To buy cryptocurrency, you must be at least 18 years old. You must be of legal age to purchase something if you are mature enough to enjoy it. The majority of successful Bitcoin traders began trading while they were under the age of 18. However, due to regulatory concerns, minors are unable to acquire Bitcoin on most exchanges. Compliance with knowledge of customer (KYC) regulations is in line with government policy.
There are, however, various methods for children to buy Bitcoin without breaching the law. Even if you’re under the age of 18, this tutorial will teach you all you need to know about investing in Bitcoin.
How old do you have to be to acquire Bitcoin or Cryptocurrency?
Cryptocurrency is not a centralized product or website that has age limits. When it comes to crypto, asking whether there is a minimum age is like asking if there is a minimum age for the internet, seats, and microphones. There may be age limitations at certain businesses, exchanges, and electronic wallets. However, since cryptocurrency is a protocol, there are no limitations on how it may be used. When it comes to buying and selling, there are no age restrictions. However, depending on your age, bank accounts may have age limits on buying and selling.
Traditional Bitcoin exchanges aren’t the solution since practically all platforms do identification checks. Customers must be above the age of 18 to participate in this verification procedure. It might be quite difficult for a younger generation to enter the Bitcoin realm. They don’t want to get into legal trouble, so make sure you have accurate information on your customers. It allows you to see who is purchasing what and, if required, report it to the authorities.
Allowing minors to purchase Bitcoin on their platform is a risk that most exchanges will not take since it falls into a murky area. As a result, major exchanges do not allow minors to trade on their systems (e.g., trading cryptocurrencies under 18 on Coinbase). Fortunately, all parties concerned have come up with a different solution to the situation.
When you’re under the age of 18, how do you acquire Bitcoin?
If you’re wondering how kids may purchase bitcoin without violating the law, here are a few options in this article. When You’re Underage, Here’s How To Buy Bitcoin
Which exchanges imply underage restrictions?
Users must be at least 18 years old to use well-known services like Coinbase and Paypal, but there is no age restriction for trading or mining cryptocurrencies. To use Coinbase’s services, you must be at least 18 years old as of July 25, 2017. Transfer Policy customers will be advised of the change and will have enough time to remove money from their account before it is closed. Cryptocurrency may, however, be mined by anybody, young or old.
You may also buy tokens if you are under the age of eighteen. The Purse.io website, for example, has a 13+ age restriction. You may convert the value of your Amazon gift cards into bitcoin tokens with this wallet.
Conclusion
Do you want to purchase cryptocurrency if you’re under the age of 18? To purchase or sell Bitcoin, you do not need to be an adult. Cryptocurrency may be owned by anybody above the age of 13 without being banned. This page contains all of the information you’ll need to figure out how long it will take to acquire cryptocurrency.
