Is it legal to sell bitcoin for cash ? - page 2.

mornabo

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Quote from: basyang on December 14, 2018, 10:16:00 PM

Quote from: orions.belt19 on September 08, 2017, 03:16:52 AM

What is the status on the legality of bitcoin and crytpocurrency in your country? In my country, it is perfectly fine to do so. A local exchange wallet allows us bitcoin users to easily have our bitcoins exchanged into our local currency, and we may retrieve this through remittances or have it transferred directly to our bank accounts. I don't see anything wrong with selling your bitcoins for cash, unless the mere possession of bitcoin is considered to be illegal in your country.

The feeling is mutual. In my country its not a big deal to sell bitcoin to cash because their has a wallet that we used to sell it into cash and we can also used it in remittance which is for me its very convenient to use. Its good to know that even if its not legal yet they still allowed us to used it and hopefully ot will continue and it will be better in the future.

In some countries there are no clear rules regarding the use of cryptocurrency. their government has not provided clear regulations for this. then you are still free to use bitcoin for anything, shop or exchange it for cash. Yeah I hope there are clear rules in forward for this

carlisle1

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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.

Nope,selling bitcoin is what we need to gain something in return after investing on this crypto as we all know many people that enters this area of profiteering wanted to earn.the only problem is the region from which you are living,but since that you already got that bitcoins meaning in your country bitcin is legal and not banned right?

Siren

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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.

Unless your country has no banning regularion regarding bitcoin using,then i think there will be no problem and thats legal to do so.like in my country converting bitcoin to fiat is just a minute away and you can have the money in the maximum time of 1hour .,you should have told us from what region you from so we can give more idea

Bossian

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Quote from: shoreno on December 27, 2018, 07:43:59 PM

no its not only if you are living on a country where cryptos is restricted . you can incure a serious violation if you insist to sell your bitcoins if ever you got caught by the authorities .

however if you are located on a country where btc is fully accepted and have already recognized by the governments then you are always good to go . Bitcoin is a currency and a currency is intended for paying and shopping but bitcoin is special kind of currency where it can also be used on other stuffs not just for trading.

I live in a country where Bitcoin is officially legal, and I can tell you some banks will refuse transactions from Bitcoin related services.
There was some case where someone was asked to close his account because the bank was not able to check the source of the funds (could have came from money-laundering).

karankamaze

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Quote from: gendang_cinta on December 28, 2018, 07:16:36 AM

Quote from: Buttermellow on December 26, 2018, 06:58:25 PM

No of course, many are intended to sell their crypto even exchange it to something or make it as a real currency. Besides bitcoin is design as p2p where you can do transaction without 3rd party. This is how it was being design snd selling it is not against any law especially if bitcoin is already regulated in your country.

if your country does not prohibit Bitcoin then you can exchange it for cash freely.
but there are some countries that prohibit this. there are also countries that prohibit crypto from being used to buy or pay for anything.

so it all depends on the policies of each country's government about Bitcoin.

yes, not all countries can make it possible to exchange Bitcoin with money and there are even countries that forbid residents to have Bitcoin so that Bitcoin can be exchanged for money depending on where Bitcoin is.
But I am sure that in the future Bitcoin will be legalized throughout the world so that we can transact freely using Bitcoin.

gendang_cinta

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Quote from: Buttermellow on December 26, 2018, 06:58:25 PM

No of course, many are intended to sell their crypto even exchange it to something or make it as a real currency. Besides bitcoin is design as p2p where you can do transaction without 3rd party. This is how it was being design snd selling it is not against any law especially if bitcoin is already regulated in your country.

if your country does not prohibit Bitcoin then you can exchange it for cash freely.
but there are some countries that prohibit this. there are also countries that prohibit crypto from being used to buy or pay for anything.

so it all depends on the policies of each country's government about Bitcoin.

shoreno

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no its not only if you are living on a country where cryptos is restricted . you can incure a serious violation if you insist to sell your bitcoins if ever you got caught by the authorities .

however if you are located on a country where btc is fully accepted and have already recognized by the governments then you are always good to go . Bitcoin is a currency and a currency is intended for paying and shopping but bitcoin is special kind of currency where it can also be used on other stuffs not just for trading.

Buttermellow

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No of course, many are intended to sell their crypto even exchange it to something or make it as a real currency. Besides bitcoin is design as p2p where you can do transaction without 3rd party. This is how it was being design snd selling it is not against any law especially if bitcoin is already regulated in your country.

coldplay3r30

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Quote from: Cindy1983 on September 16, 2017, 03:48:47 AM

I think it's normal such as in my country, Bitcoin is not legalized in here but there are about nearly 100 BTC exchanged into cash everyday but nobody have to go to jail for it of course nobody have to pay tax for the government too

)) Don't worry dude Wink

Just do it Cheesy

the situation in each country is very different, but all the answers ensure that exchanging bitcoin into fiat money is legal, but the answer is different if we put our money into a local bank, because it is not as easy as in Europe, with a highly developed financial system Bitcoin users are very easy to use, but if we are in a third world country, such convenience is difficult for us to get, but we can ensure that bitcoin does not violate the law.

primejia

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Quote from: Cindy1983 on September 16, 2017, 03:48:47 AM

I think it's normal such as in my country, Bitcoin is not legalized in here but there are about nearly 100 BTC exchanged into cash everyday but nobody have to go to jail for it of course nobody have to pay tax for the government too

)) Don't worry dude Wink

Just do it Cheesy

different things in our country, because the government does not support the ownership of bitcoin, then exchanging bitcoin usually goes through a third country, or an intermediary, things like this still do not matter, as long as bitcoin is profitable then everything can be done, so there is always road to reach the destination. but everything we do still doesn't violate the law.

ellaa2918

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I THINK YES. IT IS GOOD FOR YOU.B UT to REMEMBER WHEN YOU ARE GOING TO SELL YOUR BTC SEE THE PEPOL. IF THEY ARE GOOD LOOKING THEN DEAL. OTHERWISE SKIPIT

basyang

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Quote from: orions.belt19 on September 08, 2017, 03:16:52 AM

What is the status on the legality of bitcoin and crytpocurrency in your country? In my country, it is perfectly fine to do so. A local exchange wallet allows us bitcoin users to easily have our bitcoins exchanged into our local currency, and we may retrieve this through remittances or have it transferred directly to our bank accounts. I don't see anything wrong with selling your bitcoins for cash, unless the mere possession of bitcoin is considered to be illegal in your country.

The feeling is mutual. In my country its not a big deal to sell bitcoin to cash because their has a wallet that we used to sell it into cash and we can also used it in remittance which is for me its very convenient to use. Its good to know that even if its not legal yet they still allowed us to used it and hopefully ot will continue and it will be better in the future.

DavidNiva

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Quote from: Nameless27 on September 16, 2017, 03:09:23 AM

I can't imagine what is happening in a country that is regulating those kinds of transactions. But in my country we don't have any hesitation or doubts on doing it publicly. It must be that we are an opened country from modern technologies and new ideas of investments mechanisms. It is been a practiced of my colleague to do that because it can bypass fees on exchange wallet locally. By the way, were don't have a law for or against cryptocurrency.

every country has a different law about bitcoin, but there is no single law that states that bitcoin exchanges violate the law, so wherever bitcoin exchanges do not violate the law, it is safe to be safe, as long as everything is not excessive and transactions are not suspicious, security won't do anything.

rima50

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just pay tax

Gabteb

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You must be informed about BTC status in your country but anyway 3-4k usd isnt so much money so i think even you are in country where BTC isnt legal then wouldnt be problems as dont think police would come to you just becouse of 3-4 k USD and wouldnt be problems if you try sell online here and rec. money via bank.

Cupomi

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Quote from: SushGo on September 15, 2017, 08:40:34 AM

Yes, it is legal in most of the countries. If you are liquidating limited coins, then there should not be any problem. But for the transaction of huge amount, you might have to follow local rules and regulations.

there will be no problem to exchange bitcoin, as long as the amount is still reasonable this is still not a problem, if the amount is not reasonable and too large maybe we can report to the bank that our money is not a crime, accompanied by legal data, all it won't be a problem, so bitcoin is legal, including exchanging it into a country's currency.

Pagoda.to

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i really don't think it's illegal if you are not using it for nefarious reasons, but even so it all depends on the volume that you are buying, if its less than $10k I don't think any goverments care.

DavidNiva

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Quote from: siti25 on September 09, 2017, 04:11:13 AM

Probably legal, I do not see anything strange that could make such a thing illegal. Most of the answers here are also legal, meaning many think that selling bitcoins with cash is legal. I do not know for sure, but it seems legal.

very clear the reason, bitcoin is a currency, does the currency violate the law? the answer is that the currency does not violate the law, what violates the law is its use, not the currency, so it is clear that bitcoin is legal, even though there are some countries rejecting bitcoin, but they still cannot criminalize bitcoin users, because the state does not have laws digital currency.

DanielSmith

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Depends on your country of residence mate. Some countries do not accept any transaction in the form of bitcoin and to do so in such countries, you go by illegal means like in US, I think you probably need a money transmitter license for larger volumes and in Germany its legal but you have to pay tax. If you don’t pay tax you will probably get some trouble.

jonaire99

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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.

You should know first the status of your cryptocurrencies in your country. Some countries like mine did not legalized bitcoin but the government still allowed their citizens to use it in any transactions. I often use some of the licensed crypto exchanges to sell or convert bitcoin into fiat. Some banks and remittance companies are also accepting cash out from the exchanges. If you have government that restrict its people from using bitcoin then it may be difficult for you to sell your bitcoin.

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