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Author Topic: Buy bitcoin for someone else?  (Read 851 times)
Sony.UK
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March 17, 2018, 01:33:39 PM
 #41

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.

It does not depend on authority's acceptance. If you want to buy bitcoin either for you or for anyone else, you can very well go ahead and buy them. So many countries are yet to accept bitcoin as of now, so should we still wait for the government to allow buying bitcoin or any other crypto currencies? Though its not yet allowed in countries, people from the same countries do buy or earn bitcoin and exchange to their fiats when needed. So no need to worry about. You can very well buy bitcoin for anyone's purpose.

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butcherme
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March 17, 2018, 02:20:05 PM
 #42

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 will be safe if you will not be involved in somebody else's money. You just mentioned that your friend doesn't know anything about bitcoin and cryptocurrency, what if your friend might think that you had scammed him if it's investment didn't work? So, it's better to teach your friend all about the stuff in bitcoin, cryptocurrency and trading, so that he will have an idea of what he is getting involved to.

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Greenkarki
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March 17, 2018, 02:23:07 PM
 #43

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 it can be done.  No harm in it.  As long as the purpose of purchase and the source to buy the bitcoin came from is legal it won't be a problem. It's another support to increase see the value. Please don't stop at just buying and handing over.  Just teach the guy how the coin should be protected and watch the growth in CMC.

changcloy
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March 20, 2018, 02:14:40 AM
 #44

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 mate, the OP should teach his friend on how to play in the market it feels better when there is someone who is willing to learned about crypto and you are the one who teaches him. Yes,it in not illegal but it is much a good idea if your friend will not rely on you someday.
icemanparachuter
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March 20, 2018, 02:25:35 AM
 #45

You could do an offline exchange, where he gives you cash and you sell him BTC in exchange for that cash. You could set up a wallet for him, and transfer BTC from your wallet and existing amount to that BTC wallet. Could keep it offline or online, either way, and thus he's now purchased legally BTC from you. You could agree on the price set and there's nothing illegal about it, could be a market rate you both agree on, or could charge him higher for the liquidity and work.
Budugbass
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March 20, 2018, 06:54:59 AM
 #46

No problem of course, I think it's still legal/not prohibited in the most countries, especially if the state really legalize bitcoin. In my country had already many people who doing that, from the one person to another person, initially who do not knowing it till can knowing it, and giving a lot of knowledge about crypto to further deepening it.
Dreamchaser21
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March 20, 2018, 08:12:14 AM
 #47

No problem of course, I think it's still legal/not prohibited in the most countries, especially if the state really legalize bitcoin. In my country had already many people who doing that, from the one person to another person, initially who do not knowing it till can knowing it, and giving a lot of knowledge about crypto to further deepening it.

Yes of course it will depend on that person if he trust you that much, though its risky on the part of your friend because he is clueless about what's happening in the market. Help them to learn more about the market don't feed him much because at the end of the day you are responsible for that.
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March 20, 2018, 05:59:57 PM
 #48

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 can do that so if its really needed. But teach him/her how the crypto works on. Teach how to find out the values of each day and how to sell them when the value is too high or when they wish to sell it. Just take them through CMC if you have time. This would better explain them of each coin's growth and its move.



























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BTCeminjas
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March 20, 2018, 06:31:09 PM
 #49

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 can do that so if its really needed. But teach him/her how the crypto works on. Teach how to find out the values of each day and how to sell them when the value is too high or when they wish to sell it. Just take them through CMC if you have time. This would better explain them of each coin's growth and its move.
Well said dude, this is true because he/she regretted when they having a problem with cryptocurrencies or it might blame you if you will not explain it well. Most people who adopt in cryptocurrencies are get influenced by others I'm not believed that he/she discovered on their own.
So, do your best of explaining if you want to help your friends or relatives to have extra income in cryptocurrencies.
Virtual miner
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March 20, 2018, 08:27:55 PM
 #50

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 depends on the law of your country. However this kind of transaction is not illegal in most of countries. Well you can confirm it from your country's penal code and code of conduct. Also make sure you tell your friend about all the basics of bitcoin. And the advantages, disadvantages and consequences of bitcoin market, trading and investment.

P.S.: It would be good to tell your friend before hand out everything so that he can make wise and well informed decision!!
Eleven86
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March 20, 2018, 11:33:34 PM
Last edit: March 21, 2018, 07:33:47 PM by Eleven86
 #51

Yes sure you can buy bitcoin for others. But you have to explain the benefits of bitcoin. Where to buy, how and when to sell coin. Teach him or her esecially the coinmarketcap.com. Every coin growth from its birth and till the end is updated on the chart. Its really easily understood. We can compare one to other in. Teaching wold help the friend to grow deper into it .
creeps
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March 20, 2018, 11:36:59 PM
 #52

Yes sure you can buy bitcoin for others. But you have to explain the benefits of bitcoin. Where to buy,how and when to sell coin.

That's actually a best thing that you can do than to buy for them. If they really want to understand this thing, better to teach them. Personally, I will not buy coins for them because I don't want to be liable if something bad happen so I just guide them and tell them everything I know about this market for sure they will easily understand it.
Indrawan77
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March 21, 2018, 12:20:21 AM
 #53

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






If your country allows buying bitcoin then its okay, but you still need to explained later to the tax department on how you get those money, its legal but if the amount you bought is too big and you do it quite often then it can become some problem, in my country you will be summoned by the tax officers and your bank account could be freeze if they found you got suspicious transactions in crypto, but I still think its better to teach your friend about bitcoin, more people using bitcoin will make bitcoin price become better
ajochems
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March 21, 2018, 07:03:03 AM
 #54

At first I would like to know ,have to buy a bitcoin before by a trade.If you know how to buy the bitcoin and which website is best to buy,then you can proceed to buy for your friend.Why I am asking this is,you are responsible for the money you are going to invest in the bitcoin.
Suppose if you had loss by buying at high price without trading knowledge ,you have to give that money.Keep that in mind.
BUK2016
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March 24, 2018, 08:53:08 AM
 #55

Well it will be legal if he has to send to your account but why can't your just put him through instead of the long process for him to transfer from his own account before you process it on the blochain.
btcmegastar
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March 24, 2018, 10:09:45 AM
 #56

Now there is lot transaction fee in between the exchange, of course, you can buy for him but after purchase again you need to send the Bitcoin to his wallet. In this case, there will be some transaction fee, explain to him about the transaction before purchasing Bitcoin to him.
sindikat
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March 24, 2018, 05:41:16 PM
 #57

If your friend asks you to buy bitcoins for him, then I assume that the use of cryptocurrencies is prohibited in his country. He will trade on the stock exchange and, if successful, he will face the problem of cashing out bitcoin. Probably it will ask to do it through your Bank account. Don't forget to consider taxes.
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March 24, 2018, 06:02:41 PM
 #58

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 but all the authorities will think that this is your 1000$ that you have now put into system and you are now using it to buy cryptos. Which means that any gains arising from it will be taxable in your hand until you create a full procedure by explaining how this income belongs to him. In any case however this can never be illegal until the money you are having is black money or money earned through unethical means. And yeah cryptos must also be legal in your country to do this.
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March 24, 2018, 09:19:08 PM
 #59

Depends really. Some accounts are closed because some banks linked their accounts to crypto when they bought coins with fiat. I bought coins on Localbitcoin few times and my account is still good. I didn't hear that someone's account got closed in my country.

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March 24, 2018, 10:33:05 PM
 #60

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 legal, because both have agreed to do that, you do not steal and you do not cheat, make it all transparent so there is no suspicion among you. Provide further explanation of possible bad risks later. Everything will be easy and it will be fine if you understand each other. Be careful

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