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Author Topic: Is it legal to give bitcoins as a gift?  (Read 3720 times)
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September 26, 2013, 03:30:20 PM
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Is it legal to give bitcoins as a gift?

Is it legal to send $100 bill to your grandson in his birthday card?

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ZephramC
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September 26, 2013, 04:24:07 PM
 #22

Is it legal for third person or institution to interfere with (or parasitize on) voluntary free transaction between two people?
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September 26, 2013, 05:10:38 PM
 #23

Is it legal for third person or institution to interfere with (or parasitize on) voluntary free transaction between two people?

Legal? Usually it is.
Moral? No.
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September 26, 2013, 08:28:07 PM
 #24

Is it legal for third person or institution to interfere with (or parasitize on) voluntary free transaction between two people?

Legal? Usually it is.
Moral? No.

Ludwig von Mises approves  Smiley
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October 13, 2013, 01:59:06 PM
 #25

Bitcoin is just a product. You can buy, sell or gift others. So It is legal to do in ethical ways.

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October 14, 2013, 07:50:35 AM
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 Smiley yeah it is legal
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October 14, 2013, 08:10:16 AM
 #27

If you get away with it depends in what country are you located
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October 15, 2013, 02:40:53 AM
 #28

Bitcoin is the only gift I've given to adult family and close friends for the past 6 months. I love the excuse to send someone a fraction of a Bitcoin.

If it makes you nervous, fund a bunch of paper wallets for cold storage, and "misplace" a couple of them. Maybe a couple of people you like will "find" them.

I'm about to use http://coinapult.com/faq to send my next Bitcoin birthday gift (it's too late to send a paper wallet). I'd always heard of Coinapult as a company associated with Eric Voorhees, nice to finally see a time to try it.

BTW, Tony Gallippi (BitPay co-founder) spoke at a meetup here last week, and he believes giving Bitcoin as a gift does not require a capital gains calculation. So for people with a low cost-basis (who feel the need to go by the books and declare Bitcoin gains on their taxes), giving Bitcoin as a gift could be an especially tax-efficient thing to do. Of course, Mr. Gallippi could be wrong, but I assume he is one of the more informed people on Bitcoin tax implications.

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October 15, 2013, 03:38:36 AM
 #29

If you get away with it depends in what country are you located
Is there a country or jurisdiction where the legality of such a gift is even legally questionable in small quantities?

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November 06, 2013, 03:08:04 AM
 #30

How about this scheme then:

I sell you a whole crate of bananas for USD, then buy it back from you for BTC. Both transactions would be at a reasonable market rate (slightly in my favor, natch), and if you want to stop after the first step and keep the bananas, of course you're entitled.

Would that still be too "cute"?
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November 06, 2013, 04:35:29 PM
 #31

That's just as legal as money laundering.

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