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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 8818 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
 #17

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
 #20

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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September 17, 2017, 02:33:04 PM
 #21

I am really surprised a Legendary ranked member is asking this question. But to answer your question yes it is completely legal to sell your Bitcoin in Cash in most countries that is as Bitcoin won't even have a fiat currency equivalent if it is not allowed to be converted or sold into paper money. Also government approved cryptocurrency exchanges show that Bitcoin can be exchange to cash without you violating any law. I guess the only problem that you will be facing is if you are a trader and you don't count your Bitcoin earnings into your annual income report.

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September 17, 2017, 07:22:09 PM
 #22

In France this is not illegal. The problem is that you then must keep that cash and/or spend it. If you go to your bank with thousands in cash, questions will be asked, flags raised, etc. Unless maybe if you're the client of a private bank that help rich people get away with murder.


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September 17, 2017, 07:32:07 PM
 #23

It depends if it is bitcoin legal or ilegall in your country.In my country bitcoin is completely legal so I can withdrawal my bitcoins anytime and we also have already ATM at many cities and we will get them even in more cities.My favorite way to withdrawal btc is to send it to skrill and then to my local sportbetting site and then little play sportbetting and then withdrawal my money so if it is illegall in your country you can try with this way.
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September 18, 2017, 12:58:54 AM
 #24

I think there is no inconvenient situation in this business, there is no rule that should be taken, many people used this method in the past, there are still people who use it.



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Rainbot
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September 18, 2017, 05:59:04 AM
 #25

in my country, there is not yet statement from government about bitcoin is legal or not. but if we want to use bitcoin for anything we want, then it is our risk even if the price is up or down. i think bitcoin is still in grey side in many country which is not yet giving approve for bitcoin and they allow people to use bitcoin until now.
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September 18, 2017, 06:37:20 AM
 #26

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.

its probably legal as long as your above 18 years old and knows what your doing as you see most bitcoin wallets has come with built in exchanger and cash out options for easy transactions so in the first place why would they put it if its illegal to sell your bitcoin or converting your bitcoins to cash? and what do you think is the purpose of bitcoin ? bitcoin is a currency just like money so it is used for buying and selling.
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September 18, 2017, 06:56:09 AM
 #27

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.
No government defines Bitcoin as legal or illegal tender....

so you can trade until you can. Bitcoins can be turned into dollars (or other hard currencies) by selling them on a Bitcoin exchange. The exchanges operate in a manner that is similar to a stock exchange, as users offer to buy and sell Bitcoins in exchange for a particular currency.
As Bitcoin grows in popularity, questions about the legality of selling Bitcoins may arise in other jurisdictions, prompting lawmakers to decide whether the statutory definition of money should be broadened to include Bitcoins or not.

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September 18, 2017, 10:34:10 AM
 #28

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.
Yes in most of countries its legal to do so while other do not specify it as neither legal nor illegal as they have no law regarding it. But yes make sure to show any gains from this security in your Income tax Returns or whichever direct tax your country has otherwise it will become black money.

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September 18, 2017, 03:01:33 PM
 #29

Yes its Legal. But you have to pay little amount of tax and its important. I don't see anything wrong with it. If you google it you'll find a lot of website selling and buying bitcoin in cash. In most of the countries of the world, there is no option of buying directly with bitcoins and people have to first convert it into fiat and then spend.

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September 19, 2017, 06:33:34 AM
 #30

Yes and why not? If you feel uncomfortable doing that then you can try and find and local exchanges on your place and convert it your local cash.
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September 19, 2017, 04:51:43 PM
 #31

You can do whatever you want in the US with lower quantities. With higher you would just have to figure out how to report it lol.
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September 19, 2017, 05:18:04 PM
 #32

It can only really work if you have a good amount of cash stashed away and you meet up somewhere secure to exchange. What a world this is lol

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September 19, 2017, 05:20:01 PM
 #33

You should be good with that amount. Just do it in a safe place and be safe. You never know what kind of people might show up

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September 19, 2017, 08:40:23 PM
 #34

This depends maybe on the country. In my country is sell my bitcoin through localbitcoins and I am paid directly to my bank account, and there is no trouble from my bank.

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September 20, 2017, 01:23:44 PM
 #35

Of course; this depends only on the country you live in and the legal status of Bitcoin there. Basic information about it you may find as well here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

You may do so just by selling your Bitcoin to somebody else, or use an online exchanger.   

Depending on the amount you wish to exchange, you later might need to present documentation that proves legality of your income; but if the sum is relatively small, it's unlikely such information will be requested.

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September 20, 2017, 08:05:52 PM
 #36

That depend of the country you live in... the general consensus (or tradition) is "That which is not forbidden is permitted". But this isn't always the case (for example, Germany, which is the opposite -That which is not permitted is forbidden- at least stereotypically), so you'll need to check what's the legal tradition of your country, and if it is expressly in some of its laws.

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September 21, 2017, 11:30:56 AM
 #37

You can do whatever you want in the US with lower quantities. With higher you would just have to figure out how to report it lol.
I think only problem is taxation. Apart from that everything is fine with selling bitcoin for cash. But make sure you know the person a bit. Dont trust strangers.
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September 24, 2017, 05:50:01 PM
 #38

You can do whatever you want in the US with lower quantities. With higher you would just have to figure out how to report it lol.
I think only problem is taxation. Apart from that everything is fine with selling bitcoin for cash. But make sure you know the person a bit. Dont trust strangers.
If people thought like you nobody would sell anything for cash. You don't have to know the person you're selling to. All you need is to be sure you're in a crowded place during the day. If you're so scared you can always bring a friend with you to hold your hand.

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September 26, 2017, 05:56:07 AM
 #39

If it is legal in your country then there is no doubt about it. Without any doubt you can easily convert it to cash. You can do all the work including sales. You can use everyday with business and business management.
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September 26, 2017, 11:17:40 AM
 #40

This is a legitimate operation, but if you get the money to the Bank account that the IRS will consider the money as your income. If you don't pay taxes on this amount you will automatically become a law breaker. Transactions in cash is impossible to track so the problems with the law you will not.

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September 26, 2017, 12:50:34 PM
 #41

You can do whatever you want in the US with lower quantities. With higher you would just have to figure out how to report it lol.
I think only problem is taxation. Apart from that everything is fine with selling bitcoin for cash. But make sure you know the person a bit. Dont trust strangers.
If people thought like you nobody would sell anything for cash. You don't have to know the person you're selling to. All you need is to be sure you're in a crowded place during the day. If you're so scared you can always bring a friend with you to hold your hand.

There is another reason to be suspicious of cash : fake bills. Getting fake bills in exchange of real bitcoins, that would be a bit ironic, but not good.

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September 26, 2017, 01:40:52 PM
 #42

Well if it is upto the governments BTC was never legal... so even possession of one is crime... but since there is no way for government to track down the exact ownership they are settling down with taxes that is of course if you involve bank in to your transaction... I think there is nothing wrong in selling bitcoins in cash even better trade straight with seller in BTC rather bringing in fiat in transaction at all.... If you are seeking cash for daily needs than it means you are selling small amount of btc's may be in satoshi's ... which should be ok to sell in cash
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September 28, 2017, 01:52:34 PM
 #43

Depending on how much you are buying or selling, it may violate local laws if proper paperwork isn't handled. You should check your local applicable regulations regarding what may qualify as 'money transmission' if you are worried.
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September 28, 2017, 07:13:48 PM
 #44

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.

Being a legendary member, you should know such basic information about liquidating your bitcoins. Yes, it is very much legal and you can covert  it but make sure to check the local law related to the cryptocurrencies.

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September 29, 2017, 03:54:44 AM
 #45

It's not legal, but legal at the same time. Just watch out when your amount gets above a certain amount where it can get suspicious.
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September 29, 2017, 10:10:57 AM
 #46

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.
that is given here because we have already a exchanger that you can buy bitcoin like the wallet here in philippines but its so high if you buy bitcoin,if you say you sell in real life i think the person that you like to sell your bitcoin is no knowledge about bitcoin then teach him or her,its legal but the best is to teach him or her about to buy bitcoin

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September 29, 2017, 10:18:03 AM
 #47

If in your country there is no explicit prohibition on the use of bitcoins there is nothing illegal in such transactions no. In addition, such an operation is impossible to track. In my country very few people that use bitcoin. So I put the money through the exchanger to a Bank card. Even such transactions are not tracked.
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September 29, 2017, 02:23:14 PM
 #48

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.

Being a legendary member, you should know such basic information about liquidating your bitcoins. Yes, it is very much legal and you can covert  it but make sure to check the local law related to the cryptocurrencies.

Yes, as hero members he doesn't know about how to liquidate Bitcoin and after liquidating, he needs to follow the legal regulation and Tax regulation because if you tax on your transaction then it is a legal currency.



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ALT67890
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September 30, 2017, 07:37:41 AM
 #49

It is not highly recommended in many countries and state but they're must be an exception depending on how your country tolerating this kind of transaction. In my country those big amounts if not declared after the exchange is a red flag and may question its legality under money laundering act. As it could be suspicious when bitcoin is not well documented and not recognized by that government. So just be careful on dealing with those amount. If it necessary you can divide it for safety.
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September 30, 2017, 08:15:51 AM
 #50

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.

Depends on your country, see what the regulations say. 3-4 K is not a huge amount. I believe in most countries it is legal to sell BTC for fiat.

Also depends on if you have any capital gains to declare or if the BTC came from income you should check if you need to comply with tax reporting.

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September 30, 2017, 08:17:58 AM
 #51

It is not highly recommended in many countries and state but they're must be an exception depending on how your country tolerating this kind of transaction. In my country those big amounts if not declared after the exchange is a red flag and may question its legality under money laundering act. As it could be suspicious when bitcoin is not well documented and not recognized by that government. So just be careful on dealing with those amount. If it necessary you can divide it for safety.

If government forbid bitcoin usage so you need stop to do it meanwhile my governement side, still not legalize but not forbid yet so I can still able use bitcoin with my own risk as they can't help me if something bad happen when I use bitcoin


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September 30, 2017, 02:44:14 PM
 #52

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 depends on your local laws, Mostly it is safe to sell the bitcoins for cash; no authority is able to noticed that you have en-cashed the coins as the transactions takes place anonymously and the identity of the user is hidden. 
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September 30, 2017, 04:15:51 PM
 #53

If anyone wants to bother himself about the letters of the law, you would probably not make any move at all because there are several laws that you don't even know existed until you commit an offence then you realise how much laws you have broken. Over here in my country, I have done a lot transaction via bitcoin conversion to cash but it went through bank after the transaction has been completed via social media. Its just going to be someone sending money to another individual which is not against the law.
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September 30, 2017, 04:45:30 PM
 #54

Two things important first how much you want to sell second the laws of the country, against the laws of the country where the judgment was made before making a correct decision.



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September 30, 2017, 07:20:36 PM
 #55

It is not highly recommended in many countries and state but they're must be an exception depending on how your country tolerating this kind of transaction. In my country those big amounts if not declared after the exchange is a red flag and may question its legality under money laundering act. As it could be suspicious when bitcoin is not well documented and not recognized by that government. So just be careful on dealing with those amount. If it necessary you can divide it for safety.

If government forbid bitcoin usage so you need stop to do it meanwhile my governement side, still not legalize but not forbid yet so I can still able use bitcoin with my own risk as they can't help me if something bad happen when I use bitcoin

Good for you, and i do agree on that "you need to stop when it is forbidden". Maybe you misunderstood me, because in my country it is not illegal and not yet legal either. But to make such big transactions is not ideal as our government are fighting or tracing much now on illegal activities including money because of many issue of laundering cases before it is only prevention but being hassled is something I don't want to be.
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September 30, 2017, 08:31:17 PM
 #56

Two things important first how much you want to sell second the laws of the country, against the laws of the country where the judgment was made before making a correct decision.
The laws are unimportant as there are no countries that have banned the ownership of BTC. You can't be punished for trading cryptos. In some countries you can't open an exchange, because you won't be able to register it with the authorities, but still there are no countries where bitcoin transactions are being watched and penalized. In other words, you can sell your coins for cash all around the world... for now.

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September 30, 2017, 08:42:53 PM
 #57

I guess it depends on which intermediary you're using. If it's private, as in person to person, I don't think there is any problem. I mean.. you can basically sell anything for cash?
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September 30, 2017, 10:37:47 PM
 #58

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.

You are a Legendary member here and you are asking such question?  Cheesy Cheesy Cheesy Are you real?
As long you pay the related taxes if you bought those coins. So far I don't see why shoud it be illegal and if it was a banned activity in your country you should already be aware of it (hummmm not sure after all)

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October 01, 2017, 01:58:02 AM
 #59

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.
no, bitcoin is used for buying and selling therefore its not illegal and no one can say or has a law that its illegal. you can do whatever you want with your bitcoin because its yours and no one can stop you not even the government or whatever those people think that bitcoin is illegal.

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October 02, 2017, 05:58:46 AM
 #60

I guess it depends on which intermediary you're using. If it's private, as in person to person, I don't think there is any problem. I mean.. you can basically sell anything for cash?

If within privately you deal in cash then there is no issue only as many of them would be even doing this. But you need to be honest and pay taxes and record this in books of accounts. There are some counties where anything traded above in certain amount in cash will require the valid id proof of the other person just so that its recorded.

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October 02, 2017, 06:07:54 AM
 #61

In my opinion because of it will be a sale in cash, the state of illegality or not, will not influence this, Since there will be no trace of that transaction. However, attach this link to know what its status in your country; https://www.coindesk.com/information/is-bitcoin-legal/

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October 02, 2017, 07:00:07 AM
 #62

I think not all illegal countries (bitcoin) prohibit cash sales transactions, because in fact some countries are illegal to bitcoin but can still trade with bitcoin for trade transactions or business transactions, and in some countries in Asia even though bitcoin is not yet legal yet transaction usage still can. done easily and without problems,


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October 02, 2017, 08:07:04 AM
 #63

It is totally depends on country you live in. Almost every country there is a exchange wallet from which one can exchange the bitcoin . But I don't know what you are suggesting . Seems you want to sell bitcoin to a person for the cash! In my country it is legal upto a certain amount. you must documented your deal if the amount is very high.

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October 03, 2017, 04:05:34 AM
 #64

Legal is what is regulated by the state. At the same time, if certain actions are not prohibited, according to the general rule they are considered admissible. Thus, each person can perform any actions with the crypto currency, if they are not directly prohibited by law.

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October 03, 2017, 05:08:30 AM
 #65

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.

obviously not. it's free here to sell or buy bitcoin in my country.

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October 03, 2017, 10:05:36 AM
 #66

It depends on country and its attitute to coins.. Many countries don't allow this but people use coins without any problems
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October 03, 2017, 11:33:38 AM
 #67

I think it depends on the country. In some countries it is legal and in some there is no
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October 03, 2017, 01:48:31 PM
 #68

It totally depends upon the local exchanges and country where you live, every nation has a different set of rules for bitcoin and crypto currency. So, it will be better if you also put a reference about the country where you live. Generally, if it is legal in your country then you may need a KYC registration and then you may directly transfer the Bitcoin to you bank Account through Online Wallet only or if LocalBitcoins are available in your country then you can directly trade it for local currency.

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October 03, 2017, 02:28:20 PM
 #69

It's rely on what country you are located .. Some countries are loyal to crypto-currencies, but they are not officially recognized. Somewhere they are generally prohibited
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October 03, 2017, 02:53:32 PM
 #70

many countries don't believe in coins and they do nothing for them
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October 03, 2017, 04:19:07 PM
 #71

Hi! The question on hand is subjective and therefore varies from one jurisdiction to another.

As to our country, as long as it is not prohibited by our criminal laws and special laws, it is legal for all intents and purposes. As for your question, selling Bitcoin for cash is not expressly nor impliedly prohibited by our criminal laws and special laws. Thus, such transaction is considered legal for whatever purposes it may serve them.

Legality is closely linked to the country of origin, and hence must be supposed to exist by virtue of culture, norms, religion and etc.

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October 03, 2017, 11:22:52 PM
 #72

Totally depends on country and its law status on bitcoin.

Even if btc is not taken into consideration as a currency or similar there are still possible other scenarios because as example btc can be equal to asset or usual goods and when you are selling smth for profit you might have to pay taxes. Continuous transactions can be considered as a business. In some countries you have to pay taxes even for one single transaction if its profit exceeds some amount set by your gov/tax institutions.
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October 04, 2017, 03:11:41 AM
 #73

If the state has not directly established a ban on selling bitcoins for cash, and as far as I know, there is no such country in any country, then you can not be afraid to sell bitcoins for cash. At the same time, it is possible to speak about the legality of such a transaction only if the state legally recognizes crypto currency as a means of payment.

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October 04, 2017, 03:14:44 AM
 #74

I think it depends on your country it is legal in most of the country I think,
For example in the Philippines if we want to sell our bitcoin we do have our local wallet to do it.
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October 04, 2017, 10:37:51 AM
 #75

As long as your pay taxes on Bitcoin then it is always legal but in some countries, the government will set some rules about the transaction limits. If we reach more than that we have to pay taxes to the government otherwise Bitcoin exchanging is always illegal.

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October 04, 2017, 11:33:29 AM
 #76

As long as your pay taxes on Bitcoin then it is always legal but in some countries, the government will set some rules about the transaction limits. If we reach more than that we have to pay taxes to the government otherwise Bitcoin exchanging is always illegal.
I disagree with you. Everything that is not explicitly forbidden is allowed. Therefore, any bitcoin transactions are legitimate. There are only some countries where bitcoin is forbidden. In my country the use of bitcoin is not regulated but if you change bitcoins to Fiat, you will immediately get under the tax laws. Withholding taxes with Fiat is a crime.
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October 04, 2017, 12:18:27 PM
 #77

Does anybody know about this situation in Bangladesh? Is it illegal to participate in ICO? And what consequences will be?
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October 05, 2017, 08:51:16 AM
 #78

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 Depend on your country But you can Exchange it to payeer or payoneer or paypal or credit cards and then into cash

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October 05, 2017, 08:53:10 AM
 #79

There is no rules or regulation in my country about crypto currency trading.
So it is not legal or it is not illegal.

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October 05, 2017, 09:08:37 AM
 #80

I think it depends on your country it is legal in most of the country I think,
For example in the Philippines if we want to sell our bitcoin we do have our local wallet to do it.

Correct, that's why we are very lucky that the Philippines is very supportive of crypto currency. And it somewhat legal for us to convert our bitcoin to fiat because we have our exchanges that will easily do that for us. (coins.ph).

As for other less fortunate countries, I would say it depends. Some countries have a hard line stance against any crypto so its really hard for them to move their bitcoin to cash. Some countries says its commodity, others don't like it at all. So you have to check your Central Bank if they have laws that covered crypto-currency just to be in the safe side. Otherwise, sooner or later authorities will gonna catch up on you and we don't know what will be the penalties.

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October 05, 2017, 10:48:32 AM
 #81

I see nothing illegal in such transactions. Moreover such transactions are impossible to track. Bitcoin itself is anonymous and the turnover of cash Fiat is also not controlled. Don't understand the reason for your concern.
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October 05, 2017, 05:14:45 PM
 #82

It is depend bitcoin out of the law in your country or not. In most countries, this is legal.
I would be more afraid for the reliability of the person whom you will sell. It's worth to protect yourself.

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October 05, 2017, 06:23:34 PM
 #83

If the country is not directly prohibited from crypto currency, then exchanging it for cash will not be a violation and such actions will be permissible. However, the question of legality is another matter. Such actions will be legal if they are settled by the legislation of this country.

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October 06, 2017, 10:10:46 AM
 #84

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.

no bit coins selling and buying is not legal. it depends on bit coins law and your country rules. no one can prohibited this bit coins. in some country's it is legal but in some country's it is illegal. up to now some country people don't no about bit coins. so bit coin has more demand present.if you are earning money in your business legal so it is nothing to worry to convert in to bit coins
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October 06, 2017, 12:26:36 PM
 #85

i think its not illegal to sell bitcoin for cash because as far as i know, only china that want to ban bitcoin but i don't know if its true or not. as long as there is no regulation that said bitcoin is illegal then we can sell it to anyone. beside that, i think it will more safety if we can sell it to local seller or localbitcoin because we only send our account number to the seller and then the seller transfer the money to our account and it looks like its a gift from our brother or friend. and beside that, i think we should avoid to withdraw in big amount because it will look suspicious for the government and we might be pay the taxes or else if the amount is big.

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October 08, 2017, 01:33:49 AM
 #86

i think its not illegal to sell bitcoin for cash because as far as i know, only china that want to ban bitcoin but i don't know if its true or not. as long as there is no regulation that said bitcoin is illegal then we can sell it to anyone. beside that, i think it will more safety if we can sell it to local seller or localbitcoin because we only send our account number to the seller and then the seller transfer the money to our account and it looks like its a gift from our brother or friend. and beside that, i think we should avoid to withdraw in big amount because it will look suspicious for the government and we might be pay the taxes or else if the amount is big.

It seems there is no rule made to exchange bitcoin into money because I have not received accurate information but different from china, so there is no prohibition of people to exchange bitcoin into money. Wink


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October 08, 2017, 05:02:20 AM
 #87

In the country where i live selling bitcoin in cash it can't yet be said a legal, but it's not banned by the government.. it's just that the country will not be responsible if bitcoin users who selling bitcoin in cash get a risky or loss, the government said it's the risks are borne alone. Well it seems neutrality bitcoin in the country where i live, there is no certainty but not banned. If viewed by me with logic, i think it's legal but maybe if that's activity violate governments law, it can be illegally i guess.
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October 08, 2017, 09:05:42 AM
 #88

If the deal appears cash then the transaction can't be traced. Therefore, you should not wonder it is legal or not. In most States, the appeal of cryptocurrency in General is not regulated so you can easily sell not only for cash but also to get Fiat to your Bank account. This situation will not be forever so enjoy the moment of uncertainty while you can and enjoy.

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October 10, 2017, 03:59:35 PM
 #89

I do not know news media around the world, but for my country, local exchange supports bitcoin users in a fairly easy way to sell bitcoins to local money and vice versa.
Although the bitcoin legality in my country is still in the gray area but the government provides space for bitcoin users, yet each user is personally responsible for the use of bitcoin.
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October 10, 2017, 04:39:32 PM
 #90

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.

Legalities are jurisdictional because it depends on the laws of where you are a citizen or a subject or where you reside in. So, to ask me if it is perfectly legal to sell Bitcoins for cash is subjective because it depends on which your country or State you are in. But I myself is selling Bitcoins for cash if the price is right. Meaning, I do not sell it at a discounted rate because I do not need its equivalent yet. That goes without saying that I sell it at a very promising amount. 

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kkent
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October 10, 2017, 07:19:54 PM
 #91

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 you are in the United States, the IRS website has some explanations of the relevant regulations to bitcoin transactions. You will need to figure out your "basis" in the BTC (ie. how much you spent on it in the first place)
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October 10, 2017, 07:26:11 PM
 #92

Bitcoin is just an instrument and how it can be used whether for good or bad depends so much on the user. It is just like the gun...we can use it to defend the land or we can use to harm ourselves.  Whether Bitcoin can lead to more corruption or not...that question has been answered long time ago because money has had been in existence for so many centuries. .
Bitcoin can never totally stop corruption as we know that humans can be so creative in finding ways and means to do what we want to do. Limiting the instrument will not stop corruption.
Will money leads to corruption or rather exacerbates corruption as we know it? Yes and no...this is depending on the person or people involved and depending on the situation.
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October 11, 2017, 01:38:18 PM
 #93

It really depends on the acceptance of Bitcoin in your country. In our case in the Philippines, selling Bitcoins through our address provider itself is fast and easy. And I think it would just be fine for the next years to come also while the trading activities happening are not yet that big.

But if the selling of Bitcoins will be in large numbers or you intend to sell in a regular basis, then it is better to be registered as a licensed and official trader for Bitcoin. This is to avoid penalties or legal actions from the government.

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October 11, 2017, 03:14:06 PM
 #94

Depend on your country if bitcoin legal you can Directly exchange it if not you must use third way like paypal or spectrocoin or ............

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October 11, 2017, 05:23:10 PM
 #95

It depends on the country that you are living and the coin-based wallet that you are using. If your wallet contains several options to convert your coins to cash, or online bank transfer, then it is a sign that converting your coins to fiat is legal. I have never heard of a country who prohibits selling of bitcoins to cash while allowing bitcoin transactions since it totally defeats its purpose. Fortunately, my bitcoin wallet provides various options and choices on how do I want to convert my coins into. I can even buy online gaming credits or transfer my funds online without the hassle of going to the banks.

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October 11, 2017, 06:07:17 PM
 #96

So far I have never had a problem selling bitcoins to exchange fiat currencies, though the bitcoin legality in my country is still not legal but it can not really affect the bitcoin transaction for cash in exchange. and to do that exchange, I always use localbitcoin in an attempt to make a purchase or make a sale.

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October 11, 2017, 11:12:40 PM
 #97

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.

Well it depends on your country, basically we can sold our bitcoin for cash easily specially to people who also use bitcoin. If you can convert your btc into fiat money much better so you don't need to look for people who want to buy your btc.


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October 11, 2017, 11:40:50 PM
 #98

Depend on your country if bitcoin legal you can Directly exchange it if not you must use third way like paypal or spectrocoin or ............
Yes of course bitcoin selling for cash is legal because bitcoin is also a currency but digital and not regular paper currency, but one can use bitcoin anywhere in the world like paper currency. He can buy anything all over the globe with his bitcoins. If we buy bitcoin for cash then why should we not sell bitcoin for cash? I think there is no problem of illegality to sell bitcoin for cash. I deal bitcoin as a regular currency.
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October 11, 2017, 11:42:10 PM
 #99

No specially if your country does have a wallet for bitcoin that allows exchanging bitcoins into fiat, so technically they would not exist if selling bitcoin for cash is illegal. But if there are provisions on tax of trading bitcoins with realized gain on your country you should declare appropriate amount and pay the assessed tax so that the transaction will be legal. Good thing here in the philippines there is no imposed tax on any activities in crypto currencies.

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October 13, 2017, 03:47:30 AM
 #100

The exchange of bitcoin for cash will be legal until the state has established a tax on this financial transaction. If this is done, then such an operation without paying a certain amount of tax will be illegal. Therefore, in this issue, first of all, it is necessary to find out whether the tax on such exchange has been established or not established.

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October 14, 2017, 12:06:53 PM
 #101

This is totally dependent upon the factor that in which country one lives. There are few countries out there, where it is considered illegal to trade Bitcoin for cash but on the other hand countries which favor Bitcoin out-number to those which are against it, there are many countries which support Bitcoin transactions and have introduced proper tax system. So, that user can cash out Bitcoin without any fear. If you want to know particularly about your country, then try to mention that in the thread so that you can find your perfect answer. Some of the countries where it is totally fine to sell Bitcoin for cash are USA, South Korea, Australia and Japan; also one should note that these are only among the list.

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October 15, 2017, 05:54:33 AM
 #102

No. It is just not known yet and also not banned. If you heard that in your country that some people were arrested because of selling bitcoin or buying bitcoin then you should think twice but if it isn't then you are free to do so. Check if you have your own local exchange because it's much easier to sell/convert btc to fiat.

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October 15, 2017, 07:03:33 PM
 #103

What is the status of Bitcoin legality in your country? If Bitcoin is legal by law of your country, then you can sell street and bitcoin and as long as you have a street trading license. And if the government declares Bitcoin illegal then why can not you sell it anywhere on the street.

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October 16, 2017, 05:29:15 AM
 #104

It's legal to sell bitcoin for cash, in most countries. Anyone can sell bitcoin to get cash.
People buy and invest bitcoin, the reason is to get money and profit.

Sadly my government still not legalize bitcoin yet so I hope they will legalize on the future.

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October 16, 2017, 09:58:27 AM
 #105

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 bitcoin is not ban in your country then i think that is ok because bitcoin transaction cannot be track any way then you will going to be paid in cash directly and personally by the buyer. This will be in favor of the buyer especially no service fees and transaction fees to be collected but if you will be collecting fees then that is wrong and no one will buy bitcoin to you except if your bitcoin is cheaper than the regular value in the market.

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October 16, 2017, 01:57:42 PM
 #106

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 bitcoin is not ban in your country then i think that is ok because bitcoin transaction cannot be track any way then you will going to be paid in cash directly and personally by the buyer. This will be in favor of the buyer especially no service fees and transaction fees to be collected but if you will be collecting fees then that is wrong and no one will buy bitcoin to you except if your bitcoin is cheaper than the regular value in the market.
Yeah If BTC can be cashed out by local provider in your country then it is not illegal to do so, even if you sell it by meet ups or somebody will directly paid you in cash. Because in my country there is a provider that will transform BTC to our own currency and you can send it to your own bank account then from there you can cash out easily trough ATM.   

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October 17, 2017, 11:14:42 AM
 #107

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.Yes, it is very much legal and you can covert  it but make sure to check the local law related to the cryptocurrencies.

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October 17, 2017, 01:31:17 PM
 #108

In my country it's illegal but all of people who know about crypto)) sell it
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October 22, 2017, 07:04:13 AM
 #109

In business it is considered that everything that is not forbidden is legal. Therefore, if the state did not directly issue a ban on exchanging the crypto currency for local money, then such an operation would be quite legitimate. It should also be borne in mind that along with the recognition of crypto currency legal tender, the state usually establishes a profit tax on crypto currency. Non-payment of taxes in most countries is considered a crime and is punishable by criminal procedure.

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October 22, 2017, 10:42:42 AM
 #110

it really differs from country to country, for instance in the Netherlands bitcoin at the moment is tax free as are the profits gained from it, in Austria you for instance pay a tax of 50% over winnings when claimed within one year of the transaction. Exchanging BTC to EUR is free upto 700€
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October 22, 2017, 01:47:10 PM
 #111

It depends on the country. In my country it is legal
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October 22, 2017, 02:15:50 PM
 #112

Yes, we can convert your Bitcoins as long as if there is an exchange in your country because directly it is not possible to covert into local currency but for that you need to pay taxes for Bitcoin conversions.

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October 22, 2017, 04:28:05 PM
 #113

This may depend on the country in which the exchange takes place.In many countries you have to pay a tax if you have bought something over 2K-3K dollars. In my opinion it is better to transfer in cash for no more than 1K dollars.
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October 22, 2017, 07:18:24 PM
 #114

I think it depends on each country's policy on bitcoin transactions, because even if bitcoin legality is still illegal in my country but there is no prohibition for bitcoin transactions either for sale or for the purchase of bitcoin but of course there is a nominal limit. has been determined if a financial transaction exceeds a predetermined capacity will certainly need information on financial sources by the banking



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October 23, 2017, 03:43:22 AM
 #115

It depends on your country. Here in my country is okay selling bitcoins for cash.

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October 23, 2017, 02:01:17 PM
 #116

It s legally in most countries only to pay taxes Undecided
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October 24, 2017, 04:30:38 PM
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Well it is on your buyer if he/she want it anyway in cash and I think you should have contract between that thing because that is big amount of money to be done. Legality also affects to that one also because if its not legal for the particular country you are into it would really hard to sell that one since not that so many can get what bitcoins you have right into your wallet amd the buyer couldn't gain also if he/she would do so.

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October 25, 2017, 09:03:03 AM
 #118

Ofcourse, why not?

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October 25, 2017, 10:33:24 AM
 #119

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.
Just do it friend, I think it's legal.. because as far as I know most of all countries's goverments hasn't warned that selling bitcoin to cash is forbidden, so it's fine I guess. In the country where I live there is no warning is forbidden to selling bitcoin into cash (local currency), it can still to do until now without says banned.

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October 26, 2017, 08:13:31 AM
 #120

My opinion is that unless the authorities specify that converting BTC to fiat is illegal, it is a 100% legal thing to do. You don't need permission from the authorities to do freelancing work. And you don't need permission from them to sell your digital goods. However, you may need to pay taxes on any revenues, which may arise from such sales.

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October 26, 2017, 08:24:48 AM
 #121

I'm so sure you or someone paid to buy bitcoin. So it is no problem when you need to sell. Peace

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October 26, 2017, 09:14:38 AM
 #122

It is, but only if you do not make a consistent business out of it. Turning that into a business technically makes you an exchange, and you are going to need a business permit.
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October 26, 2017, 12:16:42 PM
 #123

It all depends upon the country you are living in.Some countries have legally accepted it but some countries are treating it as a banned thing like earlier USA tried to arrest people who were trading their bitcoins and in some countries like texas you only need street license to sell bitcoin on the street. So before trading or cashing the bitcoin make sure to check the legal status of it in your country.
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October 27, 2017, 06:57:45 AM
 #124

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.

For me yes it is as long as your country are not banning it. Like for example in our country, bitcoins are highly acceptable especially in the bank. We this one bank that accept bitcoins in exchange with cash and with just a single tap of the mobile devices we can know get that cash that came from bitcoins so we do need to sell our bitcoins because we can easily convert it into cash. But if your country doesn't have that, better check it on some establishment if it is legal to sell bitcoins, but I know it is legal, you just need an approval to the higher order.

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October 27, 2017, 01:23:47 PM
 #125

I'm so sure you or someone paid to buy bitcoin. So it is no problem when you need to sell. Peace

BUt how can you meet? and how do you know that they are trustworthy? Moreover if you exchange bitcoin in country where was not accept bitcoin you can get trouble about the law. However, in some countries you are easy exchange bitcoin although bitcoin still is banned.
Example In my country bitcoin is illegal but many people are mining bitcoin, exchange and a lot of exchange website where you can easy sell bitcoin for cash.
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October 27, 2017, 09:32:51 PM
 #126

I think that bitcoin is illegal in some country's like China and asia in general.
You have to ask a lawyer to get the right details. Also Selling the bitcoins in black market may create some problem although.
Ask before doing something.
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October 28, 2017, 03:53:59 AM
 #127

It is, but only if you do not make a consistent business out of it. Turning that into a business technically makes you an exchange, and you are going to need a business permit.

As long as you are doing legal transaction and paying taxes to the government will leads to legal transaction because even though Bitcoin is not legal I am paying taxes on my transaction to the government.

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October 28, 2017, 01:01:34 PM
 #128

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.


Its Legal.  I don't think so you have any problem to sell bitcoin by cash.

Its Doesn't Matter how Many bitcoin you  want to sell. But some country's need some requirement to exchange license for big volume.   

You can sell bitcoin by cash anytime but if your country have any legal issues about bitcoin that's time you have to follow procedure.

You pay tax and sell bitcoin by cash if your country legalize bitcoin. 

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October 29, 2017, 07:07:03 AM
 #129

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.

Yup it is legal for as long as you are not transacting any illegal stuff related to it. I also think that there are some wallets out there that support this kind of transaction, by making your bitcoins withdrawal for cash in an ATM machine provided by a specific bank (this is highly dependent on the wallet that you are using). Also, you must take note that selling your bitcoins to cash involves a trade which is very risky when done in the internet. I highly suggest that you meet-up with your trader in order to avoid any loses and regrets.

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October 29, 2017, 10:05:52 AM
 #130

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.

Yup it is legal for as long as you are not transacting any illegal stuff related to it. I also think that there are some wallets out there that support this kind of transaction, by making your bitcoins withdrawal for cash in an ATM machine provided by a specific bank (this is highly dependent on the wallet that you are using). Also, you must take note that selling your bitcoins to cash involves a trade which is very risky when done in the internet. I highly suggest that you meet-up with your trader in order to avoid any loses and regrets.

But legality issues about selling Bitcoin for cash totally depend upon the state where you live. If the government has no objections against Bitcoin and its transaction then you are to do so. Also the amount is very small and it won’t be any problem if you trade from a proper exchange but the main issue that you need to see here is the weather it is legal or illegal.

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October 29, 2017, 02:39:04 PM
 #131

For example : I can still use bitcoin and convert them into fiat without fear being caught by police but my government already state that they forbid bitcoin as daily transaction

So selling bitcoin is not illegal ! ( at my country )

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October 29, 2017, 05:46:44 PM
 #132

It depends on the rules and regulations of your country. If you live in a country where using Bitcoin itself is forbidden them i assume it would also be illegal to sell them or turn them into fiat, but if you live somewhere where it is totally fine to use Bitcoin then for sure you can sell them as well and no one would ask you anything about it. In my country, i sell my bitcoins without any hesitation as there hasn't been any rule implemented about Bitcoin and we are not forbidden to use it.
I sell them on Localbitcoins.com and receive the money in a bank account of my desire.

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October 30, 2017, 04:14:27 AM
 #133

This is actually depends on the regulation of the country. In my country, Philippines, the regulation is not strict and the government even stated that they want to support Bitcoin as they see at as a contribution in the development of the economy of the country. However, in countries like China, the regulations are now strict. If I am not mistake, any cryptocurrency transactions is now prohibited by the government.
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October 30, 2017, 09:10:00 AM
 #134

It is legal as long as you pay all the exchange fees and taxes from your profit. What kind of taxes you have to pay - depends on the country you live in Smiley

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October 30, 2017, 12:33:55 PM
 #135

You need to tell us where you're from. Legality and regulations differ from country to country.

Another thing you can take into account is as long as it isn't illegal, it's alright. The less regulations the government has placed, the better for you. But if the authorities have already mandated a regulatory model, you have to follow it. In most countries, it is allowed through an exchange platform so they may be able to keep track of the money being circulated by digital currencies. A basic AML-KYC system.
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October 30, 2017, 12:37:36 PM
 #136

As long as you are declaring what you are earning there should not be a problem especially in the UK/USA
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October 30, 2017, 03:01:50 PM
 #137

It's legal, but the government thinks otherwise. There's nothing they can show you. Transaction for cash generally difficult to control. I think that people very much focus on the fact that thinks about bitcoin state. It is our choice and we must be guided by their interests. A time when our interests was sponsored by the state ended.