How Old Do You Have To Be To Buy Bitcoin? – 2023 Guide
Minors or underage individuals are not permitted to hold credit cards or manage their finances until they reach the legal age of 18 or 21. Until then, it is their parents’ responsibility to save for their children any money they may have earned (typically as a gift) in the future.
Given the popularity of cryptocurrencies at the moment and the fact that Bitcoin may reach a value of over $25,000 before the end of the year, you may wonder if it is possible to purchase these digital coins as a minor. The general response is that anyone of any age can own Bitcoins. However, there is no way to sign up for a trading account if you are under the age of 18.
However, there are numerous ways for a minor to purchase Bitcoin without running afoul of the law. This article will teach you all you need to know about purchasing Bitcoin, even if you are under the age of 18.
How To Buy Bitcoin If You Are Under The Age Of 18?
If you’ve been wondering how you may acquire Bitcoin as a minor without breaking the law, here are some options.
- Ask Your Parents
Asking someone to join the network on your behalf is the simplest approach to acquiring bitcoins. One of your parents, older brother or sister, cousins, or friends you trust enough to do that for you can be that person. If they accept, all they have to do is build a profile and assist them with purchasing the amount you desire, withdrawing it from their e-wallet, and having it handed over to you.
They can then either close their account or store their login information in case you want to acquire a crypto coin again. It is not unlawful to encourage children to purchase it on their own, but it is against the law of morality. Thus, it is preferable for an adult to assist a teenager with this, or even explain to them how they must manage their cash.
Many children wish to convert the money they received as a present so they can invest it in a safe asset, and Bitcoin appears to be a good option right now, as it recently achieved an all-time high.
However, if you ask someone to acquire Bitcoins for you, proceed with caution. You must have a lot of faith in this individual because, by law, the person who owns the account is also the owner of the assets. Don’t be fooled by those who claim to offer you everything. As a result, it’s better if you ask your parents or elder siblings to buy you crypto coins because they won’t be able to deceive you.
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- Bitcoin ATM
There are already over 4,000 Bitcoin ATMs around the world, a number that has risen dramatically in recent years and continues to rise by the day. ATMs can be a safe means for minors to buy and sell Bitcoin, despite the high transaction fees. Unless you surpass a specific threshold, you are not needed to authenticate your account when using an ATM.
You only need to locate an ATM near you, which you can do by visiting the ATMradar website. You’d have to jump from one ATM to the next if you want to go beyond the authorized limit per ATM. In this manner, you can buy or sell a few Bitcoins at one ATM and finish the rest of the transaction at another.
- Decentralized Exchanges
Unlike peer-to-peer markets, which require you to go through KYC, decentralized exchanges match buyers and sellers anonymously.
Traders can purchase and sell their favorite cryptocurrency on their own terms via decentralized exchanges. Transacting does not necessitate any verification. However, you should do your homework and only invest what you’re willing to lose.
- Over-the-Counter Bitcoin Purchase (OTC)
You are not required to purchase Bitcoin through an exchange. You can use the over-the-counter technique. If you’re under the age of 21, the over-the-counter option will benefit you because no verification is required. All you have to do is find a trustworthy Bitcoin broker and start trading.
The good news is that most cryptocurrency brokers aren’t concerned about your age or nationality as long as they can make a rapid sale and profit. Brokers can be found on Facebook forums, Reddit, and other peer-to-peer sites.
When working with online brokers, it’s critical to do your homework to avoid being duped. Before transacting, you can read reviews and evaluate your decision by learning more about the broker.
- For Crypto Payments, Work As A Freelancer
As a minor, you understandably desire to buy a Bitcoin but are unable to do so. You can earn Bitcoins by putting your abilities to work in software development, web development, web design, video editing, content authoring, or virtual assistance.
Many new crypto-focused freelance platforms have made it easier for their customers to transfer and receive bitcoin payments. Some of these websites have even gone so far as to provide secure Bitcoin escrow services to ensure that transactions are conducted fairly.
Simply list your gig on one of these sites or apply to job postings by people looking for specific skills. You can make a lot of crypto money with these freelance sites without worrying about your age or breaching the law.
Regardless of your age, the crypto market will always appear to be both intriguing and demanding. It’s not enough to simply have the funds available to invest. You should have a rudimentary understanding of how these currencies work and how their exchange values change over time.
It’s also a good idea to have a clear idea of what you want to accomplish with the coins you have. People get it because it’s exciting and fancy, but they don’t always comprehend what it means. You don’t have to own them if you aren’t ready, just because some of your pals do.