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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 6967 times)
Klausi
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November 08, 2017, 05:18:02 PM
 #161

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.

This is possible if some one will really agree to pay it for you in cash avoiding the tax or service charge for you but in the end still it will need the help of local exchanges to convert it to fiat. If the last person will now use the exchange for fiat, the last person will now leave with no option but to shoulder the tax or the service fees imposed by the exchanges or the government. I'm afraid no one will buy your bitcoin except if you will sell it at the lower price to recover the future fees of the buyer.

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November 09, 2017, 02:08:17 AM
 #162

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.
It was depend on the legalization of bitcoin in your country if there is no news about bitcoin it is ok to buy or sell bitcoin and make sure you are real buyer or seller and not a scammer because that is not tolerable in the law you will be punished inn that way doing.
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November 13, 2017, 10:07:33 AM
 #163

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 the legality of bitcoin in your country, because in some countries selling or buying bitcoin is pretty much illegal, so if bitcoin in your country is legal then you have the go signal to sell your bitcoins.

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November 13, 2017, 10:38:03 AM
 #164

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 the legality of bitcoin in your country, because in some countries selling or buying bitcoin is pretty much illegal, so if bitcoin in your country is legal then you have the go signal to sell your bitcoins.

Yeah really depends on your place but you don't have to worry if bitcoin is ban in your country because i believe bitcoin will become the future of all, so just hold it and enjoy big profit later on.

Psyloc9302003
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November 14, 2017, 12:22:18 AM
 #165

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..
Tushar24aug
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November 14, 2017, 02:32:58 AM
 #166

Yes, because the bitcoins are legal digital currency and you can exchange legal currency with legal currency

There is no government which tells you why are you exchanging this currency with Bitcoins.
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November 14, 2017, 03:18:34 AM
 #167

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.

That would depend on the legality of bitcoin in your country. If you are in a country where bitcoin is not allowed then it would be illegal but if you are in a country where bitcoin is not yet illegal then I think it would just be alright to sell it for cash. As for me, I often sell my bitcoin for cash because I need to pay some expenses urgently. Though our country didn't make it bitcoin legal yet but they didn't also ban it so that's why we can freely do what we want with bitcoin as long as it would not involved any illegal activities. We would just convert bitcoin to our currency and then send it to our bank account or remittance center available.

Since the amount would be pretty big when you cash it out, banks would be alerted to it and may investigate the matter where you got the cash. Be sure also to pay the applicable taxes if there are any.

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November 14, 2017, 07:32:39 AM
 #168

Yes, because here in us there is a popular exchange that is very reliable for converting our btc to fias or vice versa. You can also ask your local fellow bitcoin earners to make sure it's really legal just for assurance.

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November 14, 2017, 08:31:34 AM
 #169

Unless doing so is illegal in your country, I think that it is perfectly legal to sell bitcoin for cash. The only thing is that you may need to pay capital gains tax (either short-term or long-term depending upon the duration of your holdings) on your profits. So it may be wiser to exchange your BTC for gold or some other asset. I guess that you don't have to pay tax on those gains.

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November 14, 2017, 08:34:21 AM
 #170

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.

I think it depends upon the country/state you live in, if they have banned bitcoin there, then you might land in trouble while doing this transaction. Otherwise, it is legal to buy/sell bitcoin with cash.
So you might wanna check on your local law before doing this.
Vastraint
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November 15, 2017, 01:47:00 AM
 #171

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.

Just like others said, it will depend on your country. But do you mean transferring it to another account in exchange for money in actual action transaction. But why selling it for cash where you can convert it to cash and cash it out? Is it to make everything easier?, they're almost the same isn't it? I just don't get the point!  Undecided

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