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Author Topic: Is Selling Bitcoins on LocalBitcoins.com Legal?  (Read 21028 times)
knightkon
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November 22, 2015, 02:29:21 AM
 #21

If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.


I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy.  The people who use BTC for this, in my opinion, actually are ruining the BTC credibility.  When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity. 
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November 25, 2015, 02:38:33 PM
 #22

If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.


I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy.  The people who use BTC for this, in my opinion, actually are ruining the BTC credibility.  When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity. 
BurtW case shows that if you are living in the wrong area of the US selling bitcoin can be illegal. You will be in trouble with police, FBI, homeland security and God knows what else.
To be sure about your bitcoin sell/buy transactions being completely legal to use registered bitcoin exchange. Yes, that is painful as your IDs can be probably leaked to IRS in the future, but at least you won't end up in jail.
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December 07, 2015, 05:44:35 PM
 #23

If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.


I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy.  The people who use BTC for this, in my opinion, actually are ruining the BTC credibility.  When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity. 

How on earth would you know if something is fishy?
When you sell Bitcoins to some guy in person there is no way of knowing where he got the money from. He could just bullshit if you ask.
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December 17, 2015, 01:21:25 AM
 #24

Is not possible to declare it like a  used article sell?  Roll Eyes
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December 18, 2015, 08:38:38 AM
 #25

If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.


I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy.  The people who use BTC for this, in my opinion, actually are ruining the BTC credibility.  When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity. 

How on earth would you know if something is fishy?
When you sell Bitcoins to some guy in person there is no way of knowing where he got the money from. He could just bullshit if you ask.

When you sell the bitcoin, you need to tell the buyer that the bitcoin should not be used for any illegal purpose.
crazyearner
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December 21, 2015, 01:40:09 AM
 #26

Follow the rules of your state or country and you wont have any problems. If you sell or trade over the amounts then you going to need to submit tax form, so long as you follow rules and regulations selling if legal.

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Bought
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December 21, 2015, 01:41:38 AM
 #27

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?

I heard somewhere thatits against the Tos of PP to use it for cryptocurrency exchamges so its probably a bit risky.

ManualMiner
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December 21, 2015, 02:33:22 AM
 #28

If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.


I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy.  The people who use BTC for this, in my opinion, actually are ruining the BTC credibility.  When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity. 

How on earth would you know if something is fishy?
When you sell Bitcoins to some guy in person there is no way of knowing where he got the money from. He could just bullshit if you ask.

When you sell the bitcoin, you need to tell the buyer that the bitcoin should not be used for any illegal purpose.

Yes, however the buyer could buy Bitcoin to launder his illegally made cash. He could then claim it on some online source.
btcdevil
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December 22, 2015, 06:19:21 PM
 #29

selling bitcoins on localbitcoins.com is legal or not it is upto the seller or buyer country where they reside, i think in US their is a legal law on bitcoins and cryptocurrency , so their you can show your entrys and pay taxes according to it. but some countrys still dont have any law on bitcoins or crypto currency, so their it is upto user what way he takes it. or leave it

if a user does a cash and carry business then their is no way to show any entry.

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December 24, 2015, 08:42:35 AM
 #30

in some case you need to carry a licence, or if you're in the usa, you would definitely end like Burtw, who was arrested for this

but for other country the jurisdiction should be different, i guess if you're from the usa and worry about this, why don't you travel abroad and meet a stranger in another nation for the deal?
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December 27, 2015, 09:32:02 PM
 #31

Thousands of people do it every day so I guess it's gotta be legal enough for most of them. What happened with localbitcoins in Germany?
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December 31, 2015, 03:22:29 AM
 #32

in some case you need to carry a licence, or if you're in the usa, you would definitely end like Burtw, who was arrested for this

but for other country the jurisdiction should be different, i guess if you're from the usa and worry about this, why don't you travel abroad and meet a stranger in another nation for the deal?

what you said is correct , i dont know much about usa, ya but it is true that the legal issues are different in different country, as such in india still bitcoin is in dark, so if anyone is dealing in bitcoin buying and selling and earning profit then i think he has to show as profit from short term gain.

untill bitcoin gets fully recognised its position in all country it is difficult to tell the legality of trading
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January 02, 2016, 01:03:45 AM
 #33

there is still no official mention of rules on the legality
of the law of bitcoin
I have to disagree with this statement.  There are regulations that were put in place by the IRS that determines which classification you are classified under, depending on the nature of what you are doing for business.  There is a lot of red tape around this subject and you are best in finding out for yourself by reading than you are asking us.  We can give you only so much information before you need to research into this information.

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January 06, 2016, 05:05:27 PM
 #34

I think it is legal if it is actually used to exchange bitcoin, if of course it is illegal, but first you have to know the background and the origins of the exchange, I think so

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January 10, 2016, 06:41:35 AM
 #35

I believe over a certain amount you need to get a license, I may be wrong anyone correct me if I am wrong. So if you are doing over a certain amount of money and don't have a license then it would be illegal, even if you did not know about it.

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January 21, 2016, 11:35:39 AM
 #36

If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.

yes it is legal ! Because bitcoin exchange is legal all over the world so its legal for everyone in world


Hence it is one of the digital currency of the world
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January 24, 2016, 04:35:09 AM
 #37

Never trust an answer on an Internet forum on this issue.

Ask an actual lawyer familiar with your local, state, and federal law.

Seriously.

I hereby reserve the right to sometimes be wrong
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January 26, 2016, 10:56:55 AM
 #38

What I love about this question is how it highlights the fact we don't have freedoms. Oh, helping with money laundering they'll argue. Right... because police actually can't find the real crime
Meanwhile, the USD remains the currency of criminals

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February 06, 2016, 06:00:46 PM
 #39

i think that selling in this site bitcoins are not legal .
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February 07, 2016, 12:25:25 PM
 #40

I think that is legal as long as still following the rules..
I think something is legal as long as we doesnt get caught...for example i stole your money its legal until i got caught and its illegal...this is just my opinion..
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