Minors or underage persons are not able to be cardholders and manage their finances until they get old enough to have a right by a law to do that. Until then, their parents are those who are responsible for the money their children may have somehow earned (as a gift usually), and save for them, for the future. Knowing that cryptocurrencies are very popular this period, and the Bitcoin may reach over $20,000 worth until the end of this year, you may ask yourself is it possible to buy these crypto coins if you are a minor? The general answer to this question is that there is no particular age limit for those who can own Bitcoins. But, if you are underage, there is no way to log in to a trading platform, because that’s a simple breaking of the laws and policies.
Probably young people find this whole market challenging, and interesting, and we all believe it’s a little exciting for them to own some cryptocurrency. We can simply say that you need to be at least 18 years old so you can take a part in this, but there is no law that determines which is the minimum age for the Bitcoin buyer to be able to buy it. As we said, if you are using a legit and trustworthy app to earn them, you can’t register your account if you are a minor. These trading websites require your age, so they can confirm the identity, which is also important for the clients to stay secure and protected.
This article makes a lot of sense, because younger people are more interested to follow technology development in general, and they are more likely to take risks and try to invest in cryptocurrencies. But, what if you are a 16 or 17-years old person who wants to own even a little fraction of the Bitcoin? Can you do that legally? Of course, you can do that, but it’s not as easy as it seems. So, the question is what to do in order to register on the platforms that require personal data, so they can be “clean” when it comes to the law.
Which is the simplest way?
The simplest way to do that is to ask someone to join these networks. That can be one of your parents, older brother or sister, cousins, or friends you believe enough to do that for you. If they accept, they will only need to create a profile, and help you buy the amount you want, withdraw it on your e-wallet, and give it to you. They can even shut down their account after that, or save the login details in case you want to buy a crypto coin again. Encouraging the minors to buy it by themselves is not illegal, but it’s against the morals, so it’s better for some adult to help the young people with that, or even explain to them how they need to manage their finances. Some young people want to exchange the money they got as a gift, so they can keep them in some safe asset, and the Bitcoin seems like a nice choice at this very moment, since it reaches the all-time-peak.
But, be careful when you ask someone to buy Bitcoins for you. You must trust this person a lot because according to every rule, the one who is owning the account is also the owner of the assets. So, don’t fall for those who promise they will give everything to you. That’s why it’s the best for everyone to ask your parents or older siblings to buy you crypto coins because they can’t scam you.
What about the crypto ATMs?
Some ATMs support this option. According to many sources, over 4,000 Bitcoins are available through the crypto ATMs right at this moment. You can put money in the cash-in ATM, and then trade and exchange with them. This will charge you some fees, but it’s a pretty safe option. You only need to be careful not to try to withdraw more than the limit. This limit is different from one bank to another. Also, you shouldn’t expect that you will get piles of coins since most of the ATMs have daily limits too, but surely this is a worthy option you can keep in mind.
When someone has some crypto money available, and you have enough cash to buy some of them, you can make a deal, and buy it from them. But, we don’t need to even mention how important is to trust this person, and to find a way to be sure they won’t try to over smart you, and take your money. This is not a recommended option, because the risk is always there. Don’t forget to bring someone adult if you need to meet with the exchangers in person. Never go there alone, or you can tell your parents where are you going, so they can be near.
Mine them by yourself
You can join some network, and if you are talented and have knowledge in math and cryptography, you can earn Bitcoins by yourself. After you mine them, you need to complete the transaction and put them in your wallet, so you can be sure nothing can harm them. This isn’t really buying, but you can consider it as a crypto salary for the successfully completed tasks on the blockchain.
No matter your age, the crypto market will always seem like something exciting and very challenging. It’s not enough just to have the money you are ready to invest. You must have some basic knowledge of how these currencies work, and how their rates are changing over time. Also, it’s always better to know what exactly you want to do with the coins you have. Sometimes, people get it just because it’s interesting and fancy, without really understanding their meaning. If you are not ready, you don’t need to own them, just because some of your friends do.