Based on the advances in technology, nowadays people want to get involved with it from a very young age. Bitcoins are not excluded from this reality. That is why several problems arise among young people because they doubt their chances of buying bitcoins. However, in this article, we provide information on how old do you have to be to buy Bitcoin?
Whether you are 13, 17, or older, you can buy bitcoins, and here we will tell you how. But according to rules in the USA to buy bitcoin you must be 18 or older.
|Account holder age||Eligibility|
|18 or older||Qualified|
|At least 13||Qualified with parental consent|
First, it is important to understand that children can buy bitcoins, although it is not that simple. Exchanges, in general, do not want to have problems with the law. That is why they check and inform themselves very well about their customers.
On the other hand, exchanges do their best to avoid underage bitcoin buyers on their platform. There are well-known exchanges that do not allow underage buyers on their platform. This is the case of Coinbase, for example. However, there are some ways to circumvent this. Ways that will allow minors to buy bitcoins.
However, it is advisable to be of an age when purchasing bitcoins. However, it is not the norm since there are ways to buy bitcoins if we are minors. But this is an aspect that is up to whoever wishes to do so, as we do not suggest or recommend the following methods. We only seek to answer the doubts of many internet users.
Best Ways to Buy for Minors
Of course, here we are referring to bitcoins ATMs.
If a minor wants to buy bitcoins without any risk or hassle, the best alternative is an ATM. Today there are more than 4000 bitcoin ATMs worldwide and they are constantly increasing. Since it is unnecessary to meet in person, it is perhaps the safest way to buy bitcoins for minors. The question is simple, go to a nearby Bitcoin ATM, and that’s it. You will have the cash.
Then you exchange the cash for bitcoins. However, these ATMs have higher fees than almost all other bitcoin purchase options. Security and convenience are the elements that make this alternative suitable.
When the dollar amount exceeds limits, certain bitcoin ATMs require verification. However, the access is usually high enough that a minor cannot pass it regardless of the number of funds. A practical way to circumvent these limits is to approach different bitcoin ATMs with small amounts. This alternative is very interesting to investigate.
This marketplace makes it possible to buy bitcoins from other holders both online and in cash. When people want to sell their bitcoins next to other people, this platform finds them and connects them.
Then through interaction, Paypal, wire transfer, or cash deposit. As this is a real person, it is a risk for a minor. This leads to the risk of being taken advantage of. For this reason, you may prefer to make payments online. Or use the alternative of paying in cash in person and be accompanied by an adult. But bitcoins have limits with this alternative for the amount to buy at a time. This will be according to who you buy from. However, as mentioned above, this access may be higher than what the minor wishes to purchase.
OTC Bitcoin Purchase
This is another alternative that minors can apply to buy bitcoin. This is a purchase that you can know as an over-the-counter purchase.
This means that the purchase of bitcoins is made outside of an exchange. In this method, one must be careful with the people involved. There are other buying options for minors. -Making the registration on an exchange in the name of a parent or older sibling with their permission.
Using Gift Cards on Paxful
- Mining bitcoins by registering with a service such as Hashflare or Genesis Mining in the cloud.
- Finally, there are ways to buy bitcoins even if you are not of legal age.
The age to buy bitcoin is 18 years old. Bitcoin trading requires knowledge of how this new technology works and a willingness to take risks. If you are over the age of 18, we encourage you to read more about what it takes in order to use your money as an investment. You may find that investing with us at Safeguard Investments could be perfect for you!
I am Lavinia by name and a financial expert with having a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.