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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 9884 times)
bitcoindian
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May 14, 2018, 07:40:23 AM
 #361

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.
Maybe if in your country legal and allowed to sell Bitcoin with cash. But if for in my country this is not legal and strictly prohibited by the Government. You must know what is allowed and what is prohibited in the country where you live.

You're definitely correct mate. Well, each country have different rules and regulations about bitcoin since this dominant crypto currency is so demand here in cyberworld. Also, we must aware the possible outcome since this kind of business is so controversial which need a great security in terms of transactions.

We have to follow the rules and regulation because we are living in those countries, but if you found any local exchanges where it is possible to convert. Even Bitcoin is not legal in my country but many people are exchanging their Bitcoins to fiat currency.
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jerix
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May 14, 2018, 09:44:35 AM
 #362

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 I think this is not legal but if we do it secretly and not spread by any party I think legitimate. But you should not do the thing that will cause big problems for yourself and for the development of Bitcoin. So just do things that not banned and things that are positive.
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May 14, 2018, 09:54:30 AM
 #363

In India, it is legal if you can pay tax as per government norms otherwise it is illegal.
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May 14, 2018, 11:48:32 PM
 #364

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.

In my country, it is not a problem if we convert our bitcoin into cash. But the thing is, there are limits on how much we can be able to convert in a day. Though it doesn’t matter that much anyway because we can do it again in the following days to come. And there is also another option for us, we can do online banking like converting bitcoin to cash directly from our bitcoin wallet and forward it to our bank accounts. Fast and easy.

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May 15, 2018, 02:42:58 AM
 #365

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 of residence mate. Some countries do not accept any transaction in the form of bitcoin and to do so in such countries, you go by illegal means. However, there are countries where you can free convert your bitcoin to cash without much hustle.

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cryptojac17
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May 15, 2018, 05:57:58 AM
 #366

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.

In my country, it is not a problem if we convert our bitcoin into cash. But the thing is, there are limits on how much we can be able to convert in a day. Though it doesn’t matter that much anyway because we can do it again in the following days to come. And there is also another option for us, we can do online banking like converting bitcoin to cash directly from our bitcoin wallet and forward it to our bank accounts. Fast and easy.
In my country we are lucky  enough that our central bank recognized bitcoin as economical and faster way as a medium of remittances, that's why you can download wallet from the net but of course you will sign up and submit kYC and then you'll notified upon acceptance, then you store your BTC or ETH, and can convert to our local currency then send to the bank  or some local remittance center that how easy  it is  in our country.

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May 16, 2018, 02:28:52 PM
 #367

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 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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May 16, 2018, 05:12:16 PM
 #368

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 to your country, if your country banks accept the system of bitcoin that's easy to convert into cash. Some countries accept it and they're no hussle to bitcoin over cash

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May 16, 2018, 10:13:44 PM
 #369

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.

In my country, it is not a problem if we convert our bitcoin into cash. But the thing is, there are limits on how much we can be able to convert in a day. Though it doesn’t matter that much anyway because we can do it again in the following days to come. And there is also another option for us, we can do online banking like converting bitcoin to cash directly from our bitcoin wallet and forward it to our bank accounts. Fast and easy.
In my country we are lucky  enough that our central bank recognized bitcoin as economical and faster way as a medium of remittances, that's why you can download wallet from the net but of course you will sign up and submit kYC and then you'll notified upon acceptance, then you store your BTC or ETH, and can convert to our local currency then send to the bank  or some local remittance center that how easy  it is  in our country.
In that case I could wish that the whole world will be implementing that ways on how each central banks will definitely adopt this kind of system. That KYC should be a mandatory to each and every people whom exchanging and selling their btc, whether its peer to peer or legit banking transactions

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elachious123
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May 16, 2018, 10:18:52 PM
 #370

Since the bitcoin was bought with Fiat cash, selling it to cash shouldn't be a problem, to me is legal to sell bitcoin to cash
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May 17, 2018, 04:09:25 AM
 #371

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 to your country, if your country banks accept the system of bitcoin that's easy to convert into cash. Some countries accept it and they're no hussle to bitcoin over cash

Even some countries who still, didn't legalise are converting into cash because some local exchange are doing transaction. In my country I am converting bitcoin to fair current even though my government not legalised it.

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May 17, 2018, 07:25:20 AM
 #372

It is legal but there is required to pay tax.
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May 17, 2018, 05:03:37 PM
 #373

Legality of bitcoin depends in our country, a lot of country nowadays seek bitcoin as a threat to the cash flow system but a lot of country as well are fine with this since they are okay with the opportunity of cyrptocurrency, they are aware of it and they find this kind of technology a way big help.

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May 18, 2018, 06:51:29 AM
 #374

As far as I know there is no such law about illegality if you buy or sell bitcoin in actual real. I think that is safer too.
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May 18, 2018, 08:40:34 AM
 #375

If you are exchanging / purchase Bitcoins in your local currency then no one can be arrase any question about your transaction because it is in cash.
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May 18, 2018, 09:07:31 AM
 #376

As far as I know there is no such law about illegality if you buy or sell bitcoin in actual real. I think that is safer too.

There are 195 countries in the world today and of that figure, around 30 countries where usage of Bitcoin is legal. So, if you live in a country that prohibits cryptos, such as Bitcoin you might be violating laws and I don't know where you can cash out that amount... OP says the mount is close to 3-4K. So, I presumed it's Bitcoin and it's quite a big money, and I'm certain banks will not allow you to withdraw it but instead, they will bombard you with questions.

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May 18, 2018, 09:46:23 AM
 #377

yes maybe in various countries there is already legitimate or legal to be able to sell bitcoin with cash, but in my country still can not do that, because the legalization status of btc was still in talk
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May 18, 2018, 09:55:26 AM
 #378

Sometimes am so surprised that some people still face problems with whether or not it is legal to sell bitcoin. Do you need anybodies permission to take your bath? the answer is NO! why then do you need someones permission to sell your bitcoin?. Please find out how people sell theirs in their country and apply the same method i believe it will work for you.  
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May 20, 2018, 09:56:55 AM
 #379

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.
Legality of things depends on the existing law or rules of the country with regards to a certain matter. if there is a law or rules with regards to selling we should abide with it to be legal..if there is non then there is still a rule that should be followed an that is the rules of norms.
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May 20, 2018, 11:54:42 AM
 #380

For legal matters, sell it only on accredited exchange so you know what is okay and what is not. If you can't find a single one that exists then I'm pretty sure that bitcoin is either banned or treated as a scam in your country.

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