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Author Topic: Spending Altcoins, Legal or not ?  (Read 294 times)
FaucetKING
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September 17, 2017, 12:11:14 AM
 #1

Hello Coiners,
Since i'm a "Hodler", I keep holding my coins and tokens for long periodes and i'm going to withdraw later in 2019.
The main question in my mind is : Spending Altcoins, Exchanging them into BTC and depositing them into Mmm lets say for example Spectrocoin Card, Advanced cash Mastercard or even Wirex Prepaid MC Is legal ?
In some country's You have to give a statement that prooves your income, If i withdraw some "BIG" Amount of money, will that make some troubles for me ?
May i get into prison or may the govs get my money ?
This is a good question to ask, Lets discuss the situation guys .

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September 17, 2017, 12:15:18 AM
 #2

Withdrawing from an ATM can be problematic in a country where Altcoins are banned.
Direct spending and trade won't attract any law as its an understanding between the buyers and sellers.

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September 17, 2017, 12:19:29 AM
 #3

OFC it is legal but pay extra attention to how much you're spending. If your declared income is too far from what you're spending through cryptocurrency then don't be surprised if you get a question by your bank, tax authorities etc. Alternatively you could be more carefull with how you spend, by taking advantage of the anonymity cryptocurrencies offer and not associating your real name with your transactions.


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September 17, 2017, 12:23:23 AM
 #4

Withdrawing from an ATM can be problematic in a country where Altcoins are banned.
Direct spending and trade won't attract any law as its an understanding between the buyers and sellers.
OFC it is legal but pay extra attention to how much you're spending. If your declared income is too far from what you're spending through cryptocurrency then don't be surprised if you get a question by your bank, tax authorities etc. Alternatively you could be more carefull with how you spend, by taking advantage of the anonymity cryptocurrencies offer and not associating your real name with your transactions.

That's what i'm talking about guys !
For example lets say that my Gov don't know anything about crypto, well some peoples know about crypto but the govs doesnt even know that crypto really exist
When i withdraw lets say "20K$" , that sum can get me a hause and a good car, But i'm in a job that afford me that sum in 2 years hahah
I can  withdraw using another namen maybe a friend Smiley But when i buy a car they will ask me ?
How the hell i'm gonna explain to them ? xD

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sunhany
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September 17, 2017, 12:50:24 AM
 #5

Withdrawing from an ATM can be problematic in a country where Altcoins are banned.
Direct spending and trade won't attract any law as its an understanding between the buyers and sellers.
OFC it is legal but pay extra attention to how much you're spending. If your declared income is too far from what you're spending through cryptocurrency then don't be surprised if you get a question by your bank, tax authorities etc. Alternatively you could be more carefull with how you spend, by taking advantage of the anonymity cryptocurrencies offer and not associating your real name with your transactions.

That's what i'm talking about guys !
For example lets say that my Gov don't know anything about crypto, well some peoples know about crypto but the govs doesnt even know that crypto really exist
When i withdraw lets say "20K$" , that sum can get me a hause and a good car, But i'm in a job that afford me that sum in 2 years hahah
I can  withdraw using another namen maybe a friend Smiley But when i buy a car they will ask me ?
How the hell i'm gonna explain to them ? xD

Try to not withdraw too much, the closer it is with your income the better. You might get notifications of weird transactions, banks and goverments are always looking where money goes to cut off illegal ones.

Trading its not illegal but if your country doesn't know nor pays attention to crypto them it might be on a grey area, no one knows what could happen...
Pearls Before Swine
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September 17, 2017, 12:55:48 AM
 #6

It's defnitely legal in the U.S., but as far as I know it's up to the individual
to keep track of the cost basis, and that can be a mongoloid pain in the
ass.  But there's no law preventing the spending of bitcoin or altcoins that
I know of, and I'm pretty sure I would have read about it on bitcointalk
if there was.

If you can load funds onto a card, that would be awesome.  Finding a place
that accepts altcoins is no easy task tho.  Can't say I've ever tried.
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September 17, 2017, 02:56:45 AM
 #7

I feel legal and illegal depending on the project and the location of the project being there, there may still be illegal projects but only in china

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FaucetKING
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September 17, 2017, 08:20:36 PM
 #8

I feel legal and illegal depending on the project and the location of the project being there, there may still be illegal projects but only in china
Withdrawing from an ATM can be problematic in a country where Altcoins are banned.
Direct spending and trade won't attract any law as its an understanding between the buyers and sellers.
OFC it is legal but pay extra attention to how much you're spending. If your declared income is too far from what you're spending through cryptocurrency then don't be surprised if you get a question by your bank, tax authorities etc. Alternatively you could be more carefull with how you spend, by taking advantage of the anonymity cryptocurrencies offer and not associating your real name with your transactions.

That's what i'm talking about guys !
For example lets say that my Gov don't know anything about crypto, well some peoples know about crypto but the govs doesnt even know that crypto really exist
When i withdraw lets say "20K$" , that sum can get me a hause and a good car, But i'm in a job that afford me that sum in 2 years hahah
I can  withdraw using another namen maybe a friend Smiley But when i buy a car they will ask me ?
How the hell i'm gonna explain to them ? xD

Try to not withdraw too much, the closer it is with your income the better. You might get notifications of weird transactions, banks and goverments are always looking where money goes to cut off illegal ones.

Trading its not illegal but if your country doesn't know nor pays attention to crypto them it might be on a grey area, no one knows what could happen...
It's defnitely legal in the U.S., but as far as I know it's up to the individual
to keep track of the cost basis, and that can be a mongoloid pain in the
ass.  But there's no law preventing the spending of bitcoin or altcoins that
I know of, and I'm pretty sure I would have read about it on bitcointalk
if there was.

If you can load funds onto a card, that would be awesome.  Finding a place
that accepts altcoins is no easy task tho.  Can't say I've ever tried.

I have to be more carefull then, as this may build some troubles for me Smiley
Thanks guys for your infos, it really have helped me Smiley

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Speedster1978
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September 17, 2017, 09:30:27 PM
 #9

Withdrawing from an ATM can be problematic in a country where Altcoins are banned.
Direct spending and trade won't attract any law as its an understanding between the buyers and sellers.
OFC it is legal but pay extra attention to how much you're spending. If your declared income is too far from what you're spending through cryptocurrency then don't be surprised if you get a question by your bank, tax authorities etc. Alternatively you could be more carefull with how you spend, by taking advantage of the anonymity cryptocurrencies offer and not associating your real name with your transactions.

That's what i'm talking about guys !
For example lets say that my Gov don't know anything about crypto, well some peoples know about crypto but the govs doesnt even know that crypto really exist
When i withdraw lets say "20K$" , that sum can get me a hause and a good car, But i'm in a job that afford me that sum in 2 years hahah
I can  withdraw using another namen maybe a friend Smiley But when i buy a car they will ask me ?
How the hell i'm gonna explain to them ? xD

Hah mate, trust me goverments know about Bitcoin and other cryptos really good Smiley they are just not publicly judging it, while whole crypto "bubble" is not that big to catch their public attention, since they are not loosing that much money not regulating it etc.. but trust me some workers are carefully watching situation everyday Smiley

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