Buy bitcoin for someone else? - page 6.

Budugbass

full member

Activity: 392

Merit: 100

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.

icemanparachuter

newbie

Activity: 18

Merit: 0

You could do an offline exchange, where he gives you cash and you sell him BTC in exchange for that cash. You could set up a wallet for him, and transfer BTC from your wallet and existing amount to that BTC wallet. Could keep it offline or online, either way, and thus he's now purchased legally BTC from you. You could agree on the price set and there's nothing illegal about it, could be a market rate you both agree on, or could charge him higher for the liquidity and work.

changcloy

full member

Activity: 448

Merit: 107

Quote from: crzy on March 06, 2018, 04:31:22 AM

If you really care about your friend better to tell him everything, and teach them how to play in the market. I’m not saying that you idea is illegal, its legal as long as you are committed but again teaching him about cryptocurrency is the best thing that you can do, let him enjoy the cryptomarket.

I agree mate, the OP should teach his friend on how to play in the market it feels better when there is someone who is willing to learned about crypto and you are the one who teaches him. Yes,it in not illegal but it is much a good idea if your friend will not rely on you someday.

Greenkarki

member

Activity: 420

Merit: 19

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

Yes it can be done. No harm in it. As long as the purpose of purchase and the source to buy the bitcoin came from is legal it won't be a problem. It's another support to increase see the value. Please don't stop at just buying and handing over. Just teach the guy how the coin should be protected and watch the growth in CMC.

butcherme

member

Activity: 368

Merit: 18

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 will be safe if you will not be involved in somebody else's money. You just mentioned that your friend doesn't know anything about bitcoin and cryptocurrency, what if your friend might think that you had scammed him if it's investment didn't work? So, it's better to teach your friend all about the stuff in bitcoin, cryptocurrency and trading, so that he will have an idea of what he is getting involved to.

Sony.UK

full member

Activity: 532

Merit: 103

Quote from: semobo on March 16, 2018, 01:10:53 PM

If cryotocurrency is not banned in your country then you can buy bitcoin for you or for someone else, either you can help jim to explain how to buy or you can buy instead of him,but you need to pay the taxes in the name of you because it will be considered as your earnings so don't forget to file the taxes for what you made it.

It does not depend on authority's acceptance. If you want to buy bitcoin either for you or for anyone else, you can very well go ahead and buy them. So many countries are yet to accept bitcoin as of now, so should we still wait for the government to allow buying bitcoin or any other crypto currencies? Though its not yet allowed in countries, people from the same countries do buy or earn bitcoin and exchange to their fiats when needed. So no need to worry about. You can very well buy bitcoin for anyone's purpose.

semobo

full member

Activity: 1498

Merit: 146

If cryotocurrency is not banned in your country then you can buy bitcoin for you or for someone else, either you can help jim to explain how to buy or you can buy instead of him,but you need to pay the taxes in the name of you because it will be considered as your earnings so don't forget to file the taxes for what you made it.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: coin_1122 on March 15, 2018, 10:32:51 PM

I hope it won't harm you anything if you buy Bitcoin for your friend. Check not all the taxes before buying bitcoins from your bank account, even I did many times to my friend because they don't have any knowledge about purchasing Bitcoin.

Come on, you're trying to freak him out or something? It's just 1k, people are earning more every month. I had sold used stuff on ebay and amazon that was worth more than 1k and no questions were asked. Let's not be paranoid here, nobody cares whether you put 1k here or there and no police or other agents will come knocking on your door because you bought some coins online.

Mamoot

member

Activity: 490

Merit: 10

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 better, give an explanation first about the bitcoin trade, so he can understand the workings and their impact, so that there is no misunderstanding for the future if something happens that we do not want

coin_1122

full member

Activity: 1134

Merit: 102

I hope it won't harm you anything if you buy Bitcoin for your friend. Check not all the taxes before buying bitcoins from your bank account, even I did many times to my friend because they don't have any knowledge about purchasing Bitcoin.

rolerVX

newbie

Activity: 168

Merit: 0

I see problems will arouse on that particular decision. You are not sure in the coming days if what will happen. Absolutely it can be turn into good or bad things will come. This is what the truth we face in real world and in this world of cryptocurrency. If your friend are really interesting with crypto why not both of study the techniques on the particular issue. Your friend is an investor if she/he wanted to do such things on investing to bitcoin. In futuristic thinking if she knows how to buy, sell, and trade coins then she can be good enough to handle what will be the next steps.

Hannahanto

full member

Activity: 826

Merit: 111

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

There is no harm in it as long as the money being invested comes legal. At times, block money is converted in legal money by investing the block money into bitcoin. Even my friend yesterday approached me to get some bitcoin with his fiats he has. Bought from Localbitcoin.com . Guided him to track the value everyday and be updated.

Awraawra

full member

Activity: 338

Merit: 102

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

hello guys...maybe in your case if your friend gave you that money and he want you to buy bitcoin why not?this is legal as long as you know what you are doing,and you have to be aware in our country for there policies.and you have to teach him how the market it works.

brontosaurus

sr. member

Activity: 441

Merit: 250

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

See, it depends on the law of the country you reside in. You must be aware of the applicable policies in the government your country. So, if you want to help your friend, guide him properly, and help him to understand the basics of bitcoin investment. the transaction you are talking about is legal in most of the countries, but that would be good if you consider the legal requirements of your country.

vallentvi4

jr. member

Activity: 59

Merit: 2

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..

During mutual trust I feel no problem, of course beforehand there must be agreement about the results and transparency about the movement of bitcoin prices during stored.

Biscutard

full member

Activity: 759

Merit: 105

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

Wait, does your country prohibited people from buying to any cryptocurrency/bitcoin? No matter what you guys want of investing into bitcoin it doesn't matter but remember you have to know how the market works in order for you and your friend to gain such good profit. Just "buy low, sell high"

Aikidoka

sr. member

Activity: 1078

Merit: 342

Sinbad Mixer: Mix Your BTC Quickly

Quote from: crzy on March 06, 2018, 04:31:22 AM

If you really care about your friend better to tell him everything, and teach them how to play in the market. I’m not saying that you idea is illegal, its legal as long as you are committed but again teaching him about cryptocurrency is the best thing that you can do, let him enjoy the cryptomarket.

I agree with you. Teaching him the ways to cryptocurrency will be beneficial for it because another member is added into that field, not to mention that his friend will, later on, introduce it to another friend. It is like advertising. Moreover, it is better that he does it by himself because if something goes on the wrong foot, he will blame you for it. It is better to avoid taking risks even though I believe there will be no risk taken. But still he should do it by himself.

BTCeminjas

member

Activity: 322

Merit: 23

Buying in a person that you did not know is very risky, if you are a risk taker you may buy bitcoin in people trusted who are dealing with.
Why you did not choose a legit exchange site for more secure of investing in your money, dont trust other people except if you know already that man. Buying for someone else it's just like you are helping him to know more in cryptoand that's a good idea to help him and make to understand further more in bitcoin. Hope at the first invest he did not fell disapointed.

tekusa

jr. member

Activity: 56

Merit: 2

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

Yes, you can do this but pay all taxes. Here is how you can buy:

Go to the exchange of your choice, and browse to see their “buy” section. Select the amount of bitcoin you like to purchase. You will find the recent high price of bitcoin in every exchange and you could easily buy less than one bitcoin on these exchanges. You can divide bitcoin up to eight decimal places. This denotes one can buy 0.11 bitcoin, 0.001 bitcoin or even 0.00000001 bitcoin, the one that suits your budget. Now depending on the kind of exchange you have performed you can purchase bitcoin using a credit card, bank transfer or through cash.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

It is not illegal to assist someone to get a business transaction done . What you should be sure of is to transact in utmost good faith. You be sure of no shady dealings.

Topic: Buy bitcoin for someone else? - page 6. (Read 1239 times)