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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 7047 times)
elite2291
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October 31, 2017, 11:20:58 PM
 #141

Yes it is. Just be aware of the taxes that come with it. Also take care of accounting before you start doing it.
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ElizaZX
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November 01, 2017, 09:42:49 AM
 #142

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.

В нашей стране к BTC относятся не однозначно. На данном этапе продать можно и вывести через платежные терминалы, НО там берут небольшую комиссию.  Проще договориться на прямую с покупателем об обмене. Вы ему BTC, он вам наличные.

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November 02, 2017, 11:34:43 AM
 #143

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.

Correct. Check the legality in your country whether it allows any Bitcoin transactions, like trading, or bans it in any form. Take note, in some countries they banned only the ICOs. Meaning, Bitcoin and other cryptocurrencies that were offered are perfectly legal.

But if you have big amount of Bitcoins to sell, then you must take note that even though the transaction will be anonymous, your money will go somewhere that may alarm the government on when you got the money you are suddenly spending. My point is, if it is too big, pay tax. Personal income tax is filed and paid once in a year, the the case of my country. This will help you avoid unnecessary issues from the government and also big penalties to pay.

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November 04, 2017, 04:54:48 AM
 #144

dont see any reason why you cant in most coutires
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November 04, 2017, 05:31:37 AM
 #145

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
If Your Country Stated Green/Yellow At Bitlegal.io
Its Legal

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November 04, 2017, 06:59:54 AM
 #146

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
If Your Country Stated Green/Yellow At Bitlegal.io
Its Legal

My government just forbid Bitcoin as legal transaction so we can't purchase anything with Bitcoin but we still able to own it.
Selling BTC for cash is legit as it not break any law and I've done it over 3 years without being fear to get caught by police

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sehanmaxx01
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November 05, 2017, 09:43:53 AM
 #147

 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? Huh Huh Huh Huh
cammie16
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November 05, 2017, 01:07:46 PM
 #148

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? Huh Huh Huh Huh

Yeah, Im curious too. Because in our country we can withdraw it without any task. Just a transaction fees and we can withdraw it to our local currency. Maybe in their country there is still no company that convert bitcoin into cash that is why he's asking that.

CoinDawg
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November 05, 2017, 02:23:41 PM
 #149

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'm located in the US and I see people selling bitcoin and craigslist and ebay all the time.  Like everyone has been saying, as long as you give Uncle Sam his fair share it's legal.  For now anyway...
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November 05, 2017, 04:05:07 PM
 #150

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 laws but use social media if you find one interested with bitcoin can buy from you
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November 06, 2017, 04:34:15 AM
 #151

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
If Your Country Stated Green/Yellow At Bitlegal.io
Its Legal
We've never experience of having problem in our country(Philippines). Although there are some rumors in regards of its legality but it never give impact to bitcoin community. And most probably this rumor against crypto is from unopened-minded person.
Since bitcoin isn't accepted as a mode of payment by all establishment, we have to change it into our local currency. And we dont have problem in doing this, from USD to peso value.

genolica
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November 06, 2017, 09:41:52 AM
 #152

This is legal, I think. But conditions apply on different countries Smiley
Cixboy61
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November 06, 2017, 01:41:10 PM
 #153

In Turkey it is not legal right now. Beacuse you are not pay any fee,tax or something like that according to your gain.
You have to pay your income tax for all gains if it is legal.

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November 06, 2017, 01:44:44 PM
 #154

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 the country where you reside because certain laws don't allow amounts exceeding "x" $ or the currency of your country per month, you may do it like try to redeem some amount this month pertaining to the limits that are to be kept in mind and the other in next month. I can understand that there is some risk involved of the price decrease, but going through law could be the best option than to get caught under radar for any fucking "accusation" they may charge you for.

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November 06, 2017, 02:03:30 PM
 #155

When selling bitcoins for cash - aware of taxes.
I woulg seggest you to go to bookkeeper in your city to make it fully legal from taxes side


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grandmasters2
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November 06, 2017, 02:15:27 PM
 #156

Is it legal to sell bitcoin on ebay?
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November 06, 2017, 02:21:31 PM
 #157

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.
Where I live,  you would have to pay taxes on all income including that from selling your bitcoin,  but as long as you paid the taxes you would be perfectly fine and it would be legal.  However,  if you tried to evade the taxes,  then you would be in big trouble and possibly go to jail even for such a relatively small amount compared to the amounts that some other crimes have been committed for.

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November 06, 2017, 02:25:08 PM
 #158

Bit Coin is legal for transaction. We can exchange it to physical Curruncy. Cex.io is most famous exchange.
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November 06, 2017, 02:42:06 PM
 #159

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.
Where I live,  you would have to pay taxes on all income including that from selling your bitcoin,  but as long as you paid the taxes you would be perfectly fine and it would be legal.  However,  if you tried to evade the taxes,  then you would be in big trouble and possibly go to jail even for such a relatively small amount compared to the amounts that some other crimes have been committed for.

Nothing new, because when you convert your Bitcoins to "fiat", it becomes turned into a local currency that you use for your local expenses and that comes under the Government's banking system as well as centralization hits you there which is why proper tax guide is needed in order to pay correct taxes. Here at my place, if you show that you got paid for Services, you need to pay Goods and Service Tax over this and if you show that you gained something through trading, there's a Capital gains tax that you need to pay. I try to pay Capital gains over GST by showing this as a trading income, but sometimes I don't need to pay anything because the amounts are not too high and non-taxable as well as out of tax slabs.

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November 07, 2017, 12:06:16 PM
 #160

If the bitcoin not sold to cash, for what we have to collect so many bitcoin? I put together a bitcoin just to earn some money and it is legal in my country


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