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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 10318 times)
basyang
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December 15, 2018, 03:16:00 AM
 #501

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.

The feeling is mutual. In my country its not a big deal to sell bitcoin to cash because their has a wallet that we used to sell it into cash and we can also used it in remittance which is for me its very convenient to use. Its good to know that even if its not legal yet they still allowed us to used it and hopefully ot will continue and it will be better in the future.

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December 15, 2018, 02:47:52 PM
 #502

I THINK YES. IT IS GOOD FOR YOU.B UT to REMEMBER WHEN YOU ARE GOING TO SELL YOUR BTC SEE THE PEPOL. IF THEY ARE GOOD LOOKING THEN DEAL. OTHERWISE SKIPIT
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December 20, 2018, 02:29:34 AM
 #503

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
different things in our country, because the government does not support the ownership of bitcoin, then exchanging bitcoin usually goes through a third country, or an intermediary, things like this  still do not matter, as long as bitcoin is profitable then everything can be done, so there is always road to reach the destination. but everything we do still doesn't violate the law.
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December 24, 2018, 12:16:23 AM
 #504

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
the situation in each country is very different, but all the answers ensure that exchanging bitcoin into fiat money is legal, but the answer is different if we put our money into a local bank, because it is not as easy as in Europe, with a highly developed financial system Bitcoin users are very easy to use, but if we are in a third world country, such convenience is difficult for us to get, but we can ensure that bitcoin does not violate the law.
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December 26, 2018, 11:58:25 PM
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 #505

No of course, many are intended to sell their crypto even exchange it to something or make it as a real currency. Besides bitcoin is design as p2p where you can do transaction without 3rd party. This is how it was being design snd selling it is not against any law especially if bitcoin is already regulated in your country.

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December 28, 2018, 12:43:59 AM
 #506

no its not only if you are living on a country where cryptos is restricted . you can incure a serious violation if you insist to sell your bitcoins if ever you got caught by the authorities .

 however if you are located on a country where btc is fully accepted and have already recognized by the governments then you are always good to go . Bitcoin is a currency and a currency is intended for paying and shopping but bitcoin is special kind of currency where it can also be used on other stuffs not just for trading.

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December 28, 2018, 12:16:36 PM
 #507

No of course, many are intended to sell their crypto even exchange it to something or make it as a real currency. Besides bitcoin is design as p2p where you can do transaction without 3rd party. This is how it was being design snd selling it is not against any law especially if bitcoin is already regulated in your country.
if your country does not prohibit Bitcoin then you can exchange it for cash freely.
but there are some countries that prohibit this. there are also countries that prohibit crypto from being used to buy or pay for anything.

so it all depends on the policies of each country's government about Bitcoin.

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January 14, 2019, 07:20:58 AM
 #508

No of course, many are intended to sell their crypto even exchange it to something or make it as a real currency. Besides bitcoin is design as p2p where you can do transaction without 3rd party. This is how it was being design snd selling it is not against any law especially if bitcoin is already regulated in your country.
if your country does not prohibit Bitcoin then you can exchange it for cash freely.
but there are some countries that prohibit this. there are also countries that prohibit crypto from being used to buy or pay for anything.

so it all depends on the policies of each country's government about Bitcoin.
yes, not all countries can make it possible to exchange Bitcoin with money and there are even countries that forbid residents to have Bitcoin so that Bitcoin can be exchanged for money depending on where Bitcoin is.
But I am sure that in the future Bitcoin will be legalized throughout the world so that we can transact freely using Bitcoin.

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January 14, 2019, 07:30:37 AM
 #509

no its not only if you are living on a country where cryptos is restricted . you can incure a serious violation if you insist to sell your bitcoins if ever you got caught by the authorities .

 however if you are located on a country where btc is fully accepted and have already recognized by the governments then you are always good to go . Bitcoin is a currency and a currency is intended for paying and shopping but bitcoin is special kind of currency where it can also be used on other stuffs not just for trading.
I live in a country where Bitcoin is officially legal, and I can tell you some banks will refuse transactions from Bitcoin related services.
There was some case where someone was asked to close his account because the bank was not able to check the source of the funds (could have came from money-laundering).
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January 15, 2019, 03:47:57 PM
 #510

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.
Unless your country has no banning regularion regarding bitcoin using,then i think there will be no problem and thats legal to do so.like in my country converting bitcoin to fiat is just a minute away and you can have the money in the maximum time of 1hour .,you should have told us from what region you from so we can give more idea

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January 15, 2019, 06:08:03 PM
 #511

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.
Nope,selling bitcoin is what we need to gain something in return after investing on this crypto as we all know many people that enters this area of profiteering wanted to earn.the only problem is the region from which you are living,but since that you already got that bitcoins meaning in your country bitcin is legal and not banned right?

mornabo
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January 25, 2019, 04:00:52 PM
 #512

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.

The feeling is mutual. In my country its not a big deal to sell bitcoin to cash because their has a wallet that we used to sell it into cash and we can also used it in remittance which is for me its very convenient to use. Its good to know that even if its not legal yet they still allowed us to used it and hopefully ot will continue and it will be better in the future.
In some countries there are no clear rules regarding the use of cryptocurrency. their government has not provided clear regulations for this. then you are still free to use bitcoin for anything, shop or exchange it for cash. Yeah I hope there are clear rules in forward for this

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January 28, 2019, 12:42:21 AM
 #513

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 legal in your country then it is safe to do so but you will need to make some agreement with your direct buyers of who will be the one to shoulder the tax in the future during fiat convertion as the net of your fiat in your local exchanges is already tax deducted therefore the expected amount will going to be small if the Bitcoin tax is applied.

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January 28, 2019, 01:04:28 AM
 #514

As long there is no law enforcement, it is Okay. Seriously, I don't afraid to post selling BTC for cash on some group.
I don't have experience about the legality but I think the government never track your transaction if you use physical cash.

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January 31, 2019, 02:26:49 AM
 #515

As long there is no law enforcement, it is Okay. Seriously, I don't afraid to post selling BTC for cash on some group.
I don't have experience about the legality but I think the government never track your transaction if you use physical cash.
It depends if your country accepts cryptocurrency mate, the legality of selling bitcoin to cash depends on the country's law about cryptocurrencies as well. In our country, selling bitcoin just like selling an online mmo-rpg currency. You can sell it to anyone who is interested in it but just make sure not to scam the people you have a transaction with and you will have no problem with it. But if you will
do it frequently, make sure to at least register your business in the Department of Trading Industry and get the license to sell your BTC.

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February 01, 2019, 10:37:08 AM
 #516

If there is a law in your country that make selling bitcoin or any cryptocurrency illegal then you can't sell it otherwise you'll face the consequences of selling it. But there are only few countries that banned bitcoins, some imposed regulations and the rest is seem to be neutral on cryptocurrencies, they neither ban or accept it but they allowed their people to use bitcoin and other virtual currencies.

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February 01, 2019, 10:47:17 AM
 #517

Well bitcoin was created to anonymously send and receive payments without third parties online, so i don't see an violations from doing it selling and converting into cash. Though some countries are not yet accepted bitcoin and it might still be an illegal acts of violations but in my on verdict and to the country i lived in then it is truly legal here to sell bitcoins and doing meet ups transactions.

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February 01, 2019, 11:41:23 AM
 #518

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.

The feeling is mutual. In my country its not a big deal to sell bitcoin to cash because their has a wallet that we used to sell it into cash and we can also used it in remittance which is for me its very convenient to use. Its good to know that even if its not legal yet they still allowed us to used it and hopefully ot will continue and it will be better in the future.
In my country it can be said to be legal because local exchanges provide taxes to withdraw bitcoin to cash. I say that
as a legalization from the government, because they (exchange sites) also require KYC to register

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February 04, 2019, 09:40:18 PM
 #519

If it's for business then you need to apply for the permit to be able to operate. But if you are just doing it for some people you know then I don't think it's illegal unless your country has clearly said so. But it's risky for buyers to buy on individuals who they don't know so maybe just recommend them legit website who offers those services.

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