Buy bitcoin for someone else?

[carlfebz2]

Tell your friend to figure it out himself. It's his 1000 pounds to lose if he wants to take the risk, not yours. It's not that difficult, he can find lots of information online about how to do it. You can even walk him though it step by step and show him which wallet to use, which exchange, etc.

Essentially this is the same as a friend sending you money to buy stocks, another currency, commodity, etc. It's being done on his behalf, so it's perfectly legal. He just should do it himself so he can accept full responsibility for his money.

Rightful thing to be done by a friend not just ordering you to do things which he can actually done without any problems.Its just all the same because you are residing on a same country but be sure on the laws that is connected to crypto before making such any transactions because you might able to face up problems if they would find you out making transactions.

why do you take others risk?

maybe his friend do give out some bonus money for the help that he would do.(possibly)

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[marcbitcoins]

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into  my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

This will be your opportunity to help your friend to learn on how crypto investments works in which we really need more people to increase the real demand of this investment specially in this time of difficulties in which the market is not healthy. There is nothing to worry about the process in which its really legal because you use the money for investments and not for money laundering. Maybe they will required you KYC in the future due to amount involved but that will not be a problem as long as you are legal people.

[yemacake]

There's nothing wrong with whom you invest in the market or buying btc, just take care of the scammers. but it's better to invest in bitcoin itself. for seurity.

[yuriy_bragin]

 

[fire rab1]

as long as the money earned by your friend is legitimate and if you keep a proper record of all transactions it should be safe but as I see the earlier posts I feel that it is always safe to make him do it by himself.

[ferall]

Personally, I prefer to buy BTC from reliable sources. I always use https://buycoinnow.com/. Low fee (4,99%) , good support and transaction security give me a guarantee of a good investment.

Avoid this scam site.

[Angel Di]

Previously, it was said that bitcoin was lost by hundreds or thousands of coins. Who bought pizza for 10,000 bitcoins when the price was very cheap.  And now divorced a lot of scams because the price of bitcoin has grown. And the bitcoin technology itself is revolutionary.

[izanagi narukami]

It's become your opportunity to gain profit.
Just make sure that you have explain the risk and the transaction fee detail before proceed.

There's nothing wrong with whom you invest in the market or buying btc, just take care of the scammers. but it's better to invest in bitcoin itself. for security.

As long as they are trust partner, It's fine !

[nuraziaaziz]

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into  my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

It is legal as everything will be done from a bank transaction. You and your friend both would have to pay tax if your income comes under tax bracket or whatever is the rule of your country. Another thing is that you can teach him how to do it so that he can do it form next time by himself unless you will get some extra % for doing this than it is a different story.

Yes, I agree with this statement.

[CoVEXCOIN]

For the time being, we are going to stop telegram quizzes. We are going to start a new telegram bounty in the near future. I will let you know once everything is ready. For now, just keep participating in our social media bounties.

Please check this link to take part in the Twitter Portion: https://twitter.com/covexcoin/status/1054435633299628032

Please check this link to take part in the Facebook Portion: https://www.facebook.com/pg/covexcoin/posts/?ref=page_internal

Please check this link to take part in the Reddit Portion: https://www.reddit.com/r/CoVEXCoin/comments/9qg31k/reddit_bounty_22_oct_27_oct/?ref=share&ref_source=link
Good Luck to all!

[KorakPawon]

Just be honest and speak frankly. I think you'd better introduce crypto world to him even better. If, he's not interested, yaaa you can give him advice to exchange to fiat. But, if it does happen, you probably have to pay tax, and maybe the value you get will not be the same as you exchange you bitcoin to fiat money.

[zahed]

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into  my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you

You have to pay government taxes so i think this is legal processing to buying Bitcoin from banks and this is secure investment because banks is the main escrow both of you and your friends.

[DavidNiva]

If you really care about your friend better to tell him everything, and teach them how to play in the market. I’m not saying that you idea is illegal, its legal as long as you are committed but again teaching him about cryptocurrency is the best thing that you can do, let him enjoy the cryptomarket.

giving an understanding of crypto is more useful than we buy for others,  because an understanding and knowledge is more useful in the future,  with a good understanding can make someone able to buy and sell independently.

[Patient_Zero]

Yes, for as long as you pay all the applicable taxes. Make sure you document everything, including the transfer of coins to them in case they try to do anything shady because they'll likely be traced back to you.

This should not be used for other people because it is very risky, it might be better to tell how to buy and maybe we can accompany the purchase, this is to keep all the bad things from happening, because this is related to a very large amount of money.

[ningrumxxi]

If you really care about your friend better to tell him everything, and teach them how to play in the market. I’m not saying that you idea is illegal, its legal as long as you are committed but again teaching him about cryptocurrency is the best thing that you can do, let him enjoy the cryptomarket.

sharing knowledge with close friends or relatives is very good, besides being more educating so that our success is enjoyed with us, success that has no effect on the surrounding environment that I feel is just vanity, because we are not always at the top because one day we also need help from others, so let's start sharing knowledge about bitcoin and how to trade properly.

[sambel90129]

If you really care about your friend better to tell him everything, and teach them how to play in the market. I’m not saying that you idea is illegal, its legal as long as you are committed but again teaching him about cryptocurrency is the best thing that you can do, let him enjoy the cryptomarket.

really, better to give a little direction and start sharing knowledge, it's more useful than we buy for others, because a science can produce many benefits rather than just buying, sharing with others will give us many advantages, in bitcoin all can be interrelated, especially the existence of important information sharing, can change the perspective of the general public.

[jademaxxiss012]

Yes as long as he told you to do so and it is his wish for you to grant. But, you have to made it clear that you only will just buy bitcoin for him. Provide him a hardware wallet which he will going to pay for it and then store the bitcoins in the wallet you provide and give him teach him how to trade his/her bitcoin holdings. This is way better for you are not will ask to be liable of anything that will going to arise. Hand to him/her the hardware wallet including the private key.

[deppil]

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into  my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

I think buying bitcoin won't be that complicated by thinking about legality and tax. if your friend's money is already in your bank account. you only need to make a deposit on the exchange site and buy bitcoin. and you can give that bitcoin to your friends. just simple like that

[primejia]

Its not illegal as long as your friend trusted you so much and you will commit on that. But hey, don’t spoon feed your friend because its not healthy to do so, let him know the market of cryptocurrency so no one can blame for if he incur losses because in the first place you guide him to start his journey here and the rest would be depend on his goal.

giving help to friends may be better, than we make a purchase for someone else, because the potential loss that we can get is unknown to our friends, this can create a bad problem, we must open ourselves up in trading, always provide assistance in bitcoin trading maybe safer, profit and loss, we will always be detected.

[coldplay3r30]

Buying for someone else is not a problem, but when he decides to sell, he might have some problems, especially if profit from cryptocurrencies is taxed in your country. He will need to prove that he bought those bitcoins.

buy for someone else we do with a buy and sell system,  we can take advantage of services what we do, or commonly called getting commissions from buying and selling, because the value of bitcoin changes very quickly if you buy for someone else and in the long run is very risky, because of the purchase price figures will always change from time to time always happens.