How To Buy Bitcoin if Under 18
Whether you are an under 18 looking to invest in bitcoin or a parent looking to involve your son or daughter in the world of investing, it’s the best decision one can make as starting early gives you an edge to understand various concepts of finances like the legality of investing in multiple instruments, tax planning, goal-based investment and knowledge of pros and cons of investment in various option of investing in.
So as many of you might wonder how to buy bitcoin under 18 we have made your life easy by researching the topic and articulating all the details you would need for knowing how to buy bitcoin if under 18.
Hence instead of browsing multiple websites and spending hours of your precious time getting all details, you will now require to just spend an hour reading this article on How to buy bitcoin if under 18 and knowing all about the 8 best ways to invest in bitcoin.
Are Under 18 Legally allowed to buy Bitcoins?
Many have apprehension about buying bitcoin if they are below the age of 18 as they are not sure whether it is legal or not, this apprehension majorly arises from investment in the stock market which is not directly possible if you are under 18 and you need to open a brokerage account under the supervision of your parents or any other adult person to trade and invest in stocks.
But bitcoin which is not a govt. regulated currency doesn’t fall under any age restriction for buying or selling them.
The very motive of digital currency being launched was to have everyone on board regardless of age, sex, religion, and other demographics.
Hence even if you are under 18, you can invest in bitcoin legally but there is another problem that is posed by the trading platforms as they often follow the govt. mandate and do not allow trading in cryptocurrencies like bitcoin under the age of 18.
Before bitcoin became famous no one bothered about bitcoin investment, and anyone could trade without any restrictions but the huge surges in its price and rising popularity meant govt.
started interfering and monitoring its transactions and KYC measures were introduced by trading platforms that supported buying and selling of Crypto and this led to a policy of those under 18 not being allowed to invest or trade in bitcoin.
But you must not worry as we have some of the best ways to find you answers to How to buy bitcoin if under 18.
Why should Under-18s look to invest in Cryptocurrencies?
It’s a myth that investment and trading in assets like cryptocurrency and the stock market is the job of investment bankers and require a lot of financial knowledge.
Even Teenagers under 18 can try their hand at investing or trading in bitcoin and hence should know how to buy bitcoin if under 18.
There are a number of reasons why an under 18 must look to invest in cryptocurrency
- It makes you aware of the advantages of saving and investment
- It helps you learn the nuances of risky investment at an early age with a low amount of money to be lost and is a lifelong lesson for future
- Enhances your ability to learn the concepts of finance and techniques required to trade in cryptocurrency
- helps you fulfill financial goals like going to an expensive college or car or any other thing you want to buy.
Hopefully reading this motivates you to invest in bitcoin and now you are ready and geared up to know how to buy bitcoin if under 18.
7 Best Loopholes How to Buy Bitcoins If Under 18
We have finally arrived at the much-awaited section of this article where we disclose the best ways how to buy bitcoins if under 18.
Convincing Your parents and getting them in the Loop
If you are under 18 and facing difficulties in making an account for bitcoin investment the best way would be to take the help of your parents to create an account for you, they can even make an account for your bitcoin investment.
Another great way to buy and sell bitcoin is using a Bitcoin ATM which allows underaged investors to buy and sell bitcoins without requiring age verification.
However one of the biggest drawbacks is the low number of bitcoin ATMs available which makes it a difficult option to pursue.
Swapping Gift Cards for Bitcoins
Another efficient way to buy bitcoins as an underage is to use your gift card and exchange it in return for bitcoins.
Buy through the P2P market
Another way to purchase bitcoin being under 18 is by making a purchase through a P2P site. The only drawback is they set a low purchase limit for those below 18.
Buy using Mobile Phone Number (possible only in the USA)
If you are an under 18 resident of the United States of America you can purchase bitcoin by just using your mobile number as there are many platforms allowing bitcoin purchase through a mobile number.
For example, in the United States of America, there is an application platform named LibertyX which allows you to buy bitcoin by just using your phone number. In Canada, there are some ATMs that only require a phone number as well.
Use an adult’s account by consent
Another effective way would be to simply let your parents or any other adult (above the age of 18) whom you can trust and by consent use his or her account to invest in bitcoin.
This way you can easily make your money grow by investing in bitcoin.
Buy through Craigslist
Craigslist is a platform that connects you to potential bitcoins sellers. You can browse craiglist.com go to the nearest city and search for bitcoin sellers and then meet them in public to complete your transaction. Make sure to have internet access and a crypto wallet ready for the transfer.
However always make sure you might be facing fraudulent sellers and hence always meet in a public place, never go to a private apartment for such transactions and if possible take someone with you to ensure better safety measures.
Also, do check and pay only after bitcoins are successfully transferred to your wallet.
Buying Bitcoin requires No identification
There are some popular websites like Coinatmradar and Whalesheaven which allow bitcoin buyers to transact without KYC and hence you can buy or sell bitcoin without any worry of being underage.
Some other platforms which allow bitcoin transactions without requiring an identification check and KYC are:
- Mycelium local trader
- Wall of Coins
- LocalCoinSwap Optional KYC
- total coin mobile verification
- HodlHodl Outside US only
FREQUENTLY ASKED QUESTIONS (FAQs)
How does bitcoin make money?
One of the key questions which arise regarding digital currencies is how they make money. In the case of the Bitcoin, the concept is simple as there is a network of miners who earn money by simply validating blocks and getting money in exchange for each validation
Is bitcoin a good investment to make?
Investing in any cryptocurrency comes with its share of associated risks and there is no way one can say investing in bitcoin is a sure shot of earning money.
In recent years it has experienced a considerable dip with a fall of prices in 2018 and then again it fell by 50% in 2021-2022 which raises some questions about whether it’s a good investment to make.
Who has the highest holding of Bitcoin?
As per records, the USA-based Information Technology company MicroStrategy owns the highest chunk of bitcoin which is roughly about 129,218 BTC which means as of 22 July 2022 the bitcoin holding converts to worth over $3bn.
We believe there must not be a restriction on age on investing in bitcoin or any other cryptocurrency as it allows one to learn the concept of saving and making money for the future from an early age hence we came up with this topic of How To Buy Bitcoin if Under 18
However regulatory bodies and government rules have different ideas as they often try to restrict trading and investment by the under18 population of the country.
Hence we have found the best 8 ways to figure out how to invest in bitcoin if under 18. Hopefully, you had a gala time reading this insightful article and thoroughly enjoyed the content.
We would now like to wrap up our content as we come to a close to our discussion on how to invest in bitcoin if under 18.
We hope that we have successfully answered your question as it is legal to invest in those under 18 but you can use the workaround ways to avoid the restriction on crypto trading platforms for those under 18.
We would now take your leave and expect you to keep reading articles we publish in the future, We welcome your ideas and could drop a suggestion in the comment section for articles you would like to read.