For some time now I'm thinking of opening a business where I accept only bitcoin. I live in a touristy coastal town with plenty of high net worth visitors and residents. My idea is to open a brick and mortar shop where people can buy (and sell?) luxury goods (i.e. high-end watches, jewellery, younameit) against bitcoin. I'd only accept bitcoin and items would be priced in bitcoin only. Also not planning to sell any of the bitcoin, only the bare minimum to pay running costs. I'm willing to take the market risk since I plan to hold it forever.
5. AML/KYC: I'm going to be forced to perform AML/KYC check on clients. I don't see a workaround it. Also I'm not sure how to perform this in a timely manner during a regular shop transaction. I'm hoping this can be done "asynchronously"
So you want to enter the competitive tourism market with one hand tied behind your back? Why? Also, your sector is aging fast due to inflation - a JPMorgan Chase Institute survey found that only about
four percent of Baby Boomers have ever used cryptocurrency compared to eleven percent of Gen X and twenty percent of Millennials.
So I’ve reached a point where I can live out of “passive” income from of lending out my bitcoin. I’m getting ready to leave my 9 to 5 but I absolutely don’t want to spend my time gardening or at the bar. I therefore see this business as a way to keep myself busy and maybe accumulate some more bitcoin on the journey.