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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 9422 times)
matuson
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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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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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richminded
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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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