Bitcoin Forum

Hello,

I am new to the bitcoin talk forums and i got question.

I am 16 years old and trading now for a few days on Localbitcoins. I am wondering if this is legal, people pay me with Paypal. I might do other payment methods in the future.

Should a 16 year old be trading bitcoins? My dad doesn't know either if its legal or not.

BTW: I live in The Netherlands

You trade them for Paypal?

Say goodbye to your Bitcoins - chargebacks can be done up to 6 months after the purchase.

From what I understand, it's a matter of only doing a certain amount of sales per year (for taxes). I'm going to assume you'll stay under that.

I cash out first before i send the coins. So i will never get chargedback, right? I am 16 so i have no creditcard either.

The fact that you have to even ask this means you shouldn't do it. Get a few dozen safe trades with other payment methods first just to get a feel for trading on LBC before you jump right into the riskiest payment method.

I would worry about safe trading before the legality of it.

Nope, Paypal just show the chargeback as a negative balance. When you don't / can't pay it, they'll chase you with debt collectors / courts.

This, be carefull with paypal. Maybe read their terms of service (bring a dictionary).

Your age should only matter if the amount you trade is more than the typical pocket money for your age/country. I am german, but I suspect these laws a pretty similar in europe. As a little child you can make no own decissions and only agree (via your) parents to trades that are beneficial to you. You cant have duties. This still applies when you are older, yet within a certain scope you are allowed to make your own decisions. E.g. you can not buy a house for several tausand € without your parents concent and the contract you signed is considered void even if it is your own money. You can however do afairs for up to 400€ a month as long as they are beneficial to you. Since trading bitcoin is nothing that binds you long term and you have no duties you should be fine. E.g. you could not get a loan or issue one.

Keep in mind that my estimate is not legal advice, I am neither a legal consultant nor have I any knowledge about the laws of your country. Well... I know you guys like your weed. Lets just say I know very little about the laws of your country concerning this subject.

The problem with that is that later paypal will ban your account if the buyer takes a chargeback, and he won't probably wait for you to withdraw .

Doing it with other payment methods, which are not reversible might be a better option.
Selling them locally in Netherlands for Banktransfers might be a good option as well to start trading.

If you are Dutch, sell your coins on bitonic.nl, it's a Dutch site that you can use to buy with IDEAL and get it cashed out on your bank account. Else on localbitcoins, use IBAN to get it onto your bank account, or, bitcoin.de is a nice site too. I hope this helps, and 16 is a legal age for a lot of things in The Netherlands, you're allowed to have job, earn money etc. I see no reason why you are not allowed to trade Bitcoin.

You would need to comply to your countries laws. Although, I believe most countries don't have any restrictions on age for trading Bitcoin. However, exchanges and other sites may have legal requirements to restrict/prevent minors from trading Bitcoin, this will be seen on their TOS.

However, I'm not familar with localbitcoins TOS, and can't tell you if it's allowed to trade as a minor on that site. However, what concerns me is at your age. You could potentially be breaking paypal TOS. Unless, other countries have different TOS regarding Paypal. But, in the UK only 18 years and older can register to Paypal.

Although, like others have suggested; Don't use Paypal to trade with Bitcoin, chargebacks can be done up to 180 days I believe. (it might be more)

best idea would find someone who trades in cash locally - maybhe theres even an atm nearby (if there is lucky you)

I love localbitocins, i use it all the time to both buy and sell!

first, i did local meetups with cash but now i just do a deposit into one of the vendors bank accounts (you can tell the good ones by feedback) and get my btc instantly!

still circle and coinbase can get you a couple hundred worth of btc instantly but localbitcoin can get you thousands

Isn't trading with cash kind of illegal , specilaly if you don't have the license to do so ?
How do you manage to do it then ?

localbitcoins is good but becareful of scammers who ask u to pay or transfer cash to dem first!

But doesnt localbitcoin behave as an escrow, and the seller has to always send first ?

trading on localbitcoins? it's going to be enormously burdensome that you have to complete the transaction with one person firstly otherwise you must not begin the new trading immediately.

if you like trading, why not go to a professional exchange? bitstamp, lakebtc, and coinbase.

anyway, rest assured please, bitcoin is not a devil。