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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 9814 times)
BitcoinIsTheAnswer
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December 04, 2017, 09:13:32 AM
 #181

If you don't tell anyone about you'r sale I don't see why you should be getting into any problem at all.
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December 04, 2017, 04:34:50 PM
 #182

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.

Yeah,it is absolutely legal to sell bitcoins for cash,it is illegal if your country banned that bitcoin.But some countries having limitations for cash trading like $2000 is the highest value you can trade with direct cash if your amount is more than that amount then you have to get through banking transaction.The limitations maybe vary for different countries so you have to google it to find the limitations of your country.
But in my country doing these kind of trading is absolutely legal.
Limitations would really vary and the thing you should focused on is on the limitations of the exchange on where you would decide to sell of your coins and the banks on where those funds would be transferred. Speaking on person to person sell up its still legal the main concern here is that if you country does prohibit bitcoin transactions then you would really be have problems on that one but yet we can still able to evade it since cashing out or converting bitcoin to fiat is simple without being traced up.


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December 05, 2017, 02:53:35 AM
 #183

I think this is based on the legality of your country. In my country, the Philippines, it is perfectly legal to sell Bitcoins for cash. It is actually part of trading and if you want to be sure and be safe, you can file your income per year and pay tax. However, many traders do not really file and pay income tax because it is impossible for the government to track your earning and transactions. Unless maybe if your earnings are reallly big.

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December 05, 2017, 03:07:43 AM
 #184

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December 05, 2017, 03:37:43 AM
 #185

No announcement that bitcoin can't sell into cash, since bitcoin using to exchange for cash. Moreover in our country bitcoin was not used to exchange of goods and services, but if you convert it to cash that's the time you can used it. Otherwise, I think selling bitcoin is not illegal because if it is illegal there's a possibility that bitcoin and other crypto are going to banned.

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December 05, 2017, 03:39:13 AM
 #186

I think you should do it on a boat or a cruise therefore you are not bound by the laws of any country.

haha.

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December 05, 2017, 08:07:19 AM
 #187

Search if there is an existing local bitcoin exchange that operates in your country and most importantly that are legit. If there is then it's safe to do that but if not then you need to make further research.

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December 05, 2017, 09:27:02 AM
 #188

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.

Do you sell it online or face-to-face? In my country if it's sold online and in large quantities, that's considered illegal if it's known by the government. Therefore if your country still consider illegal bitcoin and you want to sell it many, my advice do with face to face don't do online. If you want to sell it online then you have to sell it a little bit at a time, it aims to avoid government suspicion.

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December 06, 2017, 08:11:59 AM
 #189

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 its legal because its like a money changing and bitcoin is a currency its like a dollar when i have a dollar i change it to money of my country it is like selling right? so its a legal to sale a bitcoin to money!

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December 07, 2017, 01:46:13 PM
 #190

Yes it is 100% legal. It just like the concept of buying and selling of stocks/shares in the stock market; wherein you will buy stocks and sell it in the higher price.
It is a common practice in this kind of industry since you can gain more profit from it.

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December 13, 2017, 09:42:05 PM
 #191

Yes, It is legal to sell BTC in cash. But it also depends upon your country’s law as there are few countries like Bangladesh, Nepal, and Morocco etc. where sale or purchase of bitcoin is illegal. So you would behind the bars if you caught doing any kind of trade in BTC. If we look at the percentage of those countries where bitcoin is illegal than its percentage is very less. And developed countries countries like Japan, US, new-Zealand has shown really positive approach towards it.

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December 14, 2017, 06:38:44 AM
 #192

It's legal if you're in a country that doesn't have any regulation about cryptocurrencies or if they have regulation but it is supporting bitcoin. There are also peer to peer trades where you can sell your bitcoin for cash just look at https://localbitcoins.com/ just choose the country you are residing and for sure there are people browsing on that LBC's country page you posted.

       
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December 14, 2017, 08:58:13 AM
 #193

Here in the Philippines, there are no rules or regulations pertaining to cryptocurrency which is why there is nothing wrong with having it exchanged or sold for cash. I think most Filipinos who earn Bitcoins would most likely have it converted if they don't store it for an investment. This action defeats the purpose of Bitcoin or any cryptocurrency, but since the use of it is not really popular or developed here in our country, then I guess people think it's more practical to have it exchanged to put a value to it.
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December 14, 2017, 11:10:55 AM
 #194

Here in the Philippines, there are no rules or regulations pertaining to cryptocurrency which is why there is nothing wrong with having it exchanged or sold for cash. I think most Filipinos who earn Bitcoins would most likely have it converted if they don't store it for an investment. This action defeats the purpose of Bitcoin or any cryptocurrency, but since the use of it is not really popular or developed here in our country, then I guess people think it's more practical to have it exchanged to put a value to it.
Using exchange they were easy to convert our bitcoin in our own currency but make sure that the sites or wallet you choose have a good background to prevent hacking or scamming of account. Aside from that even the bitcoin is not totally legalize in each country I'm sure that crypto currency can't do the prohibited policy of all nation.

Therefore even bitcoin is adopted by many country developers of this project can't abuse the rules and regulations of each country because if they do this I'm surely banning of all ICO's and bitcoin will possibly to happen.
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December 14, 2017, 11:37:04 AM
 #195

It depends on how your community or your country regulate bitcoin usage but here in the Philippines trading is Legal and supervised by the BSP(banko sentral ng pilipinas).

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December 14, 2017, 12:45:54 PM
 #196

When there is no law that bans bitcoin in your country, then you can sell your bitcoin even if there is no law that legalizes it. But if you use your bitcoin for illegal purposes, then that is against the law. What government can do for bitcoin or any other cryptocurrency is to regulate transactions and give permit to exchanges to make their operation legal.

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December 14, 2017, 03:21:33 PM
 #197

Ripple is the darling of banks, who are enemies of bitcoin!
It makes international transfers from one currency to another take no less than 4 seconds with huge cost cuttings.
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December 14, 2017, 04:45:00 PM
 #198

ya, it is , many people who want to spend bitcoin spend in this way by converting into local fiats because of lack of retailers , if there is any website or app in your country that helps you to sell it according to your country price and if it is TRUSTED , you can sell it no issues.

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Budugbass
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December 15, 2017, 06:48:42 AM
 #199

Never knew it yet at all from the one of the country which's informs that selling bitcoin for cash.. it's not legal or banned by the country's government.
I don't think it would be banned, and I think.. this doesn't includes any bad impacts on the country's economic system or disturbing to banking's system.
In my country, it's still allowed.. and there's no law banniing that selling bitcoin to local currency would be subject to punishment.
ace4549
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December 15, 2017, 10:37:01 AM
 #200

I think the concept of selling the bitcoin for cash is common practice allowed by the government and the law.
It is just like a concept of selling stocks and securities in the stock market which they gain more money from it.

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