There’s no such thing as a legal age to buy bitcoin. If you’re old enough to appreciate it, you should be old enough to buy it. In practice though, most exchanges mandate a minimum age of 18, in keeping with KYC requirements. It doesn’t matter how clearly you’ve scanned your documents and signed your name: if you’re underage, you’re not getting in. How, then, can minors buy bitcoin without breaking the law?
New Kids on the Blockchain
A recent survey found millennials to have a greater interest in cryptocurrency than any other age group. If 18-year-olds are big on bitcoin, it stands to reason that their younger tech-savvy siblings will be just as curious. Many well-known bitcoiners got into cryptocurrencies at 16 or younger and have been hooked ever since. Some of bitcoin’s earliest miners were quite literally minors. Coinbase used to permit under-18s to buy bitcoin in fact but have since debarred them from signing up. In bitcoin’s nascent years, regulation was laxer and, with the aid of an accommodating relative, getting money into an exchange was relatively easy.
That option still exists in some places today, but what about teens who are old enough to live alone but not old enough to buy bitcoin? Or minors whose family unit is incapable or unwilling to facilitate their request? That’s when underagers who are intent on buying cryptocurrency are forced to take matters into their own hands.
Underage and Overeducated
Teenagers eager to buy bitcoin have a number of options at their disposal. The ‘legality’ of each method is subject to Read More Here