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sumangs
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July 31, 2017, 12:54:47 PM
 #1

Could a minor withdraw a large amount of bitcoin money ?

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August 01, 2017, 08:07:38 PM
 #2

Could a minor withdraw a large amount of bitcoin money ?
Are you asking about a minor or a miner ? In bitcoin, there is nothing as minor or adult, it is the exchange of command and the private keys which matters.

Anyone can, even a puppy with it's paws, if it can, withdraw coins. However, if bu withdrawing you meant converting to fiat, yes they can, but probably the guardians will be answerable when it comes to taxation as the money will be treated as money earned.

If you are talking about miners, yes of course they can, if they have the coins. But there is no way one can withdraw or transfer or transact other's coins.


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August 03, 2017, 05:07:29 PM
 #3

Could a minor withdraw a large amount of bitcoin money ?
Are you asking about a minor or a miner ? In bitcoin, there is nothing as minor or adult, it is the exchange of command and the private keys which matters.

Anyone can, even a puppy with it's paws, if it can, withdraw coins. However, if bu withdrawing you meant converting to fiat, yes they can, but probably the guardians will be answerable when it comes to taxation as the money will be treated as money earned.

If you are talking about miners, yes of course they can, if they have the coins. But there is no way one can withdraw or transfer or transact other's coins.

No, he meant minor. I've seen this before, at the exchange.

if your account isnt already locked and you are facing a verification challenge, transfer the coins into a trusted adults name that has all their documentation, and proceed. if your account is locked, be truthful with the exchange, and provide proper docs. they can rty to withhold your coins, but remind them they allowed a minor to use the platform without obviously improper KYC.

As far as withdrawal limits, your hands are tied because you wont be able to properly verify. withdraw it slowly, and try to leave at least 100 dollars per day available limit so it doesnt look obvious. Never exceed your withdrawal limit. I dont know which exchange, but it could lock your account and force a verification check.

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August 04, 2017, 02:18:36 PM
 #4

As far as the legal position is concern. Minor Can go for withdrawals but in the supervision of a Major person. It is a provision given in law. But in crypto currency till the time a full code of conduct is not enforced by any government , Exchange may have their own discretion powers. It also depends on the jurisdiction part also, On internet its very hard to decide the jurisdiction. Trader can be from a different territory and exchange may be from other. There are so many factors which make these things complicated. Thus its always better to not to withdraw such amount from an account which has not completed the enhanced verification.

Solutions : There are another currencies in which withdrawal limit is not setup or assigned so far. these are altcoins. Like VUC.
You may send these to one account from other account without facing the limit issue. But in that case you have to study it first. and if you find that the trend is taking the altcoin to better position you may earn as well as the transfer of funds can happen.


Hope you like my opinion.

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August 04, 2017, 07:27:53 PM
 #5

I'm much too old to try, but in many banks, parents can open an account to their child. So I guess that once you have a bank account number, one can sell BTC and have the cash transferred to his/her account.
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August 05, 2017, 01:49:11 PM
 #6

I'm much too old to try, but in many banks, parents can open an account to their child. So I guess that once you have a bank account number, one can sell BTC and have the cash transferred to his/her account.
The parent is trustee of the funds for the kids for their bank account.

.
sumangs
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August 06, 2017, 11:37:13 AM
 #7

Could a minor withdraw a large amount of bitcoin money ?
Are you asking about a minor or a miner ? In bitcoin, there is nothing as minor or adult, it is the exchange of command and the private keys which matters.

Anyone can, even a puppy with it's paws, if it can, withdraw coins. However, if bu withdrawing you meant converting to fiat, yes they can, but probably the guardians will be answerable when it comes to taxation as the money will be treated as money earned.

If you are talking about miners, yes of course they can, if they have the coins. But there is no way one can withdraw or transfer or transact other's coins.

No, he meant minor. I've seen this before, at the exchange.

if your account isnt already locked and you are facing a verification challenge, transfer the coins into a trusted adults name that has all their documentation, and proceed. if your account is locked, be truthful with the exchange, and provide proper docs. they can rty to withhold your coins, but remind them they allowed a minor to use the platform without obviously improper KYC.

As far as withdrawal limits, your hands are tied because you wont be able to properly verify. withdraw it slowly, and try to leave at least 100 dollars per day available limit so it doesnt look obvious. Never exceed your withdrawal limit. I dont know which exchange, but it could lock your account and force a verification check.

Thanks you for answering. I'm not a minor anymore but I didn't done any verification in my local wallet aside from email verification. Other verification needs a any government ID which I don't have yet. I've done 1 withdrawal but it doesn't exceeds the limit. I'm aware that if I'm going to cash out a large amount, they wouldn't let me get the bitcoin in the form of fiat money.

..C..
.....................
........What is C?.........
..............
...........ICO            Dec 1st – Dec 30th............
       ............Open            Dec 1st- Dec 30th............
...................ANN thread      Bounty....................

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August 06, 2017, 03:12:26 PM
 #8

This is a tough one usually Bitcoin Wallets in order to cash out your Bitcoin needs you to verify your account and you must be at least 18 years old by doing that. I don't know why their is a age limit when you are trying to verify your account but I think the best alternative for that is having a friend who is not a minor and he can chas out your Bitcoin for you. Additionaly I kmow some exchanges and local sellers who does not care about your age as long as you are doing there process right.

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orions.belt19
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August 07, 2017, 12:36:07 AM
 #9

For one to withdraw large amounts of money from a bank, I think you would be able to do so even if you are a minor so long as the account is under your name. There are some banks, however, that don't allow minors to open an account under the name unless it is linked to one with an adult. If you were to withdraw a large amount from an exchange wallet, I think you would need some verification. I think that this would depend on the policy of your wallet, so you might want to double check on that. Perhaps if you break down your withdrawal to small amount, a minor might be able to do so.

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August 12, 2017, 10:34:21 PM
 #10

Could a minor withdraw a large amount of bitcoin money ?
Are you asking about a minor or a miner ? In bitcoin, there is nothing as minor or adult, it is the exchange of command and the private keys which matters.

Anyone can, even a puppy with it's paws, if it can, withdraw coins. However, if bu withdrawing you meant converting to fiat, yes they can, but probably the guardians will be answerable when it comes to taxation as the money will be treated as money earned.

If you are talking about miners, yes of course they can, if they have the coins. But there is no way one can withdraw or transfer or transact other's coins.

No, he meant minor. I've seen this before, at the exchange.

if your account isnt already locked and you are facing a verification challenge, transfer the coins into a trusted adults name that has all their documentation, and proceed. if your account is locked, be truthful with the exchange, and provide proper docs. they can rty to withhold your coins, but remind them they allowed a minor to use the platform without obviously improper KYC.

As far as withdrawal limits, your hands are tied because you wont be able to properly verify. withdraw it slowly, and try to leave at least 100 dollars per day available limit so it doesnt look obvious. Never exceed your withdrawal limit. I dont know which exchange, but it could lock your account and force a verification check.

Thanks you for answering. I'm not a minor anymore but I didn't done any verification in my local wallet aside from email verification. Other verification needs a any government ID which I don't have yet. I've done 1 withdrawal but it doesn't exceeds the limit. I'm aware that if I'm going to cash out a large amount, they wouldn't let me get the bitcoin in the form of fiat money.

Although the TOS usually sounds cut and dry about this, they have a bit of brevity in the documents they can accept for verification. They are strict simply because they dont want people to purposely subvert the rules (assume a fake identity and cash out tainted coins, for example). If you are making a good faith effort with no previous suspicious account activity, talk to them about alternative verification methods. A government ID can usually be a student ID, but it must have a picture. That same national ID, if it has your address on it, can serve for residence verification. And if all else fails, maybe just maybe they will allow you to submit a notarized document to prove who you are. To avoid all that, take my initial advice. Get someone you trust to make a fully verified account, and transfer the value, always slowly, to them for cashing out.

Consider buying a thing in btc, and selling it for fiat.

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