Is it legal to sell bitcoin for cash ? - page 5.

Temujhin

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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.

Not all countries legalize cryptocurrency, whether in your country you have implemented a digital currency, because the exchange of money such as bitcoin or altcoin into cash can be subject to tax or any regulation that is applied in the country if that country has legalized crypto, it depends on your country

fattycoins

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IN SEVERAL COUNTRIES BITCOIN IS CONSIDERED AS A COMMODITY,WHERE IT CAN BE TRADED OR EXCHANGED WHERE AS IN SOMEPARTS IT IS EVEN CONSIDERED AS A TAXABLE PROPERTY.SO IT VARIES FROM COUNTRY TO COUNTRY

Aramazdi

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Quote from: Popov_popov on August 11, 2018, 09:16:43 AM

If everything is normal in your country with a crypto currency, then why can not you sell it.

actually not all countries approve it but in developing countries its use is still considered illegal and there are still many that have not allowed the use of bitcoin currencies, so to exchange currencies directly is still very difficult, but we must think in the future that all countries will definitely use currency cryptocurency and definitely exchanging and selling can be anywhere.

Popov_popov

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If everything is normal in your country with a crypto currency, then why can not you sell it.

gayletot

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the bitcoin is legal to sell of money. thats true legal, it does not matter if the cash sale is bitcoin, in fact it is better because cash is the first to handle your rent. but still remember because there are many scammers.

pabpete

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Quote from: Cantereb636 on August 10, 2018, 08:13:29 AM

It depends in what country you live in. In my country if you cash out and pay an income tax then it's fully legal.

That situation happens in most of the countries, you need to pay tax for income that you receive, only in some of them it is just illegal or you can sell those coins without doing anything.

Cantereb636

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It depends in what country you live in. In my country if you cash out and pay an income tax then it's fully legal.

mornabo

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Quote from: rosymadaan7 on July 31, 2018, 08:23:37 AM

Sale of bitcoin in cash can be legal affair if anybody disclose his or her income to government and pays income tax regularly. Then it will be legal transaction

Until now I can exchange my bitcoin or altcoin to Fiat very easily without obstacles and without tax obligations? I think it is legal or not it will not be too influential to convert to your local currency, for example to me, there are many local exchanges in my country. whereas my country ban crypto?

Ozero

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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.

If in your country of residence bitcoin and other crypto currency is not directly banned, then in exchange for ordinary money it can be considered legitimate. In addition, you need to know the tax laws of your country, because direct and open exchanges can later become known to the tax authorities and you need to be prepared that you will then be required to pay the relevant taxes.

rancidgash

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Quote from: ?? on ??

Buying and selling bitcoins is not illegal in India. It is unregulated, that is the Reserve Bank and the government have not yet regulated or passed laws regarding this matter. So it's not illegal to trade bitcoins or use it as a currency. LocalBitcoins is a peer-to-peer Bitcoin exchange.

So that is why it depends on country that we live in cause even sometimes it could be legal but there are taxes that you need to make when you are getting cash from changing crypto.

ruthbabe

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Quote from: Carrelmae10 on June 26, 2018, 10:57:02 PM

..as far as i know it is legal to sell your bitcoin for cash..depending on the country you belong..just like here in our country philippines..we can sell our bitcoin into our fiat money for bitcoin here in our country is accepted but not yet legalized..

Hey, I'm also from the Philippines! What do you mean by, "bitcoin here in our country is accepted but not yet legallized"? Are you sure of your statement? I'm certain you're not updated, kindly open all the links below so that you'll know that as early as March 6, 2014, the usage of Bitcoin (and other cryptos, as well) in the Philippines is legal.

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
http://www.bsp.gov.ph/regulations/regulations.asp?id=3748
http://www.bsp.gov.ph/downloads/regulations/attachments/2017/c944.pdf
https://support.coins.ph/hc/en-us/articles/201472850-What-is-the-latest-BSP-Advisory-on-Virtual-Currencies-
https://bitpinas.com/cryptocurrency/is-bitcoin-legal-in-the-philippines/

cryptocity90

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Selling bitcoin for cash is perfectly legal but it is depend on your country in which you are living.No doubt that Bitcoin is decentralized in nature and no government can control it but government can control the digital exchanges that allow the users to convert BTC's into the fiat currency of their particular country.

rosymadaan7

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Sale of bitcoin in cash can be legal affair if anybody disclose his or her income to government and pays income tax regularly. Then it will be legal transaction

saaux

jr. member

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I think there's no taboo on bitcoin and cash. It's a good thing because you have money right away. but it's just a scammer. There are many things to do with bitcoin. it is better to study first.

Danilotot

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Certainly, there is no ban on sales of bitcoin in cash itself. It's a good thing because you have the right money to handle.

gayletot

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Of course you can sell bitcoin in cash. but keep calm, there are also many scammers in that bitcoin exchange rate in cash. so would you be good at exhange people to exchange such.

Flyne d Coin Digger

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You earned therefore you have the right to sell them and use it for your need and wants, just an advice that do not withdraw your money at once especially when you reach a million worth of Bitcoin... Try to cash them out little by little...

renggileh

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depending on which country will you sell your bitcoin?
if in germany, and do that then you will get into trouble.

BTCGOLD

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Quote from: Carrelmae10 on June 26, 2018, 10:57:02 PM

..as far as i know it is legal to sell your bitcoin for cash..depending on the country you belong..just like here in our country philippines..we can sell our bitcoin into our fiat money for bitcoin here in our country is accepted but not yet legallized..

That is true, it just depends in which country you are living cause in some you won't be able to sell the coins and in some you will need to pay tax cause you gain an income selling bitcoin to real cash.

HiringYou

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It totally depends upon the country in which you live.If your country supports Bitcoin then you can simply convert Bitcoin into cash but if your country is against it then it will be very difficult for you to convert it.No doubt that Bitcoin is decentralized in nature and no government can control it but government can control the digital exchanges that allow the users to convert BTC's into the fiat currency of their particular country.If government will not allow those exchanges to work then you will not be able to convert your BTC's into cash.So it totally depends upon the legal status of Bitcoin in your respective country.

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