There is no such thing as a minimum age for purchasing bitcoin. You should be old enough to purchase it if you’re old enough to enjoy it. In actuality, most exchanges, in order to comply with KYC regulations, need a minimum age of 18. It makes no difference how well you scanned your papers or signed your name; if you’re under the age of 18, you won’t be admitted. So, how can kids purchase bitcoin without breaching the law?
The Blockchain’s Newcomers
According to a recent poll, millennials are more interested in bitcoin than any other age group. If 18-year-olds are interested in bitcoin, it’s only natural that their younger tech-savvy siblings would be as well. Many well-known bitcoiners first became interested in cryptocurrencies when they were 16 years old or younger, and have been addicted ever since. Some of the first bitcoin miners were actually kids. Coinbase used to allow under-18s to purchase bitcoin, but they are no longer allowed to join up. Regulation was looser in bitcoin’s early years, and putting money into an exchange was quite simple with the help of a kind relative.
That option is still available in certain locations today, but what about teenagers who are old enough to live on their own but not old enough to purchase bitcoin? Or minors whose family is unable or unwilling to help them fulfill their request? Underage buyers of cryptocurrencies are compelled to take things into their own hands at this point.
Overeducated and Underage
Teenagers interested in purchasing bitcoin have a variety of possibilities. Each method’s ‘legality’ is up to interpretation, but from a technical standpoint, the following are at least viable:
- eBay: You can buy more than just shoes and bumper stickers on eBay; vendors can also give you bitcoin. It is simple to acquire tiny quantities of bitcoin via eBay and/or Paypal, but you will pay a high price for the privilege, and you should verify seller reviews before parting with cash.
- Bitcoin ATM: In principle, ATMs are the ideal means for anyone under the age of 18 to purchase bitcoin. In most nations, they are few and far between in reality. Unless you reside in the center of Tokyo, be prepared for a long journey.
- Localbitcoins.com: In theory, the same laws that apply to cryptocurrency exchanges also apply to websites like Localbitcoins.com. Basic verification is simple to complete, and once done, you’re free to purchase and sell P2P using dollars sent straight from your bank account. It’s also feasible to meet local merchants in person and purchase bitcoin with cash, but this should be done with care, particularly if it’s your first time. Buyers must be accompanied by a responsible adult.
- P2P exchanges: In addition to Localbitcoins, there are sites like Solidi in the United Kingdom, where the terms and conditions state that “Persons under the age of 18 intending to trade must contact us first.” Children under the age of 16 will only be allowed to make small purchases, while the exchange recommends that minors have a parent or guardian create an account in their name. Another site where under 18s seem to be allowed to buy cryptocurrencies using iDEAL is Bitcoinprijzen in the Netherlands.
Cryptocurrency organizations in your area: You may probably locate crypto meetings in your region by searching on Facebook or Twitter. These organizations’ organizers are eager to promote bitcoin acceptance and may be willing to assist. When meeting and dealing with someone for the first time, proceed with care and don’t give over any money unless you can observe the transaction on the blockchain.
Some desperate teenagers have bought Amazon gift cards and traded them on sites like Paxful in order to get their hands on bitcoin. Other alternatives include earning bitcoin online or asking friends and family for it as a present.
Is it Safe for Minors to Buy Bitcoin?
Adults who are passionate about bitcoin don’t need much persuasion to spread the decentralized gospel to their children. The odds of avoiding being exposed to bitcoin while growing up in a cryptocurrency “house-hodl” are minimal to none. However, in addition to teaching the future generation about cryptocurrency’s potential, it’s also important to educate them about the hazards it poses, both in terms of volatility and security.
Regardless of the rules, under-18s who are adamant about purchasing cryptocurrencies will find a way. When compared to some of the vices that teenagers may indulge in, bitcoin seems to be a completely harmless investment.