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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 7021 times)
erpbridge
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September 08, 2017, 06:05:32 AM
 #1

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.
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September 08, 2017, 08:16:52 AM
 #2

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.

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September 08, 2017, 12:17:58 PM
 #3

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.

Like the earlier poster, depending on the his free the financial system of the country is configured. Over here, if I want to engage in such activity, all I need is to build a website with a gateway to a bank account and with that anyone can log in, make order and either sell or buy and I won't be disturbed by any agency of violating the rule and that's how our system is so flexible and clients don't really bother much on the legality only if their needs are met

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September 08, 2017, 07:21:11 PM
 #4

AFAIK it's legal. The only country that used to have a problem with that was USA and people were getting arrested for transmitting money without a licence, something that's not even required anywhere else. In the EU you can keep selling bitcoins in the street and as long as you have a street trading licence and don't forget to pay your taxes you're fine.

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September 08, 2017, 10:06:39 PM
 #5

In most of countries, it's legal to sell bitcoin for cash , but from a certain amout  ( i think 10-15 000 dollars per year) or if you regulary sell bitcoin ,you have to  regulated your activity by getting a license, you will need to  apply KYC procedure  to  your customers  and pay taxes





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September 08, 2017, 10:08:24 PM
 #6

In germany its legal but you have to pay tax. If you dont pay tax you will probably get some trouble

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September 09, 2017, 02:04:12 AM
 #7

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.

It would depend on which country are you from. Of course if bitcoin is prohibited in your country then its illegal but if its not prohibited then I think it would be fine to sell your bitcoin for cash. Some countries have taxes on it and some don't have. In my country, we are free to do what we want with our bitcoin as long as its not involved with illegal or gambling activities because if the platform where we exchange our money detect that the bitcoin we received is from a gambling site for example, they would suspend our account and let us explain why we gamble when its illegal to do so. To get away with it, sometimes other people send first their earnings from gambling to their other wallet and sending it again to that platform's wallet in order for the account not to be suspended.



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September 09, 2017, 06:01:07 AM
 #8

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.

Converting Bitcoin to cash is just one of the most normal things to do within the cryptocurrency sphere and without its exit I think people will be thinking twice in being a part of the Bitcoin bandwagon. In my country, we can easily do that within minutes and the money (the local fiat money) can be withdrawn in an ATM machine.

Now, I am wondering: Is it difficult to convert your Bitcoin to cash where you are right now? By the way, are you required to pay some tax for the capital gains?

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September 09, 2017, 09:11:13 AM
 #9

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.

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September 09, 2017, 06:17:31 PM
 #10

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.

Like someone have rightly said, it depends majorly on the type of country over here, even though the country government have not made their position known, I have seen several entrepreneurs owning shops where they buy and sell e-currency and no one is disturbing them because even the law enforcements agencies probably don't have any idea about what they are doing and they are making their money without engaging in anything illegal.
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September 09, 2017, 11:53:07 PM
 #11

In my country that is not really a problem,, even we don't have the law about bitcoin and regulations is not still implemented.. We're doing anything we desire but in limititations of our own judgement if it's right or wrong.. That transaction that your talking about is made by most of my colleagues in bitcoin community in my place.. So it might be on the governments strict regulations..

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September 10, 2017, 02:15:51 AM
 #12

In the US, I think you probably need a money transmitter license for larger volumes, so be careful with that kind of stuff.

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September 10, 2017, 08:14:29 AM
 #13

In germany its legal but you have to pay tax. If you dont pay tax you will probably get some trouble

You don't necessarily have to pay tax on Bitcoin sales. There's a tax-exemption on capital gains from Bitcoins that have been hodled held for more than a year.

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September 15, 2017, 01:43:27 AM
 #14

Yes, I have never heard that someone got arrested for selling bitcoin. In my country, there are still no regulations that are implemented because bitcoin is still unknown to many of my citizens so at this moment selling bitcoins is legal.

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September 15, 2017, 10:46:59 AM
 #15

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.

I think that the limit is somewhere around 12K per year in the United States (can vary from state to state). So I can assure you that it is perfectly legal. But you need to check the tax implications as well. Please consult a chattered accountant, to know whether the profits from Bitcoin sales are classified as capital gains or as ordinary income. If it is the second category, then be ready to pay as much as 39.6% tax on the overall profits (on top of the state-wide income tax, if you are living in states such as CA or MN.

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September 15, 2017, 01:40:34 PM
 #16

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.
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September 16, 2017, 08:09:23 AM
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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.
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September 16, 2017, 08:48:47 AM
 #18

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 Smiley)) Don't worry dude Wink Just do it Cheesy

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September 16, 2017, 10:36:31 AM
 #19

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.
It is legal or not it was depend on your country. Many of country treat bitcoin as illegal and some of the country neither support it nor against bitcoin. But if our country accept it then it will be very profitable for us.  Grin

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September 16, 2017, 11:36:49 PM
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selling is perfectly legal,but you may need some documents to
prove the source of your income later (it depends on a country you are living in)
because if you,suddenly,will try and purchase a mansion for one million dollars cash
some agencies may take interest in you Smiley
other than that I would not bother

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