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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 9814 times)
cryptocity90
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August 06, 2018, 07:35:13 AM
 #441

Selling bitcoin for cash is perfectly legal but it is depend on your country in which you are living.No doubt that Bitcoin is decentralized in nature and no government can control it but government can control the digital exchanges that allow the users to convert BTC's into the fiat currency of their particular country.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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August 06, 2018, 02:44:07 PM
 #442

..as far as i know it is legal to sell your bitcoin for cash..depending on the country you belong..just like here in our country philippines..we can sell our bitcoin into our fiat money for bitcoin here in our country is accepted but not yet legalized..

Hey, I'm also from the Philippines! What do you mean by, "bitcoin here in our country is accepted but not yet legallized"? Are you sure of your statement? I'm certain you're not updated, kindly open all the links below so that you'll know that as early as March 6, 2014, the usage of Bitcoin (and other cryptos, as well) in the Philippines is legal.

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
http://www.bsp.gov.ph/regulations/regulations.asp?id=3748
http://www.bsp.gov.ph/downloads/regulations/attachments/2017/c944.pdf
https://support.coins.ph/hc/en-us/articles/201472850-What-is-the-latest-BSP-Advisory-on-Virtual-Currencies-
https://bitpinas.com/cryptocurrency/is-bitcoin-legal-in-the-philippines/

rancidgash
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August 06, 2018, 07:15:27 PM
 #443

Buying and selling bitcoins is not illegal in India. It is unregulated, that is the Reserve Bank and the government have not yet regulated or passed laws regarding this matter. So it's not illegal to trade bitcoins or use it as a currency. LocalBitcoins is a peer-to-peer Bitcoin exchange.
So that is why it depends on country that we live in cause even sometimes it could be legal but there are taxes that you need to make when you are getting cash from changing crypto.

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Ozero
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August 07, 2018, 02:06:38 AM
 #444

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 in your country of residence bitcoin and other crypto currency is not directly banned, then in exchange for ordinary money it can be considered legitimate. In addition, you need to know the tax laws of your country, because direct and open exchanges can later become known to the tax authorities and you need to be prepared that you will then be required to pay the relevant taxes.

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August 09, 2018, 02:08:49 AM
 #445

Sale of bitcoin in cash can be legal affair if anybody disclose his or her income to government and pays income tax regularly.  Then it will be legal transaction 
Until now I can exchange my bitcoin or altcoin to Fiat very easily without obstacles and without tax obligations? I think it is legal or not it will not be too influential to convert to your local currency, for example to me, there are many local exchanges in my country. whereas my country ban crypto?

Cantereb636
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August 10, 2018, 01:13:29 PM
 #446

It depends in what country you live in. In my country if you cash out and pay an income tax then it's fully legal.
pabpete
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August 10, 2018, 06:03:13 PM
 #447

It depends in what country you live in. In my country if you cash out and pay an income tax then it's fully legal.
That situation happens in most of the countries, you need to pay tax for income that you receive, only in some of them it is just illegal or you can sell those coins without doing anything.

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gayletot
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August 11, 2018, 08:34:43 AM
 #448

the bitcoin is legal to sell of money. thats true legal, it does not matter if the cash sale is bitcoin, in fact it is better because cash is the first to handle your rent. but still remember because there are many scammers.

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August 11, 2018, 02:16:43 PM
 #449

If everything is normal in your country with a crypto currency, then why can not you sell it.
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August 12, 2018, 04:51:43 AM
 #450

If everything is normal in your country with a crypto currency, then why can not you sell it.
actually not all countries approve it but in developing countries its use is still considered illegal and there are still many that have not allowed the use of bitcoin currencies, so to exchange currencies directly is still very difficult, but we must think in the future that all countries will definitely use currency cryptocurency and definitely exchanging and selling can be anywhere.
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August 12, 2018, 05:33:17 PM
 #451

IN SEVERAL COUNTRIES BITCOIN IS CONSIDERED AS A COMMODITY,WHERE IT CAN BE TRADED OR EXCHANGED WHERE AS IN SOMEPARTS IT IS EVEN CONSIDERED AS A TAXABLE PROPERTY.SO IT VARIES FROM COUNTRY TO COUNTRY
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August 13, 2018, 01:44:04 AM
 #452

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.
Not all countries legalize cryptocurrency, whether in your country you have implemented a digital currency, because the exchange of money such as bitcoin or altcoin into cash can be subject to tax or any regulation that is applied in the country if that country has legalized crypto, it depends on your country
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August 13, 2018, 06:57:51 AM
 #453

Nothing absolutely wrong with that. although, Selling Bitcoin as a business requires a license and consciously selling Bitcoin to someone whom you know to be a money launderer is a path to conviction.
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August 13, 2018, 03:59:24 PM
 #454

Sure it is.At least if in your state there is no special ban.Or just do not forget to pay taxes according to the laws of your state)))Where is the tax while it does not.I do not understand why this should be prohibited?)You do not sell weapons.

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August 14, 2018, 09:13:44 PM
 #455

Sure it is.At least if in your state there is no special ban.Or just do not forget to pay taxes according to the laws of your state)))Where is the tax while it does not.I do not understand why this should be prohibited?)You do not sell weapons.
It is not illegal to turn bitcoin into cash, what's illegal is scamming people and using bitcoin as an instrument, for sure that there are lots of out there trying to victimize people with their illegal actions that is why it is so important to be vigilant always.
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August 17, 2018, 12:39:20 AM
 #456

THERE SHOULD NOT BE ANYTHING WRONG IN DOING SO UNLESS YOU HAVE CERTAIN GOVT PROHIBITIONS.OTHERWISE IT IS FINE IF YOU PAY YOUR TAXES WITH RESPECT TO THE MONEY YOU ENCASH
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August 17, 2018, 01:02:55 AM
 #457

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.

Do you mean some of your friends will buy your Bitcoin directly? Well that is possible as long Bitcoin is not ban in your country but you should have to make an agreement with them regarding who will pay the transaction processing fees and the possible income tax once that Bitcoin will be finally convert to fiat in which the local exchanges will require it. Except if your Bitcoin is not legal bun not ban in your country then you could benefits of Bitcoin without tax.

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August 17, 2018, 07:39:47 AM
 #458

If your country doesn't prohibit its citizens to acquire and use bitcoin in transaction it then you can able to sell or convert it to cash regardless of legal or not. Here in my country, a lot of people have already uses bitcoin as their alternative currency but the government is yet to legalize it. The central bank recently approved the use of bitcoin in remittance and I already tried many times.

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August 17, 2018, 11:39:42 AM
 #459

It all depends on what country you live in and how the governing bodies of your state relate to the crypto currency. If in your country the crypto currency is regulated by law, then you need to study this law. Then you will understand whether you can exchange your money for bitcoin.

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August 17, 2018, 12:51:55 PM
 #460

It all depends on what country you live in and how the governing bodies of your state relate to the crypto currency. If in your country the crypto currency is regulated by law, then you need to study this law. Then you will understand whether you can exchange your money for bitcoin.
Actually it is  the prerogative for a person who wanted to sell or buy bitcoin, because bitcoin is like a personal assets in which nobody has  a control over it, but  it will only depending on how governments would impose regulation to some trading sites who operate in their country but if the transaction is P2P or interpersonal it is not illegal at all.

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