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Author Topic: Where to buy bitcoin using my local currency?  (Read 950 times)
johnyj
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July 25, 2011, 08:07:36 PM
 #1

I'm not living in USA, sometimes I sell goods to international customer and say that they can also pay bitcoin with much more easy steps, but there is no simple way for them to buy bitcoin

I think there should be one exchange for each different currency (with very low transaction fee), this will greatly increase the acceptance of bitcoin as a payment method

Seems we need market maker who have deep bitcoin/local currency reserve to play this role

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indicasteve
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July 25, 2011, 11:37:12 PM
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What currency are you looking for?

As time goes on, and if there is a demand, I'm sure you will see an exchange pop up that will allow you to exchange to your own currency.

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NetTecture
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July 26, 2011, 04:12:44 AM
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One porblem this has is that Bitcoin are not a currency.

If I were to sell bitcoin in my local market, for example, I would HAVE to add more than 20% to the price of the goods - MwST / VAT (european sales tax) like for any other good. I dont do that / have to do that for sales vdelivered out of europe, so MtGox and some other places are a goodlegal way to sell them without taking this hit (MtGox is a japanese company, the french company taking the money is just acting as agent, all sales are against the japanese entity).

This makes it hard to establish a local market legally.

It COULD work - needs a check - if one coult argue that Bitcon are not "in the country" but a certificate of ownership transfer. As long as the physical good (not existing) does not enter the EU no import / sales tax applies.

The same is with gold here.

Buy a gold bar: VAT has to be paid.
Buy a certificate for a gold bar in a swiss bank: no VAT Wink

Cleaning up this legal hurdle is significant - also as a progressing means. I Would LOVE to put up some bitcoin exchange business. Heck, I would LOVE to put up a BItCoin symbol on every of the windows of my new bitcoin mining data center Wink
johnyj
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July 26, 2011, 09:57:05 AM
 #4

One porblem this has is that Bitcoin are not a currency.

If I were to sell bitcoin in my local market, for example, I would HAVE to add more than 20% to the price of the goods - MwST / VAT (european sales tax) like for any other good. I dont do that / have to do that for sales vdelivered out of europe, so MtGox and some other places are a goodlegal way to sell them without taking this hit (MtGox is a japanese company, the french company taking the money is just acting as agent, all sales are against the japanese entity).

This makes it hard to establish a local market legally.

It COULD work - needs a check - if one coult argue that Bitcon are not "in the country" but a certificate of ownership transfer. As long as the physical good (not existing) does not enter the EU no import / sales tax applies.

The same is with gold here.

Buy a gold bar: VAT has to be paid.
Buy a certificate for a gold bar in a swiss bank: no VAT Wink

Cleaning up this legal hurdle is significant - also as a progressing means. I Would LOVE to put up some bitcoin exchange business. Heck, I would LOVE to put up a BItCoin symbol on every of the windows of my new bitcoin mining data center Wink

This is a very good point!

I have bought bigcoin once as a gaming product. I wonder how VAT is calculated for those online digital sales like game and online game subscription?

johnyj
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July 27, 2011, 01:32:48 PM
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But, is there a law that prohibit private produce of currency? Is FED a private owned organization?

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