Buy bitcoin for someone else?

[jayveerastrullo]

This thing happened to me when my friend introduced bitcoin to me as source of income or investment. He explain thoroughly what bitcoin is and the system and I think he got me because I am investing now. You do this as a gift to them.

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[Greenkarki]

This thing happened to me when my friend introduced bitcoin to me as source of income or investment. He explain thoroughly what bitcoin is and the system and I think he got me because I am investing now. You do this as a gift to them.

Yes, we can buy bitcoin for others. Before that you have to explain about the wallet, CMC and the transaction exchange. If they want to sell or buy bitcoin through exchange you have to knoweldge the person about transaction fees. Investing in bitcoin is good for future. But you have to educate about the bitcoin.

[Broesel]

You can also buy crypto coins for other people, who have no idea about it and just safekeep the coins for them. There has to be trust between the two parties, of course. For instance, you could buy BTC for your parents and put them on a paper wallet as a gift. But then you should explain the gift 

[Oceat]

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 seems that both of you had no knowledge yet in trading. A simple research through the internet is quite helpful while reading the most basic. It will take a lot of time to invest before you learn the basics through tutorial. You will gonna learn quickly when you always ask, but you gotta have to find the real person to train you.

[Eleven86]

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 seems that both of you had no knowledge yet in trading. A simple research through the internet is quite helpful while reading the most basic. It will take a lot of time to invest before you learn the basics through tutorial. You will gonna learn quickly when you always ask, but you gotta have to find the real person to train you.

It depends upon you if you have a knowledge in bitcoin you can buy bitcoin for others. First you can educate about the bitcoin to that person. Then only he knows at what time to sell or buy bitcoin. Explain the benefits of bitcoin it really helps him in future. He must know the trading exchange sites then only he can use bitcoin.

[Mobshady24]

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

well first of all you should know the existing laws on taxes on cryptocurrency in your place, if there is one just pay the assessed tax so the transfer would deem legal.
but as far as my knowledge is concern i think as long as the government doesn't impose ban trade of bitcoin any transaction as long as it is not for a criminal act should be legal.

[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

If Bitcoin is legal in your country then of course your transaction will be a legal but better if you teach your friend on how Bitcoin trading and investing will work to ensure the safety of the money of your friend like what if something will happen to you let's say an accident that may cause death and he don't know how Bitcoin will works for sure the capital will be lost because only you know the transactions and the only one who keep the keys.

[pavelkor]

if he trust u why not, and why other should know this? bank, government, fortet them, with crypto we are building the new and better wolrd than they did!

[Sayed Rifat]

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

Criminals are always seeking new ways to gain access to cash or to use third parties to move property or conceal transactions.
If you are considering buying or selling bitcoin for someone else, consider that you will have no practical recourse if money promised to you as a fee or commission isn't paid or if a cheque or money transfer is cancelled or reversed leaving you with a loss.

[cherry yu]

if your country didnot ban bitcoin then nothings wrong of buying bitcoin for your friend. explain to your friend what bitcoin really is ang the risk that may come out.

[chel0]

He doesn't know anything about bitcoins so he entrusted you to do the buying for him for his investment. I think there's nothing wrong with that and it's legal as long as you've done it lawfully.

[MLBBPLG]

If you manage well what your friends have given you I think is something that is profitable for you and of course your friends too
What's wrong if you give something to your friends about bitcoin

[Aristus]

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

The question is "does the bitcoin in your country is legal? "if yes I think there is no reason for it to ask and you can  easily proceed to make his request. So you don't have to worry about it.and I think your friend is a good investor because he knows about when is the perfect time to buy btc. So if I were you I would buy it now if it is legal before it's too late. Good luck buddy and to your friend! See you in success.

[Hannahanto]

Ofcoures you can buy bitcoin for your friend, if bitcoin is legal in your country. Before that you can educate your friend about bitcoin benefits and savings of bitcoin. Help him out how to cash the bitcoin through local exchange. He had a knowledge of buying bitcoin at whattine he buy the coin and what time he can sell. Then only he had a more benefits than he invest. Bitcoin is the good source of income to many people. So teach him thoroughly about the bitcoin and then help him to buy.

[onrise]

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.

As it’s always risky as buying for third party whom you do not know may end up in a trouble as we are unaware the purpose for which the Btc would be used. So ideally better not to buy as their documents could be fake one as well and end up we being in trouble .

[maarx]

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 yes do that unless and until you don't have any issues. I don't think purchasing bitcoin or other crypto currencies to someone will be illegal. We do have authorities who deny ICOs to involve their citizens to trade the new coins. I recently helped my dude to purchase around .040 BTC in local fiats. We purchased using LBC. The transaction was smooth and quick. I assisted him to open up a wallet with Coinbase. Activated security features provided. The bitcoin is safe now.

I would suggest you to make sure you teach them whats required after you purchase the bitcoin for them as that is very important keeping them safe.

[sheenshane]

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.

As it’s always risky as buying for third party whom you do not know may end up in a trouble as we are unaware the purpose for which the Btc would be used. So ideally better not to buy as their documents could be fake one as well and end up we being in trouble .

That's why I must prefer when buying bitcoin those trusted and you already know. Money is very sensitive to the people, so it's better to avoid the possible scam than to say thank your money lost. Third parties it's risky, yeah you are right it is very risky so be careful on people that you dealing with. Peer to peer transaction is must better to deal with compared to the third-party transaction.

[Ridwan Fauzi]

if he trust u why not, and why other should know this? bank, government, fortet them, with crypto we are building the new and better wolrd than they did!

That's a very wrong step if done, if your friend does not know how you should explain how to buy bitcoin. If you buy, your friend's wallet will be known to you and you are someone who knows it, no someone else.The danger is if your friend loses the bitcoin he has, he will blame you even if you don't do that. The money is sensitive you can blame each other and not good for your relationship.

[Basmic]

if he trust u why not, and why other should know this? bank, government, fortet them, with crypto we are building the new and better wolrd than they did!

That's a very wrong step if done, if your friend does not know how you should explain how to buy bitcoin. If you buy, your friend's wallet will be known to you and you are someone who knows it, no someone else.The danger is if your friend loses the bitcoin he has, he will blame you even if you don't do that. The money is sensitive you can blame each other and not good for your relationship.

You're right. Bitcoin is a personal currency and the personal responsibility of each user. You may also have problems with the tax authorities. In fact, you buy bitcoins. Money can take away your friendship. For this reason, I never open a joint business with friends and do not hire friends.

[Oasisman]

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 are banks who accepts Bitcoin or exchange your fiat to Bitcoin without moving it out from your bank, you can also use your credit card to buy Bitcoin. But it all depends on which country you belong coz there were also banks who stopped accepting Bitcoin.
But you should atleast teach your friend the basic to avoid confusions and misunderstanding during investment failure.