Children or minors aren’t able to become cardholders or manage their finances until they are old enough to be able under a law to be able to do so. In the meantime, their parents are accountable for any cash their children have gained (as a gift typically) and will save it for their children, in the future.
Being aware that cryptocurrency is extremely well-known this year and that the value of Bitcoin could be worth more than $20,000 worth by the end of the year, you might ask whether you can purchase these cryptocurrency coins even if you’re an adult?
The response to that question is there’s no minimum age for those who own Bitcoins. If you’re not yet 18 years old, there’s no option to log in on a platform for trading as it would be a breach of the law and regulations.
Most likely, young people find this market challenging, but fascinating, and believe that it is a bit exciting to own any cryptocurrency. It is a simple fact that you must be at the age of 18 so that you are able to participate in this. However, there’s no law that defines the age at which a Bitcoin buyer be able to purchase it.
If you’re using a legitimate and reliable application to earn Bitcoins it is not possible to register your account if your age is minor. The trading websites will require you to prove proof of age so that they are able to verify the identity of the user, which is essential for customers to remain safe and secure.
Can I Buy Bitcoin Underage?
Yes, you are able to purchase bitcoin even if you’re under the age of 18.
But, they don’t make it simple
The majority of exchanges today have made it mandatory that you need to adhere the know Your Customer (KYC) regulations in order to purchase bitcoins through their platform.
- They do this in order to be in compliance with the regulations of the government themselves.
- They don’t want to get in legal trouble So they ensure they have the right information about their customers to can identify who’s buying what and report it to authorities should they need to.
- The possibility of allowing minors to buy bitcoin on their exchange is a risk most exchanges won’t accept since it falls in the grey zone.
- It’s the reason why popular exchanges like Coinbase don’t allow minors to join their platform.
- With most things happening in the world, there are methods to work around this.
- There are ways to make bitcoin accessible to minors, should they decide to.
At What Age You Have to be to Buy Bitcoin?
Bitcoin is not a service or a website with some sort of centralized rules such as age limits. To inquire if Bitcoin has an age limit is similar to asking about an age limit for chairs, the internet or microphones. It’s something that isn’t subject to limitations on its own.
Some exchanges, retailers, or E-Wallets could have age limitations, however, Bitcoin is a standard protocol and therefore, there are no limitations on how you can use it.However, neither buying nor selling Bitcoins is a specific age limit, if you purchase or sell Bitcoins via your bank account, you’ll be restricted by age restrictions that might be applicable.
Traditional Bitcoin exchanges aren’t the solution to this issue since the majority of platforms will conduct an identity verification. A part of this verification process is that customers must be aged 18 or more, which is a major hassle for young people who want to enter the realm of Bitcoin. They don’t wish to be in problems with the law So they must ensure that they have the correct information about their clients. This will allow them to know who is buying what and are able to report it to authorities should they need to.
The idea of allowing minors to buy bitcoins using their platforms is risky the majority of exchanges aren’t willing to take, as it is a grey zone. This is why the most popular exchanges aren’t able to permit minors to use their platforms (e.g. the exchange does not allow trading of crypto on Coin base under the age of 18).
How to Buy Bitcoin When You’re Underage?
You can purchase Bitcoins immediately and safely through LocalCryptoswhich is among the most trusted peer-to-peer cryptocurrency marketplaces.
The process of buying Bitcoins on this platform is simple and secured through an escrow. Follow the steps below for more information on how to purchase Bitcoins when you are a teenager who isn’t yet 18.
- Log into the account you have created on LocalCryptos
- Select desired payment method
- Find reputable sellers
- Be sure to pay in accordance with the terms of the vendor.
- Receive Bitcoin through the exchange wallet
- Transfer your Bitcoin to a secure account (Ledger Nano X or Trezor T)
Congratulations… you’ve successfully bought your first Bitcoin via the LocalCryptos marketplace, and you are just 18, but still under.