Buying Bitcoin is possible even if you are a teenager because Bitcoin buying has no legal age. The fact is as long as you are old enough to understand how the crypto market behaves you can buy crypto assets. Majority of cryptocurrency exchanges however insist on a minimum of 18 years of age to comply with their KYC criteria. In such a situation how can you buy Bitcoins when you are underage?
A recent report suggests that millennials seem to be more interested in crypto assets than people of other age-groups. When 18-year olds express intent to buy Bitcoins it is but natural that their younger siblings will show their interest in it too. The truth is that some of the well-known Bitcoin billionaires had actually become rich as teens and started mining as minors. Now the automated bitcoin trading bots like bitcoin profit are also on the rise contributing to the increase in trade. While exchanges like Coinbase has banned such buyers, there are many who are of the permissible age but unable to buy Bitcoins because their families are not in favor of it. These are some ways teens are buying Bitcoins:
- Teenagers are buying Bitcoins on sites like eBay; here apart from buying fancy sneakers or accessories, youngsters are buying crypto coins. However, it is necessary to check the credibility of the seller before you buy from them with cash.
- Bitcoin ATMs can be accessed by underage keen Bitcoin buyers but these are limited in number.
- Teens often access LocalBitcoins to get these in person. You have to go through some basic verification; when this is done, you are free to sell or buy peer-to-peer and transfer money directly from bank accounts. Teens can even meet the local seller in person to buy Bitcoins using cash. Ideally, a teenager should be accompanied by a grownup during such interactions.
- Apart from LocalBitcoins teens can access P2P exchanges like the UK-based Solidi which specify that teens looking to trade Bitcoins must get in touch with them first. This exchange encourages parents to create ab account for minors to use.
- There are localized cryptocurrency groups which can be identified on Twitter and Facebook that encourage Bitcoin adoption. But, it is extremely important to be careful when trading with unknown people and you should not hand over money until you can view the transaction.
- There are creative teenagers who buy Bitcoins through purchase of Amazon gift cards and then swapping these on Paxful. Some try to earn Bitcoins online or ask for these as gifts from their friends or families.
The reason why Bitcoins are so popular amongst teens is because they have been inspired learning about its benefits on social media. For these youngsters, it is an easy way to get financial independence, even when they stay with parents. Others consider this as a stepping stone to explore lucrative business opportunities in the future. A lot of this popularity resulted because of Erik Finman who was the first teen to turn a millionaire when he began investing at the age of twelve. He had been gifted $1000 as Christmas gift by his grandmother and used it to buy Bitcoins, a decision that eventually made him a millionaire. For some teens who still do not know the complexities associated with Bitcoins, there are video games that are there to help them understand the way it works.