Buy bitcoin for someone else? - page 5.

Mobshady24

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Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

well first of all you should know the existing laws on taxes on cryptocurrency in your place, if there is one just pay the assessed tax so the transfer would deem legal.
but as far as my knowledge is concern i think as long as the government doesn't impose ban trade of bitcoin any transaction as long as it is not for a criminal act should be legal.

Eleven86

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Quote from: Oceat on March 27, 2018, 12:39:13 PM

Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

It seems that both of you had no knowledge yet in trading. A simple research through the internet is quite helpful while reading the most basic. It will take a lot of time to invest before you learn the basics through tutorial. You will gonna learn quickly when you always ask, but you gotta have to find the real person to train you.

It depends upon you if you have a knowledge in bitcoin you can buy bitcoin for others. First you can educate about the bitcoin to that person. Then only he knows at what time to sell or buy bitcoin. Explain the benefits of bitcoin it really helps him in future. He must know the trading exchange sites then only he can use bitcoin.

Oceat

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Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

It seems that both of you had no knowledge yet in trading. A simple research through the internet is quite helpful while reading the most basic. It will take a lot of time to invest before you learn the basics through tutorial. You will gonna learn quickly when you always ask, but you gotta have to find the real person to train you.

Broesel

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Activity: 182

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You can also buy crypto coins for other people, who have no idea about it and just safekeep the coins for them. There has to be trust between the two parties, of course. For instance, you could buy BTC for your parents and put them on a paper wallet as a gift. But then you should explain the gift Wink

Greenkarki

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Quote from: jayveerastrullo on March 25, 2018, 11:04:28 AM

This thing happened to me when my friend introduced bitcoin to me as source of income or investment. He explain thoroughly what bitcoin is and the system and I think he got me because I am investing now. You do this as a gift to them.

Yes, we can buy bitcoin for others. Before that you have to explain about the wallet, CMC and the transaction exchange. If they want to sell or buy bitcoin through exchange you have to knoweldge the person about transaction fees. Investing in bitcoin is good for future. But you have to educate about the bitcoin.

jayveerastrullo

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This thing happened to me when my friend introduced bitcoin to me as source of income or investment. He explain thoroughly what bitcoin is and the system and I think he got me because I am investing now. You do this as a gift to them.

hahay

legendary

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Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

I think it's legal, because both have agreed to do that, you do not steal and you do not cheat, make it all transparent so there is no suspicion among you. Provide further explanation of possible bad risks later. Everything will be easy and it will be fine if you understand each other. Be careful

Iggor

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Depends really. Some accounts are closed because some banks linked their accounts to crypto when they bought coins with fiat. I bought coins on Localbitcoin few times and my account is still good. I didn't hear that someone's account got closed in my country.

1NV3ST0NM3

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Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

It is legal but all the authorities will think that this is your 1000$ that you have now put into system and you are now using it to buy cryptos. Which means that any gains arising from it will be taxable in your hand until you create a full procedure by explaining how this income belongs to him. In any case however this can never be illegal until the money you are having is black money or money earned through unethical means. And yeah cryptos must also be legal in your country to do this.

sindikat

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If your friend asks you to buy bitcoins for him, then I assume that the use of cryptocurrencies is prohibited in his country. He will trade on the stock exchange and, if successful, he will face the problem of cashing out bitcoin. Probably it will ask to do it through your Bank account. Don't forget to consider taxes.

btcmegastar

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Now there is lot transaction fee in between the exchange, of course, you can buy for him but after purchase again you need to send the Bitcoin to his wallet. In this case, there will be some transaction fee, explain to him about the transaction before purchasing Bitcoin to him.

BUK2016

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Well it will be legal if he has to send to your account but why can't your just put him through instead of the long process for him to transfer from his own account before you process it on the blochain.

ajochems

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At first I would like to know ,have to buy a bitcoin before by a trade.If you know how to buy the bitcoin and which website is best to buy,then you can proceed to buy for your friend.Why I am asking this is,you are responsible for the money you are going to invest in the bitcoin.
Suppose if you had loss by buying at high price without trading knowledge ,you have to give that money.Keep that in mind.

Indrawan77

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Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

If your country allows buying bitcoin then its okay, but you still need to explained later to the tax department on how you get those money, its legal but if the amount you bought is too big and you do it quite often then it can become some problem, in my country you will be summoned by the tax officers and your bank account could be freeze if they found you got suspicious transactions in crypto, but I still think its better to teach your friend about bitcoin, more people using bitcoin will make bitcoin price become better

creeps

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Quote from: Eleven86 on March 20, 2018, 06:33:34 PM

Yes sure you can buy bitcoin for others. But you have to explain the benefits of bitcoin. Where to buy,how and when to sell coin.

That's actually a best thing that you can do than to buy for them. If they really want to understand this thing, better to teach them. Personally, I will not buy coins for them because I don't want to be liable if something bad happen so I just guide them and tell them everything I know about this market for sure they will easily understand it.

Eleven86

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Yes sure you can buy bitcoin for others. But you have to explain the benefits of bitcoin. Where to buy, how and when to sell coin. Teach him or her esecially the coinmarketcap.com. Every coin growth from its birth and till the end is updated on the chart. Its really easily understood. We can compare one to other in. Teaching wold help the friend to grow deper into it .

Virtual miner

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Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

It depends on the law of your country. However this kind of transaction is not illegal in most of countries. Well you can confirm it from your country's penal code and code of conduct. Also make sure you tell your friend about all the basics of bitcoin. And the advantages, disadvantages and consequences of bitcoin market, trading and investment.

P.S.: It would be good to tell your friend before hand out everything so that he can make wise and well informed decision!!

BTCeminjas

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Quote from: maarx on March 20, 2018, 12:59:57 PM

Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

You can do that so if its really needed. But teach him/her how the crypto works on. Teach how to find out the values of each day and how to sell them when the value is too high or when they wish to sell it. Just take them through CMC if you have time. This would better explain them of each coin's growth and its move.

Well said dude, this is true because he/she regretted when they having a problem with cryptocurrencies or it might blame you if you will not explain it well. Most people who adopt in cryptocurrencies are get influenced by others I'm not believed that he/she discovered on their own.
So, do your best of explaining if you want to help your friends or relatives to have extra income in cryptocurrencies.

maarx

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cloverdex.io

Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

You can do that so if its really needed. But teach him/her how the crypto works on. Teach how to find out the values of each day and how to sell them when the value is too high or when they wish to sell it. Just take them through CMC if you have time. This would better explain them of each coin's growth and its move.

Dreamchaser21

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Quote from: Budugbass on March 20, 2018, 01:54:59 AM

No problem of course, I think it's still legal/not prohibited in the most countries, especially if the state really legalize bitcoin. In my country had already many people who doing that, from the one person to another person, initially who do not knowing it till can knowing it, and giving a lot of knowledge about crypto to further deepening it.

Yes of course it will depend on that person if he trust you that much, though its risky on the part of your friend because he is clueless about what's happening in the market. Help them to learn more about the market don't feed him much because at the end of the day you are responsible for that.

Topic: Buy bitcoin for someone else? - page 5. (Read 1239 times)