exchange guy, am sure you already setup your exchange site.  From there they can deposit their bitcoin and you can deposit the cash on their bank.  So what is the purpose of you having an exchange site if you go out and trade in person.

[ObscureBean]

Well the Bitcoin community still consists mostly of nerds and typically nerds don't embrace face to face meetings  They're more comfortable being anonymous behind the screen of their computers in their bedrooms. Plus it's a bit risky to transact big sums of money with strangers. Still I'm sure we gonna see more of these popping up over the next few years.

[Pursuer]

Well the Bitcoin community still consists mostly of nerds and typically nerds don't embrace face to face meetings  They're more comfortable being anonymous behind the screen of their computers in their bedrooms. Plus it's a bit risky to transact big sums of money with strangers. Still I'm sure we gonna see more of these popping up over the next few years.

well that's just not true.

it may have been true like 5 years ago when nobody knew about bitcoin and only 2 guys were mining bitcoin but these days bitcoin is used in a lot of places as a currency and online payment systems and also it is used by a lot of others as an investment, a way to make some profit or save their money in.

and it would be great if all of these users could have had some means for buying bitcoin "locally" not have to go to a centralized exchange service website outside of their country and buy from them.

[Barbut]

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.

Too much money, to many laws, to many licences, yes it does sound like for bitcoin exchange we need a lot of money to pay all that, but my point was that even with money you can`t do it if you don`t know basic things for that business. In case that you don`t have knowledge you will need to hire people to work for you, that is one more expense on already too much expenses. How much money you plan to give to this people that will work for you, that much they will be good. More money you pay better team of experts will you have.
This is not for ordinary people with some extra money, this is for serious investors with many connections and big bank credit.

[kryptqnick]

Well, there is one such place in my city already. And the business is cruel, so I don't want to get in trouble. And there aren't many people using Bitcoin here, so I don't think it is very profitable. Moreover, this will count as illegal business in my country, because Bitcoin is out of the law and you don't pay taxes. Oh, and I guess in my city those who use BTC are mostly drugdealers, so I don't really want to have some common things with them.

[iram1011]

Besides the security issue of handling lots of money in public what's stopping people who are familiar with bitcoin from opening a 'local bitcoin guy' business charging 10-15% for changing cash into btc?  This would be the same service people list on Mycelium Local Trader and localbitcoin.com.

I think the most issues is related to money laundering. Because for some fiat money you can risk a sue, or bigger problem with justice.
more over it's also risky make an exchange with stranger, you can't know who is your client (maybe a terrorist, criminal)...

[ged00u]

Well, there is one such place in my city already. And the business is cruel, so I don't want to get in trouble. And there aren't many people using Bitcoin here, so I don't think it is very profitable. Moreover, this will count as illegal business in my country, because Bitcoin is out of the law and you don't pay taxes. Oh, and I guess in my city those who use BTC are mostly drugdealers, so I don't really want to have some common things with them.

I think so too, in my place everything that deals with business doesn't get away from taxes and if it does, it'll be considered illegal so bringing bitcoin which is totally tax-free into business is a risky move. Moreover, the people here seem to have no idea about bitcoin so it's hard to run this business.

[fortunecrypto]

Besides the security issue of handling lots of money in public what's stopping people who are familiar with bitcoin from opening a 'local bitcoin guy' business charging 10-15% for changing cash into btc?  This would be the same service people list on Mycelium Local Trader and localbitcoin.com.

You need a lot fo funds to run this kind of business,not only fund,but also technical knowledge plus you have to be compliant on the country,where you are going to run your business.

[Kidmat]

Well, there is one such place in my city already. And the business is cruel, so I don't want to get in trouble. And there aren't many people using Bitcoin here, so I don't think it is very profitable. Moreover, this will count as illegal business in my country, because Bitcoin is out of the law and you don't pay taxes. Oh, and I guess in my city those who use BTC are mostly drugdealers, so I don't really want to have some common things with them.

I think so too, in my place everything that deals with business doesn't get away from taxes and if it does, it'll be considered illegal so bringing bitcoin which is totally tax-free into business is a risky move. Moreover, the people here seem to have no idea about bitcoin so it's hard to run this business.

We have to pay the taxes. Even if we use the bitcoin, we should still pay the tax to support the society.