Silk Road forums
Discussion => Newbie discussion => Topic started by: TheSlipperyOne on January 25, 2013, 05:13 am
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Is this legal? I dont see how selling or buying bitcoins for cash is illegal.... im no lawyer but i just dont see why this isnt possible. Ive been seriously considering starting a small business with an initial investment of around $30,000 to buy a ton of bitcoins for people looking to buy them in cash without any hassle. I know sending cash via mail is dangerous but it shouldnt be illegal. I do have a paypal account where funds can be sent to for instant BTC sent to whatever address they want. I know 30,000 isnt a large scale but ill have a cap for BTC and once all BTC are sold stop taking orders. I know this is probably been done before or atleast attempted. I just want to make buying and selling bitcoins with cash easier. its pretty much impossible right now after months of research i cant find anything worth trying. Any input would be cool. Just a crazy idea :D
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Buying bitcoins is 100% legal. Selling bitcoins is 100% legal. Sending cash in the mail is 100% legal (though not covered by shipping insurance after a certain point).
These services already exist, so it's not a "crazy idea" nor is it in any way impossible --- however, it would be the worst business plan in the world to accept PayPal payments for bitcoins.
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Ive searched everywhere for a service that will send you cash in the mail for bitcoins. bitcoinexchange.cc CLAIMS to be able to do this but seems to never return emails and has a terrible rep from what ive seen... which is what brought me to this idea, would you be a gentleman and point me in the direction of the service that sends cash in the mail for bitcoins? And why do you say paypal is a bad idea? Im no business expert so please forgive my retardation lol
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PayPal transactions are easily reversible, so anyone using PayPal for these things is at high risk for being scammed.
If you're looking for a business that sends cash for bitcoins:
bitcopia.com
fastcash4bitcoins.com
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hmmm interesting. Yeah youre right since most people use mtgox.com or something of the like that doesnt require a verified account so if i NEEEDED too track who cancelled the paypal payment i would probably not be able to. Good advice man thank you. Im gonna check out both sites have you used them with great success? or large amounts? people chime in if you can backup these sites. Thanks again :D
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fastcash4bitcoins doesnt do cash in the mail. they do paypal cashiers check etc but no cash. cashiers checks are good but not anonymous as cash in the mail. bitcopia looks kinda unproffesional. IDK if id trust them with anything big.
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To clarify - are you talking about BUYING bitcoins with cash, or SELLING bitcoins for cash?
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bitcopia is pretty reputable - i've seen reviews of their service here.
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I believe Sugar Mama offers a reliable service for trading BTC for cash, although I have personally never used it. On the other hand, if you are looking to trade cash for BTC, USE RXKING! He is the fastest and most professional vendor I have ever used to to obtain BTC. Not only that, but he covers EVERY fee included while sending a Western Union!
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No i really have no problem using bitinstant.com to BUY bitcoins. i have no problems obtaining bitcoins. My problems lay in Selling my bitcoins for straight cash. I sent bitcopia an email. i appreciate the link to the site i hope they come through. It seems like they are the ONLY site that will buy my bitcoins for cash in the mail. Sugarmomma offers moneypaks for bitcoins. its a little bit different cuz in order to trade in a moneypak for cash you need identification or a bank account/debit card which kind of defeats all the purpose. atleast in my situation, i would like to remain completely anonymous which i know is fucking impossible now days lol.
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Anyone ever use bitcopia? Search thru forums n online some reviews or ideas for selling bitcoins for cash would be awesome. Thanks 8)
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*bump
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no body?. IF i were to become a vendor or start a business online would anyone be interested? or would most people be hesitant to send bitcoins in exchange for cash and vice versa? Just trying to get opinions cuz im considering starting a seller account or my own little business... thanks
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Most people generally fear using a service like this with anyone other then a very select few well-established trustworthy members. With that being said, if you could keep the fees reasonable, it would be a very sought after service.
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understandable. If bitcopia doesnt work out i may start on "off the road" business after speaking to lawyers n working out details.
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understandable. If bitcopia doesnt work out i may start on "off the road" business after speaking to lawyers n working out details.
If you happen to be a trustable individual when it comes to sending btc for receiving cash in the mail, meaning you kept up with it. I know myself and at least a few other personal friends that would take you up on it. How would you handle the price fluctuation? Fees?
As far as legalities go, digital currency isn't illegal to purchase as far as I know. But if you end up doing big volumes using bitinstant, then I would suggest keeping your nose clean. Let me know what you decide on this. J3Nso.
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Blue Sky Traders does exactly this with an .onion site. Bitcoins for cash deposit into their business account at any Bank of America location. Low flat rate per coin, reliable and great all around.
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Blue Sky Traders does exactly this with an .onion site. Bitcoins for cash deposit into their business account at any Bank of America location. Low flat rate per coin, reliable and great all around.
last i had hear, they do bank deposits using particular banks. i mean a general cash via mail thing... stamp and all. i've heard of some that do, but i was looking for personal reviews.
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i would be very wary of those offereing cash for coins.....to many people have been scammed before...unless they are willing to send you the cash first while the coins are in escrow (somewhere reliable). I
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POOPOO
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if localbitcoin does not get shut down, they will have majority stake in your business lane
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I think its to prevent money laundering and its also a very risky way but it is a easy way to do business :) ive done it that way before. and its a lot easier. good luck to you. 8)
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Is this legal? I dont see how selling or buying bitcoins for cash is illegal.... im no lawyer but i just dont see why this isnt possible. Ive been seriously considering starting a small business with an initial investment of around $30,000 to buy a ton of bitcoins for people looking to buy them in cash without any hassle. I know sending cash via mail is dangerous but it shouldnt be illegal. I do have a paypal account where funds can be sent to for instant BTC sent to whatever address they want. I know 30,000 isnt a large scale but ill have a cap for BTC and once all BTC are sold stop taking orders. I know this is probably been done before or atleast attempted. I just want to make buying and selling bitcoins with cash easier. its pretty much impossible right now after months of research i cant find anything worth trying. Any input would be cool. Just a crazy idea :D
you might be better doing it on localbitcoins - easy to sell there