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semobo

full member

Activity: 1498

Merit: 146

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. Cheesy

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.

Sithara007

legendary

Activity: 3164

Merit: 1344

Leading Crypto Sports Betting & Casino Platform

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).

QuickAccount

member

Activity: 189

Merit: 52

In a world of coins, use them.

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.

QuickAccount

member

Activity: 189

Merit: 52

In a world of coins, use them.

Thanks for your advice, but sadly my father already owns a coinbase account meaning that if he re-signed up for another one with the same credentials it would immediately be flagged. I wouldn't be able to just use his account for it either as he is also actively involved with crypto. I also like your suggestion for local bitcoins, and I think its a great idea, but me getting my payment would be tricky, I might ask my dad if he would be willing to open me an account for my trading and selling as he knows I actively do it. There is one problem with this though, in the US, which is where I live, banks can't just have an account opened for an underage person, the parent has to co-sign. This would also mean that through whatever bank app is used to manage the account, he would have to manually validate every transaction, receiving and sending. He would be able to do this on his phone via notification, but this would not always work because of the nature of his job needing him to use his phone and computer for other things. I am grateful for your feedback, I will look into and ask my dad if I would be able to validate said transitions from my phone via app. As I think that your bank account idea is a sound solution, I will most likely do this.

Thanks guys!

Fortify

legendary

Activity: 2646

Merit: 1176

Quote from: QuickAccount on June 03, 2021, 01:07:10 PM

I am underage, meaning I cannot own a PayPal, Bank Account, CashApp, etc. Do you guys know any alternatives. I want to know because, If i want to sell some coin, I give me dad the coin, and he gives me cash in hand. But lets say a coin spikes or crashes when hes at work, in that case I wont be able to cashout. Do you guys know any other payment ways to USD?

Thanks guys!

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.

QuickAccount

member

Activity: 189

Merit: 52

In a world of coins, use them.

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