January 26, 2020

The Proper Age of Investing in Bitcoin: How Old Do You Have To Be For Using Crypto?

How old do I need to be for Buying BTC

Over the 10 years of its existence, the cryptocurrency business has shown quite fast, high-quality and efficient growth. At the moment, it is difficult to disagree with the fact that a large part of the population around the world is already familiar with this type of business. An important “but” can be considered only the fact that, nevertheless, the main target audience for mining is the generation of Millenials, which means that the youngest potential miner is now about 16 years old.

So how old should a person who wants to become a holder of Bitcoins be?

Based on the exclusively legal aspect of this issue, we can confidently say that you should be exactly 18+. The main argument may be at least passing the KYC (Know Your Customer) procedure in order to start working with most of the “white” mining platforms.

This procedure is primarily necessary to ensure the security of tools and information both for the platform itself and, directly, for the user. That is why most cryptosystems refuse to work with users who have not reached the age of majority.

However, you are unlikely to find a ban anywhere on the cryptocurrency business for people under the age of majority, at the legislative level. From here, we can bring out the old, well-known truth – which is not prohibited by law, has the right to exist.

Ok, I’m not 18, but I still want to get involved in mining.

As mentioned earlier, nowhere is there an official ban on this. The only question is if you are under 18, being a cryptocurrency holder will be a little more difficult. You can find at least several scenarios on the Internet if you are a teenager and you want to buy Bitcoin. 

  1. eBay: It’s not just sneakers and bumper stickers that can be picked up on eBay – sellers will also furnish you with bitcoin. Using eBay and/or Paypal to buy small amounts of bitcoin is easily done but you will pay dearly for the privilege and are urged to check seller ratings before parting with cash.
  1. Bitcoin ATM: In theory, ATMs are the perfect way for under-18s to buy cryptocurrency. In practice, they’re few and far between in most countries. Unless you happen to live in the heart of Tokyo, brace yourself for an epic trek.
  1. Localbitcoins: Technically, the same rules that govern cryptocurrency exchanges also apply to sites like Localbitcoins.com. Basic verification is easily achievable however, and once complete you’re free to buy and sell P2P, transferring funds directly from your bank account. It’s also possible to meet local sellers in person and buy bitcoin with cash, but caution is advised, especially when purchasing for the first time. Buyers should be accompanied by an adult.
  1. P2P exchanges: Aside from Localbitcoins, there are sites such as Solidi in the UK whose terms and conditions advise that “Persons under the age of 18 wishing to trade must contact us first”. Under 16s, in particular, will only be granted low purchase limits, though the exchange has suggested that minors get a parent or guardian to set up an account in their name. Bitcoinprijzen in the Netherlands is another site where under 18s seem able to purchase cryptocurrency using iDEAL.
  1. Local cryptocurrency groups: Look on Facebook or Twitter and you’ll probably find crypto meetups in your area. The organizers of these groups are keen to encourage bitcoin adoption and may be happy to help. As always, exercise caution when meeting and trading with someone for the first time and don’t hand over a penny until you can see the transaction on the blockchain.
  1. Some teens determined to get their hands on bitcoin have gotten creative, purchasing Amazon gift cards and swapping them on sites such as Paxful. Other options include earning bitcoin online and asking for it as a gift from friends and relatives.

Under all the existing conditions and rules, the only obvious thing is that teenage miners are already the intended target audience. There is no doubt in this judgment, at least because many companies and platforms strive to introduce new chips into the work of their systems to attract a young audience.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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