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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 26812 times)
Almat
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October 26, 2017, 09:14:38 AM
 #121

It is, but only if you do not make a consistent business out of it. Turning that into a business technically makes you an exchange, and you are going to need a business permit.
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bitcoinmagneto
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October 26, 2017, 12:16:42 PM
 #122

It all depends upon the country you are living in.Some countries have legally accepted it but some countries are treating it as a banned thing like earlier USA tried to arrest people who were trading their bitcoins and in some countries like texas you only need street license to sell bitcoin on the street. So before trading or cashing the bitcoin make sure to check the legal status of it in your country.
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October 27, 2017, 06:57:45 AM
 #123

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.

For me yes it is as long as your country are not banning it. Like for example in our country, bitcoins are highly acceptable especially in the bank. We this one bank that accept bitcoins in exchange with cash and with just a single tap of the mobile devices we can know get that cash that came from bitcoins so we do need to sell our bitcoins because we can easily convert it into cash. But if your country doesn't have that, better check it on some establishment if it is legal to sell bitcoins, but I know it is legal, you just need an approval to the higher order.
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October 27, 2017, 01:23:47 PM
 #124

I'm so sure you or someone paid to buy bitcoin. So it is no problem when you need to sell. Peace

BUt how can you meet? and how do you know that they are trustworthy? Moreover if you exchange bitcoin in country where was not accept bitcoin you can get trouble about the law. However, in some countries you are easy exchange bitcoin although bitcoin still is banned.
Example In my country bitcoin is illegal but many people are mining bitcoin, exchange and a lot of exchange website where you can easy sell bitcoin for cash.
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October 27, 2017, 09:32:51 PM
 #125

I think that bitcoin is illegal in some country's like China and asia in general.
You have to ask a lawyer to get the right details. Also Selling the bitcoins in black market may create some problem although.
Ask before doing something.
coin_1122
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October 28, 2017, 03:53:59 AM
 #126

It is, but only if you do not make a consistent business out of it. Turning that into a business technically makes you an exchange, and you are going to need a business permit.

As long as you are doing legal transaction and paying taxes to the government will leads to legal transaction because even though Bitcoin is not legal I am paying taxes on my transaction to the government.
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October 28, 2017, 01:01:34 PM
 #127

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 Legal.  I don't think so you have any problem to sell bitcoin by cash.

Its Doesn't Matter how Many bitcoin you  want to sell. But some country's need some requirement to exchange license for big volume.   

You can sell bitcoin by cash anytime but if your country have any legal issues about bitcoin that's time you have to follow procedure.

You pay tax and sell bitcoin by cash if your country legalize bitcoin. 
Mr. Thang
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October 29, 2017, 07:07:03 AM
 #128

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.

Yup it is legal for as long as you are not transacting any illegal stuff related to it. I also think that there are some wallets out there that support this kind of transaction, by making your bitcoins withdrawal for cash in an ATM machine provided by a specific bank (this is highly dependent on the wallet that you are using). Also, you must take note that selling your bitcoins to cash involves a trade which is very risky when done in the internet. I highly suggest that you meet-up with your trader in order to avoid any loses and regrets.

Domenc
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October 29, 2017, 10:05:52 AM
 #129

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.

Yup it is legal for as long as you are not transacting any illegal stuff related to it. I also think that there are some wallets out there that support this kind of transaction, by making your bitcoins withdrawal for cash in an ATM machine provided by a specific bank (this is highly dependent on the wallet that you are using). Also, you must take note that selling your bitcoins to cash involves a trade which is very risky when done in the internet. I highly suggest that you meet-up with your trader in order to avoid any loses and regrets.

But legality issues about selling Bitcoin for cash totally depend upon the state where you live. If the government has no objections against Bitcoin and its transaction then you are to do so. Also the amount is very small and it won’t be any problem if you trade from a proper exchange but the main issue that you need to see here is the weather it is legal or illegal.
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October 29, 2017, 02:39:04 PM
 #130

For example : I can still use bitcoin and convert them into fiat without fear being caught by police but my government already state that they forbid bitcoin as daily transaction

So selling bitcoin is not illegal ! ( at my country )
Aamir1
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October 29, 2017, 05:46:44 PM
 #131

It depends on the rules and regulations of your country. If you live in a country where using Bitcoin itself is forbidden them i assume it would also be illegal to sell them or turn them into fiat, but if you live somewhere where it is totally fine to use Bitcoin then for sure you can sell them as well and no one would ask you anything about it. In my country, i sell my bitcoins without any hesitation as there hasn't been any rule implemented about Bitcoin and we are not forbidden to use it.
I sell them on Localbitcoins.com and receive the money in a bank account of my desire.
Uberzugzug
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October 30, 2017, 04:14:27 AM
 #132

This is actually depends on the regulation of the country. In my country, Philippines, the regulation is not strict and the government even stated that they want to support Bitcoin as they see at as a contribution in the development of the economy of the country. However, in countries like China, the regulations are now strict. If I am not mistake, any cryptocurrency transactions is now prohibited by the government.
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October 30, 2017, 09:10:00 AM
 #133

It is legal as long as you pay all the exchange fees and taxes from your profit. What kind of taxes you have to pay - depends on the country you live in Smiley
cardinalVC
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October 30, 2017, 12:33:55 PM
 #134

You need to tell us where you're from. Legality and regulations differ from country to country.

Another thing you can take into account is as long as it isn't illegal, it's alright. The less regulations the government has placed, the better for you. But if the authorities have already mandated a regulatory model, you have to follow it. In most countries, it is allowed through an exchange platform so they may be able to keep track of the money being circulated by digital currencies. A basic AML-KYC system.
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October 30, 2017, 12:37:36 PM
 #135

As long as you are declaring what you are earning there should not be a problem especially in the UK/USA
Lieldoryn
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October 30, 2017, 03:01:50 PM
 #136

It's legal, but the government thinks otherwise. There's nothing they can show you. Transaction for cash generally difficult to control. I think that people very much focus on the fact that thinks about bitcoin state. It is our choice and we must be guided by their interests. A time when our interests was sponsored by the state ended.
Darklinkz
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October 31, 2017, 02:30:10 AM
 #137

It's very legal here in us so you might need to check if your country allows it or not. Now after that, if you are very positive that there's none then go ahead and sell it to someone who accepts it.
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October 31, 2017, 04:02:43 PM
 #138

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 what country do you live? I have read some news about people somewhere on a state in the US that did trade with localbitcoins and traded personally a customer. He was filed a complaint regarding since their city does have a law regarding bitcoin that it is illegal. Good to know that you asked it first before doing some deal and what you can do is to know about the ruling on your country and their stand about bitcoin. If you found no rules about it, you're fine.

elite2291
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October 31, 2017, 11:20:58 PM
 #139

Yes it is. Just be aware of the taxes that come with it. Also take care of accounting before you start doing it.
ElizaZX
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November 01, 2017, 09:42:49 AM
 #140

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.

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