Is it legal to sell bitcoin for cash ? - page 19.

shamzblueworld

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

I think it depends upon the country/state you live in, if they have banned bitcoin there, then you might land in trouble while doing this transaction. Otherwise, it is legal to buy/sell bitcoin with cash.
So you might wanna check on your local law before doing this.

Sithara007

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Unless doing so is illegal in your country, I think that it is perfectly legal to sell bitcoin for cash. The only thing is that you may need to pay capital gains tax (either short-term or long-term depending upon the duration of your holdings) on your profits. So it may be wiser to exchange your BTC for gold or some other asset. I guess that you don't have to pay tax on those gains.

TheKeyLongThumbI

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Yes, because here in us there is a popular exchange that is very reliable for converting our btc to fias or vice versa. You can also ask your local fellow bitcoin earners to make sure it's really legal just for assurance.

jamids

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

That would depend on the legality of bitcoin in your country. If you are in a country where bitcoin is not allowed then it would be illegal but if you are in a country where bitcoin is not yet illegal then I think it would just be alright to sell it for cash. As for me, I often sell my bitcoin for cash because I need to pay some expenses urgently. Though our country didn't make it bitcoin legal yet but they didn't also ban it so that's why we can freely do what we want with bitcoin as long as it would not involved any illegal activities. We would just convert bitcoin to our currency and then send it to our bank account or remittance center available.

Since the amount would be pretty big when you cash it out, banks would be alerted to it and may investigate the matter where you got the cash. Be sure also to pay the applicable taxes if there are any.

Tushar24aug

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Yes, because the bitcoins are legal digital currency and you can exchange legal currency with legal currency

There is no government which tells you why are you exchanging this currency with Bitcoins.

Psyloc9302003

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Legality of things depends on the existing law or rules of the country with regards to a certain matter. if there is a law or rules with regards to selling we should abide with it to be legal..if there is non then there is still a rule that should be followed an that is the rules of norms..

creeps

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Quote from: Twentyonepaylots on November 13, 2017, 05:07:33 AM

Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

well it depends on the legality of bitcoin in your country, because in some countries selling or buying bitcoin is pretty much illegal, so if bitcoin in your country is legal then you have the go signal to sell your bitcoins.

Yeah really depends on your place but you don't have to worry if bitcoin is ban in your country because i believe bitcoin will become the future of all, so just hold it and enjoy big profit later on.

Twentyonepaylots

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

well it depends on the legality of bitcoin in your country, because in some countries selling or buying bitcoin is pretty much illegal, so if bitcoin in your country is legal then you have the go signal to sell your bitcoins.

katinko

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

It was depend on the legalization of bitcoin in your country if there is no news about bitcoin it is ok to buy or sell bitcoin and make sure you are real buyer or seller and not a scammer because that is not tolerable in the law you will be punished inn that way doing.

Klausi

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

This is possible if some one will really agree to pay it for you in cash avoiding the tax or service charge for you but in the end still it will need the help of local exchanges to convert it to fiat. If the last person will now use the exchange for fiat, the last person will now leave with no option but to shoulder the tax or the service fees imposed by the exchanges or the government. I'm afraid no one will buy your bitcoin except if you will sell it at the lower price to recover the future fees of the buyer.

ridhonofri23

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If the bitcoin not sold to cash, for what we have to collect so many bitcoin? I put together a bitcoin just to earn some money and it is legal in my country

nizamcc

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Quote from: g4vinshreds on November 06, 2017, 09:21:31 AM

Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

Where I live, you would have to pay taxes on all income including that from selling your bitcoin, but as long as you paid the taxes you would be perfectly fine and it would be legal. However, if you tried to evade the taxes, then you would be in big trouble and possibly go to jail even for such a relatively small amount compared to the amounts that some other crimes have been committed for.

Nothing new, because when you convert your Bitcoins to "fiat", it becomes turned into a local currency that you use for your local expenses and that comes under the Government's banking system as well as centralization hits you there which is why proper tax guide is needed in order to pay correct taxes. Here at my place, if you show that you got paid for Services, you need to pay Goods and Service Tax over this and if you show that you gained something through trading, there's a Capital gains tax that you need to pay. I try to pay Capital gains over GST by showing this as a trading income, but sometimes I don't need to pay anything because the amounts are not too high and non-taxable as well as out of tax slabs.

A.Chanaka Bandara

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Bit Coin is legal for transaction. We can exchange it to physical Curruncy. Cex.io is most famous exchange.

g4vinshreds

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

Where I live, you would have to pay taxes on all income including that from selling your bitcoin, but as long as you paid the taxes you would be perfectly fine and it would be legal. However, if you tried to evade the taxes, then you would be in big trouble and possibly go to jail even for such a relatively small amount compared to the amounts that some other crimes have been committed for.

grandmasters2

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Is it legal to sell bitcoin on ebay?

Snub

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When selling bitcoins for cash - aware of taxes.
I woulg seggest you to go to bookkeeper in your city to make it fully legal from taxes side

nizamcc

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

It depends on the country where you reside because certain laws don't allow amounts exceeding "x" $ or the currency of your country per month, you may do it like try to redeem some amount this month pertaining to the limits that are to be kept in mind and the other in next month. I can understand that there is some risk involved of the price decrease, but going through law could be the best option than to get caught under radar for any fucking "accusation" they may charge you for.

Cixboy61

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In Turkey it is not legal right now. Beacuse you are not pay any fee,tax or something like that according to your gain.
You have to pay your income tax for all gains if it is legal.

genolica

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This is legal, I think. But conditions apply on different countries

Yamifoud

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Quote from: bahlulfahrul on November 04, 2017, 12:31:37 AM

Quote from: erpbridge on September 08, 2017, 01:05:32 AM

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

Depends On Your Country
If Your Country Stated Green/Yellow At Bitlegal.io
Its Legal

We've never experience of having problem in our country(Philippines). Although there are some rumors in regards of its legality but it never give impact to bitcoin community. And most probably this rumor against crypto is from unopened-minded person.
Since bitcoin isn't accepted as a mode of payment by all establishment, we have to change it into our local currency. And we dont have problem in doing this, from USD to peso value.

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