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Title: selling on localbitcoins.com and buying on mybtc.ca Post by: tazzz102 on January 18, 2018, 09:25:53 PM Hi guy. I'm relatively new to bitcoin and cryptocurency in general. I was wondering if anyone knew whether or not it is illegal to sell bitcoin on localbitcoins.com and buy from mybtc.ca? The goal is to make a small profit but doesn't always work out that way. Has anyone done this before or know if it is legal or not?
Title: Re: selling on localbitcoins.com and buying on mybtc.ca Post by: johniadeluca on January 18, 2018, 09:26:36 PM It's definitely to do if done the right way. Make sure you require verification from purchasers, make sure you're compliant with state laws, and it should be pretty easy to get started.
Title: Re: selling on localbitcoins.com and buying on mybtc.ca Post by: tazzz102 on January 19, 2018, 02:01:55 PM Yes I've set up an ad and made pretty strict ID verification. I'm wondering if the fact that I'm selling on that site and then buying the same amount from another site with the hopes of making a profit is legal or not. Anyone have any experience with this? Or know about financial law at all?
Title: Re: selling on localbitcoins.com and buying on mybtc.ca Post by: greeklogos on January 19, 2018, 02:16:58 PM In ideal such system may be seen very profitable, to sell on the exchanger with high prices and to buy on this one where the price is low, but just calculate it good ;) All those slow transactions and high fees may kill all the interest of such the idea indeed. I was thinking about such way of earning as well, but when I calculated everything I understood that it doesn't worth.
Title: Re: selling on localbitcoins.com and buying on mybtc.ca Post by: zhekinsp on January 19, 2018, 05:29:53 PM Hi guy. I'm relatively new to bitcoin and cryptocurency in general. I was wondering if anyone knew whether or not it is illegal to sell bitcoin on localbitcoins.com and buy from mybtc.ca? The goal is to make a small profit but doesn't always work out that way. Has anyone done this before or know if it is legal or not? It is not illegal if your country never banned trading of crypto currency in your country.Many traders are doing this kind of traders to make money in no time but doing this kind of trades comes with risks of losing the bitcoin price while the transactions are in pending.Because now a days the time required to get the confimration of a transaction is longer sometimes it takes hours based on your fee.If you pay high fee then there is no meaning of doing this kind of trades because your profits will be paid the the transaction fee. Title: Re: selling on localbitcoins.com and buying on mybtc.ca Post by: audaciousbeing on January 19, 2018, 08:35:38 PM Yes I've set up an ad and made pretty strict ID verification. I'm wondering if the fact that I'm selling on that site and then buying the same amount from another site with the hopes of making a profit is legal or not. Anyone have any experience with this? Or know about financial law at all? If the trading of btc is legal in your country, then you don't have anything to worry what you intend doing is merely someone who is into buying and selling. Just like having a store for groceries by buying from an wholesaler to sell to a final consumer. All that you need to do is do it right by filing your returns and paying the due tax after carefully studying the tax law regarding crypto in your country with that, you are fine. However, you just need to be more careful by taking time to know the business you want to venture into because as a new person going in that line of trade, you are target of some people who are always bent on who they want to scam. |