Buy bitcoin for someone else?

[supermine]

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

No it is not Illegal unless you country totally banned bitcoin,actually you are going to trade instead of your friend so it is just like you are going to work for him but legally you are not working you are the boss here so you need to pay taxes on your name because your bank account is involving here.But you need to make records that from where the capital amount came.If the amount is huge then there maybe high taxes.But it is totally legal to do.

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[Bagaji]

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 a very simple task for you to teach your friend on how he or she can buy Bitcoin and other altcoins for i don't see any need for the long process of him sending it to you.

[RubusFund]

It's legal. Better, show him the websites of exchangers where it is possible to buy quickly and easily bitcoin. Anyway, let he will make it independently, so you will be insured from problems in case the bitcoin falls in price or the friend will decide to bring him ahead of time.    friends such friends....

[creeps]

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 a very simple task for you to teach your friend on how he or she can buy Bitcoin and other altcoins for i don't see any need for the long process of him sending it to you.

That’s right, better to teach your friend for you not to be liable on buying bitcoin for him. Better to help your friend in that way instead of doing it on your own. Feed him the knowledge he needs to so he can do it alone, and give thanks to you later on.

[NeedNoFee]

Yes, it is legal but it shoul be better for both if he does it by himself

[tweetbit]

That’s legal, but only depends on which country your talking about. If buying and selling crypto or bitcoin in your place is illegal for some reason, then don’t do it. Otherwise you’re violating it and might be punished accordingly. If it isn’t regulated and all are legal, then buying it won’t be a problem for you to directly use bank in exchange of bitcoin from any online wallet your using.

[Gozie51]

It is not illegal to assist someone to get a business transaction done . What you should be sure of is to transact in utmost good faith. You be sure of no shady dealings.

[tekusa]

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

Yes, you can do this but pay all taxes. Here is how you can buy:

Go to the exchange of your choice, and browse to see their “buy” section. Select the amount of bitcoin you like to purchase. You will find the recent high price of bitcoin in every exchange and you could easily buy less than one bitcoin on these exchanges. You can divide bitcoin up to eight decimal places. This denotes one can buy 0.11 bitcoin, 0.001 bitcoin or even 0.00000001 bitcoin, the one that suits your budget. Now depending on the kind of exchange you have performed you can purchase bitcoin using a credit card, bank transfer or through cash.

[BTCeminjas]

Buying in a person that you did not know is very risky, if you are a risk taker you may buy bitcoin in people trusted who are dealing with.
Why you did not choose a legit exchange site for more secure of investing in your money, dont trust other people except if you know already that man. Buying for someone else it's just like you are helping him to know more in cryptoand that's a good idea to help him and make to understand further more in bitcoin. Hope at the first invest he did not fell disapointed.

[Aikidoka]

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.

I agree with you. Teaching him the ways to cryptocurrency will be beneficial for it because another member is added into that field, not to mention that his friend will, later on, introduce it to another friend. It is like advertising. Moreover, it is better that he does it by himself because if something goes on the wrong foot, he will blame you for it. It is better to avoid taking risks even though I believe there will be no risk taken. But still he should do it by himself.

[Biscutard]

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

Wait, does your country prohibited people from buying to any cryptocurrency/bitcoin? No matter what you guys want of investing into bitcoin it doesn't matter but remember you have to know how the market works in order for you and your friend to gain such good profit. Just "buy low, sell high"

[vallentvi4]

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..

During mutual trust I feel no problem, of course beforehand there must be agreement about the results and transparency about the movement of bitcoin prices during stored.

[brontosaurus]

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

See, it depends on the law of the country you reside in. You must be aware of the applicable policies in the government your country. So, if you want to help your friend, guide him properly, and help him to understand the basics of bitcoin investment. the transaction you are talking about is legal in most of the countries, but that would be good if you consider the legal requirements of your country.

[Awraawra]

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

hello guys...maybe in your case if your friend gave you that money and he want you to buy bitcoin why not?this is legal as long as you know what you are doing,and you have to be aware in our country for there policies.and you have to teach him how the market it works.

[Hannahanto]

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

There is no harm in it as long as the money being invested comes legal. At times, block money is converted in legal money by investing the block money into bitcoin. Even my friend yesterday approached me to get some bitcoin with his fiats he has. Bought from Localbitcoin.com . Guided him to track the value everyday and be updated.

[rolerVX]

I see problems will arouse on that particular decision. You are not sure in the coming days if what will happen. Absolutely it can be turn into good or bad things will come. This is what the truth we face in real world and in this world of cryptocurrency. If your friend are really interesting with crypto why not both of study the techniques on the particular issue. Your friend is an investor if she/he wanted to do such things on investing to bitcoin. In futuristic thinking if she knows how to buy, sell, and trade coins then she can be good enough to handle what will be the next steps.

[coin_1122]

I hope it won't harm you anything if you buy Bitcoin for your friend. Check not all the taxes before buying bitcoins from your bank account, even I did many times to my friend because they don't have any knowledge about purchasing Bitcoin.

[Mamoot]

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 it's better, give an explanation first about the bitcoin trade, so he can understand the workings and their impact, so that there is no misunderstanding for the future if something happens that we do not want

[darkangel11]

I hope it won't harm you anything if you buy Bitcoin for your friend. Check not all the taxes before buying bitcoins from your bank account, even I did many times to my friend because they don't have any knowledge about purchasing Bitcoin.

Come on, you're trying to freak him out or something? It's just 1k, people are earning more every month. I had sold used stuff on ebay and amazon that was worth more than 1k and no questions were asked. Let's not be paranoid here, nobody cares whether you put 1k here or there and no police or other agents will come knocking on your door because you bought some coins online.

[semobo]

If cryotocurrency is not banned in your country then you can buy bitcoin for you or for someone else, either you can help jim to explain how to buy or you can buy instead of him,but you need to pay the taxes in the name of you because it will be considered as your earnings so don't forget to file the taxes for what you made it.