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Author Topic: UK Exchange - advise me  (Read 1452 times)
genjix
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January 07, 2011, 06:07:50 PM
 #1

Hey,

I'd like to setup a UK <-> BTC exchange. I figure the easiest way is to do this manually so I opened a new account with Nationwide.

I'd have a simple gmail where people notify me they've sent me £X or Y BTC, then I reply back with the offer and the accept it or not.

My internet banking allows me to download a .CSV file which I can write a simple Python script to parse and then alert me when I've received the funds. Then I can send them the equivalent BTC.

And for BTC -> £GBP, when funds are received, I login to my internet banking and send them the funds.

Is this fine? Will my bank shut down my account- I don't want people to lose their funds because of my banking inexperience.
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a transaction fee.
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kiba
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January 07, 2011, 06:10:36 PM
 #2

You will be using bitcoin central?

genjix
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January 07, 2011, 06:51:26 PM
 #3

No. Only if this becomes popular and I need that.
caveden
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January 07, 2011, 08:47:02 PM
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Is this fine? Will my bank shut down my account- I don't want people to lose their funds because of my banking inexperience.

Have you tried asking them, directly?
Maybe they have even a better API than the CSV...

18rZYyWcafwD86xvLrfuxWG5xEMMWUtVkL
ribuck
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January 07, 2011, 10:41:36 PM
 #5

Does Nationwide classify your account as a "business" account? I thought Nationwide only offered personal and charity accounts, in which case they may object to you using it for a business (if the business grows large enough for them to notice).
genjix
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January 08, 2011, 07:11:23 AM
 #6

Does Nationwide classify your account as a "business" account? I thought Nationwide only offered personal and charity accounts, in which case they may object to you using it for a business (if the business grows large enough for them to notice).

If it does, how will they react? Send me a formal notice asking me to cease operations, or seize all my funds?
ribuck
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January 08, 2011, 12:53:36 PM
 #7

With any bank account in the UK, the risk is that you get reported for suspected money laundering. The banks are supposed to report even a "whiff of suspicion" and are not allowed to tell the customer that they have been reported.

If I were operating a business like this, I would do it through a business account with a trading bank (not a building society), and I would make sure the bank understands the business model. That's all the bank cares about, and they ask you all this kind of stuff when you open the account.

For advice, I would ask an accountant. They deal with banks and the taxman every day, and they know exactly how the system works.

Unfortunately, doing it that way will cost a bit, because you'll be paying the accountant by the hour while you explain the subtleties of Bitcoin to him. I would consider describing bitcoins as "barter tokens" because I think they will readily understand that.

For an alternative approach, have a careful read of Nanaimo Gold's payment options page:
http://www.nanaimogold.com/payment_options.php
and see how he has managed to avoid the need for incorporation, business bank accounts, accountants, lawyers, etc., while still accepting only "hard" payment for bitcoins. Of course an accountant will never recommend that kind of approach, because it doesn't provide a slice of the pie for the establishment.
genjix
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January 08, 2011, 03:17:24 PM
 #8

oh fuck that. Thanks for the info. Saved me a massive headache.

How retarded.
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