How old do you have to be to buy Bitcoin? Is there a regulation in the United States that establishes the minimum age for purchasing Bitcoin? In a sense, if you’re old enough to comprehend something, you’re old enough to buy it. Right?
In order to meet KYC regulations, the majority of exchanges in the United States require users to be at least 18 years old. However, just because you’re under the age of 18 doesn’t mean you can’t buy bitcoin. There are alternatives available!
Let’s have a look at these possibilities and see how people under the age of 18 can legally purchase Bitcoin!
1. Bitcoin ATMs
These ATMs have been springing up all over the world as a result of Bitcoin and the rise of cryptocurrency. They’re simple to operate and understand. All you have to do now is look for one in your region, and we’ll take it from there. After you’ve found one, you’ll be able to choose which cryptocurrency to buy.
Bitcoin, Litecoin, and Ethereum are the most common cryptocurrencies they offer. However, depending on your ATM and the owner, you may have alternative possibilities. Because we’re dealing with Bitcoin, it’s best to select Bitcoin first, then the buy option, and then the amount. The amount will vary depending on the location or ATM.
It will show the smallest and largest quantities that can be bought or sold at any particular time. Scanning the QR code on your wallet, which is where the money will be transmitted, is the next step. It is critical that you do so.
You have two choices: either you already have a bitcoin wallet on your phone, or you may receive a paper wallet receipt. You’ll need to enter the amount you want to buy Bitcoins with when the wallet has accepted your address as scanned by the QR code.
Then you’ll get information about the quantity of money you put in, the recipient’s address and the recipient’s address, as well as the cost the ATM will compute to perform its services. After you’ve double-checked everything, you’ll notice a rise in your balance within a short period of time. That’s all there is to it.
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2. Decentralized Exchanges
Unlike peer-to-peer markets, where you must go through KYC, decentralized exchanges connect buyers and sellers anonymously.
How may a person under the age of 18 purchase cryptocurrency? Traders can purchase and sell cryptocurrency on their own terms via decentralized exchanges. To transact, you don’t need to provide any proof. However, it’s a good idea to do your homework and only invest what you can afford to lose.
3. Buy 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 18, the over-the-counter option will benefit you because no verification is required. All you have to do now 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 some evaluations about the broker on the sites where you can locate these brokers.
4. Ask For Help
If you’re under the age of 18, you can still buy and trade Bitcoin. But did you know that you can enlist the assistance of your elder siblings, parents, or guardians in the process? You might be concerned that parents won’t support your decision to invest in Bitcoin at such a young age, but you’ll be amazed at how accommodating they are. Every parent or sibling rejoices when a child considers investing rather than squandering money on frivolous items.
Using a sibling or parent to create an account is a simpler way to get around all of the compliance regulations that have been placed in place. You may have trouble persuading them if they don’t comprehend how Bitcoin or any other cryptocurrency works. It’s worth a shot.
Wave of Cryptocurrency Among Teenagers
Cryptocurrencies are a sort of digital currency and asset that appears to be safe when utilized by adults. Several enthusiastic children and teenagers, on the other hand, are looking forward to collecting their earnings after investing in cryptocurrencies.
Children and teenagers have emerged as a new generation of cryptocurrency investors. While investing may appear to be risky, some youngsters believe it will help them become more financially independent and conversant with new financial technology and market trends.
When it comes to disseminating critical information, social media platforms are highly effective. It is being used by some enterprises, tech firms, and other groups to spread information about new products and other developments. As a result, young people, particularly teens, are using these internet platforms to learn more about the topics that they find intriguing and important.
A new study, on the other hand, found that nearly half of the kids who use Facebook, Twitter, and other social media apps believe they know more about Bitcoin than their parents and other older people.
Adults who are passionate about bitcoin don’t need much persuasion to spread the decentralized gospel to their children. The chances of not being exposed to bitcoin while growing up in a cryptocurrency “house-hodl” are slim 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 appears to be a completely harmless investment.