Bitcoin Forum

I'm 17 and I am not of age yet to buy Litecoin legitimately and put it inside an actual physical wallet. Instead, I buy it from "Stockpile". Currently, I have around 1200 dollars worth of litecoin (bought 1000 when it was 87 dollars) and around 650 dollars of shibu inu which I bought for 250. I wanted to use my parent's Coinbase account but they are restricting me from buying/selling on the Coinbase account anymore because they are worried about taxes since everything they buy is in their name (I already have around 1400 dollars in that coinbase account). The only assets that I personally have access to are the litecoin in my stockpile account, stockpile doesn't allow me to withdraw the actual Litecoin, they only let me withdraw it for USD. Is there a non-KYC way of buying litecoin or a way to buy litecoin underage and put it inside a physical wallet without getting F'd by taxes/fees? I looked into some BTC/LTC ATMs but they have stupid fees of over 15% or around there.

I haven't heard where stockpile is originated from. But one is to do a P2P transaction, the actual and not with the exchanges.
Because most of the exchange nowadays will ask you for a kyc and even non-kyc exchanges might soon turn into one, you'll never know.
So, find a local crypto community wherever you are right now and that might help you purchase it but do the deal in personal located in a safe place.

I just found something about that, there is a crypto meetup group in my town that has a lot of members. I'll try to get someone to sell some litecoin/bitcoin in person at a public place (Like a restaurant or something)

You could also post a WTB thread on Currency Exchange board however some members may be reluctant to trade with you given your age. Personallly, don't see much difference between 17-19 other than legal terms wise.

I would also like to mention that this doesn't mean you're now off to the eyes of tax watchdogs. Sorry, I don't think I would wanna help you on tax evasion lol.

Okay.
Good luck with that and do it with someone you know to do it with him so that you'll be safe since you're still a kid and much better if that person is older than you.
Just to be safe because you'd never know even if it's a personal meet up, people can fool you out of your own money and ignorance. And as for the taxation, there is no way to getaway with it when you're about to take your profit.

I think returning to parents is safer than anyone out there, there will be no doubts in everything,
Or don't you wait until your age reaches the withdrawal limit, because looking for safety in crypto is an obligation in my opinion, to protect our assets in the future

The risk of trading with someone physically is higher compared to how much the tax could be with coinbased and since the coin base is your parents own it make more security sense to trade in that primacy and privacy compared to p2p with a random crypto group member.

What I suggest again os that, you should take the time and think around this and with deep thought I believe you will fine other means to do this without much risk for you compared to what presently face your as issue,  that amount may not be too much but then I worth all the security precautions.

Op the so called Stockpile wallet or exchange is not trusted because when I opened the site the first page I saw is not encouraging me. How can they blocked me when I have not done anything in the site. Just opening the site without any action I am blocked. Okay see the image.
https://www.talkimg.com/images/2024/03/31/Vt9Nc.jpeg
https://www.talkimg.com/images/2024/03/31/VtB4P.jpeg
Is it that my country is blocked from assessing the website? I don't really trust this website or exchange. And Op if you want to buy and sell any altcoins, why didn't you use popular exchanges even Centralized Exchanges are also good to buy coins and there you can forward them to your non custodial wallet.
Any exchange that would not allow you to sell your coins all as you want if there is no limit per day is not a good exchange to use.

I believe my advice would be the same to anyone who is not in the age of managing cryptocurrency through a centralized exchange and yets wants to partake on it. Try to use decentralized approaches which admit Person2person transacations, or ask someone of your family whom you trust to help you out to buy and hold Litecoin until you reach the age to open your own accounts and carry out your own transactions.

Also, keep in mind unfortunately the ecosystem of cryptocurrency is full with scammers and people who will try to take advantage of you if they have the chance to do so, always do your own research and try to find reliable fountains of liquidity for you to sell and purchase at your will.
Here in the forum you could find people willing to accept your Electronic Fiat in exchange of Litecoin, but since you are 17, I assume you do not have a bank account to your name either. Regardless of it, I would also like to point out I have not heard of those platforms you mentioned on your original post, I have heard of Coinbase and Binance, but not much more beyond it. 🙃

Be careful with your money.

I also think that it might be worth the wait if you're patient enough to reach withdrawal age, so you'll not be scammed by anyone in the name of transaction, the crypto space is full of scammers, you don't know who to trust. I doubt that anybody in this forum can deal with you because of your age restriction, so think about it and decide whether to wait or go ahead.

I doubt you will be able to buy any cryptocurrency without KYC verification which is not a good idea to risk in your case. You probably have invested in the CFD price of specific crypto, which is why you can't request a withdrawal for actual crypto. My recommendation is to buy BTC at the nearest crypto atm and swap it for LTC on various crypto exchange platforms. Don't forget portfolio diversification instead of putting all your eggs in one basket.

Litecoin is a very promising project and the evidence we all need is there, litecoin survived the heavy bearish market compare to others that crashed, example are Terra-Luna. There are opportunities in the market, always stay safe enough to win and also do the impossible moves for the purpose to grab the big winnings, atleast you're making yourself worth the available solid projects but since you're tender and not up to the age, it's advisable you wait till you hors the age. He's 17 years old and that sends a direct message about the kid reach teen phase and he have every right to either sell or exercised lengthy patience till he turns 18 which is generally the age.

There are a few CEX that can allow you to buy and sell crypto without going through KYC. I haven't tried anyone of those CEX but here at the forum I have read about Mexc Global exchange. I visited their blog (https://blog.mexc.com/what-are-non-kyc-exchanges-creator-ruen/) and they are still allowing non kyc users to make trade on their exchange. I  am not sure whether they allow US citizen to use their exchange. You can check them if they allow, then you can buy Litecoin from that exchange and transfer it to a non custodial wallet such as litewallet.

This is the reason why keeping your assets in an exchange is wrong. Anything could happen to your asset in an exchange since you gave a third party authorization to hold your assets fro you. The part of KYC is essential in the person who are using the service so as to reduce scam rates. But since you are not yet ready for KYC, I advise you buy from a trusted vendor who sell coins physical, and I advise you use a non custodial wallet to store your coins rather than keeping them in an exchange.

If not that the child is in hurry, why can't you continue following your parents style so that you can learn so many things from them that will make you an expert in the future, because what you are doing right now can make you lose all your coins. Some of the newbies losing their coins in the exchange market, are those 17 years of age children because they believe they know it all in the industry and they can do what professional are doing in the industry which it can lead them to fail very well. For you to be able to protect your coins, you must have the mature knowledge on how to use some safe tools to store your assets and wait for the right opportunity to come before you can release them for sale.

We're happy to know that you are starting your crypto journey at the young age, unfortunately we can't help that much.
Maybe there's an exchange in your area where you don't need to comply with the KYC but since your LTC is already in other exchange then the only way to withdraw it is to wait for your next birthday or have someone to do the KYC and withdraw the LTC for you. The risk are too high for the younger people as they tend to be more emotional, make sure you continue to learn and you know what you are doing.

He should be very careful involving another person because no one is to be trust Worthy, it is better he waits till his next birthday to be aged enough. However patient is virtue at this point because it better to remain safe than fallen in to a wrong hand all in the name seeking solutions to this very problem. The risk is apparently too high.

Exactly lol especially considering that op seems to have come from a rich family whose parents are also very concerned about taxes. If it’s not too much trouble, just pay the tax and continue doing what you were doing instead of jumping through hoops to avoid tax.

For security consciousness sake, let's be careful with a physical crypto transactions out there especially on such cases of being amongst groups like this because anything can happen without being traceable.
Let's know how transparent your conscience could be towards your opinion with this physical group of Litecoin and bitcoin P2P investors @CorvoAttan0. Can you tell us where the location is located? Are the group operating publicly or privately? Give us reachable link to clear the malicious conscience with your concerns.

OP if you're buying, make use of a decentralized exchange to buy your desired coin or token, after the purchase, try as much as possible to move them to your personal wallet 2hich is a non custodial wallet, then you're fine with this, it's no a good idea to make use of others people account in making your own investment, it's more better that you ha e your own and have access to the coins you're buying, since your target was to hold for long.

Well the safest method would probably be to wait until you are legal age and you can finally register in other exchanges. Tax laws are different for each country and without knowing where you came from it will be hard to figure out how could you possibly avoid taxes from transactions of crypto.

Litecoin is actually a good coin, and glad to see a young investor. But where did you get the money to invest? Was it your savings? I see that you looking for Non-KYC wallets/exchanges that supports minor. But to be honest now almost all the popular exchanges are demanding for AML or KYC. So practically it’s not possible. Yes you can try P2P to buy USDT or BTC and later on converting them to litecoin or vice versa by paying some additional fees. This is the only way possible currently.

Easiest way to onramp if you have fiat in cash or a bank account and want to get LTC without having to pass some KYC procedure:

- Buy Bitcoin or Monero on a P2P platform like AgoraDesk (https://agoradesk.com/). Depending on your country and currency, the liquidity may be good or not, but most countries have a good number of offers. Another option is HodlHodl. If you have an European bank account then you can use also MtPelerin (https://mtpelerin.com). This is a centralized service, but it's in my opinion trustworthy and based in Switzerland, where you can buy up to 1000 CHF (a bit more than 1000 USD/EUR) without KYC.
- Use a non-KYC altcoin exchange (the one in my signature, exch.cx (https://exch.cx) is trustworthy in my opinion, but you can use any presented on the website kycnot.me (https://kycnot.me)) to exchange BTC/Monero to LTC.

There is a direct fiat to LTC exchange called LitecoinLocal, but I can't recommend it (and much less to someone as young as you) because there seem to be very few trades lately and there have been even scam accusations against the owners.