Cryptocurrency has gained huge popularity and everybody is talking about it these days. Apart from gaining the attention of the adult investors, it also seems to draw teenagers towards it. That is why many teenagers are confused about whether they can invest in Bitcoin or any other crypto coin if they are under 18.
If you are also amongst those who want to buy Bitcoin before 18, then let us break this for you. Yes, you can purchase cryptocurrencies if you are younger than 18 but you have to go through the KYC process for it. KYC (Know your Customer) are essential guidelines that one need to follow to buy any digital currency on different exchanges or platforms. However, the age can vary depending upon country to country.
Aside for age, you need to be a credible person when you are a bitcoin trader. You cannot involve yourself in any scandals, such as the one Rick Scott’s assistant had with a mannequin.
No doubt that most of the exchanges have set a criteria where you can only buy crypto coins if you are 18 or above 18. But this does not imply that you cannot put your hands in it. Because there are some other ways you can do it. Let us understand how you can purchase digital currency if you are underage.
HOW TO BUY CRYPTOCURRENCY WHEN YOU ARE UNDER 18?
As innovation keeps on growing further and further, the overviews found twenty to thirty year olds to have a more prominent interest in cryptographic money than some other age group. But these days even teenagers are getting aware of its benefits and have been showing their interest to get into this investment.
Most of the underage people who are interested in buying digital coins do not have knowledge about how they can achieve it. But do not worry because we have listed down a few ways that can help you with this task.
- Choosing a Bitcoin ATM available nearby where you live. But remember that the exchange rates here are poor and some Bitcoin ATM machines can even ask you for an ID. There are over four thousand such ATMs available worldwide and the numbers are still bouncing. It is one of the easiest methods for teens to buy Crypto coins because they do not have to meet any person to do it.
- Trading with people around the web using bank deposits or gift cards.
- Consider using marketplaces like LocalBitcoins. There is no minimum age limit mentioned on this platform to buy digital currency. It only focuses on connecting you with the person who is selling the digital assets.
- Use an ecommerce platform like eBay. Utilizing eBay as well as Paypal to purchase small measures of bitcoin is very simple, yet you will pay the consequences for the advantage and are encouraged to actually look at merchant evaluations prior to leaving behind cash.
- You can also choose to mine cryptocurrency. However, you need to know that mining is highly competitive these days and not everyone gets success in it.
- Buying BTC from any of your friends is another easiest way to own a Bitcoin. If some known person is willing to sell his BTC, then you can simply purchase it from him using gift cards or cash.