Trading Bitcoin under 18 tips| How old do you have to be to buy Cryptocurrency?
There is no legal age to purchase Bitcoin. If you are old enough to appreciate this, you must be old enough to buy it. Most successful Bitcoin entrepreneurs started trading before the age of 18. However, regulatory issues make it difficult for minors to purchase Bitcoin on most exchanges. It is consistent with government policy to comply with knowledge of customer (KYC) requirements.
However, there are several ways minors can purchase Bitcoin without breaking the law. This guide details everything you need to know about investing in Bitcoin even before turning 18.
How old do you have to buy Cryptocurrency or Bitcoin?
Cryptocurrency is not a product or website with centralized regulations like age restrictions. Asking if there is a minimum age for crypto is the same as asking if there is a minimum age for internet, chairs, and microphones. Some merchants, exchanges, and electronic wallets may have age restrictions. But since Cryptocurrency is a protocol, there are no restrictions on its use. There is no explicit age limit for buying and selling. However, bank accounts may have some age restrictions to buy or sell, considering your age.
Traditional Bitcoin exchanges are not the answer to the problem, as almost all platforms perform identity verification. Part of this verification process requires customers to be over 18 years old. It can be very cumbersome for a younger generation looking to dive into the Bitcoin world. They don’t want to have problems with the law, so you need to ensure you have the right information about your customers. It lets you know who is buying what and report it to the authorities if necessary.
Allowing minors to buy Bitcoin on their platform is a risk that most exchanges are unwilling to accept as they fall into a gray area. That is why popular exchanges do not allow minors on their platforms (e.g., trading cryptocurrencies under 18 on Coinbase). However, fortunately, all parties involved have an alternative solution to this problem.
How to buy Bitcoin when you’re underage?
If you’re wondering how minors can buy bitcoin, here are a few ways you can buy bitcoin without breaking the law.
1. Bitcoin ATMs
We currently have over 4,000 Bitcoin ATMs worldwide, and that number has grown over the past few years and is growing every day. Despite the high transaction fees, ATMs can be safe for minors to buy and sell Bitcoin. You don’t need to verify your account with an ATM unless you cross a certain threshold. Just find the ATM near you. Find out on the ATM radar website. Exceeding the acceptable threshold for each ATM requires switching from one computer to another. In this way, you can buy and sell multiple bitcoins at one ATM and complete different transactions at different ATMs.
2. Local Bitcoin
Investing under the age of 18 can be difficult. However, LocalBitcoins is not responsible for handling customer funds directly and connects buyers and sellers online. There is no [official] age requirement to use this service, but users must be aware of the regulations in their country to operate by the law. A peer-to-peer marketplace where you can buy BTC from other holders online or for cash. The platform finds people who want to sell digital coins nearby and connects them. You can then trade with that person via Interac, wire transfer, PayPal, or cash deposit.
This option is more dangerous for minors because it involves other real people. If they know you are underage, they may try to take advantage of you. We prefer online payment options. Or, if accompanied by a parent or guardian, transfer money directly in cash. However, even with this option, there is a limit to the amount of BTC that can purchase at one time, depending on the purchase target. But again, that threshold is probably much higher than the average minor would be willing to buy anyway.
3. Peer to Peer Exchanges
Besides Localbitcoins, there are sites in the UK like Solidi with the condition that “anyone under the age of 18 who wants to trade must contact us first”. In particular, minors have asked their parents or guardians to create an account in their name, but those under 16 have only a lower purchase limit. Bitcoinprijzen in the Netherlands is another site where people under 18 can use iDEAL to buy cryptocurrencies.
4. Buy bitcoin from a friend
It is one of the safest ways to own Cryptocurrency. If your friend is willing to sell their coins, you can always buy them for cash, a gift card, or whatever works best for both.
5. Local Cryptocurrency Groups and Websites
Search Facebook or Twitter, and you’ll be able to find crypto conferences in your area. The organizers of this group and forum are interested in encouraging Bitcoin adoption and are happy to help. As always, be careful when you meet someone for the first time and make a transaction, and do not transfer a penny until you see the transaction on the blockchain.
Which exchanges imply underage restrictions?
Well-known sites like Coinbase and Paypal require users to be at least 18 years old, but technically there is no age limit for trading or mining cryptocurrencies. As of July 25, 2017, you must be at least 18 years of age to access Coinbase services. Transfer Policy will be notified of this change and have sufficient opportunity to withdraw funds from their account before account closure. However, anyone, young or old, can mine Cryptocurrency.
You can also purchase tokens without being at least 18 years old. For example, the age limit on the Purse.io website is 13+. The wallet allows you to convert the value of your Amazon gift cards into cryptocurrency tokens.
Are you interested in buying Cryptocurrency under 18? So, you don’t have to be an adult to buy or trade Bitcoin. Even 13 years old can own Cryptocurrency without being blocked. This article has everything you need to know how many years it will take to buy Cryptocurrency.