Bitcoin Forum

Gone

No company is legally able to do business with you if you're underage, so they would open themselves up to massive potential liabilities by allowing you to do business with them. I would not recommend it, but are your parents willing to set up an account in their name at an exchange like Coinbase or Binance? That way you could hold the money in a USD balance on their service. Alternatively try a similar setup on a P2P exchange like localbitcoins, which would allow you to sell to someone and have them send money to your bank account (stick with the highest profile traders). Depending on your age there are certain banks out there which allow you to hold an account, but I guess that depends on the country you live in.

I get what your saying, but the bank we use makes it so that the parent has to co-sign and the parent has to say "yes" to the transition before it can happen. I will ask him later.

It is surprising to hear that minors can't have a bank account on their own. Here in India, anyone above the age of 10 years can open a savings account. Many of the private banks have their own specialized schemes, and for example the ICICI bank has Young Stars Account. Those below 10 years of age, it needs to be a joint account with one of the parents. However, there is heavy misuse here. A lot of people use the accounts of their children to receive payments, and thereby avoid taxes (annual income up to ₹500,000 is exempted from tax in India).

Man, it's simple, convert the coin into USDT, USDC, BUSD, or any stable coin then you can cash it out later when your dad came back to your home after work. :D

You no need to cash out your cryptos into fiat, it will reduce your profits in terms of fee and also you may have to wait to get the cash into your bank account.

Most of the digital wallet requires you to present your valid IDs so that they have the proof about your age.

But some newbies are stubborn and wise enough to use their parents ID so that they can still access digital wallets like that.

If there's a will, there's a way, but I don't think that is legal in some countries to use other people's valid ID just to become verified.

Well, it is a difficult thing to answer... without having to risk ..getting you into trouble with your parents and also breaking some ToS and then having the trading platform "locking" or even closing your dad's account.  ::)

So, that said.. Why do you have to cash out? Most Exchanges and trading platforms will just credit your cash balance when you sell, so you will not lose anything. Also ...some trading platforms will allow you to place "buy" and "sell" orders for a specific amount, so the order will be placed at that amount, without you having to interact with the platform. (Just automate the whole process, if it is possible with the platform that you are using.... this way your dad can approve the amount, whilst you two are together)  ;)

Example : You and your Dad decide to Sell Bitcoin at $36 500 ... So you place a Sell Order for that amount and you just login again and set a new buy order when he is back at home. (A good bonding opportunity between a parent and a child... and he might even trust you to use his account, if he is not around.. just check in with him ... before you do something.)  ;)

I second this. No other solutions you could find, or you will be risking it with illegal methods and worse case closing your dad's account that will give you some spanking afterward.
Just let it sit with USDT. Most exchanges do support this coin. I won't make any rush decisions if I were you even if you needed the money for whatever you want to buy online.  ;D That's all I could guess why you are trying so hard to make this happen. You want something so bad.

I do not clearly understand your case. You want to buy bitcoin using very inefficient and expensive services such as Paypal and others that you mentioned, yet you are already thinking of cashing out when there is what you call a "crack" which is nothing but the usual bitcoin up and downs. You should consider a different strategy that is more suitable to your circumstance, for example, you could jus Hodl for longer periods or consider investing regularly and cashing in a year or so. You got lemons, make lemonade.

If I am not wrong he is not asking about how to cash out, he is looking for a way to cash out at immediate situations when he can't able to access his dad bank account, but we don't need to cash out everytime we can simply convert into a stable coin and can convert into crypto or fiat in what way he is already doing.

In your family, who is an adult and meets the requirements to have a bank account, etc.?
and what I need to know are factors like the policies of the government where you live. You can use a digital wallet by using the data of relatives, friends, or the like. just to borrow data to facilitate your needs.
oh yeah, don't all crypto wallets require their users to have an age requirement, or complete data?
try contacting the closest person who can help you overcome this.

I think the minimum age limit is absolute for every country to create a bank account,...
so borrowing family data that meets the requirements to create an account is the solution where you have access and hold a debit card that can be cashed in every machine..... because I believe it is impossible for every family to own and be registered in many banks in your country

Maybe you do not need to open a new account because you can cooperate with other people. In this case, you can use your father bank account to save your money until your age can open a new bank account. And when you want to send the money from the exchange, you can send for a small amount, enough for you to fill your daily family needs, and let the rest of your money in the exchanges or send it into your personal wallet.

If you use a personal wallet, you can transfer all of your coins to that wallet, whether in bitcoin, altcoin, or even stable coins so that you can keep it by yourself. Until the time comes for you to open your own bank account, you can feel safe to keep your crypto in that wallet.

I would never recommend paypal to anyone, just because of their ability to randomly close anyone's account!

Like others were suggesting, can't you use your dads ID or tell your dad to make an account using his name on behalf of you? You use it and your dad doesn't have to be involved. I know its bullshit not letting you manage your own finance just because you are a minor. I mean how else will you learn if you don't start experimenting early?
But make sure you are ready and learn about the risks involved. As for converting it instantly during spikes or crashes, you don't have to convert it to fiat. You can convert it to one of those stable coins and then cash those profit out by selling your stable coins.

while stable coin is risky, i think that's the only way for you to store/protect your asset when there is a dump so you don't need to cash out immediately. even if your dad is busy, i doubt one day of waiting would make a difference if you hold stablecoin. unless you're extremely unlucky (such as a smart contract attack, etc), i also suggest you to use stable coin as others mentioned above. when you can create your own account, you can then stop using them if you want to cash out immediately.

It's hard to answer your question if you want to cash out your fund without a bank account because usually, it needs above age of 18 so that you can able to create your own bank account and transfer there if you want to cash out from exchange.  But, you can create a bank account below 18, there's a teen bank account that allow but of course with parental consent and that's a joint owner account.  Your parents can monitor your account activity.

There's no alternative way to sell your coin from an exchange and then cash out the fund without a bank account, not unless, if you have sold it in person-to-person which is also a risk on your part.  

My advice is when there's a crash on the price, fro exchange convert your coin into a stable coin like USDT and if the price will not back until your dad come, that's the right time your dad will help you to cash out your fund, using Coinbase or any local exchnage that you can able to convert your USDT cash.  LBC might the right one.

I really don't fully understand why people under the age of 18 are restricted from using things like PayPal, bank account or the other. Afterall there isn't much restrictions for them when it comes to owning physical currencies why then virtual currencies?
I think they should have special account types for underage, which can be built in a way that enables parent supervise and control how their kids spend their money. I wonder if that exist already. That is the kind of coin app you should be looking for, I guess

The only option you got is to ask the help of your parents rather than looking for other options as every payment processors have mandatory KYC procedure but there are exchanges that do not require KYC and if you are having lower trading volume and assuming that you will be having a lower trading volume since you are a minor and that is the solution in your situation.

Just stay honest and wait till you are 18 :) or just ask your dad's permission to create an account under his name and ID and you can trade and make profits. Try to create an account on popular exchanges with his permission and under his name and use a limited amount approved by hin to trade. Now, just convert profits to stable coins like USD and when he comes back from work, give him the stable coin in exchange for cash ;) in that way you will learn to trade as well in process, so it's a good way :) but, I would still recommend you to wait till you are an adult, I know the curiosity, I myself got into it when I was 15 ig ;D so if the curiosity is really high, ask his permission and do it under him ;)

Since you are underage and don't have access to all that you have mentioned I will say you should invest together with your dad till you are then he will do all the transfer to you when you reach the time but I was wondering how old could you be to be able to access this forum and the level of your investment reasoning but I am sure you should be closer to the age.

You don’t even have bank account? I don’t know which country you’re living in, but I’m my country banks do have kids account for people who are underage. It is managed by their parents, but they can still have access to it. So I wonder which country you’re living in which doesn’t allow you to have an account.

Assuming it was possible for you to have a bank account, I would have recommended that you be making use of peer to peer methods and sell to trusted buyers who will the send money to your bank account straight. For now you still have to rely on your parents since even PayPal and Cash app won’t allow you to have an account as you have said.

You don't have bank account? I thought even minor can open a bank account with their parents as the legal guardian or guarantor. Well, then the only way is to ask your dad for the account, so you can open it and use it by your own even when your dad is busy. You know, i bet there are underage people who use someone else ID for these. But well if you want to be obedient and follow the law, then of course you just need to wait until you're old enough for your own account, but if you want to cheat a little then just use your dad's account by your own without waiting for him.

I feel ya kid. Same situation as you, except I'm 21 (well over legal age), but I can't open any bank accounts here.

Buy an EzzoCard (https://ezzocard.com/). They sell non-reloadable debit cards for crypto, and they work on most payment processors, well, except for the ones that use Paypal as their credit card processor apparently, but they have a whole section on how to verify your Paypal with these cards.

I personally bought a $200 Black card and it's worked on almost everything I got my hands on. It only took 20 minutes from transaction confirmation to deliver the VCC.

[I should mention that because it's a VCC you don't even have to worry if you can't get a physical card shipped for some reason. But you won't be able to withdraw cash from ATMs using it]

Exactly,  as long as he don't want cash instantly he can always convert to any stable coins we have in the market and sell to usd later when his dad is at home,  some people use stablecoin to hold funds for a long time even they are not cashing out. This is best idea for him.

Hi
If you are indeed underage it would be wise to do it in presence of your dad because in the market there are numerous frauds. But then again it's wise to start this early to gain some experience. You can ask your dad to leave his card so that he can not only see all the transactions but at the same time you would not need to hold a bank account.
Secondly I do think that you can "save" money do p2p transaction through third party apps, this could help you more if you have a good wallet like samourai or you can even exchange those cryptocurrencies with your friends and family. Make your own network.
It's great to see young people so keen about these things , please be extremely careful.

I do not use most of them neither. I can use bank account that works for me, but I can't use paypal or cashapp or venmo or anything like that, just a bank account and credit card so I have to use that directly for stuff like these. I am not even underage, I am 31 years old, it is just about my nation not being available for any of those places. I am thankfully using my credit card to buy stuff online, that is the only option, but having crypto as an option in any place I can purchase is a much better situation, it really helps me a ton.

I cannot stress enough how much that we can make this work, it is a very important thing to make crypto known all around the world because it allows the whole world to connect to each other, for people like me to contact and make deals with people in europe or USA it is a big deal, and crypto can make it easier for all of us.

do you have bitcoin atms in your area or something like a coinstar machine?

It's base on the company, because it doesn't matter the age bracket to handle a sector, it's base the potentiality or capability to take care of the situation, because it's obvious that person at age 50 and 20 might not have knowledge person at age of 20 has in certain things, so i believe that all this work is base on experience, automatically it differs because no matter how little human is, what matters is the wisdom.

I think that says enough about what your father thinks about it - you're just too young to be able to decide for yourself when to buy or sell something, and I really don't see how you can legally open an account anywhere and trade cryptocurrencies. However, we come back to what your father thinks about all this - because if he trusts you, then the only thing that makes sense is that he still approves transactions through his bank app - but I don't understand why it would be something that takes a long time - send him an SMS or call him to approve such a transaction, and nowadays, everything is in a few clicks (unless it's different here).

I don't think Coinbase allows a single person to have multiple accounts, nor would they let someone open an account on behalf of a minor (though I'm certainly not 100% sure).  The suggestion that OP share the dad's Coinbase account seems like the best one--but it depends on whether the father trusts the son enough with it.

In the US I believe minors can open savings accounts (though I'm not sure if they need a guardian to cosign).  I'm not sure if minors can open checking accounts or not, which would be what OP needs in order to link with PayPal or any other payment processor.  I had a savings account when I was a minor, but that was a looong time ago.

OP, I wish you luck.  Be sure to save for the future as much as you can--and I'm talking about fiat, stocks, crypto, or any other asset or currency class.  Believe me, you'll be very, very glad that you did when you're older.  You might not be thinking about having a family or a house or any of that right now, but as you get older you and your priorities change.  Having enough money to do what you want to do is super important.  Good luck to you!

I'm at the age of drinking and don't have the service aforementioned. I'm still in the acquiring phase to get a primary ID.
Getting permission and asking your parents to create an account for you to use might be a good choice.
The same thing that I did for my first crypto wallet.

That is really a problem for even here in our country, minors or those people aging below 18 are not legible or allowed to open bank accounts and are still in need for the parent's consent or approval and cannot stand alone opening his own bank account for personal use. But if that's the case, why can't you just care to borrow your dad's binance account while he's at work or ask for his consent to use it while he's working so that you can do your own business with Binance. But with regards to cashing out, it will be a tough one because surely your dad will not allow you to access his bank account for it is risky for a minor to handle such because it is somehow complicated matter that adults are just the one to deal with it.

Me too, I don't have a valid ID even though I need it right now, I get my cash out of crypto by trading it to my friends for a really fair price so I didn't worry about it too much even without a valid ID. Plus, it's not a norm in my country to have a bank account or any of that because we always deal in cold hard cash.

Physical cards that can be reloaded with cryptocurrency are almost impossible to get nowadays, due to tightened restrictions from the FinCen. So apart from the VCCs, we don't have any other option. Obviously the biggest negative is that you can't use these cards at an ATM. Also, you can't directly use it for offline shopping (please correct me in case I am wrong). And given the increased regulation (especially with Democrats in power and people like Yellen being given top posts), I think that it is just a matter of time before they start their crackdown against the VCCs as well.

You're right about these cards not working in ATMs and offline shopping. It seems that the next best thing is to use services which you pay in crypto to shop online for you and deliver to your location. Purse.io does that for Amazon, but I've heard closing-down rumors and scam accusations against them that I don't know if they are true.

They're also not going to work on any cloud service. DigitalOcean, GCP, OVHcloud, and Scaleway all rejected my card (which was a Black as I said - the other card types have worse acceptance rates), AWS wouldn't accept my card's billing address, Linode "accepted" my card and then immediately closed my newly registered account (LOL!), and Hetzner takes the card but now wants my documents for KYC.  Only Vast.ai, the GPU rental place, took it without a fuss.

Or bug a relative living in US/EU that does have a credit card and hope they don't tell you to take a hike. Sad but true. It's what some people resort to doing.

Back in 2013 and 2014 it was relatively easy to purchase prepaid debit cards and some of the providers were even ready to ship the cards without KYC. But times have changed and it is no longer possible to order such cards now. Virtual cards are available now, but even these cards are becoming rare nowadays and the existing cards have seen the acceptability going down. We need to adjust with the changing circumstances. But as far as I am concerned, if one opportunity is lost, then another one appears in the horizon.

Tell me about it.  :(

Well.. it was relatively easy to purchase such cards from online market places such as Bitmit and Cryptothrift. Then there were providers such as Bitplastic who would ship such cards (completely anonymous, with no KYC requirement) to your address anywhere in the world. But those times are long gone. I guess from 2015-16 onwards, restrictions started to get tighter. Visa/Master made KYC mandatory for all the debit cards. But even then some people were using fake KYC documents to order such cards. Anyway, with every passing year, the restrictions are getting stricter.

Just wait until you become above 18 years old and then open bank accounts,Paypal or crypto trading accounts.It doesn't matter what financial service you are going to use.KYC(ID verification) is a must and they won't accept underage people.Using your dad's ID seems kinda sketchy.What if you lose money?
What if your dad's ID gets leaked and your dad gets doxed?
If a cryptocurrency price goes down,you can use a stop loss order or you could sell that coin for a stablecoin and wait for the price of the first coin to recover.

First of all, you are underage so that you have problem to cashout in alternate coins. You should tell some senior persons who helps to do that. On the other hand, you convert your coins stable coin such usdt, usdc, busd,tusd token. When your dad back in home then you can do what you want.

I don't understand why you have to cashout everytime when you trade, if you don't want the cash then you can certainly keep the funds in the exchange's wallet itself or move to other coin like tether then sell it on p2p or coinbase as you are doing.

At your age, you couldnt do some withdrawals at reputable exchange without the KYC. If your dad agreed to use his identity for you to be able to access any transactions, then much better. There are also some local exchange in your country that neexed kyc for AMLA reauirements and if your dad passed that KYC, you can download some legit wallets that doesnt need kyc then transfer it to your local wallet without hassle for withdrawals.

Or yeah, binance has p2p options direct to your ewallets or banks. But needed some KYC, too. So thats your only choice, your dad's approval for kyc submission.