Topic: Is Selling Bitcoins on LocalBitcoins.com Legal? (Read 21388 times)
Localbitcoins, Its service facilitates over the counter trading of local currency for bitcoins. ... The website is legal however to buy or sell bitcoins you will have to select an advertisement in it from a buyer or a seller and would have to take care of your own money's security.
There is no issues in it unless the buyer and seller are genuine enough in dealing the deal genuine. This is another source of income. I love trading and wish to start trading. Discussing with my friends on getting a trading ideas. This is the right time to buy as many cheapest coins as i can to see a huge profits in not so far but in December 2018.
As far as I know localbitcoins is good as a decentralized exchange and as long as you trading cryptos i dont see anything wrong but if transactions involve fiat then your countries laws could be applied here and if cryptos are legal or illegal in a country that will tell if LBC is legal.
There is nothing wrong with selling our bitcoins in localbitcoin.com because it is an exchange and you are using bank accounts for transferring your money so your transaction are also recorded so you need to pay taxes even.But if you do big trades then chances of your bank account will get freezed by governments so as long as we do small trades then there is no problem.
If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?
There really arent any major laws related to it. All that matters is that you have to pay adequate taxes and thats it. There are no other such compliance laws. Moreover localbitcoins.com work because it is legal to sell btc. If it would have been illegal you wont have seen it operating on such a large scale. But yes I still prefer to use some different ways to sell your btc. This method is highly unsafe. If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?
There really arent any major laws related to it. All that matters is that you have to pay adequate taxes and thats it. There are no other such compliance laws. Moreover localbitcoins.com work because it is legal to sell btc. If it would have been illegal you wont have seen it operating on such a large scale. But yes I still prefer to use some different ways to sell your btc. This method is highly unsafe. 
its legal bro . as long as your in the u.s and your above 18yrs old. just be cautios of who you are selling to avoid getting scamed. ok bro gudluck and have fun.
It is like asking why a car can do 100 MPH when it illegal it most places. The car manufacturer assumes the driver is going to behave in a legal manner, the site is "assuming" legally that both people are being 100% legal.
It is legal because it assumes KYC at the personal business level. The site does not directly exchange FIAT for anything, so it does not have to collect the regulated information. However, the unspoken assumption is that both parties, being citizens of their countries, are fully aware of all local and federal laws and are keeping with those laws by sharing the proper background/identity information with each other.
Until you are selling the bitcoins for the payment which is you own country fiat currency till then i dont think that it is illegal or money laundering or foreign currency, when you are accepting other fiat currency which comes under foreign currency then i think you have to rethink it as it will become like trading in foreign currency and for that you have to take the legal steps
its legal bro . as long as your in the u.s and your above 18yrs old. just be cautios of who you are selling to avoid getting scamed. ok bro gudluck and have fun.
there is still no official mention of rules on the legality
of the law of bitcoin
Yes there is no rules on the legality of the law of bitcoin of the law of bitcoin
I've always thought paypal had a clause in their rules you agree to when you register an account with them you were not allowed to obtain digital currency of any kind even purchasing them with this cash in paypal cards if used?
Very confusing if you are able to.
A loophole of some sort I would assume.
Very confusing if you are able to.
A loophole of some sort I would assume.
Perhaps currently only local bitcoin facilities that i can use to buy and buy bitcoin transactions in my place. Because there is no store that provides transactions with bitcoin services
Although government in my place does not declare legal about bitcoin but so far my bitcoin circulation in my place is not prohibited.
And until now did not get into trouble doing bitcoin transactions using localbitcoin.
And until now did not get into trouble doing bitcoin transactions using localbitcoin.
It's legal, but you have to respect the delivery deadlines.
I know that in France and the United States it is legal.
I know that in France and the United States it is legal.
i agree its depend where you live..
for exemple i can sell for any big amount on LCB and i m not gona pay any taxes.
for exemple i can sell for any big amount on LCB and i m not gona pay any taxes.
Indeed every country certainly has different rules about bitcoin.
So is my place that does not currently have binding rules about bitcoin transactions.and can do exchange to localbitcoin with no nominal limit.
Depends where you live In my country there is no rule yet for cryptocurrency and transacting bitcoin thru localbitcoin is not prohibited.
With genuine individual getting together utilizing localbitcoin is the best and most secure approach to bargain. On the off chance that you offer a little measure of bitcoin on licalbitcoin, it is lawful. In the US, there is a sure point of confinement. On the off chance that you are over that point of confinement, you are declared as money transmitter.
i agree its depend where you live..
for exemple i can sell for any big amount on LCB and i m not gona pay any taxes.
for exemple i can sell for any big amount on LCB and i m not gona pay any taxes.
Yes, I don't find any bad with local bitcoins till now, but it completely depend on your country rules and regulation about the tax paying, whereas when you convert to fiat and withdraw to banks, government sector will easily identify your transaction, if you reach minimum number of transaction per year, then definitely you have to pay taxes on it.
Yeah, it depends on the country whether they will consider that legal or illegal. In our country (Philippines) bitcoin is neither legal nor illegal. But there is this one company (coins.ph) which allows us to pay bills, convert to fiat and do transactions with ease and we are not having trouble about that. Not even in the government.
I do consider bitcoin is legal in our place because we can easily make transactions with it and the government do not permit us to do so.
i agree its depend where you live..
for exemple i can sell for any big amount on LCB and i m not gona pay any taxes.
for exemple i can sell for any big amount on LCB and i m not gona pay any taxes.
Yes, I don't find any bad with local bitcoins till now, but it completely depend on your country rules and regulation about the tax paying, whereas when you convert to fiat and withdraw to banks, government sector will easily identify your transaction, if you reach minimum number of transaction per year, then definitely you have to pay taxes on it.
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