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RoughLyfe (OP)
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February 17, 2016, 03:28:32 AM |
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I was talking to a friend of mine the other day when his son had began taking interest in bitcoin trading.But as far as I know,trading is not allowed for minors in california.But since I'm not the best at laws I want to confirm it,does anybody know whether or not Trading bitcoins/Trading Altcoins is allowed for minors in California? And if it is allowed then what platforms are available for them to use?
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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Pitchblackroom
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February 17, 2016, 04:19:29 AM |
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1. Earn some bitcoin 2. Trade in altcoins 3. HODL 4.  ? 5. Profit |
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The Sceptical Chymist
Legendary
 Offline
Activity: 3332
Merit: 6826
Cashback 15%
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February 17, 2016, 04:26:36 AM |
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Hmmm...why would this sort of thing not be allowed? I would imagine that a minor couldn't have a brokerage account to trade things like stocks, but having a bitcoin wallet is different and these bitcoin exchanges don't ask for your age when you sign up for the most basic membership. What kind of trading, btc--->altcoin or btc<--->fiat? That might make a big difference.
If kiddo trades on someone else's account, I don't see where the problem would be. Maybe there are some bitcoin lawyers around here?
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Zeke2345
Member
Offline
Activity: 98
Merit: 10
★YoBit.Net★ 350+ Coins Exchange & Dice
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February 17, 2016, 04:40:25 AM |
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I heard trading minors is something that is done on the darknet.  Imagine some politician might get their knickers in a twist but would think its alright. Then again a few state laws baffle me. |
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romero121
Legendary
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Activity: 3164
Merit: 1213
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February 18, 2016, 06:01:46 AM |
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Why don't he get involved in trade with his Dad's name, so that he might not get ending up with certain problems. In certain countries I think not much issues if some agreement is provided by guardian for future security of trading.
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bitbaby
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February 18, 2016, 06:29:34 AM |
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If your friends son or whoever is trading on exchanges which allows anonymous trading and don't bother asking for KYC information then there is no way of anyone knowing whether person behind that account is minor or not.
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Amph
Legendary
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Activity: 3206
Merit: 1069
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February 18, 2016, 07:42:28 AM |
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if you remain only the altcoin territory i see no problem in trading, there is basically no rules there it's the free west
poloniex(this require some id for minimukm amount, but you can put in fake info...), bittrex and other are good for that
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RoughLyfe (OP)
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February 18, 2016, 07:49:05 AM |
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if you remain only the altcoin territory i see no problem in trading, there is basically no rules there it's the free west
poloniex(this require some id for minimukm amount, but you can put in fake info...), bittrex and other are good for that
But in there TOS for bittrex it states you must be 18 years or older to open an account |
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RoughLyfe (OP)
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February 18, 2016, 07:50:03 AM |
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Hmmm...why would this sort of thing not be allowed? I would imagine that a minor couldn't have a brokerage account to trade things like stocks, but having a bitcoin wallet is different and these bitcoin exchanges don't ask for your age when you sign up for the most basic membership. What kind of trading, btc--->altcoin or btc<--->fiat? That might make a big difference.
If kiddo trades on someone else's account, I don't see where the problem would be. Maybe there are some bitcoin lawyers around here?
He currently has a Utma/Ugma account and exchanges such as kraken and bittrex require you to be over 18 years old and have taxes on them. |
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craked5
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February 18, 2016, 10:13:28 AM |
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Hmmm...why would this sort of thing not be allowed? I would imagine that a minor couldn't have a brokerage account to trade things like stocks, but having a bitcoin wallet is different and these bitcoin exchanges don't ask for your age when you sign up for the most basic membership. What kind of trading, btc--->altcoin or btc<--->fiat? That might make a big difference.
If kiddo trades on someone else's account, I don't see where the problem would be. Maybe there are some bitcoin lawyers around here?
It's not allowed for minors, but you can make them trade on someone else account yes. But he can't have his own account and do his own trading ^^ |
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RoughLyfe (OP)
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February 18, 2016, 03:05:41 PM |
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Hmmm...why would this sort of thing not be allowed? I would imagine that a minor couldn't have a brokerage account to trade things like stocks, but having a bitcoin wallet is different and these bitcoin exchanges don't ask for your age when you sign up for the most basic membership. What kind of trading, btc--->altcoin or btc<--->fiat? That might make a big difference.
If kiddo trades on someone else's account, I don't see where the problem would be. Maybe there are some bitcoin lawyers around here?
It's not allowed for minors, but you can make them trade on someone else account yes. But he can't have his own account and do his own trading ^^ Then wouldn't the account owner have to pay the taxes of whatever the kiddo trades? |
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Amph
Legendary
Offline
Activity: 3206
Merit: 1069
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February 19, 2016, 07:16:23 AM |
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if you remain only the altcoin territory i see no problem in trading, there is basically no rules there it's the free west
poloniex(this require some id for minimukm amount, but you can put in fake info...), bittrex and other are good for that
But in there TOS for bittrex it states you must be 18 years or older to open an account and how they can verify this, if there is no id required or any other form of verification? there are many site that in their tos need that, like even steam with some game, but it's only formal, they need to add it because of the general law for minor protection, but the truth is that nobody care... |
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craked5
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February 19, 2016, 11:36:32 AM |
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Hmmm...why would this sort of thing not be allowed? I would imagine that a minor couldn't have a brokerage account to trade things like stocks, but having a bitcoin wallet is different and these bitcoin exchanges don't ask for your age when you sign up for the most basic membership. What kind of trading, btc--->altcoin or btc<--->fiat? That might make a big difference.
If kiddo trades on someone else's account, I don't see where the problem would be. Maybe there are some bitcoin lawyers around here?
It's not allowed for minors, but you can make them trade on someone else account yes. But he can't have his own account and do his own trading ^^ Then wouldn't the account owner have to pay the taxes of whatever the kiddo trades? Yeah totally, that's why I say the kiddo can't directly trade. He can do false trading with demo account though, that can be cool! |
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enhu
Legendary
Offline
Activity: 2492
Merit: 1018
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February 19, 2016, 03:22:40 PM |
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A minor doesn't have to inform anyone anyway so he should be able to trade coins so long as he don't do something illegal then there should be no problem about it.
i'm just not sure if exchange sites allow minors though.
platforms like secondstrade though doesn't care whether you're a minor all he needs is just a btc address with coins in it.
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shintosai
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February 19, 2016, 03:29:19 PM |
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if I understand it correctly there are several platform in trading btc who doesn't mind whether you are minor or not, they just allowed anyone who have their wallet add and deposit the btc and withdraw it anonymously.
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eternalgloom
Legendary
Offline
Activity: 1792
Merit: 1283
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February 20, 2016, 05:50:14 AM |
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Hmmm...why would this sort of thing not be allowed? I would imagine that a minor couldn't have a brokerage account to trade things like stocks, but having a bitcoin wallet is different and these bitcoin exchanges don't ask for your age when you sign up for the most basic membership. What kind of trading, btc--->altcoin or btc<--->fiat? That might make a big difference.
If kiddo trades on someone else's account, I don't see where the problem would be. Maybe there are some bitcoin lawyers around here?
It's not allowed for minors, but you can make them trade on someone else account yes. But he can't have his own account and do his own trading ^^ Then wouldn't the account owner have to pay the taxes of whatever the kiddo trades? What kind of trading volume are we talking about here? I would think that taxes wouldn't even be a factor if we're talking about less than 50 - 100 dollars worth of Bitcoin. Also, wouldn't you only have to pay taxes if you actually converted your profits back to fiat? |
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Herbert2020
Legendary
Offline
Activity: 1946
Merit: 1137
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February 20, 2016, 07:15:27 AM |
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i think this will depend on the exchanger that he is using, you should read the rules on the said exchanger. some of them will restrict minors (should be +18) and some don't care about these stuff.
besides it can all be anonymous so nobody would know the age of the person trading in their website, and for exchanger that work with fiat when you connect a bank account it becomes clear anyways and the owner of the account can be subjected to Taxes.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Duomo
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February 20, 2016, 07:26:54 AM |
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You should read the term and services of the exchanges you are trading on. Many exchanges don't allow individuals who are above a specified age to open an account on a bitcoin exchange platform. Second, you would need to upload ID and verify this account. Third, if the bitcoins are misused or not in accordance to terms of service of usage, you could have your account closed and bitcoin seized. I wouldn't recommend it unless you are willing to take the risks associated with this but this is your choice.
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romero121
Legendary
Offline
Activity: 3164
Merit: 1213
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February 20, 2016, 11:18:31 PM |
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Some has suggested to do anonymous trading. I believe doing trade in such a manner will not be successive, because if he won't reveal his identity he can't earn trust which will affect his trading.
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craked5
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February 21, 2016, 12:30:59 AM |
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A minor doesn't have to inform anyone anyway so he should be able to trade coins so long as he don't do something illegal then there should be no problem about it.
i'm just not sure if exchange sites allow minors though.
platforms like secondstrade though doesn't care whether you're a minor all he needs is just a btc address with coins in it.
How will he just send the money to the plateform? |
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