In-Person Bitcoin Exchanges

[dothebeats]

In-person exchanges in this day and age is obsolete, and that 5% fee is lucrative in a sense that it's too high of a charge for convenience. Also, as what others pointed out, if you sell bitcoins personally you are prone to a lot of dangers most specifically the 'wrench' attack. You'll never know if someone already tipped you off for having been sold some bitcoins to an entity and that they are already following you in exchange for the money that you got.

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[so98nn]

What you looking for ? Charity? A 5% charge for the trade is too much as compared to the traditional exchanges which will charge you around 0.2% maker fees and 0.2% taker fees. Nothing more and nothing less for the top exchanges. I have seen maximum charge of 1% somewhere but giving away 5% is like giving away your profit margin.

Peeps who day trade will book their profits around that % mate. So whatever you do don’t go with them. Better use exchanges or other online p2p services who charge you reasonable amount and you can enjoy profits later.

[lixer]

What you looking for ? Charity? A 5% charge for the trade is too much as compared to the traditional exchanges which will charge you around 0.2% maker fees and 0.2% taker fees. Nothing more and nothing less for the top exchanges. I have seen maximum charge of 1% somewhere but giving away 5% is like giving away your profit margin.

Peeps who day trade will book their profits around that % mate. So whatever you do don’t go with them. Better use exchanges or other online p2p services who charge you reasonable amount and you can enjoy profits later.

I don't see that the op complain about the fees. 5 percent may seem to be a lot for some of us but in exchange of this is convenience. Now there is no need for us to travel to the city only to make a cash out or cash in but we can do this easily in the shops nearby.

If you are a trader and you treat this kind of service similar to a real trading platform then that won't work well because your profit will only be eaten out by the fee but services like this are only good if you are a casual user like you will play a gambling immediately or you will cash out the money that you got from someone and you won't mind paying extra fee, as long as you hodl the fiat with you.

[deathcode]

Hi guys,
My first post here. I've notived a few retail stores in Toronto which pretty much buy/sell your bitcoin in person. Charging a 5% rate.
Has anyone had any experience with these types on in person exchanges? From a business perspective are they lucrative? It's an interesting business model as you can also teach crypto in your community. However, I am unsure of the safety of random people walking in your store...
Any input would be appreciated, i would consider such a venture as long as it falls in legal terms.

Hi, I think if there are already some who do it means it's a profitable business right?
Of course it can be dangerous when there are many people we don't know at your place of business.
If you are interested in opening that business and want to be more certain about the benefits and legal requirements.
I suggest you have to learn it directly by coming to the person or retail store that you see.
You will know more about how that person manages the business if you ask directly.

[Nrcewker]

I guess this is not a great idea to buy Bitcoins in person and that too at random places. But keeping this aside, my main question is that, why the hell you need to buy Bitcoins from hard cash? Are those black money which you are trying to hide from the government? If you can manage to pay online, then it will be better if you purchase bitcoins from p2p exchanges. These are best and tax free also. These are also way safe than buying from stranger person at strange places. You can also visit Bitcoin ATMs near you to buy, if there are any available in your locality.

[Mr. Magkaisa]

Hi guys,
My first post here. I've notived a few retail stores in Toronto which pretty much buy/sell your bitcoin in person. Charging a 5% rate.
Has anyone had any experience with these types on in person exchanges? From a business perspective are they lucrative? It's an interesting business model as you can also teach crypto in your community. However, I am unsure of the safety of random people walking in your store...
Any input would be appreciated, i would consider such a venture as long as it falls in legal terms.

-  Yes, it's a good business dude, that's why you would go through a retail store outlet when you can buy Bitcoin at local exchanges or centralized exchanges here in cryptocurrency.

   Instead of saving you from the discount, you will only be charged more. I hope you understand what I'm telling you. Then it seems that there is even more risk unless the person you are buying is someone you know or is close to you. Maybe, later on, you will be able to handle the bitcoin transaction from person to person.

[Ucy]

Hi guys,
My first post here. I've notived a few retail stores in Toronto which pretty much buy/sell your bitcoin in person. Charging a 5% rate.
Has anyone had any experience with these types on in person exchanges? From a business perspective are they lucrative? It's an interesting business model as you can also teach crypto in your community. However, I am unsure of the safety of random people walking in your store...
Any input would be appreciated, i would consider such a venture as long as it falls in legal terms.

Someone does similar thing in her store close to where I live, but I'm not sure how much she charges. She acts as some sort of mini bank by helping people transfer both fiat and bitcoin currencies to their wallets and to other people/businesses. I think she must have been licensed by bank to be able to provide the fiat currency transfer service which likely does not cover Bitcoin.. This shouldn't be a problem as long as she has the right ToS for the Bitcoin transfer that her customers need to read and agreed to.

[LUCKMCFLY]

Hi guys,
My first post here. I've notived a few retail stores in Toronto which pretty much buy/sell your bitcoin in person. Charging a 5% rate.
Has anyone had any experience with these types on in person exchanges? From a business perspective are they lucrative? It's an interesting business model as you can also teach crypto in your community. However, I am unsure of the safety of random people walking in your store...
Any input would be appreciated, i would consider such a venture as long as it falls in legal terms.

Someone does similar thing in her store close to where I live, but I'm not sure how much she charges. She acts as some sort of mini bank by helping people transfer both fiat and bitcoin currencies to their wallets and to other people/businesses. I think she must have been licensed by bank to be able to provide the fiat currency transfer service which likely does not cover Bitcoin.. This shouldn't be a problem as long as she has the right ToS for the Bitcoin transfer that her customers need to read and agreed to.

Well that is something very useful, really if she is a person of that style the best thing is to become friends with her and be able to take advantage of it, also help protect her, because just as there are people who help there are also people who envy her and can do everything possible to make it go wrong, but for example with people like that in countries where everything is very difficult, for example like in Spain, it is something that should be highly valued, and as I say helping to protect them because that is the kind of people who have managed to circumvent the ways that banks and governments have so that people do not make these transactions.