Hi, I'm new to the Bitcoin game but I can already see one major flaw in the system. People use fiat currency because they are mandated to by their governments. Banks can, and do, institute all sort of fees related to usage of the currency because they have a captive audience. Bitcoin has the potential to negate most of these fees, but as of yet, seems to have more fees than traditional fiat for local usage.

There is very little incentive for businesses to accept Bitcoin because they still have to pay fees, often times more than traditional fiat fees, to cash out into fiat to pay bills. Potential customers are hesitant to get into Bitcoin because they're instantly paying about 5% more for products due to exchange fees to buy BTC.

localbitcoins.com is trying to provide local face to face exchanges but it seems the prices are even higher markup than the exchanges. Until people stop looking at bitcoin strictly as a profit mechanism and start looking at it as what it was intended to be, we won't be able to garner mass utilization.

I want to start a local Bitcoin exchange in my area, Northern Virginia and DC Metro area, to match up miners and buyers. Miners could sell locally at a price equal to or less than the exchanges and still make out by not having to incur excessive fees. Local buyers could buy into Bitcoin knowing they're not instantly losing 5% of their purchase in money transfer and exchange fees.

I'm in the process of building a website to facilitate the buyer and seller listings. If you're a miner or a buyer in the Northern Virginia / DC Metro / Baltimore area, please send me a PM and I'll keep you informed of my progress. I'd like to make contact with several miners and buyers so I can get your input on what's important to you.

I want to make this happen for several reasons. I truly believe that Bitcoin is a great step forward in online transactions. I especially think that a northern Virginia based face to face exchange would be great due to it's visibility and influence with the political scene in DC.

If you have particular skills and would like to assist me in making this happen, also feel free to leave me a PM.

mikebriggs2k

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