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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 9422 times)
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September 17, 2017, 02:33:04 PM
 #21

I am really surprised a Legendary ranked member is asking this question. But to answer your question yes it is completely legal to sell your Bitcoin in Cash in most countries that is as Bitcoin won't even have a fiat currency equivalent if it is not allowed to be converted or sold into paper money. Also government approved cryptocurrency exchanges show that Bitcoin can be exchange to cash without you violating any law. I guess the only problem that you will be facing is if you are a trader and you don't count your Bitcoin earnings into your annual income report.

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September 17, 2017, 07:22:09 PM
 #22

In France this is not illegal. The problem is that you then must keep that cash and/or spend it. If you go to your bank with thousands in cash, questions will be asked, flags raised, etc. Unless maybe if you're the client of a private bank that help rich people get away with murder.


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September 17, 2017, 07:32:07 PM
 #23

It depends if it is bitcoin legal or ilegall in your country.In my country bitcoin is completely legal so I can withdrawal my bitcoins anytime and we also have already ATM at many cities and we will get them even in more cities.My favorite way to withdrawal btc is to send it to skrill and then to my local sportbetting site and then little play sportbetting and then withdrawal my money so if it is illegall in your country you can try with this way.
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September 18, 2017, 12:58:54 AM
 #24

I think there is no inconvenient situation in this business, there is no rule that should be taken, many people used this method in the past, there are still people who use it.



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September 18, 2017, 05:59:04 AM
 #25

in my country, there is not yet statement from government about bitcoin is legal or not. but if we want to use bitcoin for anything we want, then it is our risk even if the price is up or down. i think bitcoin is still in grey side in many country which is not yet giving approve for bitcoin and they allow people to use bitcoin until now.

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September 18, 2017, 06:37:20 AM
 #26

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.

its probably legal as long as your above 18 years old and knows what your doing as you see most bitcoin wallets has come with built in exchanger and cash out options for easy transactions so in the first place why would they put it if its illegal to sell your bitcoin or converting your bitcoins to cash? and what do you think is the purpose of bitcoin ? bitcoin is a currency just like money so it is used for buying and selling.

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September 18, 2017, 06:56:09 AM
 #27

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 government defines Bitcoin as legal or illegal tender....

so you can trade until you can. Bitcoins can be turned into dollars (or other hard currencies) by selling them on a Bitcoin exchange. The exchanges operate in a manner that is similar to a stock exchange, as users offer to buy and sell Bitcoins in exchange for a particular currency.
As Bitcoin grows in popularity, questions about the legality of selling Bitcoins may arise in other jurisdictions, prompting lawmakers to decide whether the statutory definition of money should be broadened to include Bitcoins or not.

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September 18, 2017, 10:34:10 AM
 #28

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.
Yes in most of countries its legal to do so while other do not specify it as neither legal nor illegal as they have no law regarding it. But yes make sure to show any gains from this security in your Income tax Returns or whichever direct tax your country has otherwise it will become black money.


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September 18, 2017, 03:01:33 PM
 #29

Yes its Legal. But you have to pay little amount of tax and its important. I don't see anything wrong with it. If you google it you'll find a lot of website selling and buying bitcoin in cash. In most of the countries of the world, there is no option of buying directly with bitcoins and people have to first convert it into fiat and then spend.

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September 19, 2017, 06:33:34 AM
 #30

Yes and why not? If you feel uncomfortable doing that then you can try and find and local exchanges on your place and convert it your local cash.
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September 19, 2017, 04:51:43 PM
 #31

You can do whatever you want in the US with lower quantities. With higher you would just have to figure out how to report it lol.
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September 19, 2017, 05:18:04 PM
 #32

It can only really work if you have a good amount of cash stashed away and you meet up somewhere secure to exchange. What a world this is lol
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September 19, 2017, 05:20:01 PM
 #33

You should be good with that amount. Just do it in a safe place and be safe. You never know what kind of people might show up
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September 19, 2017, 08:40:23 PM
 #34

This depends maybe on the country. In my country is sell my bitcoin through localbitcoins and I am paid directly to my bank account, and there is no trouble from my bank.

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September 20, 2017, 01:23:44 PM
 #35

Of course; this depends only on the country you live in and the legal status of Bitcoin there. Basic information about it you may find as well here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

You may do so just by selling your Bitcoin to somebody else, or use an online exchanger.   

Depending on the amount you wish to exchange, you later might need to present documentation that proves legality of your income; but if the sum is relatively small, it's unlikely such information will be requested.

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September 20, 2017, 08:05:52 PM
 #36

That depend of the country you live in... the general consensus (or tradition) is "That which is not forbidden is permitted". But this isn't always the case (for example, Germany, which is the opposite -That which is not permitted is forbidden- at least stereotypically), so you'll need to check what's the legal tradition of your country, and if it is expressly in some of its laws.

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September 21, 2017, 11:30:56 AM
 #37

You can do whatever you want in the US with lower quantities. With higher you would just have to figure out how to report it lol.
I think only problem is taxation. Apart from that everything is fine with selling bitcoin for cash. But make sure you know the person a bit. Dont trust strangers.

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September 24, 2017, 05:50:01 PM
 #38

You can do whatever you want in the US with lower quantities. With higher you would just have to figure out how to report it lol.
I think only problem is taxation. Apart from that everything is fine with selling bitcoin for cash. But make sure you know the person a bit. Dont trust strangers.
If people thought like you nobody would sell anything for cash. You don't have to know the person you're selling to. All you need is to be sure you're in a crowded place during the day. If you're so scared you can always bring a friend with you to hold your hand.

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September 26, 2017, 05:56:07 AM
 #39

If it is legal in your country then there is no doubt about it. Without any doubt you can easily convert it to cash. You can do all the work including sales. You can use everyday with business and business management.
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September 26, 2017, 11:17:40 AM
 #40

This is a legitimate operation, but if you get the money to the Bank account that the IRS will consider the money as your income. If you don't pay taxes on this amount you will automatically become a law breaker. Transactions in cash is impossible to track so the problems with the law you will not.

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