Can a felon buy bitcoin

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We had a tremendous interview with Charlie Shrem, the first bitcoin felon. We’re going to be talking all about how to buy and sell bitcoins. Charlie, welcome to the show. How did you get into bitcoin? What are some of the businesses you’ve been involved in? Just give us a little bit of background about yourself. There are so many more reputable companies that are not scams.

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We had a tremendous interview with Charlie Shrem, the first bitcoin felon. We’re going to be talking all about how to buy and sell bitcoins. Charlie, welcome to the. How did you get into bitcoin? What are some of the businesses you’ve been involved in? Just give us a little bit of background about. There are so many more reputable companies that are not scams. There are, you know, amazing OTC markets.

There are a lot of different, no matter where you are in the world, from Morocco to Monaco to Russia. You could probably get bitcoin within one day at a very, very reasonable rate. And it used to not be the case. You know, when I got involved in bitcoin in — I think it was like lateearly There was, maybe one place to buy bitcoin and that was Mt.

There was no other way unless you knew someone who could send it to you for free. Granted bitcoins were a lot cheaper, but still it was relative.

So, maybe it was like bitcoins for a dollar, but still at the same time it was hard to get unless someone would send it to you for free.

So, you know, I was browsing the bitcoin forums one day and I was trying to buy some bitcoin. I had sent money to a new bitcoin exchange that was just opened — just had opened up for a week called Tradehill by Jared Kenna. When I sent him money, ING shutdown his bank accounts so my money was frozen. Like, it took three days for the wire to get. Now my money is sitting freezing for a week. And I said if this thing really means — if it’s going to take off.

If bitcoin is going to take off. People need to be able to buy and sell it as easy as you could buy a coffee at Starbucks on the corner. And I say hey it sounds like — it seems like a cool idea. And I decided to put up the money to do that and that’s how we started BitInstant. They deposit money into our accounts or into like 7-Eleven or Walmart or. And we then fund their bitcoin exchange accounts or give them bitcoin directly and then we wait the week or so until these banks would settle with us or 7-Eleven would settle with us and ends up being something that people really needed.

And we, at one point, we’re doing a few million dollars a day and maybe thirty, fourty percent of all bitcoin transactions were being brought and sold through us and we were the primary retail method. No one should be going to exchanges can a felon buy bitcoin at all but if someone buy under ten thousand should be buying at retail from Coinbase.

There’s a new company Celery that is just opening up. Circle has a bunch of problems. I’ve have been having trouble of buying it —on it. It keep saying error, error, error, error, error and Coinbase is just ripping — bitcoin is ripping every — because they weren’t gauging but the promise was like two eighty to ninety seven or. Was it ? They were charging minimum three thirty. I ended up buying it and the price is over three thirty.

True story. Because we just like — we would have lost a ton of money if we locked in rates to people. I think people really underestimate just how hard it was to buy bitcoin in the early days. We were at real office in New York City.

We had twenty something employees. We are really growing and we were really done great things. Until today we never scammed any person.

He could be lying to me, but I want to make sure that no one could be calling me a scam around the internet and so we’ve always been right with our customers.

I mean, there’s really been just a ton of development in the space. I mean, not just on the bitcoin protocol. But, I mean, on all the support infrastructure. We’ve got companies like BitPay, Circle, Coinbase. We’ve got exchanges like Bitstamp and Kraken and itBit and like just all of. I mean, all this takes an entrepreneur like yourself to actually get in there and do. A lot of these companies, they won’t work with American customers.

Coinsetter, I think will work with American customers. Lake worked with American customers. They. I think it’s what one count of unlicensed money transmitter. I was there actually in the courtroom in Federal court. But, at the end of the day I am guilty of that crime. Before the internet even really came. You’re saying I’m going to send you money in California and then never do it.

And because there was no laws around that and people are constantly getting scammed and defrauded. And that’s why those laws are created to protect the customers. So if you were a New York company. You wanted to service customers in California, you needed a California license.

And so those days are kind of didn’t make sense. But now the Internet it’s such a different business model that all these businesses are working. Are trying to do but these laws were based on this like old archaic. Instead of re-writing law they just keep like patchwork.

So, it’s like if you’re wiring in your house goes down you just keep putting on Band-Aids and tape and you just keep patch working on to instead of like fixing, rewiring the whole house. Because these are the easier faster. And we won’t talk about how they’re doing the same thing with the actual information systems of the banks. I mean, we recently had what was it? We have JP Morgan like seventy six million customer account information getting breached. So no one with a Visa debit or credit card can use their cards for — imagine being able to be — all my card are Visa.

Imagine being completely cut off from your money for thirty hours. There is no one central location to actually go. And we’ve got ATM machines that will just like fail out of the blue. And then we have entire countries like their VISA just doesn’t work. Does that pose any risk to the social order? And yet when an entrepreneur comes in and wants to do some work in this innovative new field they get slapped with these unlicensed money transmitter charges.

Who dare people that own Visa and MasterCard and these people are very close with the government and have super pacts and paid lobbying and do all this thing and to keep the laws like. It’s very hard to change these laws because they protect.

Unfortunately, one of the biggest things that I am scared about with this new thing called the BitLicense. So, the BitLicense is supposed to be this kind of like way for bitcoin companies to legally operate within New York and the rest of the country. And everyone is hailing it is great success.

My problem is that one of things that I’ve been trying to push for is can a felon buy bitcoin a tier. Because yes, Coinbase, Circle, BitPay are going to say yes, this is amazing. These guys are the ones who can afford to do it. But the guys who are doing the real innovation in the space or the guys that are running the bitcoin protocol and now, we’re running bitcoin companies out of their basements.

For example, a company like Block Cipher. I don’t think they raised a large amount of money, if any. And that’s one of the biggest problem that people say about bitcoin is that you have to wait ten minutes for confirmation. So, now these guys are coming out and creating awesome software, but they can’t afford to deal with the BitLicense. So, I joke that like there’s this like thing a lot of companies have on the bottom of their websites.

Like there is a bunch of these trucks that drive. They have a logo and a lot are like new starts ups made in New York. It’s like people should have a thing that’s like band in New York.

Sorry, we don’t service New York customers. We can’t do it.

HOW TO BUY BITCOIN 2019 — Easy Ways to Invest In Cryptocurrency For Beginners!

Interview with Charlie Shrem, the first bitcoin felon

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