If such young people have an interest in crypto-currencies. I think this will have consequences, I hope that they are good. Perhaps in the future we will see a new Buterin.
Topic: [2017-11-29] How to Buy Bitcoin When Underage (Read 1388 times)
Here in the Philippines, the most used and most popular bitcoin wallet service provider is coins.ph which requires a certain requirements for each level of validation. Underage crypto users have no chance of using this service unless they have a validated ID from government sectors or best way to do is that consult an adult to use their account and made transactions from it.
You can buy bitcoin by 2 ways if you are underage.
1. Buy BTC with cash and keep it in your private key wallet. Being decentralized there is no age restriction to hold BTC and no KYC is needed at decentralized wallet.
2. Ask your parents to register their name on exchanges and after that you can easily trade through your parents ID.
1. Buy BTC with cash and keep it in your private key wallet. Being decentralized there is no age restriction to hold BTC and no KYC is needed at decentralized wallet.
2. Ask your parents to register their name on exchanges and after that you can easily trade through your parents ID.
I guess With the parents advice.Because you feel secure under their super vision.
I'm not sure underage should buy bitcoins first place,they are not adults to make investment decisions
but they can and should read about bitcoins and obtain it in different ways
buying coins usually means one has to register at one of the exchanges or exchangers
being underage doesn't neccessarily mean you are unable to make informed decisions,but a law is a law for a reason:
if you buy coins and then unable to withdraw or sell them (asked KYC,for example) this could result in money loss
and lost interest in bitcoins in general
but they can and should read about bitcoins and obtain it in different ways
buying coins usually means one has to register at one of the exchanges or exchangers
being underage doesn't neccessarily mean you are unable to make informed decisions,but a law is a law for a reason:
if you buy coins and then unable to withdraw or sell them (asked KYC,for example) this could result in money loss
and lost interest in bitcoins in general
There's an even easier way as you can simply ask your parents to register in your name on the exchange and then you can keep using their account to trade. I wouldn't face any difficulties if I told my parents that I need to invest my own money and need their ID to get my account verified.
You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
My parents would never allow me to do that, especially if they don't know anything about crypto. Such favour would awake tons of questions and life lessons from the side of my parents. Why do not just use exchangers which do not ask any private information and wallets for holding big sums of money there for safe? That is going to be my easier.You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
My parents would not agree to it too if I am underage because they don't want to be involved in something that they do not understand. Using their names in registering to exchanges would not be favorable. The easier way though is to find someone near you that you can buy bitcoin from so that there are no documents required. If they can't find anyone near them to sell them bitcoin then they can try to earn it in this forum. It may take sometime for them to earn significant amount but it is better than nothing.
There's an even easier way as you can simply ask your parents to register in your name on the exchange and then you can keep using their account to trade. I wouldn't face any difficulties if I told my parents that I need to invest my own money and need their ID to get my account verified.
You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
My parents would never allow me to do that, especially if they don't know anything about crypto. Such favour would awake tons of questions and life lessons from the side of my parents. You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
Why do not just use exchangers which do not ask any private information and wallets for holding big sums of money there for safe? That is going to be my easier.
And that's the problem. Due to KYC and such practically every exchange that let's you purchase bitcoin with fiat is legally required to demand documents. And if they don't (there's probably one 'exchange' that does that) you will have to pay a lot of fees and can only buy a specific amount each day. It's not that easy I think.
Just like banning bitcoin is practically almost impossible, buying bitcoins should not have an age limit to it IMHO and if anything if these teens use bitcoin they could learn to how save and grow their money, and afaik they do not necessarily need to buy themselves the coins...they have another option of choosing to trade their old stuff like video games, collectibles, toys and all the stuff they do not need to get bitcoins.
I think the problem that lies here is when you are required to register personal information sheets for the activation of any accounts. But you know, there should not be any problem with it because when I registered myself not so long ago, I was not asked my age nor is it required to have attained the age of majority before I can fully function a Bitcoin account. The prime consideration in Bitcoin is your financial capacity to buy yours and your capability to transact with it given the fact that almost everything here is encrypted. You are on your own regardless of your age hence you have to be smart enough since this is no small-time endeavor you are embarking at.
I knew some underage who have joined already in bitcoin industry, there are a lot of kiddos nowadays who are very good already in bitcoin and even trading... I presume these kids uses the details of the other family members like parents or older sibblings upon registration, since they are not legally allowed yet, anyways after registration they can already manipulate their bitcoin accounts anytime they want to, these are just my presumptions on the case of underage bitcoiners
Yeah. My parents are also out of the question. Also the other ideas proposed here do not work in my case. The amount I want to park in bitcoins and maybe other altcoins is not big but also not small.
There's an even easier way as you can simply ask your parents to register in your name on the exchange and then you can keep using their account to trade. I wouldn't face any difficulties if I told my parents that I need to invest my own money and need their ID to get my account verified.
You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
My parents would never allow me to do that, especially if they don't know anything about crypto. Such favour would awake tons of questions and life lessons from the side of my parents. Why do not just use exchangers which do not ask any private information and wallets for holding big sums of money there for safe? That is going to be my easier. You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
I am underage and have extreme difficulty buying bitcoin. There is a bitcoin ATM in the city where I live but it is in a pawnshop and they need to check the persons ID before using the ATM and one has to be at least 18. Bollocks.
First, the teenager has to obtain their own money. It would obviously be unethical to take and spend their parents' money without asking them.
After that, it's easy to ignore the fact that a lot of teenagers don't have the easy options you're describing. If they don't live in a particularly urban area, they would have to travel significantly to use an ATM (and that would be embarrassing to explain to their parents); it may be risky for a child to deal with people on LocalBitcoins; and teenagers can't be held responsible for legally binding contracts.
There are still a few sites that allow buying small amounts using debit cards without ID verification, which could allow a minor to (arguably illegally) obtain BTC.
Regardless, teenagers are more likely to be impulsive or have other problems (like getting scammed for example) when given the freedom of a crypto space. To some extent, guidance might be useful.
After that, it's easy to ignore the fact that a lot of teenagers don't have the easy options you're describing. If they don't live in a particularly urban area, they would have to travel significantly to use an ATM (and that would be embarrassing to explain to their parents); it may be risky for a child to deal with people on LocalBitcoins; and teenagers can't be held responsible for legally binding contracts.
There are still a few sites that allow buying small amounts using debit cards without ID verification, which could allow a minor to (arguably illegally) obtain BTC.
Regardless, teenagers are more likely to be impulsive or have other problems (like getting scammed for example) when given the freedom of a crypto space. To some extent, guidance might be useful.
You must ask your parents their agreement and of course their money.
You need their account to transfer money (or the credit card according the Exchange).
Of course your parents will ask you what you intend to do. So go explain to your parents what is bitcoin and the blokchain. If your parents are OK, you open an account under their name. Be carreful, as you are young, never use the leverage. And begin slow and with a little amount. And don’t shout from the rooftops at school.
You need their account to transfer money (or the credit card according the Exchange).
Of course your parents will ask you what you intend to do. So go explain to your parents what is bitcoin and the blokchain. If your parents are OK, you open an account under their name. Be carreful, as you are young, never use the leverage. And begin slow and with a little amount. And don’t shout from the rooftops at school.
One reason for banning children is that they cannot be legally bound to a contract. Another is the risk of non-compliance with the internet child protection laws and regulations in the U.S.
The simplest way is to ask your parents to give you your pocket money in the form of bitcoins. This might even end up educating them about bitcoins and how to buy them. Ideally, if you have a bank account websites should have no problems in you buying bitcoins. But each website has its own terms and conditions.
It's not difficult at all. I can just buy Bitcoin instantly when I verify my bank account in combination with a mobile phone number. No other details are required. If I can do this, then someone being 14 or so years old could do so too -- it only requires a bank account and a mobile phone number. These are things that basically everyone can obtain without any hassle. It allows you to instantly buy Bitcoin, and sell Bitcoin, but that takes 1 or 2 working days to post in your bank account. Things have changed massively in the last couple of years -- people more than ever before enjoy a great level of convenience when it comes to purchasing Bitcoin.
Just avoid regulated exchanges, because there are several instances where underage children opened accounts and then
collected BTC and when the exchange found that out, they confiscated the coins. If you want to use them, do that with
parental consent. {opening the account under the parents name, but used by the underage person}
collected BTC and when the exchange found that out, they confiscated the coins. If you want to use them, do that with
parental consent. {opening the account under the parents name, but used by the underage person}
There's an even easier way as you can simply ask your parents to register in your name on the exchange and then you can keep using their account to trade. I wouldn't face any difficulties if I told my parents that I need to invest my own money and need their ID to get my account verified.
Ideally speaking that would be the best way for minors to obtain bitcoin safe and securely. But you need to also keep in mind that alot of parents are quite suspicious when it comes to bitcoin, atleast mine were when I told them about my investments in bitcoin. Personally speaking I find it a little bit absurd that we are practically banning minors from buying bitcoin the safe and secure way. If they are really passionate about bitcoin and want to buy some with their savings they would have to do it on less established exchanges (who require no verification) or deal with strangers online or in person. We're exposing them to scams and dangerous situations. Is that the way we want to treat teens?
There's an even easier way as you can simply ask your parents to register in your name on the exchange and then you can keep using their account to trade. I wouldn't face any difficulties if I told my parents that I need to invest my own money and need their ID to get my account verified.
You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
You can also obtain some altcoins via different giveaways and airdrops and exchange them for BTC without verification.
Quote
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?
Teenagers eager to buy bitcoin have a number of options at their disposal. The ‘legality’ of each method is subject to interpretation, but from a technical perspective, the following are at least viable:
1. eBay: It’s not just sneakers and bumper stickers that can be picked up on eBay – sellers will also furnish you with bitcoin.
2. Bitcoin ATM: In theory, ATMs are the perfect way for under-18s to buy cryptocurrency.
3. Localbitcoins: Technically, the same rules that govern cryptocurrency exchanges also apply to sites like Localbitcoins.com.
4. P2P exchanges: Aside from Localbitcoins, there are sites such as Solidi in the UK whose terms and conditions advise that “Persons under the age of 18 wishing to trade must contact us first”.
5. Local cryptocurrency groups: Look on Facebook or Twitter and you’ll probably find crypto meetups in your area. The organizers of these groups are keen to encourage bitcoin adoption and may be happy to help.
Should Minors Be Buying Bitcoin? Adults with a keen interest in bitcoin need little encouragement to preach the decentralized gospel to their kids. The chances of growing up in a cryptocurrency “house-hodl” and not being exposed to bitcoin are slim to non-existent. Teaching the next generation about cryptocurrency’s potential, though, should also include a word of warning about its risks, both in terms of volatility and security. More on this here...
Teenagers eager to buy bitcoin have a number of options at their disposal. The ‘legality’ of each method is subject to interpretation, but from a technical perspective, the following are at least viable:
1. eBay: It’s not just sneakers and bumper stickers that can be picked up on eBay – sellers will also furnish you with bitcoin.
2. Bitcoin ATM: In theory, ATMs are the perfect way for under-18s to buy cryptocurrency.
3. Localbitcoins: Technically, the same rules that govern cryptocurrency exchanges also apply to sites like Localbitcoins.com.
4. P2P exchanges: Aside from Localbitcoins, there are sites such as Solidi in the UK whose terms and conditions advise that “Persons under the age of 18 wishing to trade must contact us first”.
5. Local cryptocurrency groups: Look on Facebook or Twitter and you’ll probably find crypto meetups in your area. The organizers of these groups are keen to encourage bitcoin adoption and may be happy to help.
Should Minors Be Buying Bitcoin? Adults with a keen interest in bitcoin need little encouragement to preach the decentralized gospel to their kids. The chances of growing up in a cryptocurrency “house-hodl” and not being exposed to bitcoin are slim to non-existent. Teaching the next generation about cryptocurrency’s potential, though, should also include a word of warning about its risks, both in terms of volatility and security. More on this here...
I am predicting that in the coming years the influence of these young people now entering Bitcoin and cryptocurrency can be felt all over the whole market. More and more youngsters are getting interested with Bitcoin as it can even be the called the official 'money' of their generation. It is in fact good if we can start them to get interested and to hold some Bitcoin while still young so they can have something to harvest later at the proper age.
Is there a member in your 'house-hodl' below the age of 18 who is already into Bitcoin? Please share their experience here as well as the viewpoint of the whole family.
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